F430 Accident what to do.

Going through this myself. My 430 was hit on the right side. Just cosmetic stuff nothing stuctural the door still opened and latched properly Every panel on the right side has been replaced fender, door, quarter panel every trim piece etc 6 months and 60K so far. Insurance company won't total it. Going after the other driver for diminished value and loss of use. Lance has been very helpful in providing documentation.

 

By market value, you must mean "average auction value". I'm yet to meet a dealer or wholesaler that buys at "market value" (retail or KBB "trade in" pricing) to begin with. That said, you're already about 30% to 60% under retail prices, so yes I believe that you'd go 12% under that.

If I have kids, they are going to skip college and get into the used car business.

 

I presume the airbags didn't deploy?

 

Yes, by market value I am referring to wholesale market value. You are correct, even KBB trade-in is high, but usually Trade-in "fair" is what we would like to buy cars for assuming they are clean.

I am not sure what you mean by the college / used car business line, and if it meant to be an insult.

 

Check the 458 section, an Fchatter got into a minor fender bender with his 458, and insurance paid for repairs, depreciation, and loss of use.

 

Depends A LOT on your carrier and your policy -- and/or who hit you.

That "fender bender" was 3 months getting fixed in a specialty shop in San Diego and something like 50 grand in repairs if it's the one I'm thinking of. That was no little tap. They bent the subframe holding the engine as he was plowed into from the rear. It didn't look that bad at the time, but when it was inspected with the parts removed, the damage was pretty clear.

 

Your recollection is pretty accurate. You did forget the part where all of our insurance premiums went up because of the excessive claim on a Ferrari in a 5mph accident.

 

He's using the preceding text to suggest that buying and selling used cars would be more lucrative than going to college and finding work based on that degree. I don't see how that could be taken as an insult to you.

 

Left handed compliment anyway. We love cars and buy them from dealers. Shouldn't begrudge them making a living.

 

My college degree allowed me to buy these sort of toys very happy with my decision

 

I must have misunderstood. I do it as a side business / hobby. It can be lucrative and is a lot of fun!

 

You can collect DV from the at-fault (or your own if a one car wreck or hit and run) depending on the state you reside in. For a "normal" car, rule of thumb is 10%. However, for performance cars it is 15% and for exotics, b/w 15-20%. The problems is getting an insurance company to pay it and typically, requires at least a pending court date.

If you are in Georgia, I am happy to help.

 

Out of curiosity, what kind of diminished value would one expect for repaints without any crash damage to a car? For instance if the panel was repainted due to vandalism, rock chips, hail, acid rain / fallout, etc. would it make a difference if it was just one panel vs. all top surfaces etc.? Assuming all work is properly documented before and after the repair. Would it be worth leaving some defects (chips / scratches etc.), or fix them properly?

 

Real life. No BS!!! Happened yesterday!!! My buddy called who owns and runs a BMW franchise, called me at my franchise to help him with a trade. Customer has a 2011 Camaro 2LT with 12,000 miles on it, with every option on it. Loaded to the max, it was the right color, and had all the look. Manheim Market Report (what the cars are selling for at the auction) stated the car this year with its miles sells from anywhere from $22,000 to $24,000 dollars at the auction. He called the wholesalers that he uses for a buy number, and no one would give him one. No one put a number on the car!!! Called me for help, and one of my guys said he would take a gamble at $15,200. Why??? Car Fax of course. No one wants a car with a bad car fax, not even dealers. We all have smart phones at the auction, and we scan the VIN and the get the car fax instantly. Most dealers would rather pay more than market value, for a car with a clean car fax, then even buy a car at all that has a bad car fax.

I would push like hell for a diminished value!!! Tell the insurance company to find you a buyer that will write a check for your car, after the repair has been completed. If they find a buyer which will be so hard to begin with knowing your Ferrari had air bag deployment, take that value, and subtract it from current fair market value for what cars are selling for and you got your amount.
I am guessing you will be like $30,000.00 off the money on current 430 prices.
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This is exactly why we lease our new Mercedes daily drivers on 24 month factory sponsored closed end leases. If anything major or minor gets reported to car fax or auto check then I just turn them back in not my problem. This way I just dump them and have no exposure bad reports and don't have to deal with the dreaded paint meter which is horrible for people who own the car if it has any non factory paint work.

I feel very bad for the OP. unfortunately we can't lease 430 Ferrari's on closed end terms from the factory.

 

