IG news Update,
Another BC level corporation is bringing complaints about ICBC’s coverage after its property was damaged by an insured driver.
The complaint follows concerns from residents of a White Rock condo building who are fighting the public insurer for full compensation for damages caused by a driver during a snow storm in December.
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ICBC leaves homeowners on the hook for thousands after car hits condo
Residents of that property say ICBC won’t cover $6,000 of the repair costs because its calculation includes depreciation on the 35-year-old building.
Residents of the Maple Ridge townhouse complex tell Global News they’ve had a similar experience — not once, but twice.
The first case occurred in 2021, when a driver smashed the complex’s concrete sign, explained homeowner Brian Smith.
“We dealt directly with ICBC, and dealing with them was really a nightmare. We got a smaller mark in the end because they didn’t want to cover the entire quoted price of a single mark,” he said.
In January another driver crashed into a Strata property, this time the gate of the complex.
Smith said that after a disappointing experience through ICBC, Strait Corporation this time went directly to its insurer.
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BC woman says ICBC fighting her over coverage 9 months after serious accident
This has left them on the hook for their $10,000 deduction which they now hope to recover through ICBC. As in the case of the White Rock Building, Smith said ICBC is trying to claim depreciation on the property.
“It’s disappointing,” he said.
“We don’t think we should have to pay out of pocket for something that was damaged by a vehicle. It wasn’t our fault.
BC Liberal housing critic Caryn Kirkpatrick said the ICBC should cover the full cost of the repairs.
“They’ve got quotes from various contractors on what that damage is going to cost, and that’s what they should be basing their reimbursement on — the actual cost of repairs to bring it up to pre-accident conditions, not 40 years ago.” What was it,” she said.
“This level should not go for corporation insurance. The deductible from level corporation insurance often exceeds the amount of the loss.”
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ICBC would not agree to a personal interview, and issued a statement to Global News.
“We are legally responsible, on behalf of a BC-insured motorist who has caused property damage, to restore the property to its pre-damage condition (not for the betterment of the property),” the insurer said.
“We base property damage settlements on actual cash value, which includes depreciation. This is standard industry practice for auto insurers.
It’s an answer that doesn’t satisfy Smith, whose division is now at odds with two insurance companies doing something it has nothing to do with.
“I don’t know why this should cost us any money,” he said.
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