Diminished Value

I just went through this with my wife's Ghost. Please PM me your phone number to discuss

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$1,000 in damage? That's it?

 

Then next you’re going to claim diminished value if someone sneezes near your car ?!

 

Try Googling https://ferraridiminishedvalue.com

 

I guess they don't have such a concept of diminished value in Europe, but it is a real thing in the US. It doesn't just apply to Ferraris, but to any make of car where the accident showing up on an insurance report will reduce the resale value of the vehicle. The OP would be wise to pursue it. For sneezes, not so much!

 

The problem for "any make of car" is find a lawyer who will take it up. Insurance companies try to fight this all the time. I had someone hit my wife's Cayenne turbo by backing up at a traffic light at high speed. Couldn't find a lawyer to take it up and I did take a hit when we traded it in for the bad carfax.

 

Just wondering why you didn't obtain a diminished value appraisal and pursue the claim yourself.

 

A lot of hassle because I would be fighting the insurance companies attorneys who are experts in not paying for diminished value. Without someone who knows the details of diminished value claims, all you would do is waste your own time and money.

[edit] and did I mention the person who hit the Cayenne was 88 years old with Geiko. Cops wouldn't even let her drive home. She thought she was in drive so when I honked her as she was going back, she pushed on the gas more and hit us harder.

 

Any professional auto appraiser would have helped you with the insurance company interactions. Just walking away from thousands of dollars makes little sense when there are options available. Even the most minor of repairs will cause a Ferrari to lose 10%-15% of its pre-accident trade-in value.

 

This was on a Cayenne Turbo a few years back. I probably lost 10k on the trade in for my Cayenne Diesel back in 2015.

 

Check the statute of limitations in NJ. I believe it is 6 years. You may still be able to make a claim.

 

You won't get diminished value for $1,000 in damage. Your best bet is to not file a police report and keep it off your insurance so that it does not show on a CarFax. Then, have the work done by a Ferrari approved body shop, document the quality of the work and have that available for a new buyer if you ever get rid of the car.

 

Dead wrong about not getting diminished value. Call any Ferrari dealer and they will tell you the same thing - they will have to gig you 10%-15% for the repair history. Hire an appraiser to provide proof of that and you are good. Now, if the incident was never reported, not on CARFAX or Autocheck and you don't want to disclose the repair, if the buyer doesn't go around the car with a paint meter, and there are no tape lines, overspray, etc., they will never know. If you do show any kind of a repair estimate to a potential buyer, even a scratch that was repaired, the buyer will balk at paying full price. Wouldn't you?

 

I am an attorney and have been through this, so I know that you won't get an insurance company to give you diminished value on such a minor incident. And, I in no way was advocating for failing to disclose. That is why I said to document everything about the repair. Of course a dealer is going to dock you, but they will want all your documentation, and then they will list for much more than the delta of diminished value using the documentation to show that the repair was minor and done well (if it was done at a good shop).

 

https://www.wreckcheck.com


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I hired a certified auto appraiser. He charged $2k for a 60 page report that figured out diminished value and lost of use. You are entitled to what it would cost to rent an equivalent vehicle for everyday your car is out of commission. I sent it into the insurance company and negotiated from there.

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Life is too short!...got t boned at intersections twice by seniors when their foot was on the gas instead of the brake...damn lucky I am alive to type this sh*t (car.missed a light post).

Even though it wasn't a ferrari, but still a luxury car. Got the car back and sold it right away...on to enjoying the next vehicle!

 

shame to say but this kind of damage is an easy fix in my place. Car can be repaired and get on sale.
Cheaper working labor is a factor as well as the limited offer on such cars

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Your statement "I know that you won't get an insurance company to give you diminished value on such a minor incident." is so misleading that I'm thinking that you passed this misinformation on purpose. Every day, insurance companies pay DV for very minor accidents. Your words are the reason so many people on forums just give up their rights, thinking they have no chance. "I'm an attorney so I know" means diddly. You have passed along bad advice to those reading this thread.

 

I’m doing this on my T-boned DD. My appraiser will give me the figure, and he says it f you can’t get at least 80% of that then you have to decide if the difference is worth legal action.

 

What does $1,000 dollars of damage even look like today? Something sounds off.