Totaled 2009 Ferrari California- Insurance Questions | FerrariChat

Totaled 2009 Ferrari California- Insurance Questions

Discussion in 'Ferrari Discussion (not model specific)' started by MrFancyPants, Aug 8, 2018.

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  1. MrFancyPants

    MrFancyPants Rookie

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    #1 MrFancyPants, Aug 8, 2018
    I have a 2009 Ferrari California with 39k miles on it. It was hit by someone that ran a red light. I just bought it about 5 months ago. The insurance company is trying to offer me about $12k less than I paid. Anyone have any good ideas on how to get them up? I provided them the receipt of where I paid $2500 to have the vehicle serviced when I bought it. It seems like an uphill battle from here.

    On a side note, they are only wanting $19k to buy the car back. Would it be worth it to buy it and part it out to recover some of the money? Any and all help is appreciated. Thanks.
     
  2. raines

    raines Karting

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    #2 raines, Aug 8, 2018
    Lawyer up!
     
  3. Rosso328

    Rosso328 F1 Veteran
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    #3 Rosso328, Aug 8, 2018
    There was a thread recently - within the last few months I think - from someone looking for a totaled California, asking anyone who had one to contact him before letting the insurance company have it.

    I’ll try searching for it, but I am search-challenged...
     
  4. Rosso328

    Rosso328 F1 Veteran
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    #4 Rosso328, Aug 8, 2018
  5. tomc

    tomc Two Time F1 World Champ

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    #5 tomc, Aug 8, 2018
    Sorry to hear of your accident. I hope you are fine, and no one was injured. Insurance companies are great @ cashing your premium checks. Now, that you have a claim, they need to work for you, not the other way around. I would tell your agent clearly and firmly, you will be looking for a new insurance company if they jack you around. If you have an independent insurance agent, same speech. Our last insurance company/agent did this to us, and now they've both been replaced...T
     
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  6. TheMayor

    TheMayor Nine Time F1 World Champ
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    #6 TheMayor, Aug 8, 2018
    I have no advice for you but I love your Fchat name!

    Good luck getting it resolved.
     
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  7. MrFancyPants

    MrFancyPants Rookie

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    #7 MrFancyPants, Aug 8, 2018
    Well, at the moment it is their insurance company I'm fighting with. My insurance company is coming to give me a value on Monday, but they weren't super enthusiastic on giving me a good value either. I paid $99,500 for the car. I don't think I paid an extreme amount for it. I just want a fair price for it. I wasn't at fault, and I wasn't looking to sell it.
     
  8. MrFancyPants

    MrFancyPants Rookie

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    #8 MrFancyPants, Aug 8, 2018
  9. 19633500GT

    19633500GT F1 World Champ
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    #9 19633500GT, Aug 8, 2018
    Did you have ACV on this?

    5 months and $12K depreciation (on a car you paid a decent price for) is a ********* claim from them.

    Hope you at least achieve what you paid.
     
  10. MrFancyPants

    MrFancyPants Rookie

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    #10 MrFancyPants, Aug 8, 2018
    Sorry for my ignorance, but what is ACV? I have full coverage and GAP and all that, but I don't owe that much on it. So basically I'm losing some of what I put down and the maintenance I had done to it. I'm not looking to make any money, and don't even mind losing a little as I did drive it some. But I'd prefer not to lose $15k.
     
  11. 19633500GT

    19633500GT F1 World Champ
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    #11 19633500GT, Aug 8, 2018

    Sorry, this: https://www.eqgroup.com/acv_explained/
     
  12. tomc

    tomc Two Time F1 World Champ

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    #12 tomc, Aug 8, 2018
    That's typical. Your insurance company should be dealing with their insurance company, not you. Tell the other company to talk to your people...T
     
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  13. amenasce

    amenasce Three Time F1 World Champ
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    #13 amenasce, Aug 8, 2018
    depending on how bad or not, $19k to buy it back doesnt sound like a lot.

    Engine
    Seats
    Brakes
    Wheels
     
  14. MrFancyPants

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    #14 MrFancyPants, Aug 8, 2018
    I would assume I did, as I just had a standard policy of full coverage from Liberty Mutual next time around I will ask a few more questions I just find it hard to believe that they can tell me it wasn't worth what I paid, and depreciate it so much in 5 months. Even the comps they sent me are more than what they are offering me.
     
