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430 Had an accident. Advice needed.

Discussion in '360/430' started by Eric C, Sep 16, 2019.

  1. Eric C

    Eric C F1 Rookie
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    What about the going rate for a 37,000 coupe from a private seller?
     
  2. Continental AutoSports

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    No worries, no harm no foul. Again, I sincerely hope everything works out!
     
  3. Continental AutoSports

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    See that's the thing, with your car's mileage and the accident, I unfortunately can't see it selling for more than $65-$70k. That is my absolute opinion based on absolutely no facts but that would be my gut feeling anyway.
     
  4. Eric C

    Eric C F1 Rookie
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    Wow. That is depressing. I guess I just didn't think the prices dipped that low even without a history. If the repair comes out to 50k, I really don't want that car back if the car will only be worth 15K more. It's just a lose lose situation for me. :(
     
  5. kiryu

    kiryu Formula Junior

    Mar 28, 2016
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    i recall normalguysupercar sold his f430 a few months ago with over 30k miles for 80k private party (after top bidders all flaked), but that's a well sorted (mechanically) car plus high exposure from the internet. So a high mileage, non-red, f1 car with 50k of accident history is probably worth 50-65...yes i think totaling it and starting afresh is definitely the way to go. I hope you recover from this tragedy soon
     
  6. Robb

    Robb F1 World Champ
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    That's why I said it was time for a new car. I don't think it will worth the fix at that point.

    Normal earlier 430's seem to be selling around 85-90k. Higher mileage might take another 5k to 10k off that. Accident another 10k even if perfectly repaired.

    I wish you a quick and easy solution and a big smile back on your face soon.

    Robb
     
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  7. f355spider

    f355spider F1 World Champ
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    Eric, do you have "agreed value" insurance? If not, there may be some additional hassles with valuation, if they decide to total the car. This is one reason that the legal advisors for Sports Car Market magazine repeatedly give examples of cars been totaled, and explain how "agreed value" policies take the valuation portion of the settlement out of the equation.
     
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  8. cole328

    cole328 Formula Junior
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    So sorry to hear about the accident... thankfully, you were not hurt... that’s of course most important


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  9. RedNeck

    RedNeck F1 Rookie
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    I've driven in Missouri :eek:....and I drive in Atlanta a few times a week, you know there had to be a little bit of satisfaction there, as long as nobody was hurt. So many buttholes speeding and going in and out of traffic, tailgating, being rude, and there's always a little part of you that would love to see them scrape the wall or something minor, just to injure their pride and wake them up. Almost never happens. You didn't mention the car she was driving, but she was probably a "rich-hater" that hates other people for doing what she does while they are not doing it. Most of the people driving like morons are either driving crap cars or used-up BMW's....or Mustangs.
    Wow, that's insane. I would love to see a copy of that estimate if you would be willing to post it...if there's no actual structural damage, I wonder how easy it would be to find a front clip from a rear damaged car. Pulling doesn't necessarily mean there is structural damage, a fender bender can knock a car out of alignment pretty easily, ask me how I know ;). If there's nothing structural, and you might be willing to go back to some stock parts rather than carbon, I'd really look into a buyback option...the "things I didn't notice" will probably not be noticed by anyone else either, body shops have a tendency to pad their estimates to get what they can from insurance....I'm sure they are quoting a new window to the tun of a few grand when they would just get one from a breaker for a few hundred, when it probably isn't really necessary at all, was that little "scratch" you didn't notice from going over the car and taking pictures going to bother you if you never knew it was there?

    First things first, see what insurance is willing to give you, haggle with and threaten them till they offer top dollar, then make your decision from there. If there's no structural damage, I'm looking forward to your new thread about rebuilding your car...I mean, you have that
     
  10. efg2014

    efg2014 Formula Junior

    Sep 14, 2014
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    Eric, what if you only get the work done which relates to the stability of the car and delay or ignore the cosmetic stuff? To paraphrase Enzo Ferrari "I don't make cars, I make engines". As long as the engine, suspension and transmission are good a few dings here and there so what.
    I take my car out bi-weekly on a Sunday before 7am. I might see 4 cars in front and 4 in the back and keep a good 50-100yd distance . Once I get into the mountains my biggest concern is hitting a deer as I might see one car. Again I'm in Northern California which is pretty crowed. By 9am, if I'm still on the road(280) I start getting tail gaters.
     
  11. azlin75

    azlin75 Formula Junior

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    Most body shops are required to use certified factory parts in repairs for insurance claims on most vehicles, sometimes they are allowed to use high grade salvage parts especially if the vehicle has a lien. I’m going to assume (since I haven’t specifically asked any of my freinds that own or work in a body shop) that exotics are nearly always estmated with factory parts.

    The playing field changes drastically if you are paying out of pocket or supply your own “used” parts. The big question is if there is any suspension and frame damage.

    I’m going to guess this car will likely be deemed a total loss given the damage estmate, and mileage of the car. Likely if there is no frame damage a person could repair the car, either themselves or a body shop, using breaker parts relatively cheaply assuming parts are available and then could drive the car as much as they want with low worry or convert to a track car.

    I wonder though if it might just be in the op’s best interest to start shopping for a new ride. I wish him good luck.
     
  12. rennspeed

    rennspeed Formula Junior

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    Glad you didn't get hurt, that's win #1.

    If the estimate to repair the car is going to be over $40K - I would think the insurance company will total it - that is win # 2.

