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How to deal with diminished value??

Discussion in '458 Italia/488/F8' started by Tifoso48, Aug 15, 2019.

  1. Tifoso48

    Tifoso48 Karting

    Feb 3, 2013
    63
    Sunny Isles Florida
    Full Name:
    Jurgen
    What now??

    My 2015 458 spyder got rear ended just standing there by a rental car which in turn got rear ended by a Cadillac. Optical damage looked like absolutely nothing, however, given that the number part itself costs $15 k, by the time all the bits and pieces that are attached to the rear bumper got replaced and a perfect paint job was executed the total bill came to $ 49,000.00!!!

    I filed through my own insurance company and they took care of everything like absolute gentlemen - thank you Allstate.

    So, now I need to deal with diminished value - any thoughts how to establish a credible number? Just trying to stay whole!

    This is taking place in Florida which is a " no fault" state and the at fault driver who is insured with State Farm, has $ 25 k available to pay for other party's claims, not even enough to pay for the basic damage.

    What should I do now?

    Thanks,
     
    Ivinsea likes this.
  2. SoCal to az

    SoCal to az F1 Veteran
    Silver Subscribed

    Nov 25, 2012
    6,022
    Arizona
    hire a lawyer. A buddy of mine is a bulldog and deals with this kind of stuff. Im sure you have someone locally that can handle this. The Cadillac owner has liability here.
     
  3. Challenge

    Challenge Formula 3

    Sep 27, 2002
    1,497
    PA
    Full Name:
    Kevin
    Subrogation. Allstate should go after the at fault driver with their resources. Allstate did this for me years ago when a loser neighbor hit my car.

    Edit: no diminished value in my case, but I'd hope Allstate would handle this part too as it is part of making you whole.
     
    Caeruleus11 likes this.
  4. Dicecal

    Dicecal Formula Junior
    Silver Subscribed

    Nov 15, 2015
    481
    Phoenix, AZ
    Full Name:
    Rob
    Depends on the state, here in AZ you have to go after the at fault insurance. You need to hire a company/individual that does diminished value computations, and submit it to the at fault insurance company. If they fail to pay or offer you less than you are willing to accept, then your only recourse to to file a lawsuit.
     
    boobernackle likes this.
  5. Kevin Hunter

    Kevin Hunter Rookie

    Dec 26, 2018
    4
    Tampa, Fl
    Full Name:
    Kevin Hunter
    I live here in Florida and got hit in an Escalade a couple of years ago, paid for a third party to establish an amount of diminished value and ultimately sued the driver that hit me and their insurance then stepped in. End of the day, third party said diminished value was 25k, after arbitration we got 6k, lawyer took a third and I ate the 699.00 for report. Short answer, tough sledding.


    Sent from my iPhone using FerrariChat
     
  6. Dicecal

    Dicecal Formula Junior
    Silver Subscribed

    Nov 15, 2015
    481
    Phoenix, AZ
    Full Name:
    Rob
    That’s what I found as well. In my case the at fault insurance company was somewhat reasonable, so I took there offer and avoided the courts and lawyers.
     
  7. sakodik

    sakodik Karting
    Silver Subscribed

    Jun 2, 2016
    149
    Santa Clara
    Full Name:
    Dan
    I am going through this right now a year+ after I got hit. I hired someone else to do an appraisal and then I sent that report to the other party's insurance as they requested. I realized later though, I could've sent them a word doc asking for a dollar and they would've denied it. These claims adjuster, no matter what you tell them, they will convince you that they made you whole by repairing the car to its condition pre-accident. Granted they did, but the value is now shot.

    This is where you hire a lawyer to shut them up and settle. I got denied a hand full of time before lawyering up. Once my lawyer got involved, they were pretty quick to offer a settlement. I was not happy with the diminished value but they are also paying for loss of use, which in the end, the sum was what I was looking to get. Make sure you request for all that you are entitled!
     
