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Yes and no.
ICBC will value your car based on blue book pricing, plus they'll add PST/GST. They'll pay you out accordingly.
Now if you choose to buy a replacement vehicle, you will have to pay PST on the purchase, which goes to the provincial government. The PST for your replacement car is calculated using blue book pricing, not the actual price negotiated.
So depending on how much you get for the write-off, and what kind of replacement car you buy, and how much you pay for it, it's too early to say if you'll get substantially dinged or not.
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