Cobra Value Loss Due to Accident

[yeller53]

Can anyone suggest what amount of $$ that I should recieve from the ins. co. for loss of value due to an accident caused by another party ? The repair quote is close to $ 12,000. Thanks for any help

[Mastiff107]

They will pay you what it costs to repair the car. In some cases you will need to get multiple quotes or use one of their adjusters. Trying to get them to cover painting of the whole car so it matches is an adventure itself and often they won't do it unless you have specific coverage in your policy. I don't know of any policies that cover loss of value as the result of an accident. There may be some special collector car policies which would cover such a thing like if you owned the super snake.

[Cashburn]

That is something the insurance company will work out with the shop that will perform the work.

[DAVID GAGNARD]

Originally Posted by Cashburn

That is something the insurance company will work out with the shop that will perform the work.

Actually LOV or Loss of Value has nothing to do with the shop, the repair bill (estimate) and loss of value are two seperate things...
The shop will be paid by the insurance company for their repair work and the owner of the car will be compensated by the insurance company for LOV, or what they feel the car is de-valued because of the damage!!!!!!!!!!

Yeller53, it all depends on a number of things.....
age of the car
amount of damage
area of damage (ie: is it just replacing a body or body panels or does it have frame/suspension damage?????

You could/would deal from a better point if you have an appraisal of the car's value before the accident,such as an agreed-on insurance policy with a "stated value".... After the car is repaired have it appraised by a competent shop/dealer and see where you stand.....

On your wife's daily driver, if it was one year old or less than one year old, you could expect roughly 20% of the A.C.V...........On a replica Cobra, I have no idea, but 20% would be a good starting point.........

David

[ENTDOC]

LOV is not allowed in all states, check yours

[shark]

Some states don't recognize third party liability regarding "Diminution in Value". Virginia does - and on vehicles the courts usually don't award more than 10% of the car value. --- Sharkey

[jhv48]

If the accident was your fault, your insurance company would be the one to reimburse you for loss of value IF that is included in your policy (most do NOT include it).

If there was another car involved your recourse is against them and then ultimately against the driver for any percieved loss in value. They will most likely tell you to go away.

The courts would be your next recourse.

As stated above, check with both yours and the other party's insurance coverage to see if this coverage is included.

Probably not covered.

[Double Venom]

Yeller. If I may be of some help. I ran a reapair facility for over thirty years. Extremely familiar with Insurance company's and especially a CR Cobras. Most of what has been said is true but a lot more indepth than what is listed. FIRST-by federal law you do NOT have to let the insurance company dictate who is going to repair your car! Second if it is is a total, you still have options. If they decide to total it and you still want it repaired (not uncommon at all) they will then come up with a total price-which is negotiable- then you can usually pay them back roughly 20% of the total price that both of you have agreed upon and they intern will give you the car back with a check for 20% less than what you agreed on.

A lot will depend on who the insurance company is and the type of coverage.
If I can be of any further help at all call me at (231) 896-4608. I'll be glad to walk you through the tangeled web.If you are reasonable with them they usually will be glad to write a check and make it go away. Especially with one of these custom cars.

Unless really smacked it is very unusual for a CR frame to get bent, usually resulting in basic body damage along with maybe some add on parts. It is not unusual at all to simply repair/replace a body and maybe some bracketry, even a wiring harness.

Hope this helps.
DV

[Cashburn]

Originally Posted by DAVID GAGNARD

Actually LOV or Loss of Value has nothing to do with the shop, the repair bill (estimate) and loss of value are two seperate things...
The shop will be paid by the insurance company for their repair work and the owner of the car will be compensated by the insurance company for LOV, or what they feel the car is de-valued because of the damage!!!!!!!!!!

Yeller53, it all depends on a number of things.....
age of the car
amount of damage
area of damage (ie: is it just replacing a body or body panels or does it have frame/suspension damage?????

You could/would deal from a better point if you have an appraisal of the car's value before the accident,such as an agreed-on insurance policy with a "stated value".... After the car is repaired have it appraised by a competent shop/dealer and see where you stand.....

