Ferrari was hit, diminished value?

Rick, I'm really sorry to hear about this. There's a decent chance that you're looking at $40,000+ in damages. Give me a call (PMing my number). Will post publicly once everything's resolved on my end.

 

Good morning all. I spoke with State Farm and when I mentioned I would be seeking INHERENT diminished value, they immediately kicked it to a different team of claim reps. In speaking to the new team, they do recognize there will be a valid IDV (Inherent Diminished Value) claim and stated they typically determine the amount based on a percentage of the repair cost. Now we're just negotiating! So, I'll need to some professional estimates of IDV from a person experienced in the field. On closer inspection, the damage is not as wide spread as I thought. The front bumper, front wrap around fender (single piece covering the left and right front wheels), and one headlamp will need to be replaced. The boot cover may be deemed as repairable. I'm guessing, with paint and clear bra, $20-$25k. The fender replacement could be interesting as I've been told the fender is welded to the frame supports.

I'm checking PMs today, and thanks for all the input. F-Chat ROCKS!

 

My car was hit on the R side R fender, door and rear quarter panel replaced. Lots of trim pieces, wheel etc. The entire car was re-sprayed. Looks better than new no orange peel or swirls. 65K to fix. Lawyer just called and said insurance co offered close to that in diminished value. Car is worth maybe 130 prior to the hit. Has taken 18 months to settle. 8 months to fix the car. They should have totaled the car would have cost them less

 

I am a retired lawyer. I took a claim like this to trial once. Judges are aware of the diminished value as a measure of damages. It is the reaction of EVERY insurance carrier to low ball your claim. 100 % of the time. What the court wants and will require is expert testimony. That can come from several sources. Your expert should know his stuff and you will be ok. If you can prove it you will prevail. That is what courts are for. Get prepared before you talk so you may speak with confidence. Don't talk until you have the number so you don't have to waffle. Then stick to your guns. Its a Ferrari not a Ford. Andy

 

With the high salvage value your car is probably a total. (you hope) Good luck Andy

 

Hit hard? I don't think so. A prospective might try to beat him up bad but let's look at this reasonably.
The damage appears to be all to bolt on parts. I would be very surprised if there is any damage beyond replacing a few bits and painting, granted it will be expensive. No structural damages is my guess from here.
The owner has photo documentation and will have a repair receipt that will tell exactly what the damages were.
This is a minor accident to a "common" Ferrari.
OP will probably take a small hit, just because they can.
There are specialists in diminished value that advertise in the collector car magazines such as Hemmings Motor News. I don't see much to make a big deal of.
Good luck with your settlement Roadking

 

Especially against State Farm

 

I agree that the hit won't be HUGE. I also know, from having shopped recently (end of 2013), I would pay quite a bit less for a 360 that has been in an accident and repaired, vs a similar vehicle with a clean car fax. Make sense?
State Farm has actually been good. If you're first party (the insured), it's more difficult. If you're the claimant, much easier.

 

Was your 360 an original paint/ never damaged car prior to the wreck? If the repair bill, and amount for lowered retail value add up to a lot, and the insurance company starts dragging their feet, tell them you want the car totaled out, and replaced with one EXACTLY as yours was. Damaged goods are damaged goods, and the way shades of red fade over the years, it will take the very best shop to match the color perfectly.

 

Get the car repaired properly. Looks like new hood, new front passenger fender and possibly new bumper. Certainly doesn't look like any frame damage. If that is all with no frame damage you are basically dealing with respray after new parts. I certainly can not visualize a 25% reduction in the value of a 04 Spider. After it is done make a assessment. If as I said- no frame problems drive the car, enjoy it. This at this point is not a collectable vehicle. This scratch = unsalable philosophy drives me crazy. In 75 I totally repainted my 3yr old Dino246 redid the seats etc and replaced the bottom nose as they were rust buckets. Did this reduce it's value? Not at all! Certainly feel bad for you. My current 03 360 has never been tagged by another vehicle and certainly understand your feelings, all I'm trying to say is enjoy your car,stupid accidents do happen and I am a prime example. Got hit in a parking lot, lost my leg, the guy had no insurance and my bill after 3 mo ICU etc. etc was 1.2 million.

 

Ferrari buyers are probably the pickiest buyers in the world, generally speaking. A "no stories" car with full up to date services and perfect cosmetics is the market expectation. Anything less than that will cause the value to suffer accordingly (hence, the diminished value claim). The fact the F430 (and all other V8 Ferraris in the long line of V8 Ferraris) were made in such great numbers means prospective buyers have a big inventory from which to choose, which means it's even easier for them to be picky and turn their nose up at a car with a story or low-ball the seller.

