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How much will icbc pay me? ?
I was in a road accident last week. The other driver has already accepted full responsibility. My vehicle was brand new, bought it last month but now its totalled and I'll be getting compensated for it by icbc but they havnt given me a number yet. How much can I expect?
9 Answers
- 1 day agoFavorite Answer
OK, so did you take out ICBC's 'Autoplan', or did you buy a more comprehensive package? If the third party driver has accepted full liability, it should be his insurer that pays for your loss, and ICBC might make up the difference between what the other insurer pays, and what your vehicle was actually worth. However, if the accident occurred in BC, and the other driver was local, the chances are you will both be insured by ICBC, so what you get will depend strictly on what sort of cover you purchased.
- Karen LLv 72 days ago
That depends what kind of insurance you bought. Did you buy replacement value insurance? If so, you'll get what it costs to buy a new one of the same value as the old one.
If not, you'll get market value, which won't be as much as you paid.
- MayLv 62 days ago
USA answer.
If your car is truly "totaled", You should expect "Fair Market Value" (What other like cars, in like condition, with like mileage, in your area are selling for on or about the day of the accident) + sales tax and license plate (Registration) fees. Less your collision deductible, if you are found liable.
Although the other party may very well be found liable. The other party "Accepting full responsibility" means nothing. What He / She says is irrelevant. The other party does not have that choice/power. It doesn't matter what he/she says. IT is **ONLY** the involved insurance companies (Not even cops) that are tasked with determining liability (fault).
Some here are saying you'll get what you paid for the car. That is pure unadulterated HOGWASH !
You also will not get paid for instance, if you just bought a new battery or put in a new exhaust system. You will get STRICTLY "fair market value".
- Obi Wan KnievelLv 72 days ago
How much did you pay for the damned car, moron? That should kind of maybe possibly give you a really good idea how much you can expect.
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- Anonymous2 days ago
The International Commerce Bank of China? Not everyone in the world knows where you are or what you are talking about.
- Anonymous2 days ago
Probably not the full amount you paid for it due to depreciation of it's value once you drove it off the dealer's lot. At minimum you'll have to pay the deductible amount specified in your policy. You also won't get any tax you paid or dealer fees you paid reimbursed. All in all, it probably won't be enough to pay off your loan unless you made a large down payment or you are carrying GAP insurance.
- Jay PLv 72 days ago
If you're lucky, and you have full coverage, the purchase price of the vehicle.
If you're not as lucky, they will pay you the reduced value of the vehicle after 1 month's depreciation. That depreciation amount is far more than you may originally think...
- regeruggedLv 72 days ago
If it is that new, you should make a claim for the full amount you spent plus any additional expenses. If you put any miles at all on a new car, then deduct 50 cents per each mile driven. (retired claims adjuster)
- A HunchLv 72 days ago
The price you paid for the car.
The reason you will get the price you paid for the car, is because that is what was determined the value of the car one month ago.
-- Yes driving it off the lot depreciates it to other sellers but not to the insurance company in this instance.