On your wife's daily driver, if it was one year old or less than one year old, you could expect roughly 20% of the A.C.V...........On a replica Cobra, I have no idea, but 20% would be a good starting point.........

David

My mistake. But as others have stated make sure it is part of your or their policy. It is a difficult thing to get on a specialty car.

[mrmustang]

Originally Posted by yeller53

Can anyone suggest what amount of $$ that I should recieve from the ins. co. for loss of value due to an accident caused by another party ? The repair quote is close to $ 12,000. Thanks for any help

The state of Illinois does not recognize diminished value. It also does not require insurance companies to pay diminished value claims. The Supreme court of Illinois also ruled in a class action lawsuit that insurance companies cannot be held liable for diminished value claims.


Bill S.

[patrickt]

Originally Posted by mrmustang

The Supreme court of Illinois also ruled in a class action lawsuit that insurance companies cannot be held liable for diminished value claims.

As a point of clarification, cases such as these (and the Texas Supreme Court ruled in a similar fashion) only deal with an insurer's duty to pay under the terms of the insurance policy. They are not applicable to negligence claims against someone who has damaged your property (tort law and damage theory apply against the tort feasor here). There is a split of opinion in the states on whether you may be compensated for the diminution in value of property in addition to the cost of repairs (just in case someone has a son or daughter struggling to come up with a law review topic).

[DAVID GAGNARD]

Loss of Value or Diminished Value is recognized in Louisiana..... It is generally accepted by the courts to apply to vehicles that are one year old or less.....In some cases they will extend it to two years, but this would only apply to "high end" autos and the LOV would then be about 10% to 15% of the A.C.V..............

I guess this would vary from state to state.......

David

[patrickt]

Originally Posted by DAVID GAGNARD

Loss of Value or Diminished Value is recognized in Louisiana.....

In the parlance we often refer to it as "stigma damage" or "stigma loss," although that is not a particularly apt description.

[classicauto]

Yeller -

Do you have agreed value coverage with a collector auto insurer or a standard auto carrier? That will make a huge difference on how the claim is handled.

[DAVID GAGNARD]

If Yeller is going against the "at fault" party for his damages and Loss of Value, then, it doesn't matter what type of insurance policy he has on his own car.....the only thing that matters is, if the state recognizes "Loss of Value" and allows it and if the "at fault" party has enough liabliity limits to cover all the damages plus a LOV claim........

David

[patrickt]

Originally Posted by DAVID GAGNARD

If Yeller is going against the "at fault" party for his damages and Loss of Value, then, it doesn't matter what type of insurance policy he has on his own car.....the only thing that matters is, if the state recognizes "Loss of Value" and allows it and if the "at fault" party has enough liabliity limits to cover all the damages plus a LOV claim........

David

You are now at the top of the class. And it if he doesn't have enough insurance you just go after his assets -- that's why everybody that is reading this should absolutely, postively, 100% no question about it, have an Umbrella policy that sits on top of their auto policy (including that collector car coverage that you have on your Cobra, make sure the Umbrella carrier knows about your Cobra policy).

[yeller53]

The other party was at fault and the insurance company has agreed to repair my car. .note to Double Venom - tried to call you but could not get through to leave message !!

[DAVID GAGNARD]

Originally Posted by yeller53

The other party was at fault and the insurance company has agreed to repair my car. .note to Double Venom - tried to call you but could not get through to leave message !!

And by agreeing to repair your car, they have accepted responsibility and liability.......... They are the ones you need to talk to about your Loss of Value claim..........assuming your state recognizes a LOV claim and allows it.......

David

[Double Venom]

Old Yellar,
Ehen you call me and all the phone does is ring "WITHOUT" and answering machine picking up it's because I am onlne (dialup!). Try again around 7PM EST.
DV

[jhv48]

The other insurance company will most likely deny your loss of value claim, as they will say that their policy does not cover loss of value.

THUS, your only recourse will be against the vehicle driver/owner and, if allowed in your State, will require legal action on your part.

PITA if you ask me.