[daly]

Well my car has finally gone in for repairs, all parts on board. As the final cost will be in the neighborhood of around $12,000 the car was hit pretty bad. Luckily mostly body stuff no engine at all. After the car is fixed obviously the value if I were to go to sell it has been reduced greatly. It was an all original 1993 968 Cab, perfect condition with 44,000 miles. Original top, clear plastic a babied car, that is except for my driving. When I posted that I got hit someone wrote in about diminished value. I googled it and came up with quite a few companies invloved with it. However the body shop and a lot of car people/restorers I know said it is bs. That if we are not talking a Ferrari or Duesenburg etc I would not have a shot, even those are almost impossible to collect on.

Anyone have any experience in this area?

Partial Post: Please Login or Register to read the full post.

[Mark]

Generally you have to sue to collect it.

Partial Post: Please Login or Register to read the full post.

[jeff968]

Well, if I understand your question correctly this is when you want to have stated value insurance. Our 968s aren't worth that much according to the NADA values and they don't recognize the attributes that you mentioned. So, they'll give you $12K-$15K even if the car is worth more then that. That's where the stated value insurance comes in. If you say the car is worth $25K and it gets destroyed you get $25K.

Partial Post: Please Login or Register to read the full post.

[ds968]

[quote name='jeff968' post='42550' date='Oct 18 2007, 09:19 AM']Well, if I understand your question correctly this is when you want to have stated value insurance. Our 968s aren't worth that much according to the NADA values and they don't recognize the attributes that you mentioned. So, they'll give you $12K-$15K even if the car is worth more then that. That's where the stated value insurance comes in. If you say the car is worth $25K and it gets destroyed you get $25K.[/quote]



tried that, regretfully it does not work.. not only my insurer, but half a dozen others which I contacted will only do stated value if the figure can be supported by a specific appraisal report fom an accredited auto appraisal firm ( cost for a detailed report runs more than $ 1,000 ) . it's not as easy as asking them to insure it for more than the market comparable value, because you're simply willing to pay more premium for that. insurers , or at least all those I contacted, apparently do not provide coverage on that basis..

Partial Post: Please Login or Register to read the full post.

[Harvey]

[quote name='ds968' post='42624' date='Oct 19 2007, 01:38 PM']tried that, regretfully it does not work.. not only my insurer, but half a dozen others which I contacted will only do stated value if the figure can be supported by a specific appraisal report fom an accredited auto appraisal firm ( cost for a detailed report runs more than $ 1,000 ) . it's not as easy as asking them to insure it for more than the market comparable value, because you're simply willing to pay more premium for that. insurers , or at least all those I contacted, apparently do not provide coverage on that basis..[/quote]



What Dan says about insurance is true. Battling insurance companies under about any circumstance is a losing situation for most 968 owners...perhaps not all, but most. Lots of fine print in the contract can kill any verbal assurances given to you. At least one of the major classic car insurers reneged on an insurance deal not long ago leaving the owner really short and very POed. His verbal promises didn't hold up when the insured made a claim. Be careful...few people break even after an insured wreck. Even if they put bondo in a repair, it'll never be the same.



The only way I ever got even a halfway good settlement was to get a senator to make an inquiry of the insurance companies policy and suggest that new legislation might be needed to protect owners from unscrupulous insurers.



Then again, there are always a few people who are satisfied with their settlements, but they're a very small minority.



Good luck,



Harvey

Partial Post: Please Login or Register to read the full post.

[RPM]

You are in for a long fight if you are trying for diminished value related to a 14 year old car worth less than $20k by the book. This is more relevant for newer cars worth much more money. A $12k body and paint job might actually make the average 968 worth more as it would take care of rock chips and other slight blemishes that you would expect to find on an older car.



Actually, I am surprised the insurance company is willing to spend that much. Under NC law it waould have probably been a total loss.

Partial Post: Please Login or Register to read the full post.

