Insurer Accused Of Bad Faith Pays $100K More For Repairs Than What The Car Is Worth

 Tuesday, March 13, 2018

 Canadian Underwriter

B.C.’s Supreme Court has allowed a bad faith claim to proceed against the Insurance Corporation of B.C. in the case of a Ferrari repair that cost the government insurer almost $800,000 — about $100,000 more than what the car was worth. Navraj Heran drove his 1990 Ferrari F40 into a utility pole in 2011. The total cost of repairs is estimated to be in excess of $982,000. Following an investigation, the Insurance Corporation of B.C. (ICBC) eventually admitted coverage and accepted it was obliged to cover the cost of repairs. But it said it would only pay up to a maximum of the actual cash value of the vehicle, which an arbitrator determined in 2014 to be $696,061.17.
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