What is an Accelerated Depreciation Claim?

Serving Greater Vancouver and Nearby Areas of British Columbia

If you are involved in a motor vehicle accident where someone else is at fault and the damage to your B.C. registered vehicle exceeds $2000, you have to declare that damage to any subsequent purchaser so you may have a claim for what is referred to as "accelerated depreciation" because your vehicle is not as desirable as before the accident. If you wish to pursue this claim you would then need an automobile appraiser to prepare a report comparing the market value of the vehicle with and without the declaration.

Even with this evidence submitted to the at fault driver’s insurance company, usually ICBC in this province, many insurers will not be prepared to pay your claim without you going to court. Luckily, the Provincial Small Claims court can order payment of up to $ 35,000 (as of June 1, 2017), and that is a route that you can take without requiring a lawyer. In B.C., the limitation period applying to this type of claim is normally two years from the date of the accident. If you fail to start court proceedings within that period of time, you will be barred from proceeding with your claim.

If you’ve been in an auto accident, contact the law firm of Stephens & Holman before you meet with an ICBC adjuster by calling us at 604-730-4120 for a free, no-obligation consultation. We proudly serve greater Vancouver and all of British Columbia.