If you've gotten this far, it is safe to say you understand the concept of accelerated depreciation / diminished value. If not check out the video below.
In the province of British Columbia if your situation fits a certain set of parameters you are able to make a claim for accelerated depreciation / diminished value without the need of litigation. At the time this blog was written, we are unaware of any where else in Canada that this is possible.
The parameters are:
- You were not a fault
- Your vehicle has valid BC License Plates
- You own or finance your vehicle (no leases)
- This was the first time the vehicle has sustained damages that cumulatively exceed $2000.
- The other driver who caused the damages had British Columbia license plates on the vehicle.
- You have your collision insurance through ICBC.
If your can answer yes to these questions you can make a claim directly through ICBC. You simple need to prove your loss, which is what our reports provide - click here.
If you believe you have suffered accelerated depreciation and you do not fit the above criteria, there may still be options for you. Give us a call for a free consultation.