488 Accident - Repair costs and Depreciation

WTF. Man ... that's rough.

 

Sad to hear that. Hope the diminished value claim comes through. We don’t have that sort of thing down here so in one regard you are lucky that it can be part of a claim.

Just make sure you take before and after photos so you can add some reality to the Carfax note and have a sensible conversation with a buyer when that time comes. It sounds non structural, so the photos would make that clear.

Hope you get back into your car soon. Once you start driving hopefully your smile will return. They are magic cars. Better than 458’s I say

 

Maybe someone else has experience with diminished value claims, but my cars are insured by State Farm I asked my agent about a hypothetical situation where a valet damages one of my cars. Her response:

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"It's a complicated question with a complicated answer. The challenge is that the car could be damaged and repaired tomorrow, and you won’t know the “diminished value” until the car is sold. And, when a Liability claim is closed, it’s closed. So, the claim would still need to be opened when the car is sold to calculate the diminished value."

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I just left it at that and didn't pursue the question further. Seems like it will be a headache. Hopefully, someone else has actually been through this and can give you a more helpful response.

That said,... no need to be depressed. I get it. It's your first Ferrari; you had it for just a few days. I remember driving my 458 Italia home from the dealership for the first time in 2020. It was my first exotic car, and I was nervous about driving it home. I was convinced I would somehow crash it. I completely understand how you feel right now. That literally was my nightmare scenario.

However, It's a car. It could have been much much worse.

 

My 458 was hit from behind at a stop sign. About $30,000 in damage and I received an additional $22,000 for diminished value.

 

First, I am sorry that this happened, on the bright side, you got it out of the way ( the 1st incident )

Next, while a lot of people feel that can go at the insurance company themselves, and are usually happy getting what they get, it makes a lot more sense to hire an attorney who handles diminished value for a living.

Depending on where you are located, I have a personal reference I can share with you if you want.

Steve

 

I'm sorry to hear about this. I'm glad you are ok.

 

That’s a typical State Farm response. Have the car professionally appraised for diminished value. Then demand that. Then sue if they don’t pay up, and ask for attorney fees costs and interest.

 

Same. Or contact me and I’ll handle for you.

 

Not for nothing, but repair shops also fleece on costs. They can sometimes overcharge for the damage at hand, and while it feels like you are being taken care of, what they are doing is taking advantage of a situation and making your report look worse than it is.

My vehicle has a carfax report from PPF damage that they charged 3x for to the insurance company to resolve. Here as pics of the damage:


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I went through this back in 2019 with my wife's S63 Mercedes. You should contact a lawyer in your area about Diminished Value. Some states have laws on this. My wife had to hire a lawyer and go after diminished value. It took a year of legal wrangling, trade in quotes from a few local dealers showing diminished value due to the damage but she finally won her case.

 

If I were in the OP's shoes, I would be hoping the car is declared totaled.

 

Sent

 

free money for mods. sweet

 

Personal email is [email protected]

Jeff

 

A number of yrs ago my 2003 360 was struck by a garbage can which crinkled the lateral margin of the passenger front wheel well. Nothing major. This was a minor smack to a stationary car. Was on the carfax. I sold the car after buying a 2015 458 Italia.. 2003 360's as mine well equipped were selling for approx 100,000. I took a 45% loss on a excellent car with 12,000 miles on it.Personally I would sell your car now pre fixing & deal with the true diminished value of the car. Most likely legal issues will be involved---

 

How did this minor incident show up on Carfax?

 

This is the way. The car will never be 100% factory perfect no matter how good the repair shop AND you will be saddled mentally and emotionally and financially with a wrecked Ferrari. Get rid of it.