[chucki]

Hey all,

I am looking for an answer to a question my friend had asked me earlier, and I am hoping someone here can help her out. When she first bought her used vehicle, she had it gifted from the seller to avoid paying tax on the purchase. However, she was involved in an accident recently and ICBC had declared it as a write-off. During the accident reporting process, she mentioned to the ICBC agent the actual price she spent on the vehicle during the sale.

I told her Icbc may not cover the cost of her car because this may be considered fraud. What do you guys think?
Posted via RS Mobile

[4444]

Whatever bad happens, it's called karma.

Just let her find out the hard way

[parm104]

Hey all, I have a question that my friend had asked me that I am hoping someone here can help her out. She made a mistake when she fist got her car by having it gifted over. The car was involved in an accident and was a write off. However, when she reported the accident, she mentioned the value she spent on the vehicle during the sale. I told her Icbc may not cover the cost of her car because this may be considered fraud. What do you guys think?
Posted via RS Mobile

I told myself I was going to be nicer on RevScene and I was gonna start that trend with your thread but WTF are you talking about??

[Lomac]

Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.

[z3german]

Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.

But if you crashed or whatever, doesnt ICBC have the option to just give you the amount you paid for the vehicle instead of just fixing it?

[dinosaur]

So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.

[z3german]

So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.

Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.

[nma]

pretty sure you just get market value for your car... Could be wrong though

[Lomac]

But if you crashed or whatever, doesnt ICBC have the option to just give you the amount you paid for the vehicle instead of just fixing it?

I'm not sure what the fine print allows ICBC to do in that situation, though I'm sure there's a clause that allows that.

That said, it seems a little silly if that's the case. I could pick up a car for dirt cheap, say $600, because it wasn't running. I'd then dump a bunch of money into making it road worthy and it would suddenly be worth $10,000 on the open market. If I crashed it, would ICBC be required to pay me out the $600 for the original purchase or $10,000 for the fair market value?

That was the situation I found myself in with my example above. I bought a car with a blown engine and transmission. I had a spare set laying in the garage so I swapped it in, fixed up the interior, and increased the value by thousands of dollars. A faulty charging system caused an engine fire and since ICBC found I wasn't at fault for it, they paid me out with a cheque that went above the typical market value. /shrug

[z3german]

Thanks Lomac, good shit to know!

[noclue]

tax isn't ICBC's concern... it's CRA and they put the hammer down if they find out.

[fliptuner]

Doesn't matter what you paid for a car. All that matters is what it was worth prior to the accident.

[chucki]

Shouldn't matter. I've had various cars either gifted to me or purchased at below market value and have never had a problem with ICBC paying me out. In fact, I got above market value for one car after it was destroyed.

Thanks for the reply, good to know.

[Edison_Chen]

If it is private sale or gift exemption it's really up to consumer taxation branch (CTB), if they audit the tax situation.
Posted via RS Mobile

[chucki]

Whatever bad happens, it's called karma.

Just let her find out the hard way

I suppose it could be one expensive lesson.

I told myself I was going to be nicer on RevScene and I was gonna start that trend with your thread but WTF are you talking about??

I am sorry it was hard to understand, will fix it now that I am on a computer.

So....you are here to solicit ideas on how to fraud icbc AGAIN?

gtfo.

That was not my intention. I was here to ask what ICBC would do in this scenario. This information might be beneficial to others who find themselves in this situation in the future.


Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.

Exactly.

Doesn't matter what you paid for a car. All that matters is what it was worth prior to the accident.

Good to know, thanks.

[xilley]

Not really, all he is asking is that his friend started the fraud, and he is simply asking us if ICBC will fuck her or not.

depends if shes 7/10 or not.

[fliptuner]

xilley'd

[knight604]

is she hot?

[spideyv2]

I'll fuk her if icbc doesnt
Posted via RS Mobile

[chucki]

depends if shes 7/10 or not.

Lol, don't know if I can tell you that here. Too many friends on Revscene that will make things awkward haha.

[GabAlmighty]

Pics

[MG1]

Nevermind chuki's friend, I want to see pic of this chick Saucywoman is talking about in the other thread.

[chucki]

Pics

http://upload.wikimedia.org/wikipedia/en/e/e3/Tiffany_bride_of_chucky.jpg

[Special K]

ICBC can't refuse coverage for reasons of tax fraud.

However, ICBC can send this information to CRA or whoever deals with the tax form to have her investigated.

Either way, your friend's problem is two separate issues.
Posted via RS Mobile

[MG1]

^^she's pretty hot......... looks like she has bruised lips from chucki's woody, LOLOLOLOLOLOL

[SoNaRWaVe]

i thought icbc would cover only up to whatever you declared the value of the car was when you purchased the insurance? if icbc deemed the car to be worth less than the declared value, then you work with that number.

or am i getting this all wrong here?

[chucki]

i thought icbc would cover only up to whatever you declared the value of the car was when you purchased the insurance? if icbc deemed the car to be worth less than the declared value, then you work with that number.

or am i getting this all wrong here?


My understanding is that the amount they are willing to cover is based on what the current market price is for a similar vehicle. i.e. If I were to buy a car with mechanical issues for $1000 and I fixed all the issues myself (making it worth $10000), it wouldn't make sense for them to only cover what I paid. They need to give me enough money to purchase the same vehicle in the used market.

[twitchyzero]

http://upload.wikimedia.org/wikipedia/en/e/e3/Tiffany_bride_of_chucky.jpg

http://ct.fra.bz/ol/fz/sw/i50/5/8/17/frabz-i-have-the-weirdest-boner-right-now-5d1115.jpg

[Gridlock]

depends if shes 7/10 or not.

http://awesomegifs.com/wp-content/uploads/dead-horse.gif

[xpl0sive]

i thought icbc would cover only up to whatever you declared the value of the car was when you purchased the insurance? if icbc deemed the car to be worth less than the declared value, then you work with that number.

or am i getting this all wrong here?

that's only if you purchase "declared value" insurance. IIRC it's not available for purchase through ICBC for regular vehicles. If you have collector plates, you purchase declared value insurance, which is when you get your car appraised and insure it for a certain amount. in an event of a total loss, that's how much you get. Most other vehicles ICBC insures are insured on an "Actual cash value" basis, which is the market value of the vehicle immediately prior to the accident. As others have said, it doesn't matter how much you said you paid for the car when you bought it, you'll get the market value of it.

[SoNaRWaVe]

yea, i don't know how that works then. its just because when i purchase insurance for my car, they never ask how much the value of the car is. but when i purchase motorcycle insurance, they always ask me how much the bike is.

[Edison_Chen]

Motorcycles and large commercial vehicles are rated for own damage based on declared value. But regular vehicles are based on rate group.
Posted via RS Mobile

[nomad399]

The way I see it, it doesn't matter even if it was a gift.

A gift totalled = end of gift value = loss of money (because you could choose to sell that 'gift' for $$

ICBC still has to compensate for the loss.