March 10, 2018 8:45 am

Ferrari owner suing ICBC for repair costs, insurer says it’s already paid

File. The owner of a Ferrari F40 claims ICBC is acting in bad faith by not paying enough to repair his vehicle. The insurer says it's paid what's covered by his policy.

Marco Vasini / AP Photo

Court action between ICBC and the owner of a rare Ferrari F40 that was damaged after crashing into a pole in 2012 continues, with both sides arguing how much is owed for repairs.

The rare supercar is now fixed, according to the insurer, but according to court documents the owner alleges ICBC is acting in bad faith.

In a Notice of Civil Claim, the owner is seeking more money for the costs of repairing the car.

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ICBC has paid $790,000, but according to court documents the total cost could be as high as $982,000

The car itself is valued at $696,000.

A Supreme Court judge has already rejected ICBC’s move to sever the allegations of bad faith the owner made over the length of time it took to fix the vehicle, which he claims prevented him buying more “collector vehicles on advantageous terms.”

In a statement, ICBC said the car has been repaired, adding, “the plaintiff is seeking compensation for the repair costs beyond what was covered by his insurance policy.”

None of these allegations has been tested in court.

© 2018 Global News, a division of Corus Entertainment Inc.

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