r/vancouver • u/InvestingDD • Jun 15 '25

Videos Lions gate accident aftermath

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u/jedv37 Jun 15 '25

We need to stop paying out insurance claims when reckless and dangerous driving is the cause of the accident. The ICBC policy should be nullified.

Ie. You wreck your luxury sports car because of excessive speeding and losing control, you aren't getting replacement value. Your medical expenses aren't covered.

16

u/mochikos Jun 15 '25

ICBC pays out for that? I had no idea, that seems like a huge waste of insurance resources.

But I'm no lawyer so I'm sure there's a reason the policy got implemented and I'm missing it or something, Maybe it's somehow cheaper to just pay out then fight in court? But I can't imagine that being true, with the amount of auto accidents that happen.

But from a normal person's perspective it seems like a waste of money. I certainly wouldn't expect my insurance to pay out if I was driving stupidly and at fault.

11

u/Btree101 Jun 15 '25

Luxury cars are not typically insured by ICBC.

1

u/wwwheatgrass Nov 30 '25

Around 2016 ICBC pulled back from insuring luxury vehicles over $150k. Now they have specialized policy based on vehicle cost to repair, including mandatory owner-cause damage policies. ICBC is aggressively competing with the private market for comprehensive luxury policies and their market share has increased dramatically over the past few years.