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Background:
I took my 2005 to get alignment checked last Friday, my first day of retirement, and get the Vette set for street specs and check the ride height. Sat at Service Shop and guy goes to test drive and ends up crashes my Vette. They had possession; police made an incident report to show I was not driving. He claims a car ran him off road in that S curve, in that section of road I believe him, it has happened to me there before too. Anyway, it is now at good collision shop waiting (a long time) to be repaired. This is not enough to total but diminish the value, yes, and inconvenient to say the darn least. So, it is insured as a collector car with Hagarty with a stated value. My agent said they have to make me whole again and see what they do before she gets Hagarty in volved. Ok fair enough. I really like my ole Vette, so I do have a couple of choices once it is fixed, keep it or sell it to my son-in-law who really wants to buy it and try to find another one whenever that is. What are the thoughts on the amount of diminished value in today's market?
Thanks
The shop's insurance company called this AM and started the process and also reference the diminished value. They indicated they use a company for diminished value, that they will do the repairs as needed.
Last edited by 81VETTOM; May 2, 2022 at 02:24 PM.
Reason: spelling
That sucks. I would get it repaired and sell it to your son in law. He knows what really happened compared to if you sell it to someone else and they look at a car fax and see it's been in an accident but can't or don't know the extent of the damage.
Then with the money from the Insurance for diminished value + the sale of the vette to your son in law, I would move up to a 2008+ model. Maybe even a GS.
You said your 1st day of retirement, what / how do you plan on using the Vette in the future since you're not going to work daily I assume. Weekends? Cross country trips? Car Shows?
I worked in insurance claims for almost 30 years and it was rare to pay any diminished claim. We did have to buy a few cars back from the owner after the repairs were completed and not done properly. Our problem was that we sent the owner to a specific shop and it came back to bite us in the butt sometimes.
A diminished value claim is very hard to prove if you can look at the car and not tell it was ever wrecked. However, it may be possible but will require work on your part to prove it has lost value and that is where you have to do research to show that has occurred. If you just wholesale the car then that is on you.
Some my tell you to get an attorney but that will come out of your pocket and most attorneys only take a case like that if you are hurt so they can make big money off your pain.
T VETTE,
Now, let's think about what you noted:
"A diminished value claim is very hard to prove if you can look at the car and not tell it was ever wrecked. However, it may be possible but will require work on your part to prove it has lost value and that is where you have to do research to show that has occurred. If you just wholesale the car then that is on you. " My insurance agent didn't seem to think so on diminished value and she has been doing classics for a very long time, not daily drivers and obviously the company handling the claim has a company to do that part for them on diminished value as they told me. This is why I insured it as a stated Value collector car it is not a daily driver either.
Now why would someone pay full retail for a damaged/repaired even if you can't tell vs an original unrepaired Corvette and you don't disclose that repair? It is now reported on a Police incident report, in a body shop, maybe on Carfax or other reports, new Morimoto lights alone are about $2K (with the protective film installed) now plus all the other parts and then paint. I hope it will match, but we shall see silver is very hard to do and it maybe months before I even get it back.
I get that insurance companies do NOT want to pay, they don't make money paying claims and we are not talking about your mom's 4 door sedan or minivan either. Look at prices on any resale non-damaged nice to really nice Corvette.
I am looking to be made whole from something that was not my fault and not looking for excessive payout to buy a C8 either.
I recently was successful in seeking a diminished value claim for my 981 Cayman when some bozo rear-ended me. Please don't listen to anyone telling you that you can get a crazy amount for a diminished value claim on a 2005 Vette or that you should "lawyer up" and/or threaten them with a lawyer. With the way car prices are now, I got nowhere near what I would have gotten via a diminished value claim if it had happened 3 years ago. But at the same time, I would have gotten nowhere near the money I got for selling it (yes, even with the damage reported to Carfax), so it evens out in my book.
If I were you, I'd see what they offered (if any) and just sell it to your son-in-law and look for something "new," whether that is another Vette or some other vehicle you've had your eyes on.
Background:
I took my 2005 to get alignment checked last Friday, my first day of retirement, and get the Vette set for street specs and check the ride height. Sat at Service Shop and guy goes to test drive and ends up crashes my Vette. They had possession; police made an incident report to show I was not driving. He claims a car ran him off road in that S curve, in that section of road I believe him, it has happened to me there before too. Anyway, it is now at good collision shop waiting (a long time) to be repaired. This is not enough to total but diminish the value, yes, and inconvenient to say the darn least. So, it is insured as a collector car with Hagarty with a stated value. My agent said they have to make me whole again and see what they do before she gets Hagarty in volved. Ok fair enough. I really like my ole Vette, so I do have a couple of choices once it is fixed, keep it or sell it to my son-in-law who really wants to buy it and try to find another one whenever that is. What are the thoughts on the amount of diminished value in today's market?
Thanks
The shop's insurance company called this AM and started the process and also reference the diminished value. They indicated they use a company for diminished value, that they will do the repairs as needed.
I hope it all works out for you. I am just questioning the need for a test drive prior to alignment...more specifically, there is no need. Why did the guy want a test drive??? Perhaps he wanted to hot rod in a
Vette? That would make me doubt the actual cause, and to never go back to the shop.
