Ferrari was hit, diminished value?

Sorry to see this, Rick. I remember how happy you were when you purchased the car. Hope it works out OK in the end.

 

Oh no I am so sorry this has happened for you! I know how excited you were about getting the 360. You must have been freaking out. Sucks big time.

Unfortunately I can't help you with how to asses the value. I would expect a 20%-25% hit to the overall value even if the repairs are perfect. But that is just shooting from the hip. You'll get some good answers from the crew here.

Man, I am really sorry. Makes you not want to drive at all out of fear of being hit, run over, slammed into, side swiped, bumped, pushed, tagged, etc.

-F

 

You will get hit on resale hard.
It will show on Carfax as worse damage then it really is,I suggest you take detailed pics of the damage for the time when someone questions you about it.
The diminished value would be devastating in case of new Ferrari (458,FF,etc) but even in a 360 case it might be significant and may prevent or make future sale very difficult for you.
You HAVE TO press this issue with the idiot's insurance,I would call a lawyer in a case like this.
Best of luck to you

 

Working through this issue now. Hired a lawyer have taken the now repaired car to several dealers to try to trade. Not one has given a buy price. One offered to take the car to auction to see if it would sell. Look up Lance Coren The Ferrari Apraiser he will give you a very detailed report I hope to hear from insurance co this week

 

I would retain a lawyer experienced in such type claims in your state ASAP. Also, does the defendant have enough insurance to even fix your car or will you have to make an underinsured motorist claim on your own policy? That may make things even worse....

I am so sorry this happened to you. Makes me sick to my stomach. This is the reason I lease our daily drivers as CarFax and paint meters have made owning a daily driver so risky. Real shame.

Good luck.

 

Get the car repaired, with good photos and records of the process. Hire an appraiser to appraise the car as repaired. Then ask the other person's insurer to pay that amount. If they balk, then hire counsel. The rush to hire a lawyer before there is a controversy (there may not be) will just cost you money. I'd charge at least $2k to mess with this even if it was fairly easy, and you may have no problem at all.

 

Which will be greater? Repair cost or diminished value? This will help you decide which path to choose.

 

That really sucks. What bad luck. At least she has insurance. A Denver Ferrari owner, Kent Miller, is an insurance law specialist. He's written books on it in fact. I think he watches Fchat some as well.

Another local 360 owner had a similar incident in 2012 I believe. These would be good leads.

Best of luck,
Dave

 

I have experience with diminished value with a Ferrari. PM me is you want to talk.

 

Dang, that makes my eyeballs hurt just looking at it. I'm assuming you were not armed at the time or you would be posting this from jail.

Question: Did this event trigger the "F" word or the "S" word? Or, perhaps a string of both. Inquiring Ferrari owners want to know.

 

Sorry for the crash. IMO the car is close to a writeoff. RH fender, front nose, maybe bumper, two headlights, bonnet/hood. Plus labour and paint. I would go for that.

Is the left hand fender creased?

Having said that if it were repaired, and no title record, then I don't think any dim value. The reality is you just show a new buyer the before and after, record of repair etc. There is no structural here at all.

If it is written off buy it back, repair with cheaper parts and you are good to go.

 

That is painful to look at. I feel for you.


http://www.ferrarichat.com/forum/silver-subscribed-private-forum/235970-wrecked-car-diminished-value.html

http://www.ferrarichat.com/forum/texas/437432-lawyer-fight-insurance-claim.html

 

I don't get it, she was backing up? It looks like you were in a left turn lane with a curb to your left and a solid white line on your right. It also appears that the next lane is also a left turn lane.

What king of vehicle was she driving?

 

Dealers are reluctant to get involved in the issue...

I guess that leaves independent appraisal, and lawyers, which does not have a good yield.

Just fix it top notch (at Fcar dealer or better) and drive on, is the only real answer.
People are idiots...to do that to us

 

I had similar situation happen in 2012 in my 2010 California I bought new. Guy in big truck inexplicably backed up suddenly over my hood in an intersection and I hit reverse but his closure too fast. He admitted fault, his insurance paid for repair fully, and then painfully for months I pushed for diminished value. Settled for about 50k with his insurance company. But resale opportunity gone. Car runs fine though and cosmetically looks perfect except all labels gone, needed new hood, fenders, lights.... Amazing how several folks on this forum have had this happen.

 

From now on, I will always leave a healthy gap between me and the car ahead of me. And I will try to make eye contact through the rear view mirror, which is hard to do with an SUV. Especially if you get too close.

-F

 

I'm amazed how often this happens in these low sports cars/old cars/etc-it's happened to me but thank god it wasn't in an fcar. This really sucks-good luck

 

I you cant see their mirrors, they cant see you.

 

Agree. I had to tell them what I expected. Frankly my dealer gave me informal advice on that.

 

Diminished value claims success depends almost entirely on what state you live in and who your insurance company is and who the other persons insurance company is. Having a good lawyer helps but you might get lucky on your own. Without knowing any of these details I'd say your odds of success are less than 50/50.

 

A guy in the 308 section had this same thing happen to his 308 and the frame was bent. The car was totalled and turned up later on eBay as just needing minor repairs.

Point is, this car could have much more and more serious damage than is appearant.