Can't Sleep!
08-21-2005, 12:34 PM
#21
Instructor
Member Since: Mar 2004
Location: MI
Posts: 235
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Sarg
Its 5:15 am on a Sunday and been up every 20 min all night! You might ask why? I spent the last week with the C-5 tires off and in the air doing some major cleaning to the wheel wells, painted the calipers, shot the exhaust in hi temp black, and scrubbed the heck out of the inside of the rims. Put tires back on last night, rolled it out of the garage and gave her a good bath. Decided to head for Woodward for the major cruise of the year hear in Detroit. I was stopped at a light and looked in my rear veiw mirror and seen a woman approaching very fast with a panic look on her face! Yea before I could hit the gas she slammed into me and pushed me about 30 feet into the intersection. I was supprised how well the car did, I was expectiing allot more damage. My exhaust is about 4 inches shorter, the backend is scuffed, reverse lights are broke, the trunk will not pop open, and you can read the word pontiac in reverse in my back end! She seams to be driving ok, but what other kind of hidde damage should I expect to find later???
08-21-2005, 12:39 PM
#22
Instructor
Thread Starter
Member Since: Aug 2005
Location: Sterling Heights Michigan
Posts: 111
Likes: 0
Received 0 Likes
on
0 Posts
I Thank You one and all for your concerns! My baby will go into the body shop tomorrow. I know the bump shop manager real good, its not a chevy dealer but there work is excellent and they take special care of my needs since I do allot of buisness with them! If you need great body work, and I am not talking major custom modifications drop me a line and I will give there info., They are in the Detroit metro area!
08-21-2005, 02:16 PM
#23
Drifting
Diminished Value
Sorry to hear of the accident. Inspect the frame measurements carefully and for cracks at welds. Look at body seams and check the doors, hood and top for binding. You already know the trunk area needs work.
Here's something else to consider - I found this transcript recently from the Car Guy radio show. It might have even come from this forum
DIMINISHED VALUE
Back in November of 2004, I mentioned the theory of Diminished Value on the radio show. I prefaced it with "something your insurance company does NOT want you to know". I had no idea the interest people would take in this issue, but in the years I have been on the air, no topic has stirred such discussion. After much research, here is what I have learned about Diminished Value. I hope it helps you and I hope you receive the money you are entitled to recover.
It is my contention, and courts have upheld that if you are in an accident and you are not at fault or are fully insured, you are entitled to either the diminished value, or if repairable, having your vehicle restored completely to its pre loss condition. This includes the cost of repair, loss of use and loss of market value if the responsible party is unable to restore your vehicle to the exact condition it was in just before the accident. Of course it also includes any medical expenses. This is true today more than ever before with the advent of www.carfax.com and other nationwide data bases that are out there tracking vehicle repairs.
HOW TO MEASURE YOUR LOSS: It is no secret that when a vehicle is damaged and repaired, it depreciates as a result of the accident. After an accident your first step to recovering your loss is to make sure ALL areas of your loss are measured - Inform the responsible party that you expect ALL areas of your loss to be assessed - NOT just the cost of repairs - and submitted to you in writing. Neither you, nor the other party can make an educated decision about your loss unless these measurements are documented:
Vehicle's Market Value before the injury
Market Value just after the injury - but before repairs (salvage value)
Complete cost of repairs estimate to restore your property, as close as possible, to pre-loss condition.
Market Value of your vehicle after proper repairs
Any loss of use due to the damage of the property
Often only the cost of repair is considered to determine reparability, which can hurt all parties; the consumer, the insurance company and repair facility.
WHAT IS DIMINISHED VALUE?
Simply put, Diminished Value is the value difference between just before an accident, less the value just after the accident, but before repairs.
Let's say you have a $20,000 car, and you have an accident. Just after the accident, but before repairs, the vehicle is worth $8,000 (salvage value). You have a $12,000 Diminished Value loss. The most you are legally entitled to recover is $12,000.
WHAT IS LOSS OF VALUE?
Loss of value occurs AFTER the repairs are made. It is important that you know the difference between diminished value and loss of value. The topic we have discussed most on the CarGuy Show is diminished value. In simple terms, collision repair, even if done properly, leaves evidence that did not exist before the injury and diminishes the value of a vehicle. The difference in the value of the vehicle before the accident and the value of the vehicle just after repairs is Loss of Market Value.
THERE ARE TWO TYPES OF CLAIMS YOU MAY BE ENTITLED TO:
Third Party Claim - This is the most common claim made. This is a tort claim and all damages are owed regardless of where the accident happened. These claims occur when an accident is NOT your fault. If your car is repairable, you are owed the reasonable amount for cost of repairs, loss of use of the vehicle and loss of market value. This is a law in Texas and most other states. You have two years from the date of the accident to make this claim. Bottom line is you were an innocent party and you are owed money.