Welcome to retirement. We retired 6 months ago from our business and it has been great. Don't let this get you down. I agree with the above advice. Sell it to the son in law. It will most likely show up on a Carfax, and you should disclose it TO value the car find similar cars with no accidents,, then find one with similar damages on the carfaxes and compare prices. not hard to do with the internet nowadays. Once it's repaired and you get things settled down start looking for something new. Consider this an opportunity to drive something new. What better way to start off a new phase of life. We did and ended up with a 2012 Base w/50K on it. Best car I have ever owned and way more fun than I could have imagined.
I got rear ended a few years ago in my DD, I ended up getting about $3800 in DV from the other guys insurance co. Value of my DD was about $38K at the time.
So to follow up be sure you take your car to the very best shop in your area to receive a perfect repair, it is your right. You are also entitled to loss of use the entire time your car is not drivable. Both of these are easy to calculate the cost of except for diminished value. How will you come up with a precise dollar amount on paper to show the insurance company or in a court of law? I do not know of any legal formula to show that. Let us know how it worked out!
If your insurance company has already discussed diminished value then you shouldn't have any problem. It will come down to a formula using the value of your car and the amount of damage done. They will tell you your diminished value part of the claim is worth $xxx, all you have to do is decide if that seems fair. If you think you are getting lowballed on the DMV then you have to decide if you want to fight them, good luck if you do. As already has been said, don't think you are going to get a huge amount of money for the DMV claim, good luck I hope you get a settlement that seems fair to you. As for the guy at the shop who wrecked your car, that sounds like a story, I would never go there again at a minimum. Why isn't their insurance handling your claim/damage or am I missing something?
The shop that had test drove the Vette after the alignment has called to ensure their insurance carrier was on top of things, they want to keep me informed and they have been as has their insurance carrier. My collision shop was supposed to finalize the repair estimate and pictures for the insurance company late yesterday or today and email the damage pics and estimate. The insurance company said they will forward a copy to me. IMHO after a second look the repairs are fairly superficial, fender, facia and plastic parts and components under/behind the front facial and 2 new Morimoto headlights and a driver side fog light, and the whole front end then has to be painted. The insurance company said as soon as they get the estimate and pictures of damage, they will cut a check to the collision shop to get started. So, I think things are moving at a reasonable pace. The collision shop is a good one and is booked through August so who knows how long it will be before I get it back, but I'll wait as they will do the repairs correctly. While they have it, I want them to do a few other items I will pay them directly to do, like remove and replace the rear Targa top hatch seal I already have and the front and rear correct NOS C6 emblems.
Whether I go back to that particular branch/shop again remains to be seen as, the company does help sponsor our local Corvette Club and has for many years. It was the first time I had been to that branch location since it is closer to my home. I have used another one of their branch/shops routinely for my truck, wifey car(s) and Vette(s) for many years as it was closer to my office and have had NO issues with them over the many years. Since I retired, I went to this branch since it is nearer to my home and the alignment machine is newer than the other shop, I had been routinely going to.
I do appreciate the feedback from y'all as this is a great forum, more info to follow, soon, I hope.
Thanks
Last edited by 81VETTOM; May 4, 2022 at 08:58 AM.
Reason: spelling
Sorry to hear this happened. Seems like the shop is taking care of you and really was an accident. Hope it works out and I will be following this thread for updates.
I disagree with TVETTE - dimished value is being paid on almost all cars of value right now with significant damage. I didn't need an attorney and negotiated myself (this is also where I learned that CarFax is 100% WORTHLESS - as the car I had bought 1 week earlier when I was rear ended was a 2013 Audi A5 and there were 3 prior insurance claims for damage that did not show on carfax).... and it absolutely affected the amount they paid for dimished value because the car was not "perfect".
I would fight for at least the value of the repairs. If the car is fixed and you can't tell it was wrecked - it was still wrecked and you WILL get hammered when you try and sell it.
I had USAA some 20 years ago and someone hit my vette while it was parked. I came out to find the most of the side damage like someone over shot their attempt to park next to me.
Repairs went while and I asked USAA for diminished valve of the car, and they send me a couple grand as the car has lost valve.
I am just questioning the need for a test drive prior to alignment.
Agreed. I have never had a shop test drive my car of any type before or after an alignment. They let me test drive it, but not the shop. Just two cents there.
FIGHT FOR IT! Stay the course, spend time doing your research. Plenty info on the web about this topic, be the aggressor and never back off I had two vehicles damaged by others. Never got less that 2k in both occasions. Gook luck!
I disagree with TVETTE - dimished value is being paid on almost all cars of value right now with significant damage. I didn't need an attorney and negotiated myself (this is also where I learned that CarFax is 100% WORTHLESS - as the car I had bought 1 week earlier when I was rear ended was a 2013 Audi A5 and there were 3 prior insurance claims for damage that did not show on carfax).... and it absolutely affected the amount they paid for dimished value because the car was not "perfect".
I would fight for at least the value of the repairs. If the car is fixed and you can't tell it was wrecked - it was still wrecked and you WILL get hammered when you try and sell it.
What is a car of value? Original paint Corvette, Porsche, Lambo, Ferrari, VW Tiguan, or what? If you do the homework you will receive likely what is fair DV if warranted, but almost all cars of value are not being paid, or much, if anything. I never liked car fax as it was weak, I used Auto Check, more reliable.
Diminished value
and compare prices. not hard to do with the internet nowadays. Once it's repaired and you get things settled down start looking for something new. Consider this an opportunity to drive something new. What better way to start off a new phase of life. We did and ended up with a 2012 Base w/50K on it. Best car I have ever owned and way more fun than I could have imagined.
