Accelerated Depreciation

Why should I care about Accelerated Depreciation on my motor vehicle?

  1. Our vehicles are becoming more expensive to purchase each year, therefore a serious accident can be a real hit to our wallet as well.

  2. Information on vehicle history and declarations are easily available today, so purchasers can be very well informed before they buy a pre-owned vehicle.

  3. In general, a buyer will not pay as much for a damaged-but-repaired vehicle as one with a clean history.

  4. This Accelerated Depreciation in the value of the vehicle can be in the thousands of dollars. Precedent has been set in BC for owners to make a claim request to ICBC to be reimbursed for a percentage of this loss. This is done through their ICBC adjuster and no longer through small-claims court. (Rutter v. Adams - Line 198/311) (Signorello V. Khan - Line 11/49)

  5. Precedent has also been set where this claim can be made without selling or trading the vehicle. (Cummings v. 565204 BC Ltd. - Line 73)

  6. If the client definitely wants to sell the repaired vehicle, we have a network of dealers who will buy damaged-but-repaired vehicles other dealers don’t want, at a fair price.

 

Why should I as a lawyer care about Accelerated Depreciation?

  1. It is a worthwhile value-add for your practice to make your client aware of this Accelerated Depreciation before you launch a suit against ICBC. The client will appreciate you looking out for them.

  2. This removes the task from your workload allowing you to concentrate on the other important services you alone can offer your client.

  3. We can assist your client now in terms of education and guidance, and help them gain the best return from ICBC now rather than waiting 2 years for the suit to be settled.

 

What should the client do?

  1. Contact us the day of the accident, maximum within 2 years of the event

  2. Confirm vehicle is owned outright, or financed through bank loan, not a lease

  3. Confirm BC driver to BC Driver (no animals, has to be a person)

  4. Confirm minimum $4,500 in damages

  5. Have their CL14 Repair Supplement in hand

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