    I'll take the money and use it to get another car in a heartbeat.
     
  13. Eric C

    Eric C F1 Rookie
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    Insurance isn’t going to total it. Check is being mailed out. Oh well. That’s life.
     
  14. Robb

    Robb F1 World Champ
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    If insurance is sending you a check, You may want to sell it as is for 40 or so to an enterprising guy who thinks he can fix it for cheaper... then you could move on to a different car right away without giving you any bad memories or feeling odd about the car.

    If insurance is sending the check to the shop, then I guess that option is off the table.

    Robb
     
  15. Way2fast

    Way2fast Formula 3

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    In 99 a tire shop turtled my 993TT. He was under insured. I ended up taking a check from the insurance company and the body shop bought the car as is, making me whole and not dealing with diminished value

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  16. Eric C

    Eric C F1 Rookie
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    The check is made out to me
     
  17. kes7u

    kes7u Formula Junior

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    I thought from your previous post that the parts estimate hadn't been finalized yet? Do you have a binding estimate to repair completely at that number? Will insurance have to cut another check if actual repair exceeds this number?

    I would have to also consider selling as is and starting over.

    Sorry. That really sucks....

    Kevin

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  18. kiryu

    kiryu Formula Junior

    Mar 28, 2016
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    at this point, selling it as is is definitely a good option. Perhaps even selling to the body shop if they think they can walk away with profit, as their cost to repair is much lower. You can also do some math to see if parting out the car can get you another 40k as another alternative. Also evaluate the estimate closely to see if u are able to ask for supplements that the body shop might have missed....best of luck
     
  19. f355spider

    f355spider F1 World Champ
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    THIS!
     
  20. ScottS

    ScottS Formula 3
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    Eric

    Time to get medieval. Insurance companies make offers. You do not have to accept. Do not cash the check. Call the insurance company and make your case. There is a real case to be made for a diminished value claim depending on your state.
    Pictures of the car before and statement from your mechanic that the car was in excellent condition will bolster your claim.
    If that doesn’t work perhaps there’s an attorney on FCHAT that would write a letter on your behalf. You write it. They send it. If not spend the money and hire an attorney to handle it. It’s not a lot.

    In the end you can use your insurance against theirs and have your company total the car and recover from them with variable results on your future premiums. You can state when dealing with their insurance that you are considering suing or going through your insurance instead of accepting their settlement. Use repeat phone calls and appearing not being unreasonable your friend. In the end they are rewarded for staying within their parameters but can go beyond when pushed. They do not want an attorney involved. That’s your biggest card to play.

    The challenge is the more the car is worth the less likely they are to total it given the repair is fixed. BUT if the shop suggests that the cost may be more depending on the findings, they may cave. Lastly how sure are you that there is no frame damage?

    As suggested above you’ll Likely be better off selling as is and taking the combined cash than repairing and keeping.

    Good luck brother

    ScottS


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  21. f355spider

    f355spider F1 World Champ
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    There is no basis for a diminished value claim, he was at fault, and thus working with his own insurance company.
     
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  22. Smiles

    Smiles Moderator
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    Eric,

    Sorry this happened.

    I’d agree on cashing the check, selling the car, and finding your next love.

    Matt
     
  23. ScottS

    ScottS Formula 3
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    Diminished value as I understand it does not depend on fault. Whether he was at fault by not being able to stop in time or a reasonable driving in a falling debris creating a chain reaction is debatable. I’ll represent it was his fault for the sake of discussion.

    Diminished value is bring your insured asset to full value as a consequence of the accident. The analogy is as if the insurance company paid to repair half of your car and left you less than whole.

    Please check your DV laws on your state. I apologize if someone pointed this out but
    Some states have laws to protect your DV rights and others tell you that you have no right to a claim.

    I stand by not having to accept the offer and pushing further. You can ask for a second opinion on the repair. Read your policy.

    https://www.thebalance.com/diminished-car-value-after-accident-2645571


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  24. Eric C

    Eric C F1 Rookie
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    Yes, I was at fault.

    Based on this, it doesn't look like I would qualify for a diminished value claim.

    Missouri is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. The statute of limitation on diminished value claims in Missouri is 5 years, and Missouri does not have uninsured motorist coverage for diminished value. You can't submit a Missouri diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision. You can see if you qualify for a diminished value claim by filling in the claim review form below.
     
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  25. f355spider

    f355spider F1 World Champ
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    #100 f355spider, Sep 20, 2019
    Last edited: Sep 20, 2019
    I did point this out, and quoted the above statement about a "responsible party" at fault. It was on the first page of this thread... regardless of what is stated on that page, the chances of DV claim are next to nil when you are fault, and would require legal representation. I was not at fault (previous F355 spider I owned) and still required an attorney to get the insurance company to cough up on a DV claim. You can "push" all you want, but ultimately the insurance company holds all the cards, and without an attorney, will rarely or never negotiate with the policy holder. I did take Farmers to small claims court a few years ago on my BMW...over a hit and run claim with my insurance company. I won, they paid. (Farmers was trying to short the claim, saying the repairs being done were either not required, or more costly than what their "preferred" providers charge). I proved the repairs were required, and the costs were reasonable and customary.

    Insurance companies are very good at stalling and being difficult, because they know most people will throw up their hands and accept a settlement, rather than take them to court or arbitration.
     

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