Opinion on accident damage
#1
Instructor
Thread Starter
Opinion on accident damage
My 2003 coupe with 39,000 miles on it was recently involved in an accident where I was run off the road by someone who then left the scene. My car became sideways on the shoulder, and plowed a county road sign flat. Damage involves a new right rear quarter panel, wheel, some suspension damage, fix the rear tub behind the wheel, and a new sidemarker. Not enough for a total from State Farm, but my fear is, now I am STUCK with this thing, meaning if I ever go to sell it, someone will look on CARFAX, see the damage report, and cruise on to the next car. This thing was NICE, no prior damage, low miles, and well cared for. I almost WISHED they had totaled it, because I probably won't keep it forever, and this is a blight on the Corvette radar for most people, no matter how fixable it is. What do y'all think; keep it, drive the **** out of it, or try to trade or sell it, and buy another Vette? I have a pic or two of the damage, but they are on my phone now, and I'm not in a place to upload.
#4
Melting Slicks
Member Since: Nov 2014
Location: Havre de Grace Maryland
Posts: 3,137
Received 1,216 Likes
on
776 Posts
It all depends on why you own a Corvette; for driving, for fun, for shows, or for investment. If the former two, yes keep it. Just make sure the repairs are top notch.
After only owning my C5 for 4 months, I had to hit the shoulder because of a distracted driver coming at me holding a cell phone. The driver that came into my lane and clearly saw me go off the road did not stop. Luckily, I did not do any damage except to my nerves. Shortly after that experience, I purchase Dash Cams for all my vehicles.
After only owning my C5 for 4 months, I had to hit the shoulder because of a distracted driver coming at me holding a cell phone. The driver that came into my lane and clearly saw me go off the road did not stop. Luckily, I did not do any damage except to my nerves. Shortly after that experience, I purchase Dash Cams for all my vehicles.
The following users liked this post:
jframe (07-25-2018)
#5
Race Director
Member Since: Apr 2017
Location: Hickory NC
Posts: 10,211
Received 863 Likes
on
667 Posts
2022 C5 of the Year Finalist - Modified
2020 C5 of the Year Finalist - Modified
St. Jude Donor '17-‘18-'19-'20-'21-'22-'23-'24
Keep the photos and also keep receipts of all the parts you buy or the receipt from the shop that repairs the car. At least that might help ease concerns someone might have about frame damage.
Check and see if the insurance company reports accidents to Carfax (not sure if they all do). Also, you could see if Carfax allows comments from the owner. If so, you could identify the "very limited scope of superficial body damage with no structural frame involvement," or something fancy along those lines. Once repaired (if State Farm reports to Carfax), it might be easier to do a trade in on another Vette at a dealer.
If you know it is reported to Carfax and you are going to list it yourself and you are either going to offer a Carfax report with the sales listing or expect that any potential buyer will check Carfax, I'd suggest being proactive. Address the Minor Body Panel Damage incident and advise you have receipts showing the parts used in the repair. This listing of parts could help satisfy potential buyers that it was a "minor fender bender".
Best wishes with this. Tough position to be in though.
Check and see if the insurance company reports accidents to Carfax (not sure if they all do). Also, you could see if Carfax allows comments from the owner. If so, you could identify the "very limited scope of superficial body damage with no structural frame involvement," or something fancy along those lines. Once repaired (if State Farm reports to Carfax), it might be easier to do a trade in on another Vette at a dealer.
If you know it is reported to Carfax and you are going to list it yourself and you are either going to offer a Carfax report with the sales listing or expect that any potential buyer will check Carfax, I'd suggest being proactive. Address the Minor Body Panel Damage incident and advise you have receipts showing the parts used in the repair. This listing of parts could help satisfy potential buyers that it was a "minor fender bender".
Best wishes with this. Tough position to be in though.
