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Originally Posted by xpl0sive
so you sold your scooter to your cousin for $2,000 declared it as a gift to save $140 on taxes... so you just admitted to fraud on a public forum... smart...
but if you're asking about declared value for insurance, i think with ICBC, they pay out whichever is the lower value. If your declared value is higher than market value, they pay you market value. If market value is higher, they pay you declared value...
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Exactly. They won't pay you more then market value if you declare it above it but if you declare it at a super low value then they aren't going to pay you more then that number either. They'll just say you said it was only worth X amount of dollars and were paying insurance based on that, why would we pay you anymore then that? The goal is to try and declare it as close to market value as possible.
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