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When a woman comes up and askes, "Is that your Corvette?", it is usually a good thing. That wasn't the case for me last week, because she had backed into my baby.

Here are some pictures .

The main reason I'm posting this is to find out about insurance claims. She had insurance and they are going to cover the cost of the repairs. Some have suggested that you can get extra money from them because this will ultimately lower the future value of the car. I talked to my insurance agent first and he had never heard of this. Just wondering if anyone out there knows anything about any extra claim for the lowered value of the car?
 

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Man, sorry to hear about this. That lady hit your car pretty hard and thats not going to be cheap to fix. I have heard of people getting extra money for lowering the vlaue of a car but I have not found anyone who directly knows anything about it. Hope you get your car fixed soon and back on the road, good as new! :usa:
 

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Thats called diminished value. Every claim rep knows about it. They sure won't offer it if you don't ask.

Joe

LKGRenegade22 said:
I have heard of people getting extra money for lowering the vlaue of a car but I have not found anyone who directly knows anything about it. :usa:
 

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Ouch... sorry to hear about your Z16. What did she hit you with? That's a pretty good shot you took. I hope you get it fixed soon. Richey Road Collision on the NW side of town, I hear they are top notch.

As for the insurance, I would definitely ask for diminished value compensation and point out it's a limited edition Z16!!! I've already shared my disdain for insurance cos (no offense to Norm and others in the biz... but...).

Best of Luck! :guiness:
 

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If it is fixed properly, ie, replaced with OEM parts, there will be no diminished valve. IMNSHO
 

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there will be a diminshed value on your car. When my SS was hit, I had all factory parts replaced and still got a dimnished value check also. Do some research though and find out how much your car would really depreciate due to the car now being in an accident.
 

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I am unsure how it all works out. I am sure someone on here can explain it. However I can say I wish you good luck because insurance is a joke! I got hit in my camaro last year by a guy that ran a red light (he got a ticket). Looking at the car I should have been killed but since I only had a concussion and a spiral fracture I got $1800 out of the settlement, not even enough to recoop the money I lost in mods done to the car!
 

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Sorry to hear of your plight.
I would have said to her, 'keep on :cen: talkin, I'm just reloading'!
 

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LKGRenegade22 said:
I am unsure how it all works out. I am sure someone on here can explain it. However I can say I wish you good luck because insurance is a joke! I got hit in my camaro last year by a guy that ran a red light (he got a ticket). Looking at the car I should have been killed but since I only had a concussion and a spiral fracture I got $1800 out of the settlement, not even enough to recoop the money I lost in mods done to the car!
I'm not sure if your car was a total loss or not but for the most part if your mods excede the value of your car, the insurance co will total your car and give you the actual value of it. So if you spent 30k worth of mods in a car that is worth 2k actual cash value...time to get a lawyer and sue the driver not the insurance company.
 

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As others have already advised you, its called diminished value. Get every penny you can because as you know even if you didn't wreck it Carfax still shows whenever its been in the shop for repairs, even if it was something minimal. I've been going thru this for the last year, since mine was damaged during a theft while parked at the dealership for repairs. Mine happened last September and they still have my car trying to get the paint right. Thats why I bought the M/C, I needed something to play on!
 

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How sad, same thing happened to me three months ago, lady in huge SUV backed into my TRZ. She paid cash for the fix needed a rear quarter panel was $900. when all said and done. I had no broken lights or other damage as unfortuneately you seem to have had. She said she did not see it, now holy moly how do you not see an arrest me red Z06? But as with all things it passed and so will your momentary blip, stay tuff, you'll be back out there soon...........
 

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I have noticed that SUV drivers simply can't see us due to the size of their large vehicle and our small Z's. I kinda feel like a mouse in a elephant cage in parking lots and am very cautious arround any large vehicle. Anyway, accidents happen, yes it will never be the same but it should'nt cost you any money. You will just be without your baby for a few weeks. Sorry about your Z. :cheers:
 

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Sorry about your misfortune. A friend of mine recently had a 4WD pickup back into him at a R/R crossing. Her excuse "I just didn't see you"!
 

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Discussion Starter #15
She was in a SUV. If they can't see out the back, they should look before they get in their car. I always do before I back out of my garage because I have a ton of kids on my street and they play in my yard a lot.

As for the repairs, they are going to replace the back plastic and rear quarter panel. The only thing that bothers me about the quarter panel is that they have to take the top off the car to replace it.

Thanks for all the advice. Sounds like there is something extra to be gained. Any idea how much we are talking about? Like the payment itself, the insurance company probably won't offer what they should pay thinking I'll just take their offer.
 

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My agent does NOT allow "diminished value".

Be sure you get a good shop to fix the car!

-Bill. :bmad:

GOOD LUCK.
 

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hub_cap said:
If it is fixed properly, ie, replaced with OEM parts, there will be no diminished valve. IMNSHO
:roll: ummm... okay. What's the mailing address for my premiums again? :D

Glad to hear you have it at a shop already. Hopefully, they get you back on the road soon. The lady was probably telling the truth in that she didn't see you.

Most people who drive those bohemoths haven't the foggiest clue how to properly set the mirrors, safety pre-flight checks, etc... thus the "esuvee" PSAs in all the mags and on tv.

I always walk around my car before I even unlock the doors to make sure there isn't some little kid playing behind it and visually inspect the tires. I guess I'm anal like that...
 

