| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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08-18-2010, 10:43 AM
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#26 | | I contribute to threads in the offtopic forum
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Originally Posted by ezol  Correct me if I'm wrong. If I purchase a car for 10,000 and write the value of the car as 3000. If my car gets written off, is ICBC giving me "fair market value" or the value on paper, in this case 3000.. | Should be market value. When my car got written off they gave me $2600, but I only paid $1500. Posted via RS Mobile | 
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08-18-2010, 08:20 PM
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#27 | | Rs has made me the woman i am today!
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My mom wanted me to get rid of her old car so she "gifted" it to me. I then sold it to my friend for $1000. The Autoplan agent made me fill out the form explaining why I am selling it for so cheap, black book value was around $6000. I just wrote down: Needs a lot of work, a POS. Never got harassed by ICBC.
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08-19-2010, 09:28 AM
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#28 | | HELP ME PLS!!!
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been doing that to all the used cars i bought. if the seller agrees to write down lower value. autoplan agents wouldnt care. they would ask you why though
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08-20-2010, 02:23 AM
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#29 | | Hellaflush
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Originally Posted by Hondaracer quick question regarding the sale of a car, first is selling a car between family members any different than a regular private sale?
and second, i've heard of people using the "gift" form or whatever, if this form is used to transfer the title of a vehicle if said vehicle is written off do you still get the blue book value?
ive heard that if in a private sale if you sell a car for much lower value than blue book that if the vehicle is written off you only get sale value? | You can gift a vehicle to anyone, it does not have to be a family member. Private sales usually involve the purchaser to pay tax on the vehicle.
If you gift a vehicle and its written off you get current market value for the vehicle ( its always a good idea to take in adds off buysell etc for similar cars incase icbc does try to low ball) its usually a pretty decent pay out, keep in mind im looking at it form a claims perspective
We use a gold book value now, it shows the original MSRP, current value, and whole sale price of the vehicle
The reason we ask why you are selling the vehicle for less the 90% of current market value or what the relation is between buyer and seller is because we have to input something on the APV9E (tax exemption online form)
If icbc does really want to know if the vehicle is really a gift or not they send a letter to the seller of the vehicle asking what the vehicle was sold for, if you send the letter back saying "gift" the trail ends there
hope that helps
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08-23-2010, 10:57 PM
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#30 | | Everyone wants a piece of R S...
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Is it true that you can take your existing plates (currently valid) to the new car to drive home without transferring the insurance over yet.
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08-23-2010, 11:14 PM
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#31 | | I'm invisible
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Originally Posted by ezol Is it true that you can take your existing plates (currently valid) to the new car to drive home without transferring the insurance over yet. | The 10 day rule works only if you sell your current vehicle, and and its the same type of plate (car plates to car plates)
Izzer- any luck calling ICBC- acl....
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08-24-2010, 02:49 AM
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#32 | | My bookmarks are Reddit and REVscene, in that order
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Well, wouldn't your $3000 be the sale price, but not the market price?
I thought ICBC gave back the insured/market price?
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08-25-2010, 06:37 PM
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#33 | | Hellaflush
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ICBC gives you current market value. . . . i thought this was already discussed?
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08-25-2010, 07:40 PM
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#34 | | My homepage has been set to RS
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Originally Posted by Culverin Well, wouldn't your $3000 be the sale price, but not the market price?
I thought ICBC gave back the insured/market price? | how is it so hard to understand? here's an example for you.
I bought a car for $36k cash from a private party. We wrote down that I paid $20k for it to save on some tax. Car got written off. ICBC valued the car at $43k + HST. I got close to $50k for the car from ICBC. 
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08-25-2010, 08:00 PM
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#35 | | regulator
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Originally Posted by xpl0sive how is it so hard to understand? here's an example for you.
I bought a car for $36k cash from a private party. We wrote down that I paid $20k for it to save on some tax. Car got written off. ICBC valued the car at $43k + HST. I got close to $50k for the car from ICBC. | Hey everyone, thank this guy for your high insurance rates 
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08-25-2010, 08:17 PM
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#36 | | My homepage has been set to RS
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why because i got a good deal on a car and some bitch ran a red light and wrote my car off? ya good one faggot
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08-25-2010, 09:11 PM
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#37 | | Head of HR....have a seat on that couch
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Doesn't matter what he paid, ICBC should pay what it costs to replace.
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