First Party Claim - This type claim comes into play when you are in an accident that is your fault or when the insurance company fails to pay for necessary repair procedures or overlooks loss related damage. The insurance carrier by law has to restore your vehicle completely back to pre-loss condition relative to safety, function, and appearance. The truth is no vehicle that is damaged and has body repairs can be restored to the same condition it was when it came out of the factory. Section D of your insurance policy has an appraisal clause that states the vehicle has to be restored to before accident condition or the vehicle has to be replaced. As earlier stated, you simply cannot repair a car to new condition, no matter how good the body and paint work is. When making this claim, be sure to refer to it as a LOSS OF MARKET VALUE CLAIM. Language is important, so do not refer to it as a diminished value claim. You have four years to make this type of claim.
HOW DO I MAKE A CLAIM:
You can either handle it yourself, or you can hire an expert to help you with the process. My experience from talking with listeners is that insurance companies WILL INDEED pay these claims, however they do not make it easy. In their defense, they want to settle all claims as cheaply as they can...that's just business. The persistent educated consumers and/or the ones that hire experts to help them are the people who get paid claims.
WHAT TO EXPECT:
When you ask for a diminished value or Loss of Market Value settlement, you may hear from the insurance company that they "don't pay that" or some other form of denial. You can say with confidence that you know this is not a true statement. You are likely to hear all sorts of things they want you to do to prove your claim. If they head down this road, I suggest you hire an expert. I have heard of other cases where the insurance company makes a fair settlement offer early on and just writes a check.
Again, persistence and education seem to be the key here. I talked with a customer recently whose boss had asked for and received a diminished value settlement from a big name insurance company. Later, when he was in a no-fault accident himself, dealing with the SAME insurance company, he called to inquire about his loss of value claim. The insurance company flatly denied they paid this sort of claim. He insisted he "knew better" from his boss and they began to negotiate the settlement. He had a late model F150 that had $7400 in damage, and he collected $4700 in loss of market value. I cannot in fairness tell you that every claim results in a settlement of that size, but I know for sure of this case.
WHAT IF THE VEHICLE IS TOTALED?
You have no claim of diminished value if the vehicle is totaled. However, you may want to have an expert make SURE you get a fair value settlement in these cases. Many times, consumers owe more on their cars than the insurance company pays for the totaled out vehicle. Just make sure the insurance company is paying you REPLACEMENT VALUE....not wholesale or trade-in value. The experts can make sure you get a fair settlement.
IN CONCLUSION
If your vehicle is in an accident, no matter how minor, it is going to depreciate. The amount of depreciation will depend on the amount of damage, the year make and model of the vehicle, and the pre-accident condition of the car. For this reason, I recommend using one of the experts listed below to give you advice. You should not shoulder the burden of loss of value in the case of an accident. Be sure to see the list of experts below...they can be a huge help in your claim.
THE EXPERTS
NOTE: I have not been paid by any of these experts to endorse their services. I have checked them out and in this writer's opinion; these gentlemen are top notch in their fields. However, neither myself nor anyone connected with my businesses or radio show are responsible for the actions of these experts or the results of their work. I do however sincerely appreciate their help with my research on this subject. Special thanks to Mr. James Walden of Direct Appraisal for the depth of information and his help in preparing this report.
Mr. James Walden
Direct Appraisal
972 306-4913
www.directdv.com
Mr. Don Shipman
Classic Appraisers
817 429-9998
www.classicappraiser.com
Best of luck and THANK YOU for listening to the CarGuy Show on WBAP!
Sincerely,
Jerry Reynolds
"The CarGuy"
Here's something else to consider - I found this transcript recently from the Car Guy radio show. It might have even come from this forum
DIMINISHED VALUE
Back in November of 2004, I mentioned the theory of Diminished Value on the radio show. I prefaced it with "something your insurance company does NOT want you to know". I had no idea the interest people would take in this issue, but in the years I have been on the air, no topic has stirred such discussion. After much research, here is what I have learned about Diminished Value. I hope it helps you and I hope you receive the money you are entitled to recover.
It is my contention, and courts have upheld that if you are in an accident and you are not at fault or are fully insured, you are entitled to either the diminished value, or if repairable, having your vehicle restored completely to its pre loss condition. This includes the cost of repair, loss of use and loss of market value if the responsible party is unable to restore your vehicle to the exact condition it was in just before the accident. Of course it also includes any medical expenses. This is true today more than ever before with the advent of www.carfax.com and other nationwide data bases that are out there tracking vehicle repairs.
HOW TO MEASURE YOUR LOSS: It is no secret that when a vehicle is damaged and repaired, it depreciates as a result of the accident. After an accident your first step to recovering your loss is to make sure ALL areas of your loss are measured - Inform the responsible party that you expect ALL areas of your loss to be assessed - NOT just the cost of repairs - and submitted to you in writing. Neither you, nor the other party can make an educated decision about your loss unless these measurements are documented:
Vehicle's Market Value before the injury
Market Value just after the injury - but before repairs (salvage value)
Complete cost of repairs estimate to restore your property, as close as possible, to pre-loss condition.