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It's time to go into @$$hole mode and fight for every penny. Your car WILL be decreased in value, and it's a Z16. Years from now, when these are collector's items, yours will be severely devalued. Lets say that one in good condition is worth $60,000 x number of years from now. When someone runs a carfax on your car, you're not going to get 60k since it has been wrecked/repaired. If I were you, I'd look for another z16 in perfect shape with similar miles, then demand the difference between what you pay for it and what you can sell your car for. But I'm anal like that. Even with just a regular coupe, this is what I did when I was in your situation 2 years ago. I especially wouldn't want to own/be paying big $$$ for a Z16 that was wrecked.
 

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Check out this thread http://z06vette.com/forums/showthread.php?t=77546&highlight=insightful+insurance

Particulary this quote posted by ROSSO Z

I pulled this off of an Audi Club site.

So your cherished Audi got T-boned by some moron in a rustbucket Tercel, and
you heard that the insurance company might pay you hundreds or even
thousands of dollars for something called a "DV claim". Is it too good to
be true?

No, you heard it right. A diminished value insurance claim lets you recover
losses above and beyond the actual repair costs. It's uncommonly easy to
file and win a DV claim, but most drivers don't know they exist -- and
insurance agents don't suggest them for obvious reasons.

I originally wrote this article in 2002 based on my personal experiences
filing a DV claim on my Audi TT. Since then, I have walked several friends
through similar claims with happy results, so I'm glad to share my notes
with others who might benefit.

Just what is a DV loss?
-----------------------

Once your car has been wrecked, even the best body shop cannot restore the
car to its full before-accident value. Sure, the insurance company will
cover the repair bills, but your car will be worth less -- maybe a LOT less,
depending on the circumstances. That "diminished value" represents a loss
to you, and you have every right to be reimbursed for it.

How do I file a claim?
----------------------

In a nutshell, the procedure is: fix car, get car appraised, get paid.

Before you do anything, let the initial trauma of the accident subside!
There's no urgent need to make the DV claim right away. Relax, set up the
initial insurance claim for the repairs, and let the insurance companies
squabble over who was at fault.

Once you have established the repair claim and finished grieving over your
damaged car, you have two phone calls to make.

First, inform the insurance agent that you intend to file a DV claim. Not
all agents are familiar with them, so keep asking until you find someone who
is. You will eventually need to get your car appraised, so ask whether the
insurance company has any restrictions on who does the appraisal. They will
probably say that you may use any licensed appraiser.

Second, find an appraiser who has prior experience doing DV claims. Don't
make the appointment yet; just confirm that the appraiser is licensed and
has worked on DV claims before.

Once you make those initial phone calls, wait until AFTER the repairs have
been finished. Drive the car for a few days. Convince yourself that the
repairs are completely finished to your full satisfaction, and will not
require any return trips for follow-up repairs. Then, and only then, get
the appraisal done.

The result of the appraisal should be a certificate stating the amount of
the loss. Send a copy of the certificate to the insurance company, and they
should issue you a check with minimal fuss and bother. It is theoretically
possible that the insurance company might challenge your claim, but in my
experience a challenge is unlikely if you use a reputable appraiser.
Speaking of which ...

How do I find an appraiser?
---------------------------

Most body shops can recommend an appraiser. If you live in Virginia, you
can try the one I used:

Lanny Blaine Insurance Appraisal Service
PO Box 365, Catharpin, VA 20143
703.754.1857 or 703.754.0453 (no email address)

Blaine was prompt, friendly and professional, and I recommend him highly.
My total cost was $188 including travel expenses, since he performed the
appraisal at my office in Alexandria.

How much money might I recover?
-------------------------------

The dollar amount depends on three things: your car's value before the
accident, the extent of the damage, and the quality of the repairs.

As a rough guess, figure on recovering 7% of your car's before-accident
wholesale value. For example: My car's wholesale value before the accident
was $30,000. The appraiser estimated my DV loss as 7% of wholesale, or
$2100. That was how much Allstate gave me -- no questions asked. From other
cases I have seen, those numbers are typical.

The appraiser's estimate of 7% was based on two things: the extent of the
damage, and the quality of the repair work.

In my case, the cost of the repair was $6000 (20% of the wholesale value).
The repairs were done by Wagonwork, which is a top-notch shop that restored
the car fairly close to its original condition. If the damage had been more
extensive, or if the shop had botched the repairs, the loss might have been
greater than 7%. If the damage had been light or the shop had done
near-perfect repairs, the loss might have been less than 7%.

Note that your settlement probably will NOT include the cost of getting your
car appraised. That cost is easy to swallow if the DV settlement is a
couple grand. But if your car's wholesale value is only $5,000, a DV claim
may not be worth the effort since it would barely exceed the cost of the
appraisal.

What other resources can I check?
---------------------------------

For another viewpoint, take a look at www.ClaimCoach.com. Apparently, you
can get a "free" estimate of how much a DV claim might be worth. (Take the
word "free" with a grain of salt, since most "free" services are aimed at
getting you to buy something.) You can also get a "Detailed Diminished
Value Report" for $59, but I'd check with the insurer first to make certain
they'll accept the report. I have never used this service, so I don't know
anything about it.

Good luck!
 

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Sorry to hear about your Z16. :( Try to get as much money as you can get (obviously) !

Alex
 
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