Ferrari F40 Owner Suing Canadian Insurer For Covering $800,000 Instead Of $1 Million Repair Costs

The owner of a Ferrari F40 in Canada has sued the Insurance Corporation of British Columbia (ICBC) for not paying enough to repair his desirable exotic.

In 2012, the owner crashed the Ferrari into a pole and ICBC agreed to pay $790,000 for the repairs. According to court documents, however, the total cost could be as high as $982,000.

Court documents confirm that the vehicle has been repaired but the owner alleges ICBC is acting in bad faith for not covering the full cost of repairs.

Global News reports that a Supreme Court judge has rejected ICBC’s move to sever the allegations of bad faith the owner made as the F40 was being repaired. The owner claims ICBC’s actions prevented in from buying additional “collector vehicles on advantageous terms.”

In a statement issued to the media, ICBC asserts that the man is seeking excessive compensation.

“The plaintiff is seeking compensation for the repair costs beyond what was covered by his insurance policy.”

  • lagunas3ca

    This happens way more than you think. Insurance companies using generic parts instead of from OEM. Good for the owner.

  • I don’t know the whole story so I reserved my judgement but. Can he get specialized classic car insurer like Hagerty or Adrian Flux? I mean you already owned an F40, maybe specialized insurance is not a bad thing?

  • Puddingpopper

    Would love to know the details on the crash

  • Juan Alvarez

    Oh, oh, better call Maco.

  • I FIND IT HARD TO BELIEVE THAT JUST BECAUSE SELLS FOR A MILLION THAT IT ACTUALLY COSTS THAT TO REPAIR.

  • Chad L

    No worries, just buy another property in Vancouver. You’ll get your $100K back in less than 6 months…

  • Six_Tymes

    greed, on the owners part. the guy probably has millions. go help the needy, or homeless person instead of crying over that, YOU crashed it, dumbazz

  • Craig

    I wonder what he paid a year for insurance?

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