re: Diminished Value
Thread Starter
Racer
Joined: Mar 2016
Posts: 419
Likes: 87
From: Amory MS
re: Diminished Value
Last night we were coming home after a Vette club meeting in our 2006 Z06. I was in the right lane and a jacked-up Ram truck from the left lane pulled over into me. I guess we were in his blind spot. He had tall tires and they hit my passenger side front fender above the vent, then my door and mirror, and then a small spot behind my rear wheel. I will need a new door and mirror, and body work on the other spots, My car was recently ceramic coated by professionals, so that side will need recoating. The odometer had just reached 21,000 miles on that trip. Thank God, no one was hurt! My question is, should I file a claim for diminished value of my baby?
Melting Slicks
Joined: Jul 2016
Posts: 2,452
Likes: 495
From: Clearwater, Florida
So sorry this happened to you! I was also involved in an accident in my 08 Z06 a couple months ago so I know exactly how you feel. I also plan to file diminished value (and you definitely should as well!) once I get the car back all repaired.
Anyone have any advice or steps to follow for filing this? I've never done it before. Could be helpful to me and the OP.
Anyone have any advice or steps to follow for filing this? I've never done it before. Could be helpful to me and the OP.
Race Director
Joined: Oct 2012
Posts: 17,408
Likes: 6,537
From: Melbourne, FL
I've never gone through this but here's some tidbits I've picked up from people who did this over the years.
Get a lawyer that is very familiar with this process. Ideally, one that it's all or their main focus. A personal injury attorney or something like that won't be used to it, and won't know the right methods.
The process essentially goes like, havr an expert appraise it as a no accident car, then again after the accidents, and that's what your diminished value is. I'd think a hagerty type place could be helpful.
Get a lawyer that is very familiar with this process. Ideally, one that it's all or their main focus. A personal injury attorney or something like that won't be used to it, and won't know the right methods.
The process essentially goes like, havr an expert appraise it as a no accident car, then again after the accidents, and that's what your diminished value is. I'd think a hagerty type place could be helpful.
Melting Slicks
Joined: Dec 2017
Posts: 2,015
Likes: 919
From: Baie-D'Urfe, Quebec
2023 Corvette of the Year Finalist - Unmodified
2022 C6 of the Year Winner - Unmodified
not sure how it works there, or the type of insurance you have, but here In Quebec, my car is insured with an agreed upon value, and apparently this policy would not allow a claim for diminished value. But, since my 08 will be 15 yrs old this year, when it comes out of hibernation in a month, I am changing the policy type to 'vintage collector car', which does allow for diminished value claims. Interestingly, this kind of policy is even cheaper, and has lower deductibles.
So sorry this happened to you...I know how fearful I am driving my car around and feel I have a bullseye on it with others swooping around all over. Honestly much much safer on track
So sorry this happened to you...I know how fearful I am driving my car around and feel I have a bullseye on it with others swooping around all over. Honestly much much safer on track
Melting Slicks
Joined: May 2018
Posts: 2,091
Likes: 600
From: Question Government
Did you get a police accident report? Did the jacked truck driver give you his insurance? If so, your main concern should be having the truck owner's insurance cover your repairs to make your Vette like new before the accident. Be very careful and picky after repairs are finished, since you may find something skipped over or missed by the repair shop. In that case just bring it to the shop's attention and they'll contact the insurance with an amendment to your claim. Remember, it's not your fault and the other guy's insurance must pay to properly repair your car. Good luck with the ceramic coating and diminished value, not sure you'll get that covered.
Last edited by RetroGuy; Feb 19, 2023 at 09:17 PM. Reason: more thoughts
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Instructor
Joined: Nov 2010
Posts: 141
Likes: 35
From: Fort Pierce Florida
Corvette Diminished Value Response
Sorry to hear about your experience. Older well-kept cars are problematic when it comes to insurance claims because insurers generally have no knowledge of what goes into building and maintaining them. They are often grossly undervalued.
Regarding diminished value, FYI #1, there are no exclusions for older cars, FYI #2 you do not need an attorney and FYI #3 even with a previous accident history, cars are still eligible for diminished value.
Hire a competent DV appraiser that does not use formulas or algorithms and you'll have a much better chance of collecting a fair settlement amount. Figure 10%-15% of the car's pre-accident Fair Market Value.
Regarding diminished value, FYI #1, there are no exclusions for older cars, FYI #2 you do not need an attorney and FYI #3 even with a previous accident history, cars are still eligible for diminished value.
Hire a competent DV appraiser that does not use formulas or algorithms and you'll have a much better chance of collecting a fair settlement amount. Figure 10%-15% of the car's pre-accident Fair Market Value.
Thread Starter
Racer
Joined: Mar 2016
Posts: 419
Likes: 87
From: Amory MS
Thanks for the advice, everyone.
I have never cared for lawsuits. I still have not decided to file a claim or not.
That being said, my thought is that now there will be a Carfax following my car the rest of its life. I had searched for a couple of years for a clean, low mileage Z06, and when I found this one the first thing I did was check the background through Carfax and Chevrolet.
I figure that anyone that might be interested in owning it after me will do the same. If it had body work it would have been a red flag for me, and I believe that the next guy would feel the same and would naturally use that as leverage in bargaining for the car. I did not ask for this accident, and do not believe I deserve to suffer financially for it.
still
I have never cared for lawsuits. I still have not decided to file a claim or not.
That being said, my thought is that now there will be a Carfax following my car the rest of its life. I had searched for a couple of years for a clean, low mileage Z06, and when I found this one the first thing I did was check the background through Carfax and Chevrolet.
I figure that anyone that might be interested in owning it after me will do the same. If it had body work it would have been a red flag for me, and I believe that the next guy would feel the same and would naturally use that as leverage in bargaining for the car. I did not ask for this accident, and do not believe I deserve to suffer financially for it.
still
Melting Slicks
Joined: May 2018
Posts: 2,091
Likes: 600
From: Question Government
Although it sounds like it, you have not said if the other driver is 100% at fault for this unfortunate accident. Police report, or just exchange of insurance info? Personally I'd go thru their insurance to have it repaired properly and forget about any lawsuit since there was no injury. I'm sure your deductible is less than the total repair bill. And YES, Carfax will have this repair on future reports. You should take photos of before and after, plus document everything repaired for a next buyer, to help explain the Carfax report. 
Thread Starter
Racer
Joined: Mar 2016
Posts: 419
Likes: 87
From: Amory MS
Although it sounds like it, you have not said if the other driver is 100% at fault for this unfortunate accident. Police report, or just exchange of insurance info? Personally I'd go thru their insurance to have it repaired properly and forget about any lawsuit since there was no injury. I'm sure your deductible is less than the total repair bill. And YES, Carfax will have this repair on future reports. You should take photos of before and after, plus document everything repaired for a next buyer, to help explain the Carfax report.
Instructor
Joined: Nov 2018
Posts: 239
Likes: 53
From: Oklahoma City
Take pictures. I bought my car with a carfax accident report. It had hydroplaned on a turnpike, riding those big worn out Goodyears and spun, hitting the concrete barrier LF, RR, LR. Superficial only, no airbag deployment. I got a great deal at a dealership, and coincidentally the previous owner came in with the smoked top because he was going to sell it. I think that the dealership gave him $500 when he brought it in. He had pics, and I was good with the damage.
The bad? That same carfax cuts my trade in by about 2k.
The bad? That same carfax cuts my trade in by about 2k.
