308 accident. I could use some advice. | Page 3 | FerrariChat

308 accident. I could use some advice.

Discussion in 'Technical Q&A' started by ClydeM, Mar 25, 2007.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

Page 3 of 3
  1. FasterIsBetter

    FasterIsBetter F1 Veteran

    Jul 22, 2004
    5,844
    NoNJ/Jupiter FL
    Full Name:
    Steve W.
    #51 FasterIsBetter, Apr 13, 2007
    Doug makes a good point. If you haven't done it already, get in there and remove everything you can from the car -- tool kit, jack, any accessories you added, anything you possibly can. Once they turn it over to the insurance company, you're toast. They own whatever is in it.

    I too am sorry to hear about the car being totaled. You had an agreed upon value. Don't take a penny less. Stick to your guns. If you have a problem and you want to lawyer up, call me.

    Steve
     
  2. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,581
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #52 ClydeM, Apr 13, 2007
    I just got a phone call from the insurance company.
    Friday the 13th, grrrrrr.

    We are working out the details. The adjuster seems very nice to deal with and I understand the policies are not his. But the quoted salvage value is high. I don't know where they got the number from nor did they tell me.
    They had their own appraisal of the damage and it's high. This is going to hurt some. I should have their appraisal shortly, but he tells me the "incidentals" is $7K above & beyond the expected repairs. It's a Ferrari. No surprise there.

    Now something I"m not terribly happy with. I thought I had an agreed upon value. But they ended up looking up the car in the "CPI" index. Seems the car's value is down 2% over last year. That's not what we all thought was happening to our value, eh? But that's the value they are using. It's not terrible, just not what I thought I was paying for. I have to call the underwriters and find out why my "agreed upon" value wasn't used since that's what I thought I was being charged for. I'll have to sift through the last five years of documents and see if I have something from them to the contrary. Lesson learned: get it in writing. Though I am still darn glad I recently had the car appraised last May.

    Now they also tell me as long as the car is repaired to their satisfaction, they will insure the car exactly as before. Comp, collision, liablity, etc.
    Since the title isn't changing hands, it isn't "salvaged". However, they did say it *may* show up in databases (ie carfax) as "written off". But with 70K miles, I won't care.

    pictures are still being withheld until I get this ironed out. From the estimates, the damage is more than what it looks like. But then isn't it always?
     
  3. James in Denver

    James in Denver Formula 3

    May 23, 2006
    2,136
    Centennial Colorado
    Full Name:
    James in Denver
    #53 James in Denver, Apr 13, 2007
    Clyde,

    I've been following this thread, and I'm truely sorry for what you're going through.

    However, with your concern above, I'd recommend getting comparables as quickly as possible and try to use that as leverage AGAINST the CPI index they are quoting.

    I posted a link to a thread that a 308 owner in Colorado did about 2 years ago doing that.

    I don't know what amount you view your car as worth, but as a first comparable, an FChat member just sold his 84 (83?) QV high mileage (88K?) via ebay for just a bit over $30K (to another FChat member I suspect). Granted, he did work on the interior, but its comparable in terms of mileage assuming yours is comparable in condition.

    I'm sure the Fchatter would be happy to discuss it with you (see 308/328 section, his fchat name is mambodave).

    Hope that helps.

    James in Denver
     
  4. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,581
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #54 ClydeM, Apr 13, 2007
    Thanks. I would have thought 30K a little bit low. I would have thought $35Kish. But this is the type of info I need: either bring my perspectives into shape or the insurance adjusters. Thank you.

    BTW: I pulled everything out of my car 'cept some CDs I forgot and my V1 power hookup. I wonder if the insurance company likes Latin Dance Club music??? :)
     
  5. need4speed

    need4speed Formula 3

    Nov 3, 2003
    1,616
    Pacific Palisades
    #55 need4speed, Apr 13, 2007
    Clyde,

    I hope you get what you want out of the insurance company. I just got mine approved. I had to call the supervisor and finally got everything straightened out. They miraculously found missing supplemental estimates that weren't added into the total. The shop should get the check next week.

    Thanks everyone for your advice,

    Manny
     
  6. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,581
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #56 ClydeM, Apr 13, 2007
    Glad to hear it Manny. A Dino is too rare to loose too.
     
  7. BlackRX7Turbo

    BlackRX7Turbo Karting

    Sep 18, 2004
    225
    Northern Jersey
    Full Name:
    Aaron
    #57 BlackRX7Turbo, Apr 13, 2007
    Sorry if this is a sore point, but I think you said something about pics early on in this thread?

    Anyway, you're lucky that your insurance company is saying that they'll still cover your car like it was before. I know people that had an accident, had the car totalled (not a Ferrari, though), bought back the car, but was told that the car would be considered a salvage and could not be covered for collision.

    I thought, though that salvage value is usually around 5-10% of what the value of the car was prior to being totalled.... maybe the rules change when you talk about Ferraris and other "collectibles." :)
     
  8. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,581
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #58 ClydeM, Apr 14, 2007
    I was told by a local body shop the same thing. But I confirmed with NJM and if I can bring back my 308 to their satisfaction, they'll continue to insure it.
    With NJM, salvage is if repairs > 75% of the value. Price some Ferrari parts & a good paint job: This happens *way* too quick.
     
  9. BlackRX7Turbo

    BlackRX7Turbo Karting

    Sep 18, 2004
    225
    Northern Jersey
    Full Name:
    Aaron
    #59 BlackRX7Turbo, Apr 14, 2007

    Sorry -- my wording wasn't clear. What I meant was that the salvage value (i.e. the amount you'd have to pay to buy back your totalled vehicle) is 5-10% of the value of the vehicle's full value at the time prior to the accident. So, if your car was worth $35k, and damages totalled say $30k, hence a total loss, that you would get $35k for your total loss, and you could pay $1,750 (5% of $35k) to by the totalled car "as is" and then pay for the repairs yourself...

    So, you'd have $35k - $500 deductible - $1750 (for the totalled car) - $30k (to fix) = you're up $2750! :) Of course, there's taxes for buying the salvage and taxes for the $30k to fix the car... at 7%, that's 2222.50... so you'd still be up $527.50. :)
     
  10. procure95

    procure95 Formula Junior

    Dec 17, 2006
    585
    PA, USA
    Full Name:
    Giovanni (John)
    #60 procure95, Apr 14, 2007
    I love your advice
     
  11. ClydeM

    ClydeM F1 World Champ
    Owner Rossa Subscribed

    Nov 4, 2003
    10,581
    Wayne, NJ
    Full Name:
    Clyde E. McMurdy
    #61 ClydeM, Apr 16, 2007
    They wanted the most they could get for salvage. I get the impression they called around and came back to me with $8K. That is in line with the $5-8K I've seen posted in other threads
     
Page 3 of 3

Share This Page