Tuesday, March 11, 2014
Challenging ICBC's appraisal of your vehicle after a total loss.
Did you know you can challenge ICBC's (or any other auto insurance companies) appraisal in the case of your vehicle being written off in an accident.
For the most part, ICBC uses Autosource when it comes to determining the fair market value of your vehicle in the case of a total loss.
Your VIN (vehicle identification number) is entered into a software which in turn searches the market for fair market value. It has been my experience that the majority of these market evaluations are fair. However there are situations where the valuation is inaccurate and you can challenge these claims.
I have seen several situations when the vehicles used in comparison are rebuilt status and not running. (A rebuilt status is attached to vehicles that have been declared a total loss by insurance, purchased by a shop and then rebuilt) When doing a market analysis it is important to find similar vehicles to determine a value.
Another situation that Autosource cannot account for is when a vehicle has been heavily modified. Being a Volkswage enthusiast I'll use VW as an example.
I had been retained by a client a few years ago, with a late 1990's VW Jetta. This vehicle had been heavily modified, with a VR6 transplant (V6 engine), new suspension, interior and stereo. When the VIN was entered in Autosource it was only able to locate similar unmodified VW Jetta's. The value of these unmodified vehicles was a few thousand dollars less than this clients vehicle.
If you find yourself in the situation where your insurance companies assessment of your vehicles value seems low, please feel free to contact us.
We provide preliminary appraisals for $150 plus taxes. This assessment determines if the value provided by insurance is fair. In the case that it is, it cost $150 plus taxes for peace of mind.
In the situation where there is a noticeable difference in value we can provide a full appraisal for $350 plus taxes, plus CarProof (if necessary)