I had a brand new Yamaha XT225 2007 with only 1900km.
My bill looked like that:So a total of 8807, if we exclude the gear, $8000 it's about what I paid for the bike. My bike got stolen on june 23rd and ICBC now is only giving meCode:Price of Vehicle $5799.00 Freight 275.00 PDI 175.00 RHYNO RAINSUIT 80.99 SHIFT GLOVES 31.49 XENA DISC ALARM 116.99 Total Vehicle Price 6478.47 Documentation Service 98.00 SUB-TOTAL 6576.47 B.C. Sales Tax 460.35 B.C. Tire & Battery Levy 11.00 G.S.T. 395.25 SUB-TOTAL 7443.07 Net Order Addition 0.00 TOTAL 7443.07 BALANCE 7443.07 HELMET AND GST 190.79 Credit Life Ins. 649.14 Extended Veh. Warranty 2y 495.02 G.S.T. (on extended war.) 29.70 TOTAL 8807.72 Down Payment 500.00 Finance Contract Reg. Fee 244.50 Amount Financed 8552.22 Total Finance Charge 3165.06 Total Deferred Balance 11717.28I got a loan with through Yamaha and HSBC, so I am gonna end up now owing more than $3000+ to the bank for a bike that got stolen. My declared value was $8000, because this is what I paid for but I guess this is not what really count for them. They said that they called a couple of dealers one in Port Moody and one in Richmond, and one of them quoted a price for $4000 and the other one $4500 so they took the average that was $4200. I really don't believe that a brand new bike 2007 with 1900km on it, would only worth $4000. I was really taking care of it, and I was very careful on my first 1000km going slowly to build the engine properly, so the bike was in a perfect condition. I have very good experience with motorcycles. When I tested the final speed just before it got stolen, I was able to get 145km/h with a 225cc, I believe that this is very good for this kind of bike. ICBC asked me if I can prove them any evidence that my bike is worth more than $4200 then they can negotiate with me, but it's impossible to find in trade magazines a brand new bike like mine in a perfect condition with only 1900. I believe that my bike should worth at least 5000 + GST. The two years extended warranty that I had is transferable to new owners unlimited times and that should bring the value of the bike up. Unfortunately I tried to remove from my dealer but they said it was already too late to do that.Code:Vehicle Price $4200 G.S.T. 600 Deductable -300 TOTAL 4500
If you guys have any suggestions of what I could or should do, please let me know. Or if you are a dealer and you think you can give me a better quote for a reasonable selling price (not a trade-in) I would really appreciate. If not, I believe that at least this could be a good lesson for new owners who insure with ICBC to be aware of the consequences and the risk.