  8. Edgewood

    Edgewood Rookie

    Feb 25, 2015
    6
    Hire an independent diminished value appraiser that obtains actual opinions from at least six sales managers at Ferrari dealers. People have problems collecting diminished value when they submit DV appraisals that were based on algorithms. Practically worthless.
     
  9. MANDALAY

    MANDALAY Formula 3
    Silver Subscribed

    May 23, 2013
    1,632
    AUSTRALIA
    Full Name:
    ANGELO
    Wow your insurance polices are weird and not logical.

    Fancy having to claim on your insurance policy when its not your fault. Just don't get it.
     
  10. kbaillie

    kbaillie Rookie

    Nov 4, 2009
    17
    When I had a nearly identical incident happen to me, I used Lance Coren (lscent@hotmail.com, http://theautoappraiser.com/) to generate the IDV and LOU reports and Bryan Thomas (bthomas@lawyer.com) to chase the insurance companies and handle logistics. Both were true gentlemen, knowledgeable about Ferraris, and really generous with their time in answering my questions. I ended up getting far less than I was entitled to, had the at-fault party’s insurance limits been higher, but those two dudes ensured I got the best possible outcome. Perhaps most importantly, they did so with minimal time/frustration invested on my part.

    Best of luck resolving your situation. I can totally sympathize with how much it sucks. At least it’s just “stuff” at the end of the day...
     
  11. Edgewood

    Edgewood Rookie

    Feb 25, 2015
    6
    I looked into using Lance Coren the auto appraiser but he is also one that uses formulas or an algorithm of some kind. I'll bet there was no actual research done with Ferrari dealers. Very few independent appraisers bother to pick up the phone. They compare Carfax.com ads or use the 17C formula. Screw that. If I'm paying $350 for a diminished value appraisal, it has to be based on some methodology, IMO.
     
  12. U-Boat Commander

    U-Boat Commander Formula Junior
    Silver Subscribed

    Jun 7, 2008
    299
    Los Angeles
    I used Bryan Thomas years ago on a DV claim. He pushed me to settle and accept less, which I ultimately did when he said that he would eat part of his fee. Then we had a disagreement over how much I was due to be paid. I wound up going to arbitration with MY lawyer. Stay away.
     
  13. sakodik

    sakodik Karting
    Silver Subscribed

    Jun 2, 2016
    149
    Santa Clara
    Full Name:
    Dan
    I also used Bryan Thomas and Lance Coren. As stated, I was offered lower than my expectation, but thats also me being greedy and dreaming...
     
  14. Ky1e

    Ky1e Formula 3

    Mar 4, 2011
    1,187
    FL
    Sorry to hear you got hit, but unfortunately those are the risks. Ive had it happen to me in FCar in the past and frankly it wasn't worth the time to go after diminished value. Sometimes you gotta suck it up, its the cost of ownership. I'd move on and just enjoy the car.
     
  15. randkin

    randkin Formula 3

    Aug 2, 2015
    1,097
    Somis, CA
    Full Name:
    Randy
    #16 randkin, Aug 16, 2019
    Last edited: Aug 16, 2019
    Kevin - You are dreaming if you think Allstate will go after diminished value damages, since they have no basis to do that. The diminished value damages are that of the owner. Allstate can only subrogate damages that they have actually paid. Thus no basis since they have paid no diminished value, they will subrogate your deductible.
     
  16. Alcav5

    Alcav5 Formula 3
    Silver Subscribed

    Jul 28, 2012
    1,822
    Scarsdale, NY
    Full Name:
    Al

    Similar thing happened to me, not my fault, rear bumper damage, my insurance company (USAA) handled everything with the other insurance parties, appraised and paid my repairer right away. Outside of that I engaged the services of a DV broker, 1/3 is fee. I don't know what will come of it, still waiting. My main concern is the car being 100% correct , I'll deal with it's sale-ability when that time comes. If you would like the contact info , pm me.
     

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