Driver Crashes Ferrari Into Pole; ICBC Expected To Pay Over $1M In Repairs

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ICBC

The owner of a rare Ferrari F40 claims that ICBC has not fulfilled its commitment to reimburse the owner for damages related to an accident in 2012.

On September 9th 2012, the plaintiff reportedly drove the 1990 Ferrari F40 into a utility pole. Of course, the collision was an accident, but it left the luxury vehicle severely damaged.

The insurance provider looked into the report, but the repairs have yet to be completed. They claim to have already spent $789,375 on the car, and say that is enough for the damages; however, the driver insists that there is much more to be done. In fact, these repairs could put ICBC’s costs over $982,000 for all of the work.

ICBC and Luxury Vehicles

Starting in January 2018, ICBC started charging much higher rates for luxury vehicles. Starting April 1st, rates will increase from 10 to 15 per cent. New tax rates will apply to new and used passenger vehicles worth between $125,000 and $149,000.

As for vehicles that cost over $150,000, the rates will jump up from 10 to 20 per cent.

The provincial insurance provider admitted that they are in an enormous financial deficit of over $1 billion; it was previously thought to hover around $11 million.

In addition to raising rates, they have also raised the fines for those caught driving distracted. Anyone caught twice in a three year period will pay a staggering $2000 fine.

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