[Ryan]

I hate insurance companies!! When I was hit by a State Farm insured lady in one of my other cars, I could not get them to repair my car with new body panels. I had to settle for a junk yard trunk lid. The body shop I had chosen did a great job of making it look like new though.

Partial Post: Please Login or Register to read the full post.

[daly]

The insurance company, actually two, there's and mine both valued the car in the mid 20's. I will keep you guys up on what transpires with my diminished claim. Again, just to be clear, it is not having my car or any car valued at a higher number then it is in any book for insurance purposes before an accident. It is saying that once a car has been hit regardless of the quality of the repair the car is not worth the same value as before it was hit or compared to a car that was never hit. The value of the car when you go to sell it even if it looks like a million bucks is diminished because the buyer will know it was in an accident by viewing it as well as car fax etc. Your vehicles value has been diminished.

Partial Post: Please Login or Register to read the full post.

[jeff968]

[quote name='daly' post='44638' date='Dec 14 2007, 03:48 PM']It is saying that once a car has been hit regardless of the quality of the repair the car is not worth the same value as before it was hit or compared to a car that was never hit. The value of the car when you go to sell it even if it looks like a million bucks is diminished because the buyer will know it was in an accident by viewing it as well as car fax etc. Your vehicles value has been diminished.[/quote]



I understand and I don't think there is anything you can do. And with companies like CarFax, the next buyer will know that something happened and may pass on the car or offer you less for it because of the repair. Once the car is repaired so that it looks and performs like it did prior to the accident then they have met their obligation.

Partial Post: Please Login or Register to read the full post.

[1GR8_968]

I just collected on my MINT (see pics in gallery) 1994 968 cab with 63K miles and OEM 18" sport classic II rims -- $17,620.00. I could not get a penny more. Geico said that I could buy it for 4K and fix it myself. Well you can imagine what I said to them. Anyhow I am going to take everything out of her tomorrow and sell off what I can as I will not be buying another 968 after this lesson in car values.

Partial Post: Please Login or Register to read the full post.

[tloof]

I want the engine bay glove box assembly if it is still good and there was actually one in your '94 model (most '94 up models didn't get the engine bay glove box unit though).

Partial Post: Please Login or Register to read the full post.

[RPM]

as I will not be buying another 968 after this lesson in car values.

Huh? Not sure I understand your point here. I have a good friend whose Accord was totalled recently and she got a check that barely covered the bank loan value, to say nothing of the actual value or replacement cost.



This issue has nothing to do with the fact that the car was a Porsche 968. I suspect that you could find a very nice replacement cabriolet with less miles for $17k. It would probably not be Mint Green, but that rarity is just not something most insurers will recognize on a car unless it has special collector car coverage.



Don't misunderstand me, I think that payout was too low. Insurance companies have their customers, and in particular people whose cars their customers have hit, over a barrel. The rules are rigged in their favor and your only real course of action, if you don't like their numbers, is to go to court. Most of us can not afford the time and money that would cost - and it would most likely quickly outstrip the financial gain you might win in court. Now if you have medical costs and pain that is a whole different enchilada...



As for diminished value, I fully understand what it is daly. The problem is accuratley quantifying it and then getting an insurance company to pay it. Maybe on a high dollar/low mileage car, but on a 15-year old Porsche already worth less than $20k? Not likely. And even if you do win, the amount would probably be less than 10% of the car's value. Does it sound like I know what I'm talking about? I do - I tried - I failed.



Ask a good repair shop that specializes in Porsche about diminished value. They probably can recomend an independent appraiser to help you try to win the fight (once again, the voice of experience). But you will have to pay that person a few hundred for the appraisal and the insurance company can just refuse to honor it. Then you are back at square one - take the check or go to court. Good luck!



Finally - tloof, that post was just a bit too quick on the draw. Let the man offer up the parts before you start doing the vulture dance over his still smouldering ride <img src="/forum/images/smilies/968/wink.gif" class="smilie" alt="" />

Partial Post: Please Login or Register to read the full post.