Posted on 02/22/2006 3:05:32 PM PST by doodad
So sorry to post a vanity, but I am in an area that I have no experience. I was t-boned by a driver in my 1996 Camaro that was in perfect mechanical and cosmetic condition and has been modified in both areas for show and race. How do I argue diminished value and or loss of raceworthiness? I know about 17c and am in Georgia, but disagree that a 72 Ferrari that is hit has no diminished value due to age or mileage and ditto my poor chevy. Any advice on combatting what I think is coming for a 10 year old car that did not even have a door ding.
Can't help you with the insurance question per se but my guess is you are correct that if you didn't carry additional insurance via your own policy then you may have nothing left but a civil suit against the owner over and beyond what his insurance pays.... Assuming he was at fault and I know you said you were t-boned but you didn't specify who was at fault.
Then, ya start your search for a good body
Insurance expertise needed!
They have assumed complete fault and boy was it. My own insurance will not insure mods and to be honest that is her companey's concern not mine. Lawsuit seems pointless given her car and it's condition; no money there.
Yes, that is certainly an option, but can you imagine finding another CAMARO in mint condition? I have the order sheet, window sticker and ten years worth of oil changes. Also, $6k at least in mods and a $500 computer program to mod the engine computer that ONLY works for this car. And custom parts that have either references to the car or me. This was my Dad's car and now mine and meant alot and ran 350 hp great! until Monday.
He won (as our state requires disclosure of any frame damage at sale time). With carfax etc disclosure requirements may not be an issue.
You discribe an apparent totaled situation. What it will come down to is what you can show the car was worth. Win any shows? Turn down any offers?
Hate to say it but you're likely SOL. You should have grabbed your neck at the time of the accident (try not to jump up and down yelling "I'm rich, I'm rich"). It's the only way to get a fair deal from the insurance industry, the only thing they ever do on time and to the penny is collect their premiums.
Anytime you are dealing with an insurance company you need to make them fear how much the payout will be unless they make you happy. Otherwise they will just deny your claim as a policy matter. I know of one insurance company that had a policy of denying any claim under $2k (no doubt a larger number now), They know it's not worth it to you to hire a lawyer and that they won't pay extra for denying you if and when they lose.
Lawsuit seems pointless given her car and it's condition; --
no money there.
I am sorry but my guess is that unless you have a special policy,which is either expensive or very restrictive as to how much the car can be driven,it will be adjusted for what it books at.
Thanks Xena, never happens in BF2 does it? I would be motoring on with a mechanic repairing fiber on the run.
Agreed and they have been great, but not good news either. Fair warning muscle guys and gals, after a few years your mods and car are sharply devalued. Don't drive a even marginally collectable car (as I was) as a daily driver.
Wah. I figured you would understand having seen it. Even us cheap Chevy guys care about performance.
And that was not available with my insurer. I have deep discounts due to no tickets or accidents in 30 years of driving including heavy equipment (drill rigs) and race cars and luxury vehicles. And because I took care of my car and spent money on it, I will now lose. Not right.
These days with the internet you can search far and wide for specific vehicles. eBay motors is one place to start. The few times I have looked there I was surprised to find true rare exotics for sale like Ferrari F50s. For your 1996 camaro I got 14 hits on eBay. Good Luck
I agree that cars can be found, but Camaros are problematic due to the demographic that buy them and trash them. I do not find many with the care, documentation,and miles that mine had. Not to mention expensive mods.
You are making a liability claim. So you should be able to collect the current value of the car, and that amount includes your customization. The other insurance company cannot claim they won't pay for customization, you don't have a policy with them. Get an idea of the current value of the car and then add in for the extras. I would imagine they would pay the current value of the car, plus your customization minus a little depreciation. That's if the car was totaled. Otherwise they will pay the full amount to put it back the way it was.
Carry those receipts and paperwork with you when you go to negotiate the value of your car. The adjusters who will value your car will work with bluebook and comparables... most of which are stock. You should be able to claim compensation for the unusable computer program... and get a dealer in like cars to give you a valuation of a similar car with similar mods. You will be best off if you can show current sales of modded cars (eBay? or car auctions) where the value is obviously over stock cars. You cannot be compensated for the emotional value because it was your dad's car. Bring any bills for work done customizing the car by legitimate garages and customizers. Include any photographs of your car in pristine condition.
You might be better off by preparing a pre-emptive demand amount.
If they refuse to negotiate, demand they find a comparable car with similar mods that you can buy for their offered amount.
You might also get a statement from your mechanic about the condition of the car.
By the way, don't make the mistake of assuming that because the driver who hit you was driving an older car, that they have no assets or adequate insurance. Apparently they did pay for insurance.
We you injured? If so, you are entitled to compensation for lost time, medical bills, transportation to and from doctors, etc., and pain and suffering that may total up to five times the medical bills you incur.
I'm an insurance agent in Ohio. The purpose of insurance is to put you back in the same financial position that you were in at the time of the accident, no better on worse. Future considerations - collectable values, future race winnings, ect are pure speculation and cannot enter into a settlement.
The other person's insurance company should put the car back into the same condition that it was at the time of the accident.
My son's 87 Camaro Z-28, 32000 original miles was t-boned the only time he took it out last year. the other person's company (Progressive) worked for a month with him to redo the car to it's orignal (at time of accident) condition.
The other company's obligation is to leave you no better or no worse off than you were at the time of the accident. they are not out to screw you. Good luck, I hope that you can be satisfied.
ygm, or will momentarily; talk to my diminished value consultant/assessor.
Bummer. Big time bummer.
'The other person's insurance company should put the car back into the same condition that it was at the time of the accident.'
Michigan is a 'no fault' state. I've had 3 wrecks in 15 years. The other driver was ticketed in all the accidents. My insurance (state farm) restored my vehicle all 3 times.
Are all states like this (no fault) ??
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