slightly OT -- Dimishment of value claim on insurance (for a 911)

[Jgordon]

Hey, here's the scenario. I got rear-ended by some a**hole, and my rear bumper got screwed up. Pretty localized damage, it was an SUV, and if he hadn't slammed on the brakes when he did, it would have put his car straight into my decklid. Anyway, the point is, his insurance is nitpicking me on the repair. I'd like to have it done, and have it done right, but that's my problem.

My question to you guys is, how best to ask for and receive a check for the diminishment of value to the car? It's a collector car in mint condition, and has appreciated in value as per Bruce Anderson's opinion in excellence. prior to this, it had no accident history, and now it does. Therefore, in a future sale, I will lose money due to this guy's idiocy. I think I should be compensated for that. Have any of you had any experience with this type of situation? I'd really appreciate any feedback, as I have to get back to the adjuster soon.

Thanks very much.

[nostatic]

What does your insurance company say? They are supposed to be your advocate in cases like these? Failing that, you can try and make your case to the other insurance company with any data you can. You will probably need to get someone "official" to state for the record what kind of devaluation has occurred. Probably won't be easy though.

You can always sue. That's what we do in California. Hell, this morning my coffee was too hot so I slapped a TRO on the coffee pot and filed suit against the city of Los Angeles for not having sufficient codes and enforcement in place to keep liquids at safe temperatures.

[ChrisBennet]

Originally posted by nostatic
What does your insurance company say? They are supposed to be your advocate in cases like these?

This is what I thought until it happened to me. From my experience it seems the insurance is not working for you they are working for themselves. (Duh!) Even though you are not at fault, your insurance will try to pay you the very least possible. I supposed they are liable for anything that the other insurance company doesn't pay for. In my case, when I figured out what was going on I sent my insurace company's check back and dealt directly with the other party's insurace company. One advantage to this is that you aren't limited by the contract you have with your own insurance company. For example, you aren't limited to XX dollars for a rental car that your own insurance policy sets.
Try Bruce Anderson or another auto appraiser but don't hold your breath about getting reimbursed for diminished value. Bruce has stated before what the % loss (10-20% I think) an accident causes.
-Chris

[Dan Owens]

Chris,

Hold your ground. The same thing happened to me and I fought it tooth and nail and won. My car an 84 was hit on the driverside and ripped open from the front headlight to the rear tailight by a a concrete truck. The other guy's insurance wanted to total it at 70% value and I refused. First I threatened to bring in the lawyers and then after talking with my body shop they put me on to the diminished value issue. You can indeed file a claim separate from your damages for the loss of value to your car. I don't remember all the details but I belive there was a form to fill out and an appraisal to be made. Basically you show the value of your car undamaged versus the loss of value even after your repair. Face it your car will not command the same value even if repaired correctly and properly compared to the same car undamaged. (Side not here take plenty of pictures of the damage prior to repair so you can back your story to any future purchaser). You can call my body shop and ask them about the process, I'm sure they would fax you the info. Call Wagonwork at 703 684 2985 ask to speak to Mike or Denny.

Dan O

[FlaCarrera]

For those more fortunate than JGordon....
My insurance agent (Allstate) advised having an liscensed appraisal done for their files BEFORE anything possibly happens. Precautionary "before" photos wouldn't hurt either. You could ask the apraiser to mention in writing somehow that a previously undamaged P car would suffer value decrease if collision damage becomes part of the car's history. You would then have a premptive "expert" opinion on file. All this being 20/20 hindsight, but this post does bring up a valid point.

Ted in rainy so fla
86 Carrera Blk/Blk

[Don Wohlfarth]

Jgordon, since you have a collector car you probably have collector car insurance on it, also called stated value. Standard car insurance is something else.
I'm guessing you have all documentation for your car including pictures, awards, etc. IMHO for a 89 Carrera to be a collector it would have to be a damn nice car and probably less than 2-3K on the meter. Only other 89 that would qualify would be a Speedster and that would also need to be a stand up car with similar mileage.
Just trying to bring up different points that you should be prepared to answer when you call your car a collector.
The good news is that diminished valve will give almost any claims adjuster a bad case of heartburn.
Good luck.

[jlex]

Dan's right. I just received a check from Allstate last week for $2,310 for my diminution in value claim for a really minor fender bender that happened about 2 years ago. Thing is, my '85 Carrera was in pristine condition & didn't have a prior accident history. It has one now, hence the claim.
Look for 10 to 20% diminution in value. All you need is an appraiser saying what the value was prior to the accident & after the repairs. Make sure he'll back you up in small claims court if that's necessary. Also, make sure you don't sign a general release when the repairs are done. You'll need to settle the DIM claim afterwards.
Good luck.