My Beautiful S2000 Hit - Diminished Value Help

[gofast182]

Yesterday exiting the Garden State Parkway northbound coming off of the Driscoll Bridge a girl in a Civic cut over two lanes from the right lane (440 Staten Island) going to the left Lane (Route 9), I was in the middle lane (Route 287). As she came across I stood on the brakes and could not help from hitting her as she entered the lane in front of me. Swerving was not an option due to the other cars around us. The right front of my car impacted the left rear of her car. The police arrived and took our info. She admitted fault and the troopers confirmed that the accident was her fault. My thoughts are all over the place on this from acceptance, to anger, to sadness. I'm heartbroken because the car was my baby and I tried so hard to keep that black paint as beautiful as it could be.

In the meantime my thoughts and questions relate to insurance. My wife is a CPA hired by insurance companies to value claims (things bigger than car accidents) but she told me that we should fight for extra money for "diminished value"; because of the other girl's actions, no matter how well my car is fixed, I can not sell/trade it for exactly the same amount of money as a car that had not been in an accident. Factor into that the fact that S2000's are appreciating (at best) and at least holding their value (at worst), this is a low mileage car, I take it to car shows and club events, this is even more appropriate. Does anyone have experience with and can offer advice on diminished value claims?

 

[dareo]

This is why you can't have nice things. that hugely sucks man

 

[dparm]

Have you asked your insurance company about how that works? They'll be on your side.

 

[gofast182]

No, I'll call them tomorrow and ask. Thanks for pointing that out. When I talked to them yesterday I was still processing everything. The fun won't start until I can contact her ins. company...

 

[ls1mike]

I have to ask, because I don't know, but when we sold the wife's Jetta, even after a wreck that replaced the fenders, hood and bumper, we got blue book for it even though we disclosed the wreck and had before and after pictures.

I am sorry for what happened to your car. I know it sucks having a car you care for get in an accident , but that looks like an easy fix. If fixed properly why would the value be diminished? In this case it is like replacing a motor or putting a new tranny in it.

Even when we traded in the Equinox we got full trade in value and it had an accident on it records, it was a front fender replacement.

When my 98 Z28 was hit broad side, it got a new door and rear fender with new black paint. It sold at market value when I bought my 01 Z28.

I really have not see an accident, unless it is a branded title lower the value of a car if it is fixed properly.

Maybe that is just here, or some folks don't worry about as much as the people on BITOG.

 

[bigjl]

They would give you nothing for your damaged pride snd joy in the UK.

Just consider yourself lucky it got repaired whilst trying to get your repair done as cheap as possible.

Hope you get it fixed to your standards not those of the pencil pushers.

 

[Eddie]

Your wounded pride is worth nothing to an insurance company. You are a number. The car can be fixed as good as new as I view the damage. Just pick a very good repair shop. Ed

 

[KrisZ]

Document the damage (which doesn't look like it had an effect on the structure) and document the repair with lots of pictures.
This way you will present the potential buyer with something more tangible than a carfax report and it should not reflect badly on the final price given all that evidence. I know I would look at the transaction from a totally different perspective given this kind of info and honesty from the seller.

 

[macdole99]

i too got into an accident(other drivers fault) and wanted diminished value for my car. now as a car dealer i knew the value would take a huge hit but there insurance company would not pay for it. and i was told it was factored into the settlement which i knew was a lie. then i was told NY and NJ don't pay for diminished value. long story short i got nothing. but give it a shot. good luck. best thing to do which i didn't was hire a independent appraiser.

 

[gofast182]

NJ does do diminished value as a whole because the firm my wife works for uses it (not with car accidents though). I suspect your story is what's going to happen with me though, but that won't stop me from trying.

 

[gofast182]

Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...

It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.

 

[JHZR2]

It may not matter anyway, unfortunately. Did the airbags blow? Any other sensors? She may be judgement proof and have insufficient insurance. Of course if only one car your chances are good...

But insurance isnt on your side, even your own. If they are going to pay you and chase her, then they may well raise your rates for pulling profit from them. If they/you just go right after the driver in SCC, her insurance will likely force a jury trial which will get VERY expensive. Best luck is if both parties are customers of the same insurance company, and your policy is more profitable than hers.

Good luck.

 

[gofast182]

Airbags did not deploy. My S2000 is on collector car insurance so she won't have the same insurance company.

 

[NHGUY]

The way to eliminate diminished value is,to never trade it or sell it.When it has 300,000 miles and everything is worn out,it will be just another used car thats lived its life well.

 

[ls1mike]

Originally Posted By: gofast182
Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...

It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.


That was my point. When I traded in the Equinox the accident showed up on Carfax, I got full value, same for my 2004 Silverado which had a claim for the door. They did an appraisal. I would imagine your car repaired properly and being an S2000 I would bet you get blue book.

 

[bullwinkle]

Just make sure to get it repaired by a shop that uses OEM parts, does quality work and stands behind it.

 

[silverrat]

Sell it and buy the nicest NSX you can! It's a good reason to upgrade

 

[hattaresguy]

I think diminished value is more for salvage title. On the used car market I have only seen it affect actual vale with a salvage title.

This just looks like a little fender bender, find a good shop and get her put back together.

 

[gathermewool]

After a major accident in my previous vehicle, a Subaru WRX STI, that was 100% the other driver's fault,I was offered an amount for diminished value. Unfortunately,they only offered half of the actual diminished value (IMO) and required I sign a letter absolving them from any future claims pertaining to that accident. Had I not traded the STI in, I would have fought for more and to get rid of the stipulation...

 

[SLCraig]

I honestly don't think there was enough damage done to make the value suffer. If the car had been written off and repaired, YES, but the damage is minimal and if repaired well, it should be fine.

That is a gorgeous car BTW.... An S2K is on my list to own someday. I would be upset if I were in your shoes too, you have kept it so mint.