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.”