Fer­rari crash costs $800K

StarMetro Vancouver - - News -

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.

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