Insurance saga continues... help on "Loss of value" claim help please - ZR-1 Net Registry Forums

billschroeder5842 · 05-16-2019

Looks like I'm supposed to get #1388 back next Tuesday or Wednesday. I have visited a few time and the shop is doing a conscientious job putting her back together. They even found a 91 valence in matching dark red metallic to help keep it as close to "the illusion of original" a my neurosis will tolerate.

Since my insurance company (see other posts) is paying for 100% of the repair before subbrogation, I will be filing a "loss of Value" claim with the other (Progressive) company.

Does anyone have any ideas on how the "process" works for getting a fair loss of value claim through the insurance company system? Progressive asked me for a "demand" number but I'd like to see what things look like reflecting market-- clearly a quick settlement works to their favor.

So, independent appraisal, national market values...? How do you factor a front end hit that was professionally, restored/fixed?

Any help is appreciated

LGAFF · 05-16-2019

Diminished value was originally a legal compensation option made in lieu of an actual repair. Its rarely paid on claims as the vehicle should be put in pre-accident condition post repair, an issue with the repair would then generally fall upon the shop. That being said anyone can make a claim for diminished value... the only state that actually mandates diminished value payments on first party claims is GA... you might start there to calculate your claim as a basic formula is used. Another option would be to have an appraiser give you a value pre and post loss. But an argument needs to be that the damage in and of itself is diminishing the value and not flaws in the repair

https://diminishedvalueofgeorgia.com..._Worksheet.pdf

billschroeder5842 · 05-16-2019

Looks like Texas has a similar law?

https://www.collisionclaims.com/texas-diminished-value/

The link is from a company that specializes in valuations. Maybe I'll just get some professionals involved.

LGAFF · 05-17-2019

No every state has people that offer to pursue this...... GA is unique because its mandatory to pay to an insured vs a claimant. Anyone can pursue it ...companies may or may not pay it.

LGAFF · 05-17-2019

It’s a potential element of damages on any claim but you have to prove your damages post repair In 25 years of doing claims in every state in the US I just don’t see it done often and or successful. A company will make an economic decision though they won’t spend 3k to defend a 1k claim

Sent from my iPhone using ZR-1 Net Registry

EvanZR1 · 05-17-2019

I have not had to do it in Texas, but in Oklahoma I got 10% of the current value of the car in addition the full coverage of the repair. This was on just a daily driver Firebird. On something as rare as a ZR-1, it's going to be hard to judge what the impact is, so you may end up having to push for something similar (% of value).

DRM500RUBYZR-1 · 05-17-2019

Good luck with this one!
It is generally accepted that a car with accident history is worth "somewhat"
less than the same car with no accident history.
There are some who will not even look at a car that has accident history on Carfax or Auto Check.
I cannot suggest how to help you extract more funds from the insurance company. I suspect it can be done, but it will be a challenge.
However, I suggest you maintain a complete file of paperwork and pictures that document the incident.
Yours, while upsetting, was really not bad.
Pictures and cancelled checks for the repairs should support that statement to a potential buyer should you elect to sell.
If every car that had accident history "plummeted" in value, there would be a lot of bargains out there.
It surely has some effect, but if the work was done by a quality shop, then if you can document that, it should blunt the value decrease.
I usually find that no accident, no paintwork cars command a premium over the book values, particularly if a lower mile example.
Such a premium would be difficult to document for an insurance company, although they surely understand the effect of a dirty Carfax report on a car's value.
Try not to go crazy over it, your car is still a very nice car.
Marty