#6
Burning Brakes
It will lose a little bit of value due to the accident but not too much especially if it is repaired properly, it's not like it's suddenly a salvage title. Get it fixed, drive it, enjoy it, sell it when you get tried of it and don't worry about it. It's a depreciating used car not an investment.
The following users liked this post:
jframe (07-23-2018)
#7
Instructor
Thread Starter
It all depends on why you own a Corvette; for driving, for fun, for shows, or for investment. If the former two, yes keep it. Just make sure the repairs are top notch.
After only owning my C5 for 4 months, I had to hit the shoulder because of a distracted driver coming at me holding a cell phone. The driver that came into my lane and clearly saw me go off the road did not stop. Luckily, I did not do any damage except to my nerves. Shortly after that experience, I purchase Dash Cams for all my vehicles.
After only owning my C5 for 4 months, I had to hit the shoulder because of a distracted driver coming at me holding a cell phone. The driver that came into my lane and clearly saw me go off the road did not stop. Luckily, I did not do any damage except to my nerves. Shortly after that experience, I purchase Dash Cams for all my vehicles.
#8
Administrator
Member Since: Mar 2001
Location: In a parallel universe. Currently own 2014 Stingray Coupe.
Posts: 342,981
Received 19,299 Likes
on
13,972 Posts
C7 of the Year - Modified Finalist 2021
MO Events Coordinator
St. Jude Co-Organizer
St. Jude Donor '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-
'20-'21-'22-'23-'24
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
It will lose a little bit of value due to the accident but not too much especially if it is repaired properly, it's not like it's suddenly a salvage title. Get it fixed, drive it, enjoy it, sell it when you get tried of it and don't worry about it. It's a depreciating used car not an investment.
#9
Racer
File a diminished value claim. Basically, and as you have rightly pointed out, the value of the car repaired will not equal the value of the car pre-accident. Accordingly, you can file a DVI claim to be compensated for this loss in value. Typical process is as follows:
1) Have the vehicle repaired
2) Hire a 3rd party inspector who specializes in DVI claims. They will review all the documentation and the vehicle and then perform a survey of comparable vehicles. At that point they will issue a report indicating their estimate of the loss in value.
3) Negotiate with your insurer over a final settlement value
4) Depending on step 3, this may make it all enough for a total out. If not, you can pay down a note if you have one or set the cash aside in savings/investments until such time as you need it.
Best of luck. Feel free to drop me a line if you have any questions.
1) Have the vehicle repaired
2) Hire a 3rd party inspector who specializes in DVI claims. They will review all the documentation and the vehicle and then perform a survey of comparable vehicles. At that point they will issue a report indicating their estimate of the loss in value.
3) Negotiate with your insurer over a final settlement value
4) Depending on step 3, this may make it all enough for a total out. If not, you can pay down a note if you have one or set the cash aside in savings/investments until such time as you need it.
Best of luck. Feel free to drop me a line if you have any questions.
#10
File a diminished value claim. Basically, and as you have rightly pointed out, the value of the car repaired will not equal the value of the car pre-accident. Accordingly, you can file a DVI claim to be compensated for this loss in value. Typical process is as follows:
1) Have the vehicle repaired
2) Hire a 3rd party inspector who specializes in DVI claims. They will review all the documentation and the vehicle and then perform a survey of comparable vehicles. At that point they will issue a report indicating their estimate of the loss in value.
3) Negotiate with your insurer over a final settlement value
4) Depending on step 3, this may make it all enough for a total out. If not, you can pay down a note if you have one or set the cash aside in savings/investments until such time as you need it.
Best of luck. Feel free to drop me a line if you have any questions.
1) Have the vehicle repaired
2) Hire a 3rd party inspector who specializes in DVI claims. They will review all the documentation and the vehicle and then perform a survey of comparable vehicles. At that point they will issue a report indicating their estimate of the loss in value.
3) Negotiate with your insurer over a final settlement value
4) Depending on step 3, this may make it all enough for a total out. If not, you can pay down a note if you have one or set the cash aside in savings/investments until such time as you need it.
