Ferrari crash costs $800K
ICBC says it paid out $789,375 after a Ferrari hit a pole in 2012, which could end up costing taxpayers up to $1 million. The driver accidentally drove the 1990 Ferrari F40 into a utility pole, badly damaging it, court records in an ongoing legal battle over repairs state.
The driver argued ICBC breached its duty to process his claim quickly and in good faith, but ICBC said it did its part and already paid more than the car’s assessed value, $696,061.
Kris Sims, B.C. director for the Canadian Taxpayers Federation, said the case is a perfect example of why the province should do away with the Crown corporation and leave auto insurance to private companies.
But others warn privatization may not solve the problem and instead raise costs. An Ernst and Young report last year suggested charging higher rates for luxury vehicles, among a suite of options for reducing losses at ICBC.