05-16-2019	#2
LGAFF Join Date: Mar 2007 Location: Crystal Lake, IL Posts: 7,194	Re: Insurance saga continues... help on "Loss of value" claim help please Diminished value was originally a legal compensation option made in lieu of an actual repair. Its rarely paid on claims as the vehicle should be put in pre-accident condition post repair, an issue with the repair would then generally fall upon the shop. That being said anyone can make a claim for diminished value... the only state that actually mandates diminished value payments on first party claims is GA... you might start there to calculate your claim as a basic formula is used. Another option would be to have an appraiser give you a value pre and post loss. But an argument needs to be that the damage in and of itself is diminishing the value and not flaws in the repair https://diminishedvalueofgeorgia.com..._Worksheet.pdf __________________ LGAFF 90 #966-150K miles-sold 92 #234-sold 1987 Callaway TT #17 1991 ZR-1 #1359

05-16-2019	#3
billschroeder5842 Join Date: Nov 2016 Location: Southlake, TX Posts: 592	Re: Insurance saga continues... help on "Loss of value" claim help please Looks like Texas has a similar law? https://www.collisionclaims.com/texas-diminished-value/ The link is from a company that specializes in valuations. Maybe I'll just get some professionals involved. __________________ Bill Schroeder Texas Proud! 1991 Corvette ZR1 #1388 2015 Challenger Scat Pack Shaker

05-17-2019	#4
LGAFF Join Date: Mar 2007 Location: Crystal Lake, IL Posts: 7,194	Re: Insurance saga continues... help on "Loss of value" claim help please No every state has people that offer to pursue this...... GA is unique because its mandatory to pay to an insured vs a claimant. Anyone can pursue it ...companies may or may not pay it. __________________ LGAFF 90 #966-150K miles-sold 92 #234-sold 1987 Callaway TT #17 1991 ZR-1 #1359

05-17-2019	#5
LGAFF Join Date: Mar 2007 Location: Crystal Lake, IL Posts: 7,194	Insurance saga continues... help on "Loss of value" claim help please It’s a potential element of damages on any claim but you have to prove your damages post repair In 25 years of doing claims in every state in the US I just don’t see it done often and or successful. A company will make an economic decision though they won’t spend 3k to defend a 1k claim Sent from my iPhone using ZR-1 Net Registry __________________ LGAFF 90 #966-150K miles-sold 92 #234-sold 1987 Callaway TT #17 1991 ZR-1 #1359 Last edited by LGAFF; 05-17-2019 at 12:40 AM.

05-17-2019	#6
EvanZR1 Join Date: Nov 2010 Location: Omaha Posts: 403	Re: Insurance saga continues... help on "Loss of value" claim help please I have not had to do it in Texas, but in Oklahoma I got 10% of the current value of the car in addition the full coverage of the repair. This was on just a daily driver Firebird. On something as rare as a ZR-1, it's going to be hard to judge what the impact is, so you may end up having to push for something similar (% of value). __________________ Evan 2024 Z06 SOLD - 1991 Admiral Blue ZR-1 SOLD - 2012 Carlisle Blue Metallic ZR1 - 800HP SOLD - Steel Blue 91 391cid ZR-1 #391 SOLD - Black 91 ZR-1

05-17-2019	#7
DRM500RUBYZR-1 Join Date: Sep 2008 Location: Mullica Hill, New Jersey Posts: 2,593	Re: Insurance saga continues... help on "Loss of value" claim help please Good luck with this one! It is generally accepted that a car with accident history is worth "somewhat" less than the same car with no accident history. There are some who will not even look at a car that has accident history on Carfax or Auto Check. I cannot suggest how to help you extract more funds from the insurance company. I suspect it can be done, but it will be a challenge. However, I suggest you maintain a complete file of paperwork and pictures that document the incident. Yours, while upsetting, was really not bad. Pictures and cancelled checks for the repairs should support that statement to a potential buyer should you elect to sell. If every car that had accident history "plummeted" in value, there would be a lot of bargains out there. It surely has some effect, but if the work was done by a quality shop, then if you can document that, it should blunt the value decrease. I usually find that no accident, no paintwork cars command a premium over the book values, particularly if a lower mile example. Such a premium would be difficult to document for an insurance company, although they surely understand the effect of a dirty Carfax report on a car's value. Try not to go crazy over it, your car is still a very nice car. Marty