Best of luck. Feel free to drop me a line if you have any questions.
The following users liked this post:
jframe (07-25-2018)
#12
Team Owner
Member Since: Oct 2004
Location: altered state
Posts: 81,242
Received 3,043 Likes
on
2,602 Posts
St. Jude Donor '05
It will lose a little bit of value due to the accident but not too much especially if it is repaired properly, it's not like it's suddenly a salvage title. Get it fixed, drive it, enjoy it, sell it when you get tried of it and don't worry about it. It's a depreciating used car not an investment.
Sorry to hear that;dont think it will hurt value much anyways. A bump or bruise is no big deal as long as its fixed right.
Last edited by cv67; 07-24-2018 at 12:07 PM.
#13
Actually i f he Corvette was in good shape before, the fact remains that there is now diminished value. Some policies limit coverage on your cars though, so check with your agent/policy.
#15
Instructor
Thread Starter
I think a lot of you guys are right; I'm going to drive the **** out of it, and probably use it as a daily driver. I have been driving a new Nissan Frontier as my work vehicle, and keeping miles off the vette. Not really a reason to; these cars will NEVER bring what the older C3's and C2's bring. Just drive them like used cars, take decent care of them, and stop worrying about little fender benders and rain, lol. My BIGGEST concern is with our local law enforcement, who refuse to do anything about the other driver, even though they know that they are a known drug user, and they ALL know who it is, and where they live. Wonder what they would have done to me if the tables were turned, and I had done what they did? I figure they are either and informer, or one (or more) of the cops are banging her.
#16
Racer
I think a lot of you guys are right; I'm going to drive the **** out of it, and probably use it as a daily driver. I have been driving a new Nissan Frontier as my work vehicle, and keeping miles off the vette. Not really a reason to; these cars will NEVER bring what the older C3's and C2's bring. Just drive them like used cars, take decent care of them, and stop worrying about little fender benders and rain, lol. My BIGGEST concern is with our local law enforcement, who refuse to do anything about the other driver, even though they know that they are a known drug user, and they ALL know who it is, and where they live. Wonder what they would have done to me if the tables were turned, and I had done what they did? I figure they are either and informer, or one (or more) of the cops are banging her.
The following users liked this post:
jframe (07-25-2018)
#17
Racer
If You sell the car with pics etc ,it wont keep many real buyers from the car as. You have the docs to support your story, I just turned down a car that at the last minute showed up as having an accident , it report didnt show up during the first week of the car guru ad,listed at a dealer, they didnt have any idea about the accident, 2 owner car. Take complete pics , tire off, under nieth etc, should be ok.
#18
Supporting Vendor
Member Since: Dec 2016
Location: Lookin over Hoover Dam
Posts: 3,513
Received 2,316 Likes
on
990 Posts
I think a lot of you guys are right; I'm going to drive the **** out of it, and probably use it as a daily driver. I have been driving a new Nissan Frontier as my work vehicle, and keeping miles off the vette. Not really a reason to; these cars will NEVER bring what the older C3's and C2's bring. Just drive them like used cars, take decent care of them, and stop worrying about little fender benders and rain, lol. My BIGGEST concern is with our local law enforcement, who refuse to do anything about the other driver, even though they know that they are a known drug user, and they ALL know who it is, and where they live. Wonder what they would have done to me if the tables were turned, and I had done what they did? I figure they are either and informer, or one (or more) of the cops are banging her.
Point is, I know its frustrating, I've had something JUST like what you have described happen to me, and it doesn't feel good to have it eat it, but use it as a lesson. Get in car cameras for your vehicles that record on a loop, they're cheap. Get the car fixed and move on from it...it is what it is, and the frustration and stress won't make it better. Put it in the past. Get the car fixed, focus on the future. By this statement, it sure seems like you're a person that makes a lot of assumptions about things with minimal basis....work on that...it does you no good.
Last edited by KnightDriveTV; 07-25-2018 at 01:11 PM.