Damage to city property...time to pay up!

[VifferFun]

Further, you do not owe them the replacement / repair cost. You owe them actual cash value. Ask them how old the railing is and what the expected life span is. Depreciate for age and that is what you owe.

When a family member took out a hydro pole about ten years ago, Ontario Hydro charged the full cost of the pole ($5000) minus the depreciation on the existing pole. Since the existing pole was installed 50 years prior, its original cost was listed at only $300. As a result, Ontario hydro billed for $5000 - $250 = $4750. I think the discount percentage should have been applied to the CURRENT value of the pole, not the value in 1950 -- that was completely unfair, since the pole was due to be replaced anyways so it's ACV was close to $0.

[VifferFun]

I dont have collision so I would not get anything.

If you don't have Collision then you are correct -- you will not be compensated for the bike.

[i3kc]

I'm sorry to hear about your situation. Technically, you were supposed to have reported the collision a long time ago, so I'm not sure how your insurer will deal with a claim on an unreported event that occurred a long time ago. Perhaps one of the Claims folks can chime in. If you do end up claiming, it's a shame that you didn't get them to pay for your bike too

Technically, as per statutory condition 6(1)(c) you have 90 days to report the accident. But I have never seen a claim denied for a violation of this condition.

On a side note, if the full $3300 was paid, don’t expect your insurance company to reimburse you the full amount if they become aware of the accident. In fact, they may (depends on the adjuster / company) deny reimbursement of the payment due to violation of Stat condition 5(2)(a) – [Requirements Where Loss or Damage to Persons or Property] Insurer shall not, … settle any claim except at the insured’s own cost.

The guard rail and material was invoiced at ~ $2000. Labour was ~ $1000. Administration fee of 7% on top of that. So you are saying that I should only pay $2000, and not the labour it cost to replace the guard rail?

To keep it simple, I would depreciate the whole bill amount by the used up life span of the rail in question.

[i3kc]

When a family member took out a hydro pole about ten years ago, Ontario Hydro charged the full cost of the pole ($5000) minus the depreciation on the existing pole. Since the existing pole was installed 50 years prior, its original cost was listed at only $300. As a result, Ontario hydro billed for $5000 - $250 = $4750. I think the discount percentage should have been applied to the CURRENT value of the pole, not the value in 1950 -- that was completely unfair, since the pole was due to be replaced anyways so it's ACV was close to $0.

Yeah, ACV is usually calculated at replacement cost less depreciation.

per IBC: ACV ... something of like kind and quality, minus an allowance for depreciation due to wear, condition, age, and obsolescence.

So the calculation should have been be Replacement cost ($5000) less depreciation (250 /300)%[reverse depreciation calculation] = $833

[SergeyZ]

On a side note, if the full $3300 was paid, don’t expect your insurance company to reimburse you the full amount if they become aware of the accident. In fact, they may (depends on the adjuster / company) deny reimbursement of the payment due to violation of Stat condition 5(2)(a) – [Requirements Where Loss or Damage to Persons or Property] Insurer shall not, … settle any claim except at the insured’s own cost.

Therefore I risk paying off the city's invoice and then still getting zapped by the insurance if they somehow find out about the accident.

[i3kc]

Therefore I risk paying off the city's invoice and then still getting zapped by the insurance if they somehow find out about the accident.

Yes the risk is there. I really depends on your insurance company / adjuster. One of three things can happen. 1) Refuse to pay you back. 2) Pay you back ACV or 3) Pay you back full amount.

[DRZSMDUDE]

just pay up, I had a similar incident with my car, I smoked a fire hydrant....2000$ for that and $1000 to get a new exhaust and more crap put on my Regal. I didnt contact the ins co...the police were there I had it towed to my shop and no my insurance was never notified of the incident! You can also ask for a payment plan like I did, mind you I did this in Durham Region so it may differ in Toronto!

D

[nobbie48]

About 3G for a fire hydrant in Sudbury 20 years ago. I got the bill from the city and sent it to my insurance company as they were aware of the collision. I had the impression that was the first they had heard of the hydrant being damaged.

re the hydro pole the numbers don't make sense. You wouldn't get near replacement cost from an old worn out car if a hydro pole fell on it.

[SergeyZ]

So I have contacted the city and asked to know how old the guard rail is and what its service life is. Now I just have to wait and see what the numbers are.

I read on a guard rail manufacturer's website that the service life is ~ 30 years. Hopefully the particular one I damaged was at least 15 years old

[SergeyZ]

So I have contacted the city and asked to know how old the guard rail is and what its service life is. Now I just have to wait and see what the numbers are.

Here is their response:

"A search of our records failed to provide the original installation date for the guide rail attenuation system in question. This safety system does not require replacement unless it is damaged by a motor vehicle accident. Since there are no components associated with this type of crash protection that will deteriorate, it is impossible to predict the life span; this guide rail attenuation system will perform as designed with no depreciation value."