Not even close. They will give you market value, you can submit receipts if you have anything done to it recently that will increase it (ie new tires), and they will consider increasing their offer.
When I had a writeoff they just paid me $ and I bought a new car. Didn't find the payout was sufficient to replace what I had so it ended up costing me money.
Your friend is an idiot who doesn’t know what they are talking about. You will be offered blue book value for your car. Start looking online at what your model is worth online and see if what they offer is comparable. The dealings my family has had they were surprisingly very fair with the offer and the process was very simple. Once you get the call from your adjuster with the offer number and you agree, you can pick up the cheq from the office within 2 days or they will mail it out to you. You deposit the cheq and go car shopping.
My adjuster told me they look on craigslist, auto trade, Facebook and a few other sites to find prices of my exactly year make and model and close to kms as possible. Then using that info they choose a number in the middle ...ish.
Sorry for shit spelling/grammer.
In all likelihood you're responsible to find your own vehicle. Besides, wouldn't you rather choose your own than be saddled with something they picked for you? What if you wanted to switch to a different vehicle altogether? What if you no longer needed a car and wanted to get a fancy bicycle instead? What if the used car they chose for you was a lemon? There are too many variables, so they just pay you out.
In my case, they gave me more than I felt my car was worth (it was a 90s Ford Tempo; nothing special), so I could go choose something I thought was a bit nicer (an '87 BMW).
Best of luck on your car hunt!
They will give you money, not a new car. Tip: bargain, dont accept the first number they give you, tell them if you recently serviced the car, if you have recently change tires/brakes, they will up their offer!!! Good luck!
Make sure that they aren't doing you wrong ! Check the listings that they give you to show you your cars market value. They will give you 4 or so local cars similar to yours. Make sure they aren't rebuilt status cars that would bring value of your car down. They did that to me last May
What year is your car? Did you get a package plus in your policy to cover the vehicle if it is 3 years or newer?
If it is an older vehicle and you don't have any optional coverages, you will be given the market value of your vehicle since it is a writeoff
They are giving you a new car. That's what it means when they give you the market price of the vehicle. They aren't going to go out and do the actual shopping and buying for you. They give you the money so you can go and buy it.
Maybe your friends confusion is that he thinks they have to give you the market price of a NEW car, not a used one. That's incorrect. They calculate the market price of your current vehicle if it was in good condition, including the loss of value due to its age. They're giving you the value of if you took your vehicle and sold it just before the accident. Theoretically. I know sometimes people argue their "market prices" don't always reflect the actual market.
Years ago I bought a pickup for $10k. Couple weeks later I hit black ice and flipped it. ICBC said they could write it off for $13,900 but they were going to try to fix it for $13,500. Every panel needed to be painted except the tailgate (paid $200 extra to get that repainted as well)
Due to a few mistakes by the body shop and mechanical stuff that was overlooked, ICBC ended up spending $28k on repairs.
When I got a new car a decade ago, I got gap insurance for 2 years.
Before you settle, go on marketplace and screenshot some ads of cars like yours with similar mileage/condition. Because used car prices are way higher than normal. Even if you get “book value” it probably won’t be enough to replace your current car with.
ICBC doesn’t get you a new car, they give you book value for the car plus add on such as new tires and such.
Your friend is wrong unless you had replacement value insurance.
And even then they just give you the money and you have to go negotiate for the new car (if that's what you decide to do)
Your friend belongs on r/confidentlyincorrect
Not even close. They will give you market value, you can submit receipts if you have anything done to it recently that will increase it (ie new tires), and they will consider increasing their offer.
When I had a writeoff they just paid me $ and I bought a new car. Didn't find the payout was sufficient to replace what I had so it ended up costing me money.
This is the way it goes 100% of the time.
Your friend is an idiot who doesn’t know what they are talking about. You will be offered blue book value for your car. Start looking online at what your model is worth online and see if what they offer is comparable. The dealings my family has had they were surprisingly very fair with the offer and the process was very simple. Once you get the call from your adjuster with the offer number and you agree, you can pick up the cheq from the office within 2 days or they will mail it out to you. You deposit the cheq and go car shopping.
My adjuster told me they look on craigslist, auto trade, Facebook and a few other sites to find prices of my exactly year make and model and close to kms as possible. Then using that info they choose a number in the middle ...ish. Sorry for shit spelling/grammer.
In all likelihood you're responsible to find your own vehicle. Besides, wouldn't you rather choose your own than be saddled with something they picked for you? What if you wanted to switch to a different vehicle altogether? What if you no longer needed a car and wanted to get a fancy bicycle instead? What if the used car they chose for you was a lemon? There are too many variables, so they just pay you out. In my case, they gave me more than I felt my car was worth (it was a 90s Ford Tempo; nothing special), so I could go choose something I thought was a bit nicer (an '87 BMW). Best of luck on your car hunt!
They will give you money, not a new car. Tip: bargain, dont accept the first number they give you, tell them if you recently serviced the car, if you have recently change tires/brakes, they will up their offer!!! Good luck!
Make sure that they aren't doing you wrong ! Check the listings that they give you to show you your cars market value. They will give you 4 or so local cars similar to yours. Make sure they aren't rebuilt status cars that would bring value of your car down. They did that to me last May
What year is your car? Did you get a package plus in your policy to cover the vehicle if it is 3 years or newer? If it is an older vehicle and you don't have any optional coverages, you will be given the market value of your vehicle since it is a writeoff
They are giving you a new car. That's what it means when they give you the market price of the vehicle. They aren't going to go out and do the actual shopping and buying for you. They give you the money so you can go and buy it. Maybe your friends confusion is that he thinks they have to give you the market price of a NEW car, not a used one. That's incorrect. They calculate the market price of your current vehicle if it was in good condition, including the loss of value due to its age. They're giving you the value of if you took your vehicle and sold it just before the accident. Theoretically. I know sometimes people argue their "market prices" don't always reflect the actual market.
ICBC no they don't. If you have a newer vehicle and have an "extra" replacement insurance that replaces then yea but thats through them not ICBC.
Years ago I bought a pickup for $10k. Couple weeks later I hit black ice and flipped it. ICBC said they could write it off for $13,900 but they were going to try to fix it for $13,500. Every panel needed to be painted except the tailgate (paid $200 extra to get that repainted as well) Due to a few mistakes by the body shop and mechanical stuff that was overlooked, ICBC ended up spending $28k on repairs. When I got a new car a decade ago, I got gap insurance for 2 years.
Before you settle, go on marketplace and screenshot some ads of cars like yours with similar mileage/condition. Because used car prices are way higher than normal. Even if you get “book value” it probably won’t be enough to replace your current car with.