I posted several weeks ago about my S2K being hit while parked in front of my house. We received the estimate from the body shop this week and the repairs will cost $8500--we already have a check from the insurance company. This is, or should I say was, a former garage queen. A MY04, which we bought 07/05, in flawless condition with 5000 miles on it. We have since put on another 2000 miles. What type of hit, in terms of diminished value, do you think we will take as a result of this accident?

Another issue, we had our Blizzaks and aftermarket 16" wheels on the car when this happened. One wheel and tire need to be replaced. The wheel, a Sport Edition Fox 5 from Tirerack is out of stock. Insurance is only willing to pay for one replacement wheel. What are we supposed to do--have mismatched wheels on the car? Any suggestions? We're already fighting this, but "it's policy."

 

First of all, my heart goes out to you. I remember reading your original post, and felt bad then, but damn...$8500....ouchers.

I used Kelley Blue Book's website to run a comparison between the value of an '04 with 7000 miles in "Mint" Condition vs. the same car, but with major body work done and an "unclean" title. It reported a private party value(what you might ask if selling on your own) of $25,740 for the "Mint" car vs. $22,350 for the "accident car"

The same comparo as a "trade-in" got $22,550 for trade on the "Mint" car vs. $19,155 for the accident car.

These numbers are only reference of course, and don't take into account the added hassle you might have if you were trying to sell/trade a car that had been wrecked.

Interestingly, in the assessment process on Kelley's website, checking the two boxes I did (major body repair done and changing the title to "unclean" changes the car's status from being in Excellent condition, to Fair condition (on a 4-step scale of Poor, Fair, Good, and Excellent). I used my zip code since I don't know where you live, and I also didn't list an frame work as having been done. If your frame/unibody was damaged and has to be repaired that will undoubtedly lower the value some more.

As for the tire situation...I say fight it tooth and nail, and if the insurance company won't budge I would start by asking(in writing) the person at fault to pay for it out of pocket. If they refuse then your only option would be to hire a lawyer (prolly more pain than the worth of having to shell out the money for a new set of tires). It enrages me to hear insurance companys pull shit like this. I know there's two sides to every story, but as this was not your fault you should not have to spend "a single dime".

Good Luck,

Craig

 

Sucks about the rim....you'll just have to look around till you find one, or live with a mismatched rim.

As for diminished value, you can't really make an estimate until you sell the car. That's why in many(if not most) states you are precluded from making any claims for diminished value from insurance companies. Diminished value only matters when you sell the car. As a car gets older and more miles the impact of diminished value is reduced. Also there is no such thing as a 'unclean' title. It's 100% incorrect to consider an accident car in the same league as a salvage car. Completely different situations and vehicles.

 

[QUOTE=CrazyPhuD,Dec 18 2005, 07:32 PM]

Also there is no such thing as a 'unclean' title.

 

Thanks, Craig, for your help with figuring diminished value. It that my baby got hurt.

Carpe Diem

 

I am not sure what diminshed value means. but carfax only picks up what is reported to them. A lot of body shops and ins company's do not report accidents to them, so you will never know by looking at the carfax in most cases. If you were trading the car at a dealership, the appraiser will notice the paint work done to the car and adjust it down accordingly, however the average person would probably never notice the paint work. That it is why most people end up selling there cars on their own. The level of deduction for paint work on a car depends on the car, it is not as important on a neon as a porsche, ferrari, etc.. so do not sweat it to much, just make sure the paint matches as closely as possible.

 

Very sorry to hear of your loss. Here is a very interesting article on diminished value. You probably already checked to see if your insurance company will cover diminished value, but if you haven't this article shows which states exclude insurers from covering it. If your state is not excluded (my state, VA, is not excluded), then you can try to force your insurer to pay for this. The article explains that some have sued for this and have won.

http://info.insure.com/auto/collisio...shedvalue.html

I did not read your original post, but I assume it was a hit and run. If you did know who hit you, then I assume that you could sue them for diminished value.

 

Funny you mention that; I took my old Toyota MR2 Spyder (01) to carfax and had it appraised. The guy not only didn't notice the re-painted front bumper, he didn't notice the brand new headlight which stuck out like a sore thumb either. Go figure. I guess it all depends on where you go and the knowledge of the guy who does the appraisal.

 

Thanks for the link to the article, s2k-DC. I live in Virginia also and will defintely be looking into filing a claim for diminished value. Prior to the accident, I was considering trading in the 04 for an 06 due to the VSA--yes I am a "grandma" in bad weather --so this is important to me.

Edited to add: This was not a hit and run and we are having our insurance company go after the other diriver's insurance company to cover all damages.

 

Your company doesnt have to pay you DV. You will more than likely have to go after the other company since there is a known party at fault. Va policies do not allow DV through a collision loss(for insured) even if you are not at fault. Only if it were uninsured (umpd) loss could you recover through your company as if you were the claimant)
Do a search for reedappraisers.com - They can do an estimate for about$75 for the DV and most companies will accept that as DV in virginia. It's based on the type or repairs and how much structural damage etc.. plus repair versus replace with new oem parts. Welded parts count as more DV than a bolted on part. With the Reed report poor repairs are not part of it. If the repairs are done incorrectly and the shop was paid the full amount to do the proper repairs then you will need to have the shop stand by shoddy work. Reed holds up in court and all you will need to do is file in small claims court if they wont pay that amount. You wont need a lawyer or anything. It will be about $35 depending on where you file. FYI- Also if they other party is known the rental wont probably be extended past you max as it is also being handled as you regular collision coverage would. If you are running out of rental coverage you may need to callt he other carrier on you own.
Good luck
H