Greetings hope all is well and getting in late on this discussion. I've been an auto damage appraiser for over 22 years.. Several things come into play when dealing with diminished value. Once the car has impact there is diminished value. Insurance companies or its appraiser usually go over the car with a fine toothe comb and I will tell you why. Example.. Car gets into impact.. You bring it to your shop of choice or insurance company shop (which I always recommend to stay away from). If the shop does a sub standard repair then they also contribute to the diminshed value. Sometimes the "sub standard" is a nit pick.. If they weld it differently, quality of finish on inner structure, overall quality of repairs. The problem is you can always find something wrong if you know where to look. Always I dont care who the shop is.. Those that think that your car will be perfect afterwards are dilusional.. Perfect is a strong word or "youll never be able to tell". Body shops have come a long way and quality is getting very good.. yes very good but never perfect.. Even some of the classic restorations that have the car looking stunning.. Are they stunning yes.. Those cars can be "perfect" but.. they were never perfect to begin with so.. are they perfect? No.. because someone took something that when new was never perfect and made it perfect.. Bottom line.. nothing is perfect.. Nothing.. How far along in the process are you.. Did the appraiser appraise the damages.. Did they start the repairs.. Certain aluminum structure pieces are not available to shops and or appraisers unless Ferrari gives the green light.. They always make sure it is at one of the certified aluminum shops. They want to know what happened and who owns the car as well as where is it.. Something so small as a fender inner reinforcement will stop the repairs dead because guess what that is aluminum and not available to everyone.. To the other poster that was under the impression that his car that under went right side repairs including the replacement of the right quarter panel.. Hate the break the news to you but quarter panel is part of the structure.. Therefore you have structure repairs done.. The cars are unitized.. Once you remove the quarter work is required on the outer wheelhouse and whatever reinforcements are attached to the sub structure of the panel.. When replacing the quarter panel you have to cut at roof line.. Roof = structure at least in my eyes.. Bolt on parts no. But parts that are welded.. yep.. Get your car repaired at a factory facility.. Follow up with a diminished value claim.. Have a professional handle the DV and never figure on approx. %'s as stated above.. Each DV case is different.. If you had a bumper respray, mirror refinish at one point, suspension work, major mechanical failure with this car then I would expect you DV would be less then avg. Dont tell them anything about previous history with car if things were done.. Let them figure it out.. If they are too stupid to really look at the car or look into its history then thats works for you not against.. I've always been an extremely fair appraiser.. Never breaking balls but when looking at DV you have to look the car pre-repair (ofcourse), I would inspect during to document process, and post inspection.. Almost everytime a DV case is presented it was being repaired at a top facility that charges thru the ass for the repairs.. Pick the best shop you can.. The best if your going the DV route.. Its complicated and time consuming but worth it.. You may live in a state that does not recognize DV.. Yes.. some states dont. Never tell them about DV upfront unless your looking to total the car as a possible option.. Sometimes insurance companies may explore salvage options if they know that the cost of repair is going to be pricey, plus DV.. It may be advantagous for them to cut their losses and total it out.. Not every strategy works.. You pick a direction and follow thru..

PM.. if you want to talk.. Its really hard to explain everything typing.. If you like I can review the paperwork and photos.. at least give you an idea what is going on.. Be careful as well.. Shop are slow now and they dont like letting anything out the door.. So they may convince the company to save the car vs. total loss.. Air bag deployment.. arg.. probably damage to the front rails and inner structure.. Even though it may look minor you may have hit it on what we call the sweet spot.. Right on the rail..

Hope this info helps..

R

 

This is a fine post Mr. Chariman. Thank you for taking the time to write all of that- very informative!!

-Andrew

 

From what you're saying Robbie, maybe it would be to the owners advantage to let them total it and buy a good non-repaired replacement. That is unless you really want it repaired, pocket the DV amount and take the hit when it comes time to sell.
Just my thoughts.
Alan

 

I wish we had a like option on Fchat... Great post!!!

 

+1

 

Figure it out for yourself

 

Never give out your VIN for any reason ...someone may use it for a joke..then try to remove that from the NET.

 

Agree.. keep vin to yourself.. If your sending copies of paperwork to someone take a black marker and block it out.. Here is another strategy on figuring DV.. Time consuming yes.. my take on the true way of establishing DV.. Lets say.. you have a 2009 F430 Coupe 6sp.. collision history, repaired by top shop, the whole nine yards.. Find another 2009 F430 owner with same car, color, options, mileage in the same range.. etc... Hey Fchat membership has its perks.. Take both cars to auction with an insanely high reserves this way no one sells their car but the bids speak for themselves.. After disclosing the accident history with auction house both cars go on the block.. Accident history car receives a high bid of lets say $90,000.00 - the other F430 with no accident history receives a high bid of $110,000.00 (just throwing numbers out there for discussion purposes.. we dont need F430 owners *****ing at my example bids - easy fellas.. lol).. You have a difference of $20,000.00.. Your entitled to that money.. Doing it this way their is no dispute.. or another variance of this is to pick two or three Ferrari dealers.. Take your car to dealer and have them place a value on car telling them about the accident history or have them run the car fax.. then ask them how much if the loss never took place and car was factory/intact. Do the same with another dealer and then another.. add the differences up and divide by 3 to get your average.. Get everything in writing.. The good part is that dealers will often low ball the accident history car sometimes even dismissing all together.. But they also beef up the number if nothing ever happened just to get you all shot.. Oh this is a great example.. sorry we can only give you $80,000.00... oh.. but let me tell you sir.. if this car had no accident history we would be able to give you $95,000.00.. sorry.. Your response to that would be please give me this writing. Something to think about.. I think this is a more accurate way..

R

 

It depends.. if you have a agreed upon value policy then hopefully you insured your car for a few dollars more.. Remember at least in NY and NJ.. General protocol is 75% - 80% of value.. not agreed upon value and not stated value.. there is a difference.. You want agreed upon value.. Car woth 90k.. agreed value for 100k.. its 75% of the 90k to pay out 100k.. Some insurance companies are really good.. lets say the numbers were reversed.. car worth 100k.. agreed value of 90k.. some not all pay the 100k.. Two companies that I know for sure practice this.. Stated value - not sure.. companies I write for usually have agreed upon values.

R