How ICBC value JDM cars?

[yoshi86]

Hi all,

I am going to purchase an EP3 TypeR soon, and this is my first JDM RHD car.
I've heard that ICBC wouldn't pay much for a JDM if it is total lost of stolen.
And they would try to total lost a JDM even it is an small accident. Is that true?

For my case, it's an EP3R, and would they value it as a SIR or an normal Civic?

Should I do an appraisal before hand?

Sorry if these are dumb questions, and thanks in advance for any info and suggestions

[JDMDreams]

They still pay based on market value, so you just gotta argue with comps. I've had damage on JDM cars where it exceeded the value I paid for the car and icbc still fixed it and clean title so it depends on what's happened and what sort of damage it is.

You might get f over with the book value though cuz there's ep3s here. I had to pay full transfer tax based on their book value cuz there's a NA version of my car even though my car was never officially offered here and the steering wheel is on the right side.

[yoshi86]

Thanks for the info, sounds so complicated

Since I am buying it local, so I don't even know if there is any difference if I pay the full transfer tax base on the sold price or just pay base on the local EP3s book value. ICBC might just think it is a local EP3 anyways if it got stolen or total lost.

[JDMDreams]

Hard to say, you can ask a broker to quote you on the tax. Most JDM that doesn't exist here will just follow the amount on the transfer form.

[underscore]

I don't know about Civics, but for my Celica they consider it the same as the base 2WD models and worth about $500.

[JDMDreams]

It's not complicated, to buy and register if it's already here, just call with VIN to get quote. It's just that is it gets damaged then who knows

[yoshi86]

Originally Posted by underscore

I don't know about Civics, but for my Celica they consider it the same as the base 2WD models and worth about $500.

So if I pay 12% tax base on the price I paid (said $18k), that doesn't change the way ICBC think that it is a local Civic which worth about $3000.

[donk.]

Tell ICBC you paid 3k for it instead of 18k.

If their blue book value is 4k, you will pay tax on 4k.
If you say you paid 18k, they will tax you on 18k.

Above is for private sale.

If you bought at a dealer, then you pay whatever tax is sale price.

[yoshi86]

I went to Auto plan earlier and ask one of the agents, in my case, sounds like how much I wrote for the sold price on the transfer paper doesn't really matter to what ICBC think the car is worth, if it is total lost, they will still paid me base on the blue book or current market value.

[JDMDreams]

What you paid doesn't matter in case of damage, it's the current market value. If you bought a Diablo for $100k 15 years ago they will still pay you out like $500k and not $100 you paid

[The Producer]

Originally Posted by yoshi86

I went to Auto plan earlier and ask one of the agents, in my case, sounds like how much I wrote for the sold price on the transfer paper doesn't really matter to what ICBC think the car is worth, if it is total lost, they will still paid me base on the blue book or current market value.

you can purchase 3rd party coverage for agreed value on the vehicle if you wish - but none of that has anything to do with how much tax you pay on transfer

Please tell me you didn't declare 18 grand on the form and paid 12% PST on that.

If you did you gave them an extra 15-1800 bucks for no reason *

*unless you bought through a dealer, in which case them's the breaks

[yoshi86]

Thanks for the info everyone, learn new things everyday, glad I asked here.
Just picked up the car last night and paid the tax based on $3k since it was a private sale.
Love the R and need to get use to drive on the right side :P

[68style]

RS helps prevent the unjust collection of $1,800 this week, woooooo

[The Producer]

Originally Posted by yoshi86

Thanks for the info everyone, learn new things everyday, glad I asked here.
Just picked up the car last night and paid the tax based on $3k since it was a private sale.
Love the R and need to get use to drive on the right side :P

YES fuck used vehicle taxes so much

may want to look into some 3rd part insurance providers for agreed value coverage.

[JDMDreams]

Is the ep3 type r that much better than just a local sourced k20 car? Rsx, CSX? I'm toying with the idea of fd2 but I don't need a sedan

[Badhobz]

^hu hu hu, you can keep on... JDM dreaming then.... hu huh u!!! ill see myself out now.

[68style]

Originally Posted by JDMDreams

Is the ep3 type r that much better than just a local sourced k20 car? Rsx, CSX? I'm toying with the idea of fd2 but I don't need a sedan

There's a very big difference between a K20A3 on the local EP3 which is just a base RSX engine and the K20 the Type R or RSX Type-S use.

[BIC_BAWS]

Originally Posted by JDMDreams

What you paid doesn't matter in case of damage, it's the current market value. If you bought a Diablo for $100k 15 years ago they will still pay you out like $500k and not $100 you paid

This is incorrect.. if the vehicle gets written off within a short duration of purchasing it. LOL they gave me a hard time with mine.

[68style]

They looked at your history and were like... dis guy paid some Surrey jack to run his car