Disaster Struck. I think my baby is gone. :(

Eric,

I am familiar with diminished value as I was paid diminished value ON YOUR CAR (when I owned it) -- of course I had to sue the driver (and his insurance company) that hit me to get a fair value (wound up getting close to 20% of the value of the car at the time ---- their initial offer was approx 1%!) Anyway, since the car already has a tainted history from my claim, there is no way an insurance company will pay out diminished value again. Furthermore, I don't think you can sue your own insurance company for diminished value, so it really has to be a situation where your state recognizes diminished value as a valid concept AND a third party caused the claim.

I hate to be the bearer of bad news, but I am of the opinion that you should just try and maximize proceeds from the insurance company and move on. That is what I did as I felt the car was cursed - after I fixed the car and received diminished value, I was involved in another accident just a couple of weeks later. At that point I just decided to sell it as is without even fixing it.

 

Eric, the value assessment does not matter to you but it will matter to them. Payout to you - value = their total loss.

And BS on they will pay for additional damage, not if it's totalled and you want to buy it back.

 

Not protecting the car is so bad on so many levels. I'm mean no reason to destroy anymore. Plenty of good parts people need and now it has water damage. Damn. So sorry about this Eric.

 

Only a fool buys back a totaled car with the intent of putting it back on the street. Before you consider doing that, check with you state to see what the laws are regarding getting a car with a salvage tittle reinstated for road use. With that I'm going to bow out as I don't think I have anything else constructive to say except American Modern has a decent reputation and was recommended to me by my regular insurance company.

 

Really glad you're ok.
That thing MUST be cursed. Three accidents on a 355.....wow!

Take the money and run.....to your next 355 !

QUOTE=gbutler;144815902]Eric,

I am familiar with diminished value as I was paid diminished value ON YOUR CAR (when I owned it) -- of course I had to sue the driver (and his insurance company) that hit me to get a fair value (wound up getting close to 20% of the value of the car at the time ---- their initial offer was approx 1%!) Anyway, since the car already has a tainted history from my claim, there is no way an insurance company will pay out diminished value again. Furthermore, I don't think you can sue your own insurance company for diminished value, so it really has to be a situation where your state recognizes diminished value as a valid concept AND a third party caused the claim.

I hate to be the bearer of bad news, but I am of the opinion that you should just try and maximize proceeds from the insurance company and move on. That is what I did as I felt the car was cursed - after I fixed the car and received diminished value, I was involved in another accident just a couple of weeks later. At that point I just decided to sell it as is without even fixing it.[/QUOTE]

 

Mark my words. They will try to sell the car for $25k. Perhaps parting it out for that might work but it would cost crazy money to do the car right unless someone can do the work themselves (sweat equity)

 

Eric, I am somewhat familiar with the retitling process in Missouri, having done it a few times.

Once the car is rebuilt, you will need to have it inspected at a State Highway Patrol Station. You will need Form DOR-551 showing the major parts replaced and you definitely will need receipts showing sales tax PAID for those parts. Make sure those receipts carry the VIN of the car(s) the parts were taken from, if used. This Highway Patrol inspection is to find out if any stolen parts were used. (This is not a safety inspection, so you would want to have that done separately by someone you trust.)

Once you have passed the 551 inspection, you can title the car normally, but it will be branded "prior salvage" or somesuch.

Hope this helps.

Also, if I were you, I wouldn't let the car leave the state.

 

Your DMV has all that information.

In michigan every county has inspectors that inspect the car AFTER it has been repaired, they decided if its given a new clean title so it can be driven legaly.

Every state is different thats for sure.

 

Eric, anything can be fixed, but how much do you want to spend to do it. Only you can answer that question. There looks to be a lot of options on the market right now. Good luck with your decision.

 

People forget this, but insurance companies are NOT on your side in anything. They are on their side. And their success is defined by minimizing payouts...period. Cars. Healthcare. Home owners. etc. Remember that. When an insurance company says "I am here to help you on your claim" they are lying.

Moving the car out of state is bad idea. You still own it. I would absolutely tell them they can move it to a storage area of my choice...and I'll even pay the weeks rate, until they determine the cars fate. Until then, it is MY CAR and I'll tell you how this will play out. Want to move it? Pay me.

Paranoid? No freakin way. They are moving that car for a reason. Not sure why and may be innocent enough but another state? What is a weeks storage at some body shop? $200 max? What does it cost to flat bed that car to another state? Less than $200? WTF?

 

You've basically echoed what I've been saying

 

I guess I should take you off of "ignore" huh?

I KID! I KID!


Eric needs to hear the message form more than a couple of people

 

Eric - you're getting a LOT of opinions, and seems like there even more questions (i.e. exactly what damage) so a tough spot.

to your question on CoPart - Copart essentially runs as a salvage operation and auction facility and is among, if the not the biggest, player in insurance-based total loss salvage for cars in North America. Their job is to maximize the return for insurance companies. Additionally, since many insurance companies want to sever their liability for any totaled car (i.e. once they total it and pay it off, they own it), they try and dump them quickly both to get the money and eliminate the headache. As such, "quick cut and run" is the business model. Most Copart locations I've been to are secure, but "secure" is a relative term. Any car that is towed, stored, moved - even if a fender bender going to the local body shop - is exposed to risks, particularly if the "owner" is unclear, in transition, or not present.

True story, I had a BMW M3 that got rear-ended, between the official police tow, the temporary holding yard and the back lot of the body shop, all the tools, spare tire, battery and the "M" badges disappeared off the car, plus the masking tape and plastic sealing the rear window came off, making the interior nice and damp. In a stupid way, it added to the damage estimate and helped total the car, but if i had wanted to car back, it would have sucked. In your case, if you're going to let the car go, don't worry about it, just get the insurance guys to total it NOW, before they accrue more costs.

 

Eric when I found this thread I was so sad to hear what happened to you. As all have shared, your car was a special one with color and condition it had. The main thing is that you are fine which is the most important thing. I have gone on record here in the past when insurance issues come up and the information that is shared is not always being the best and confusing. We are all friends on here and want to help anyway possible but what you need is professional advice to put your mind at ease. If you have a trusted broker discuss it with them, they live this every day. If you went direct to the insurance carrier you may want to hire an independent adjuster to represent your interests (they will be listed on line for your area). This approach is common in larger cases but not out of the question for situations like yours. This way you are getting professional advice. Think what you would do if you were audited by the IRS, go it alone or hire a professional accountant to guide you. Good luck and keep us posted.

 

Eric, you have made only one mistake. Posting this on FChat before it is resolved.

And in case you haven't looked for yourself yet, the BBB rates American Modern A+. They didn't get an A+ rating by screwing people.

 

Two words spring to mind, and why I'd be interested: Race Car.

 

Interesting to see how this plays out since I also have American Modern insurance. Sounds to me that they're anticipating to write this off.

 

Yep me too, will be watching and learning.

 

I said that 1/2 tongue in cheek.

 

Eric, First off I'm sorry to hear about your car..My Porsche America Roadster had an engine fire and I was basically in the same position as you..They work by probability not just storage, so assuming they will total out the car that is why your car is there..I had to wait a while for my claim because it seemed as if they were in the middle for a while determining what to do with it..Eventually is was totaled..I wish you the best with this and hope everything goes in your favor!