In simple terms, a car write-off occurs when the cost of repairing a vehicle exceeds its actual cash value (ACV). Suppose, You initially purchased a car for $27,000. If your car’s current worth is only $3,000, any repair expenses that go beyond this amount will lead to declaring your vehicle a write-off.
Understanding ICBC Write-Offs in BC
Many individuals find themselves frustrated with ICBC (Insurance Corporation of British Columbia) during this process. They may believe their vehicle holds more value than the standard blue book assessment used by ICBC.
Consequently, they might attempt to repair or sell the car independently. However, after years of holding onto the vehicle, they often end up scrapping it for cash through companies like Top Scrap Cars Removal Inc.
Why Are Cars Written Off When Airbags Deploy?
One frequently asked question pertains to why ICBC writes off vehicles even when the airbags deploy, even in the case of newer cars. This situation can be particularly vexing for car owners since their vehicles would often be perfectly fine after repairs.
Some vehicles remain drivable and require only minor fixes. However, when airbags deploy, the vehicle is often deemed a total loss due to several factors. These factors include the overall damage to the car and the expensive nature of airbag replacement.
Additionally, potential rental car costs and the impact of transportation disruption on missed workdays are also considered. Considering all these expenses, it usually leads to writing off the vehicle.
What Triggers an ICBC Write-Off?
Each vehicle’s evaluation differs when determining whether it qualifies as a total loss according to ICBC. Various factors contribute to this decision, usually resulting from collisions.
However, other causes include natural disasters and vehicle damage caused by wildlife, fires, floods, falling trees, and ice damage (such as from bridges in winter). Additionally, damage can result from collisions with objects like cement medians, barricades, trees, or poles.
Severe interior damage caused by fires, floods, or other sources that result in irremovable odors or damage can also be grounds for a write-off. If the cost of repairs exceeds the repair thresholds, rental expenses, and work loss (assuming you are not at fault), ICBC may designate the vehicle as salvage.
Understanding ICBC’s Write-Off Process
After an accident, a tow truck typically takes your vehicle to an ICBC-approved repair shop or a dedicated appraisal facility. An adjuster from ICBC will then contact you to discuss whether your vehicle will undergo repairs, be replaced, or be written off.
ICBC will send you a letter requesting your signature to authorize them to sell the vehicle if they deem repairs uneconomical. The letter also states that they may sell the car before settling the claim and reminds you to continue paying for car insurance in the meantime.
If you find these terms undesirable, it’s advisable to seek a second opinion. Even if it means incurring out-of-pocket expenses, exploring alternative options for keeping your vehicle on the road is recommended.
Selling a Written-Off Car
Selling a car that ICBC has written off can present significant challenges. This is because most buyers interested in totaled vehicles typically seek parts. They often offer minimal payment due to the overall condition of the vehicle.
However, Top Scrap Cars Removal Inc takes a different approach. We specialize in purchasing used cars, trucks, SUVs, and vans with significant mechanical issues or extensive collision damage. Our professional junk car buying services offer free towing throughout the Lower Mainland.
We handle all the paperwork and provide more cash for scrap cars than any other removal company in British Columbia.