 

Free... agreed, and upto the accident, mine was one of those rare full up to date, documented service with a clean history and perfect cosmetics.

 

My black 87 328 was totaled the same way. Guy in a Dodge Ram backed up over me at a red light. Did not hear the horn either, as i was on it as soon as his backup lights came on.

Lesson : DO NOT GET right behind large vehicles. I drive an F150 most of the time, and it has some big blind spots.

Hagerty totaled the car and paid me full agreed value. Not a fun situation.

I hope to get an Exige this year, going to be very careful.

 

I've sought and won 3 separate diminished value claims.

Definitely seek the advice of those on this board who have done so with a Ferrari. The payout could be substantial. Heck, a friend of mine was rear ended in his new M3 (not totaled) a number of years ago and settled with the offender's insurance for a $30k diminished value payout in addition to the actual repairs.

Anyone who thinks diminished value isn't real or that fixing a previously perfect car shouldn't affect the value are living in la la land.

Don't fall for the insurance company's games!

 

Ouch!

I am also hoping that the damage isn't as bad. I recall Carreapers incident and his bent frame. So do check for that hidden damage as well.

Good luck!



PDG

sent from Io, innermost moon of Jupiter

 

Very sorry to see this accident.

Regardless of outcome, be thankful that no one was injured or killed.

Always keep a safe distance from cars in front of you and, if possible, be ready with an "exit strategy" if someone starts backing towards you.

 

How did this play out?

 

It must have been scary seeing the car coming right at your windshield. Take lots of pictures as this damage looks very cosmetic and once seeing the pictures I don't think it would scare any buyer away.

 

Have a Indy shop do it pay out of pocket to keep a clean carfax. Take pics be honest with new buyer. Same damage to my 355. Shows a 19 on the eBay rating because of it. If your honest take lots of pics you will get more than if it has a bad carfax

 

Be prepared to get boned from State Farm on DV. Same thing happened to me on a classic car(mechanic was rear ended on a test drive) and they were good with repair and tried to deduct that from the DV estimate that an experienced auto estimator that I hired came up with. The DV amount wasn't huge but it's looking like small claims court will be the next step. State Farm and most others drag their feet with DV claims because they know that most people don't even know it exists and secondly they know that they aren't forced to pay unless it goes to court and they are required to pay. In CA DV cases have set a precedent and insurance companies like State Farm and Mercury have been forced to pay up. Let us know how you're able to strong arm them to force them to pay? BTW, the auto estimators blow smoke about DV being a breeze when in fact it's work forcing insurance companies to pay a DV claim.

 

Read the whole thread. Very antianticlimactic.

 

Hi,Sorry to hear about that.. You may want to seriously think about fixing it yourself, It will not show then under carfax..People do this a lot in the exotic market..And say if you say you came out to your car in parking lot and your car was not being driven at the time and you came out to it WTF..It will be fixed and not show up on carfax!!..My porsche america roadster is proof of that!!..

 

This is very painful to look at; I'm sorry that this happened. I can't imagine how you must have felt as it was happening - though I'm glad you're okay.

Do you plan to keep it? Or will it go to the insurance company and then wind up for sale somewhere? Can you share the serial number? I'd like to document the car's current condition before some cut-rate used lot puts it on eBay and advertises it as being in "like-new" condition.

 

Hi - I recall a story like this from a gentleman I met through a couple of Ferrari of Washington events in Northern Virginia. My wife and I are the asian couple driving the California T. In any event, I just got rear ended in my California T and am trying to figure out how to work through a diminished value claim. Wondering if you have any advice or the contact of a lawyer or appraiser that you might have used to successfully get that claim satisfied. 50k is a remarkably high number. My damages were only around 40k, so not expecting that level of compensation, but would love to get your advice.

Best regards,

Young Moon
703-585-1287

 

Happy to give you some advice. Handled diminished value claims on 40 plus million dollar to sub 100k cars.

504-400-3899.

Often the diminished value is multiples of the damage

QUOTE="troya71, post: 146313787, member: 210040"]Hi - I recall a story like this from a gentleman I met through a couple of Ferrari of Washington events in Northern Virginia. My wife and I are the asian couple driving the California T. In any event, I just got rear ended in my California T and am trying to figure out how to work through a diminished value claim. Wondering if you have any advice or the contact of a lawyer or appraiser that you might have used to successfully get that claim satisfied. 50k is a remarkably high number. My damages were only around 40k, so not expecting that level of compensation, but would love to get your advice.

Best regards,

Young Moon
703-585-1287[/QUOTE]




Sent from my iPhone using FerrariChat