Looking for Advice
Thread Starter
Instructor
Joined: Jul 2005
Posts: 232
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From: New Market Maryland
Looking for Advice
My 2003 Z06 was involved in an accident with a tractor truck that caused significant damage. The car has been repaired and runs fine. However, I'm considering going after the company that owns the truck to recover the loss in resale value of my car which I estimate at $5-8K.
I'm trying to find out what would be involved in proving my case for reduced value. Is there any available data on reduction in value based on the severity of the damage?
Does anyone have any personnal experience? I would appreciate any advice.
I'm trying to find out what would be involved in proving my case for reduced value. Is there any available data on reduction in value based on the severity of the damage?
Does anyone have any personnal experience? I would appreciate any advice.
Team Owner
Joined: Mar 2001
Posts: 25,889
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From: Virginia Beach
CI 3-5-6-7-8 Veteran
I was an adjuster for 2+ years. In the state of VA dim value is not recognized, you'd have to lawyer up to get it through.
They're argument is that if the car is fully and properly repaird than there is no loss in vale, if you feel the car has not been fully and properly repaired that that's between you and the body shop you chose to work on the car.
Or... they'll say that until you actually go to sell the car you have experienced no loss.
In some states it's mandatory in included a dim val amount in every settlement by law... I think Georgia is one of them.
It'll be a tough fight, but I think you should look for prices of comprable cars selling in your area (make sure it's your area) then find prices of wrecked cars that have been fixed (will be hard to do) and see what they're going for.
You would most likely suffer a loss when selling becuase most C5 buyers are **** and no matter how well a car has been fixed they'd run from it.
Everyone is cool w/ putting new hoods and bumpers on a car but the second it was done because of an accident then the car is suddenly no good
Good luck.
They're argument is that if the car is fully and properly repaird than there is no loss in vale, if you feel the car has not been fully and properly repaired that that's between you and the body shop you chose to work on the car.
Or... they'll say that until you actually go to sell the car you have experienced no loss.
In some states it's mandatory in included a dim val amount in every settlement by law... I think Georgia is one of them.
It'll be a tough fight, but I think you should look for prices of comprable cars selling in your area (make sure it's your area) then find prices of wrecked cars that have been fixed (will be hard to do) and see what they're going for.
You would most likely suffer a loss when selling becuase most C5 buyers are **** and no matter how well a car has been fixed they'd run from it.
Everyone is cool w/ putting new hoods and bumpers on a car but the second it was done because of an accident then the car is suddenly no good
Good luck.
Instructor
Joined: Nov 2003
Posts: 103
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From: lexington ma
Originally Posted by Cobra4B
Everyone is cool w/ putting new hoods and bumpers on a car but the second it was done because of an accident then the car is suddenly no good
Good luck.
Good luck.
Thread Starter
Instructor
Joined: Jul 2005
Posts: 232
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From: New Market Maryland
Thanks for the input. It looks like I'd have to do a lot of research with little promise that it would pay off. I am trying to get the responsible company's insurance company to pay for new tires on one side of the car to match the new tires on the other side that were replaced due to the accident. Plus, I'm trying to recover the tire upgrade adjustment that my insurance company is charging me for the difference in wear between my old tires and the new replacements.
Thread Starter
Instructor
Joined: Jul 2005
Posts: 232
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From: New Market Maryland
I took the car to the drag strip this past weeekend and made eight passes. Everything ran fine and the car tracked straight, so it appears that the mechanicals were not affected.
Safety Car
Joined: Feb 2004
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From: Rochester MN
CI 5-6-7-8 Veteran
St. Jude Donor '04-'05-'06-'07
NCM Ambassador
the concept that an accident lower the resale value is called Diminished Value. Different states (and courts) look at it differently, but as a general statement it is a recognized loss. There are companies that can provide a diminished value appraisal as the basis for your claim.
Team Owner
Joined: Mar 2001
Posts: 25,889
Likes: 7
From: Virginia Beach
CI 3-5-6-7-8 Veteran
Originally Posted by ritaylorz06
Thanks for the input. It looks like I'd have to do a lot of research with little promise that it would pay off. I am trying to get the responsible company's insurance company to pay for new tires on one side of the car to match the new tires on the other side that were replaced due to the accident. Plus, I'm trying to recover the tire upgrade adjustment that my insurance company is charging me for the difference in wear between my old tires and the new replacements.
Standard indsutry practice.