  15. MrFancyPants

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    #15 MrFancyPants, Aug 8, 2018
    It was a relatively minor accident, but it blew both airbags. Front bumper, driver's fender, and hood damage. The rest is still in good shape. It is black metallic with black leather interior with yellow stitching. Black wheels, yellow calipers.
     
  16. Way2fast

    Way2fast Formula 3

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    #16 Way2fast, Aug 9, 2018
    You are entitled to an equal rental car while waiting for the claim money, from the other insurance company. Find a company that rents out ferraris (available in Las Vegas or Los Angeles). Tell the insurance company to arrange for you to rent the car and have them pay for it. This will encourage them to pay up quickly for what you want.

    Sent from my SM-T580 using Tapatalk
     
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  17. MrFancyPants

    MrFancyPants Rookie

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    #17 MrFancyPants, Aug 9, 2018
    Ha. I was in a Dodge Ram. Which I had to return Monday because they declared it a total loss and apparently in Ohio once they make me an official offer they aren't required to give me a rental anymore.
     
  18. Enzojr

    Enzojr F1 World Champ

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    #18 Enzojr, Aug 9, 2018
    Before the insurance man shows up on Monday go to some of the “your car value” sites, I always love the numbers from Haggerty they claim my 355 is a plus $30 K because of the manual gearbox.
    KBB is another, only print the ones up that are close or above the value you feel is fair.
    Others can probably add other companies, some values are way low and if you are lucky some higher.
    Good luck and sorry for your loss.
     
  19. arizonaitalian

    arizonaitalian F1 World Champ
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    #19 arizonaitalian, Aug 9, 2018
    Last edited: Aug 9, 2018
    EDIT: silly me, brain cramp (buy it *back* after they buy it..duh!). Thanks to Way2fast for correcting me!
     
  20. Way2fast

    Way2fast Formula 3

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    #20 Way2fast, Aug 9, 2018
    He gets a check for $87K and then he can buy the car back for $19K
     
  21. arizonaitalian

    arizonaitalian F1 World Champ
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    #21 arizonaitalian, Aug 9, 2018
    If you get an exotic again, look into the different types of coverage (ACV vs. agreed value, etc. - I forget the extract types and terminology).

    In this case, the advice above about printing out your own research on value (KBB and the like) is the best thing you can do. I had to do once with a wrecked Porsche and ended up getting an amount above what I could sell the car for.

    Btw - they don't (and should't) care what you paid. You could have gotten a bad deal or a great deal. Their policy is to pay a fair value (per the contract terms) regardless of what the cost of the vehicle was. At most they may have language that limits their exposure to the amount paid. Read your policy and make sure you know the fine print/details fully here...
     
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  22. arizonaitalian

    arizonaitalian F1 World Champ
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    #22 arizonaitalian, Aug 9, 2018
    ah...well, thanks for pointing out what I misunderstood! Then "yeah" he likely could make a good profit on the $19k if some expensive parts are recoverable. $19k sound very low provided the car isn't totally destroyed (and only the bits damaged as the OP described above). Interesting project for some...
     
  23. MrFancyPants

    MrFancyPants Rookie

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    #23 MrFancyPants, Aug 9, 2018
    It is not my insurance company that is paying, so I don't think it would matter what my insurance policy is? I will do some of my own research and print out some of those values. I do appreciate all the info.
     
  24. Viper830tt

    Viper830tt Karting
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    #24 Viper830tt, Aug 9, 2018
    Agree with all the above about supporting the claimed value. It sounds like the ACV should be pretty close to the replacement value in this case given that you got a used vehicle and hardly drove it. I'd refuse the offer and go to a lawyer after that. Sounds like a bunch offer free consultation. Maybe suggesting this and a complaint to a local state insurance agency could give you some leverage on that claim. Very sorry to hear about this.
     
  25. Jdubbya

    Jdubbya The $10 Trillion Man
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    #25 Jdubbya, Aug 10, 2018
    I was going to suggest looking it up on NADA as well as KBB but NADA doesn't even show the California for 2009 model year. Actually now that I go look KBB doesn't give a value either. Odd. You might have to look for comparable cars for sale. Couldn't even find it on Hagerty. Seems rather odd.
     
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