Sorry if this question has been asked before.

I was rear ended in my 07 997TT last Tuesday. Damage includes driver rear quarter, bumper, exhaust tips (new exhaust basically) taillight, deck lid, and wing. That is before they get into it. Quick math will put this in the low 20's

The body shop is Hollis Auto Body in ashland MA. they have done work for me before and are known up and down the east coast. For the sake of discussion, assume they will do the best job possible.

I was about to sell the car because I have a gt2 on order.

I would assume the value of the car, even after its fixed, will be negatively impacted due to the accident on its record (carfax etc.)

So here is the question.

How much negative equity is caused by an accident?

Can it be calculated as percentage of the body work bill? Like say 90% of the total bill?

Has anyone had luck with a negative equity claim against an insurance company? I have got one success story already, but more examples would be helpful.

The accident was in Massachusetts. I was not at fault and all the liability points to them.

Thanks in advance

 

^ My wife just got done with one. Yes, you could file a claim for diminished value, due to the accident.

My wife's minivan had a resale of $31k, but because of the accident (>50%) it resulted in an approx value of about $17k. She filed a claim for the missing $14k, and it was approved. We are expecting payment soon.

 

I have never submitted for this, but it is referred to as "diminished value" and it is generally a claim you can make on insurance. With CarFax and other reporting agencies out there it is really easy to justify. Just talk with your insurance agent.

 

Some states are more difficult than others to ge a claim paid....in full.....exponentially more difficult....you might even have to sue your insurance company to make up the shortfall if the contra company does not make you whole for any number of reasons. I think there is some kind of law [and again, it might be state specific], that says basically your right to be made whole trumps their right to subrogation.

Good luck with it, I feel your pain bro!

 

Thanks for the info guys it is all supper helpful.

I am sure that I am going to have a fight to the end on this. Totally sucks because I was not at fault in any way.

I was stopped behind a school bus that was letting kids off. the bus lights were flashing, my brake lights were on and this clown drives his 1995 suburban into my turbo.

I got out and said to him "did you not see the big yellow school bus with the flashing red lights." His reply "i dont speak english"

yeah..................

only redeeming part was I drove my car 50 miles home and even with all the warning lights she kept me safe and got me to my door. His 1995 burban was rendered un drivable and had to be towed.

Moral of the story you want to protect your family on the road. Put them in a P car. They can take it

 

Most insurance companies in CA I have run across have a clause to handle this. As long as they fix your car to the state before the accident your pretty much screwed as to collecting diminished value.

 

You can expect a "value adjustment" due to the accident and repairs. It's subjected to each appraiser what that might be. I think most insurance companies will work with you on this but it may take some doing. Big factors are structural damage or frame damage. Other than that, it will depend on the quality of the repair as to the reduced value. Sorry to hear you are going through this Hope it all works out.

 

Just went through this with my Benz, I was sitting still leaving a parking lot and a head-on happened in the interstection and one of them flew into me. My car was 3 weeks old.

Geico tried to pay damage and $415 for dim value. These guys took care of everything.

http://www.collisionclaims.com/

Good luck. And nice job on not killing the **** that hit you. I wouldve if the guy that hit me wasn't already unconcious.

 

You should google Diminished value. There are a few online companies that will develop a VERY complete package documenting the data used to support a DV claim. DON'T think you can have a phonecall with an adjustor and work it out.

Tell them you are pursuing a DV claim. For a Porsche it is an absolute FACT you will lose $$$. 10-15k. Send the insurer (there insurance not yours) a claim with documentation and THEN negotiate.


now, if he has no insurance, you are screwed- your insurer will not pay it. You'd need to sue him personally.

 

You guys are awesome. Will check out collision claims this morning. Those guys coupled with my speed shop, the P car dealer and the body shop will hopefully secure success. Please keep any suggestions coming. I will document everything i do and post to this thread. Hopefully others can benefit in the future.

thanks again

 

Yeah, I left out one tiny detail about my wife's claim - we hired an attorney. This may have contributed to the success of our claim.

 

Good thread and thanks for updating it. I always wondered about this as well.

 

Sorry for what you are going throug,it hurts a lot when someone damages your car on a stupid way,besides that you lose money.

Good luck with the insurance and hope you get your car sharp.

 

This definitely sucks and I feel for you guys that have had to deal with this. I've always wondered about the diminished value aspect since fixing a car never deals with the blemish on the carfax. No matter how good the repair, the car will be worth less because not many people want to buy a previously damaged car. A lot of good information here in case $hit happens down the road.

 

That is absolutely amazing that you were able to pursue (and win) a DV claim on a minivan...truly staggering!!!

I have successfully received a DV payment on a 1993 Toyota Supra Hardtop which I used to own, and it was tedious work. They told me numerous times that DV claims don't really apply to 'pedestrian' vehicles, meaning it would be much harder to pursue a DV claim on a regular vehicle that wasn't rare or collectible.

Well done!