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Holy hell ppl relax....
I'm going to jump in here for insurance purposes.
#1. If your broker is not asking for the bill of sale then he's an idiot and not doing his job. This is required for claims purposes later to determine replacement cost or ACV (actual cash value)
#2. It doesn't matter what you paid for the car. Many people buy good cars for cheap and later have accidents only to receive more than what they paid.
#3. At the time of a loss, the insurer will likely use the ACV at the time of loss. If your vehicle was in good working condition and worth $30000, they will not pay $20000 just because that's what you paid.
A) you can say in the last year you spent several thousand to a privates habit fixing the car and getting it up to par.
B) if you have an accident literally days or weeks after the purchase of the lower bill of sale price, you will be SOL. Unless you have invoices of repair with clear indication of HST.
The above is not fraud unless you clearly are doing this for the purposes of benefitting from a claim. If you try to get a car for cheaper that's all fine and dandy.
Hope the above helps
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