Market Value of your vehicle after proper repairs
Any loss of use due to the damage of the property
Often only the cost of repair is considered to determine reparability, which can hurt all parties; the consumer, the insurance company and repair facility.
WHAT IS DIMINISHED VALUE?
Simply put, Diminished Value is the value difference between just before an accident, less the value just after the accident, but before repairs.
Let's say you have a $20,000 car, and you have an accident. Just after the accident, but before repairs, the vehicle is worth $8,000 (salvage value). You have a $12,000 Diminished Value loss. The most you are legally entitled to recover is $12,000.
WHAT IS LOSS OF VALUE?
Loss of value occurs AFTER the repairs are made. It is important that you know the difference between diminished value and loss of value. The topic we have discussed most on the CarGuy Show is diminished value. In simple terms, collision repair, even if done properly, leaves evidence that did not exist before the injury and diminishes the value of a vehicle. The difference in the value of the vehicle before the accident and the value of the vehicle just after repairs is Loss of Market Value.
THERE ARE TWO TYPES OF CLAIMS YOU MAY BE ENTITLED TO:
Third Party Claim - This is the most common claim made. This is a tort claim and all damages are owed regardless of where the accident happened. These claims occur when an accident is NOT your fault. If your car is repairable, you are owed the reasonable amount for cost of repairs, loss of use of the vehicle and loss of market value. This is a law in Texas and most other states. You have two years from the date of the accident to make this claim. Bottom line is you were an innocent party and you are owed money.
First Party Claim - This type claim comes into play when you are in an accident that is your fault or when the insurance company fails to pay for necessary repair procedures or overlooks loss related damage. The insurance carrier by law has to restore your vehicle completely back to pre-loss condition relative to safety, function, and appearance. The truth is no vehicle that is damaged and has body repairs can be restored to the same condition it was when it came out of the factory. Section D of your insurance policy has an appraisal clause that states the vehicle has to be restored to before accident condition or the vehicle has to be replaced. As earlier stated, you simply cannot repair a car to new condition, no matter how good the body and paint work is. When making this claim, be sure to refer to it as a LOSS OF MARKET VALUE CLAIM. Language is important, so do not refer to it as a diminished value claim. You have four years to make this type of claim.
HOW DO I MAKE A CLAIM:
You can either handle it yourself, or you can hire an expert to help you with the process. My experience from talking with listeners is that insurance companies WILL INDEED pay these claims, however they do not make it easy. In their defense, they want to settle all claims as cheaply as they can...that's just business. The persistent educated consumers and/or the ones that hire experts to help them are the people who get paid claims.
WHAT TO EXPECT:
When you ask for a diminished value or Loss of Market Value settlement, you may hear from the insurance company that they "don't pay that" or some other form of denial. You can say with confidence that you know this is not a true statement. You are likely to hear all sorts of things they want you to do to prove your claim. If they head down this road, I suggest you hire an expert. I have heard of other cases where the insurance company makes a fair settlement offer early on and just writes a check.
Again, persistence and education seem to be the key here. I talked with a customer recently whose boss had asked for and received a diminished value settlement from a big name insurance company. Later, when he was in a no-fault accident himself, dealing with the SAME insurance company, he called to inquire about his loss of value claim. The insurance company flatly denied they paid this sort of claim. He insisted he "knew better" from his boss and they began to negotiate the settlement. He had a late model F150 that had $7400 in damage, and he collected $4700 in loss of market value. I cannot in fairness tell you that every claim results in a settlement of that size, but I know for sure of this case.
WHAT IF THE VEHICLE IS TOTALED?
You have no claim of diminished value if the vehicle is totaled. However, you may want to have an expert make SURE you get a fair value settlement in these cases. Many times, consumers owe more on their cars than the insurance company pays for the totaled out vehicle. Just make sure the insurance company is paying you REPLACEMENT VALUE....not wholesale or trade-in value. The experts can make sure you get a fair settlement.
IN CONCLUSION
If your vehicle is in an accident, no matter how minor, it is going to depreciate. The amount of depreciation will depend on the amount of damage, the year make and model of the vehicle, and the pre-accident condition of the car. For this reason, I recommend using one of the experts listed below to give you advice. You should not shoulder the burden of loss of value in the case of an accident. Be sure to see the list of experts below...they can be a huge help in your claim.
THE EXPERTS
NOTE: I have not been paid by any of these experts to endorse their services. I have checked them out and in this writer's opinion; these gentlemen are top notch in their fields. However, neither myself nor anyone connected with my businesses or radio show are responsible for the actions of these experts or the results of their work. I do however sincerely appreciate their help with my research on this subject. Special thanks to Mr. James Walden of Direct Appraisal for the depth of information and his help in preparing this report.
Mr. James Walden
Direct Appraisal
972 306-4913
www.directdv.com
Mr. Don Shipman
Classic Appraisers
817 429-9998
www.classicappraiser.com
Best of luck and THANK YOU for listening to the CarGuy Show on WBAP!
Sincerely,
Jerry Reynolds
"The CarGuy"
sorry never the same 
