Diminished Value
Safety Car
Joined: Aug 2006
Posts: 3,548
Likes: 36
From: Location, Location QC,NY
A few years back one of my best friend's wife's two year old M3 convertible was stolen then recovered. The VIN tag had been removed and replaced with a fake, so upon recovery the police issued a new state VIN number and tag.
My buddy then wanted to trade the car, the best dealer quote he got was about $15K under book, the car had sustained no other damages.
The insurance company refused to pay a dime, he had a lawyer look at it, but to no avail, they could not be held liable for diminished value caused by the state issued VIN and recovered theft report on Carfax.
Rules or policies may have changed since then.
Paul
My buddy then wanted to trade the car, the best dealer quote he got was about $15K under book, the car had sustained no other damages.
The insurance company refused to pay a dime, he had a lawyer look at it, but to no avail, they could not be held liable for diminished value caused by the state issued VIN and recovered theft report on Carfax.
Rules or policies may have changed since then.
Paul
Race Director
Joined: Jul 2005
Posts: 13,685
Likes: 61
What I meant in my post was anything man-made can be re-created. A skilled C2 body guy could transplant a same-year front clip with all details original and correct onto a clean same-year chassis and cabin and make it look totally original.
I'll bet some of 'em have been getting unhit matching numbers money for years.
I'll bet some of 'em have been getting unhit matching numbers money for years.
Advanced
Joined: May 2012
Posts: 83
Likes: 17
From: Missouri
Bodyshops DO NOT REPORT to carfax! I own a bodyshop and have never heard of any other shop or any way for a shop to report to carfax. Carfax gets their collision data from INSURANCE claims. Even if there were a way for bodyshops to report to carfax, I never would. That is all I need, another headache!
Le Mans Master
Joined: Jan 2004
Posts: 8,295
Likes: 30
From: one night in Bangkok you are never lonely
Forget global warming,ban smart phones.
Team Owner
Joined: Aug 2007
Posts: 58,061
Likes: 7,145
Army
Bodyshops DO NOT REPORT to carfax! I own a bodyshop and have never heard of any other shop or any way for a shop to report to carfax. Carfax gets their collision data from INSURANCE claims. Even if there were a way for bodyshops to report to carfax, I never would. That is all I need, another headache!
I think 'diminished value' is a real problem in the classic car hobby, but I also think, in most cases, it will be a real 'slog' to get an insurance company to reimburse for it. Legal fees might well overwhelm any financial benefit from the effort it would take.
Melting Slicks
Joined: Sep 2013
Posts: 2,882
Likes: 2,178
From: Chicopee MA.
Re: DV on a collector car, I wouldn't be too concerned, as many a car has been repaired, fixed and restored so much that only the value of the workmanship would be a concern to me.
Yes, there are exceptions, as in a very rare car, that has never seen a wrench or spray gun.
If any of my cars were to suffer a "not at fault accident", I would be concerned more about "loss of use" than DV.
Yes, there are exceptions, as in a very rare car, that has never seen a wrench or spray gun.
If any of my cars were to suffer a "not at fault accident", I would be concerned more about "loss of use" than DV.
Last edited by Roger Walling; Mar 6, 2016 at 09:26 AM.
Instructor
Joined: Nov 2010
Posts: 141
Likes: 35
From: Fort Pierce Florida
Internet scammers?
Not every independent appraiser is trying to scam you. Do your research, read reviews, check for licensing, what's their methodology?
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