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Ferrari F40 Owner Sues Insurer For Not Covering $1 Million Repair Cost

Lawsuit / 12 Comments

Spare a thought for this poor Ferrari collector. He can't handle the "embarrassment" of telling people he wrecked an F40.

Back in 2012, the owner of a 1990 Ferrari F40, Dr. Navraj Heran, crashed the fabled supercar into a pole in Canada, causing nearly $1 million worth of damage. His insurer, Insurance Corporation of British Columbia, paid $790,000 towards the repair costs, but according to court documents the total cost could be as high as $982,000. According to Global News, the owner has filed a lawsuit against ICBC for not covering the full cost of repairing the exotic because the absence of the car is "embarrassing".

That's one word to describe wrecking one of the most desirable supercars in the world. In the lawsuit, Heran is demanding a total of $982,000 for the full cost of repair. His F40 is valued at $696,000. Jalopnik also reports that Heran is claiming that ICBC took too long to resolve his claim, which he claims prevented him buying more "collector vehicles on advantageous terms." He claims that ICBC used "inferior appraisal material knowing that the use of the same would drive down the ACV on the Plaintiff's Vehicle." It sounds like the situation has severely dented the owner's pride. According to the lawsuit, Heran is a renowned Ferrari collector who likes to display his cars to the public.

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The absence of the F40 "is a source of inquisitive inquiry," which he finds "unsettling and embarrassing." He alleges that ICBC knew that delaying the claim would "assail his sense of dignity" in the Ferrari collectors community. Talk about first world problems. A judge ruled that sections referencing Heran's "embarrassment" to be removed from the claim as they were "frivolous", but acknowledged that the case may not have been handled correctly. ICBC has responded saying that Heran is seeking excessive compensation. "The plaintiff is seeking compensation for the repair costs beyond what was covered by his insurance policy," the company said in a statement.