British Columbians Overlooking $190,450,000 in ICBC Vehicle Depreciation Claims
Let me repeat that number. $190,450,000,
There are an estimated $190,450,000 worth of active potential vehicle accelerated depreciation claims on ICBC’s books. The insurer historically has paid out almost o% of these claims and is hoping to pay only a small fraction of these remaining claims with over 99% of British Columbians failing to exercise their rights.
When a not at fault driver has their vehicle damaged in a crash it is often worth less money once it has been repaired. This lost value is called ‘accelerated depreciation’ and has been recognized for many years by BC Courts as a recoverable damage in an ICBC settlement. A general rule in life is “you don’t get what you don’t ask for” and ICBC statistics show most British Columbia crash victims are unaware they can claim these damages before settling their claim.
Under ICBC’s internal criteria they calculate there are 58,600 active claims that may have accelerated depreciation. The average value of the accelerated depreciation claims ICBC has paid to date is $3,250. If you do the math that is nearly $200,000,000 in liability. But of these 58,600 potential claimants only 0.2% of the individuals are actually pursuing their damages. This will leave BC’s monopoly auto insurer with a windfall of unpaid claims if the remaining 99.8% of British Columbians don’t pursue their rights.
ICBC’s internal criteria for when they think an accelerated depreciation claim exists is as follows:
- The vehicle owner claiming depreciation is not at fault for the crash.
- Vehicle is five model years or newer at time of loss.
- Vehicle damage must exceed $2,000.
- No previous vehicle damage claim greater than $2,000.
- Vehicle must be repairable (not a total loss).
The actual law of accelerated depreciation is far broader than ICBC’s own criteria. That being said, if you are one of the 58,600 British Columbians with an active ICBC claim which arose before May 1, 2021 that meet the above criteria and want to know how to claim your accelerated depreciation contact me. I welcome hearing from each and ever one of you! These damages can be recovered and they can be recovered in cicrumcstancs far broader than ICBC tends to acknowledge in negotiations. There are time limits for making these claims so don’t hesitate to contact me to learn your rights before the clock runs out.