I was recently involved in a "minor" fender bender where someone in a full size chevy van backed into my S2000.

The damage was confined to my hood and front bumper. I believe the estimate from the insurance company was around $1400.00.

Now, I believe that a body shop can repair the car to "like new" status, however I still believe that this accident has resulted in a significant loss in value of the car. I have approached the insurance company involved and have requested a "loss of value" claim. It's my belief that the S2000 is a limted edition car and that the sheer fact that both the hood and the front bumper will no longer be original dramtically decrease the overall value of the car. Originality is always the first thing you look for in a collector car.

The insurance company offered me $500 to settle almost immediately, however I declined their offer. At that point, they requested that a indpendant appraiser come out and write a report. I got the results of the report yesterday. The appraiser basically says that the $1400 dollars in damage is less then 5% of the value of the car and therefore a $500 dollar settlement is fair.

I'm wondering if anyone else on the forum has been involved in a Loss of Value claim on their S2000 and if so, how did it turn out for you???

 

(new)32,400 * (5%).05 = $1620 bucks. (5% of the new cost

http://www.kellybluebook.com/kb/ki.dll/kw.kc.ur?kbb;750019&;p&722;Honda;2001%20S2000&1;HO;S2&


Also, according to them, the fair trade-in value to a DEALER for a 2000 year w/20000 miles is 29,580.
http://www.kellybluebook.com/kb/ki.dll/kw.kc.ur?kbb;281128&78731;t&39;Honda;2000%20S2000&2;HO;S2&

Or: 29580 * .05 is around $1470...


According to the kellybluebook, its worth 34,700 to a private party for a 2001 w/10000 miles. Not that you could "get" that, but its something you can point out to the adjuster or whatever.

Hope that helps.


-- Aaron

 

Yes, I forgot to add that I did present the appraiser with a ton of documentation concerning the history of the car.

I had Kelly Blue book values for my Zip code. I also several different sources that backed up my claims concerning the limited production run of 5000 cars per year. I had some press releases from Honda.com that indicated the fact that Honda produced the car specifically to celebrate their 50th anniversary.

To me it seems that the appraiser chose to ignore all of this documentation.

 

Legally insurance companies are required to reimburse for loss of value (unless it's a collision claim on your own policy-i.e. your fault). Technically they are required to pay you the "greater of"

1. The cost of the repairs
2. The difference between the value of the car before the accident and after the accident (in it's wrecked condition)

What you call "loss of value" and also called "before and after" is in my experience NEVER volunteered by an insurance company but it is a legitimate and valid issue. I got rear ended in a brand new vehicle (a demo) when I was a dealer. Damage was about $3000. I had to take State Farm to court to get "before and after" and was awarded $1500 extra. State Farm said they NEVER paid such losses without going to court.

Consider yourself fortunate that they are willing to pay anything. Doubt that you will have much luck getting more than $700 in any case (50% of the repair cost). The extra you might get is not worth the legal expense. Good luck.

 

I had a simillar discussion with State Farm recently. They told me that they have been sued and won in several states (not GA yet) over the issue of "diminished value" and would not talk much about it. I got an estimate from the dealership/bodyshop my car was in for the trade in value of the car if they were to fix it...$20000. Luckily (i think), there was enough damage to my old S to total it and I did not have to deal with this in the end.