Handling loses from a wreck?

[funat50]

I'm always concerend when driving my GT about some moron running a light or doing something stupid that damages the car. If someone caused 5, 10, even 20K in damages what would you do? My wife had a fender bender in her new Benz, when I got ready to trade I couldn't hardly give it away because of the Carfax report of a collison even though the damage was less than $900.00. Given the rareness and value of the GT and my desire to maintain a pristine auto I think I would sue for a complete replacement. How would you feel about having a damage report taggged to your GT? A lot of people, including me, plan to keep these vehicles for a long time and I want to protect my investment.:confused

 

[B O N Y]

Sadly your correct and a very difficult case to win. You will be facing the laws in your state.

I had a claim that I took to small claims court based on the deminished value and rental costs not reimbursed when Mrs. Bony's Benz was hit in a car wash. I won the case in small claims for $5000. That was the maximum that I could claim in Fresno County. I used an apprasial based on a solid #3 car with no damage and one that has had a pannel repainted. There are several web sites that calculate deminished value. I thought I had a slam dunk going...

The insurance company appealed. Sent a lawyer down which they can do as a defendant in a small claims appeal court. The appeal judge heard the evidence, granted me the rental car loss and set aside the deminished value claim. The insurance company sited case law.

It made my day... NOT!

 

[911teo]

I think that is a risk you have to take when u drive your car.

It sucks.

 

[Bill Oxley]

.

And there's probably even more bad news.

If you get hit and there's pretty severe damage, chances are the offending party's insurance company may have a damage limit coverage around 50k, which is sufficient to comply with the law in most states.

Let's say your repair is 80k, or whatever, the first 50 is paid by the OTHER insurance company, and the last 30 is paid by your insurance company.

Now, many or most insurance companies will increase YOUR rates after they have had to pay any claim.

I'm not saying all insurers would take this position, but I wouldn't be surprised if most due.

 

[Red Rocket]

Some of you enthusiasts may recall that I posted about accidents a while ago, wherein I mentioned that where I live the Motor Vehicles Act the word "accident" is strictly defined as an "INTENTIONAL collision". I urge others to check the definition in their jurisdiction.

Therefore, if you are involved in a collision and you make an "accident" report, you are admitting it was intentional. But if it is a collision with another party, then think about this - if they make an accident report, and you instruct your insurance company that you had an "UNintentional collision", then what just happened? The other party has admitted guilt and you have admitted nothing. This strengthens your side enormously.

This happened recently to a friend of mine who was sideswiped by an old lady in a huge Benz. She filed an accident report claiimg he was at fault, and of course he filed an unintentional collision report where he maintained his innocence. The insurance company (same company for both parties) tried at first to split the blame until he pointed out the way the Act should be interpreted properly. Ipso facto the old lady was (rightly) held 100% responsible.

Know your rights gentlemen.

 

[Red Rocket]

First paragraph should read, "Some of you enthusiasts may recall that I posted about accidents a while ago, wherein I mentioned that where I live the Motor Vehicles Act has the word "accident" strictly defined as an "INTENTIONAL collision". I urge others to check the definition in their jurisdiction."

The edit function never seems to work at this site.

 

[Sinovac]

While I cannot comment on the laws in ALL states, many states do not allow a "dimunition in value" claim relating to an automobile. Notwithstanding the fact that virtually everyone would pay less for an identical car that has been wrecked and repaired, the legal fiction in these states is that a wrecked car, once repaired, is as good as one that hasn't been wrecked.

 

[Neilda]

It's an interesting point and probably not one you could argue 'internationally' given the variation in state, county and country laws.

If the courts don't readily accept the erosion in value on a car, how do they handle art? If a statue (for example) is badly damaged but beautifully repaired - it will have suffered a measurable loss in value. There must be case law within the art world I would have thought.

 

[B O N Y]

I think the deminished value issue is a moot point when discussing true collector cars.
The arugument with any insurance company for a policy other than agreed upon value will be that our cars are collector cars. Yes, we believe they are, the insurance companies will fight that they are recent production. Be prepared to fight.

 

[Neilda]

I have agreed value on the GT as it cost me more than the 'book' price.