This is a repost...if no one has any suggestions can someone point me in the direction to where I can get some information please?
Thanks,
Nic
Help Please....
I have a couple of questions concerning hit and run damage to my car and filing an insurance claim for "Inherrent Diminished Value". There seems to be a great number of very knowledgable folks on this forum as well as the Reatta Forum where I spend a lot of my spare time. I have received some great feedback from the Reatta forum on location of some articles, but I am still lacking information leading to a successsful form format - preparation / submission.
In December a distant neighbor backed down his driveway and hit me broadside where I was parked while broken down with a Dodge 4 X 4. Only did about 15-1600.00 worth of damage, but the injury was to an exceptionally nice example of a 90 gray coupe.... protected/garaged and well cared for with original paint. The fellow and his neighbors huddled and collectively decided that he should play innocent and leave me to file a claim with my insurance company. I found out that they all decided this while standing around my damaged car that was displaying my disabled veteran wheel chair tag >>> not nice . I did a little detective work and with the tiny little pinhead speck of burgandy paint that he neglected/missed to clean off of my car figured him out....called the law
Anyway, my problem/questions:
Is anyone familiar with inherrent diminished value calims, the format for producing a claim, and how to determine the value of a claim?
Note...When I Googled D/Value I discovered several sites that provided a loss value service, but they charged several hundred dollars.
Now there may be a question of it just being a 1990 used automobile, but the Buick Reatta has been becoming a serious collectable for years now, has a forum dedicated exclusivly to itself on the Antique Automobile Club of America site, and was featured as "One of the 10 Most Collectable Automobiles for 2005" in Januarys edition of Hemmings. Nice examples of the Reatta hold value, in fact are increasing in value rapidly. If I were to attempt to sell my coupe tomorrow (after quality repairs had been performed) the purchaser not only would ask for a carfax to determine if there had been accident damage, but could see it as there is no way to match paint either in shade or finish. You can try to fool with blending etc., but an experienced eye will know. The buyer would ask for a substantial discount due to the damage no matter how extensive (if he didn't pass it up entirely).
My main problem is the formal or legal format to gererate the claim>>>
Is there anyone with previous experience with this type of situation or can point me in the right direction for enlightment?
I think a reasonable amount (since there was not frame or structural damage) to ask for is in the area of 15 to 20% of NADA clean retail or a realistic % of CPI, and any suggestions here would also be appreciated. (CPI=Cars of Particular Interest).
Now this would not be a terribly large claim in value, but considering the circumstances under which it happened, I feel it necessary to pursue if for no other reason the principal of it.....AND because of the overall condition of the vehicle (I would genuinely rate it a 8 on a 10) it would be of interest to a hobbist/collector, and I would definitely loose money when selling.
Current NADA Book values are as follows:
clean 3900, average 5150, and high 6175. Please keep in mind that any "book" is a guide and NADA is a used car book for average automobiles....not classics, antiques, or collectables. CPI is the book that should be consulted in this case however I do not have one.
Information compiled from this incident may very well help someone else on the forums in the future.....
Any help afforded will be greatly appreciated. Sorry for the long winded post...and excuse any spelling/grammar errors please....
Nic
__________________
'90 Reatta Gray Coupe
'90 Reatta Select Sixty
Last edited by Nic Walker on 03-01-2005 at 10:08 PM
c
Thanks,
Nic
Help Please....
I have a couple of questions concerning hit and run damage to my car and filing an insurance claim for "Inherrent Diminished Value". There seems to be a great number of very knowledgable folks on this forum as well as the Reatta Forum where I spend a lot of my spare time. I have received some great feedback from the Reatta forum on location of some articles, but I am still lacking information leading to a successsful form format - preparation / submission.
In December a distant neighbor backed down his driveway and hit me broadside where I was parked while broken down with a Dodge 4 X 4. Only did about 15-1600.00 worth of damage, but the injury was to an exceptionally nice example of a 90 gray coupe.... protected/garaged and well cared for with original paint. The fellow and his neighbors huddled and collectively decided that he should play innocent and leave me to file a claim with my insurance company. I found out that they all decided this while standing around my damaged car that was displaying my disabled veteran wheel chair tag >>> not nice . I did a little detective work and with the tiny little pinhead speck of burgandy paint that he neglected/missed to clean off of my car figured him out....called the law
Anyway, my problem/questions:
Is anyone familiar with inherrent diminished value calims, the format for producing a claim, and how to determine the value of a claim?
Note...When I Googled D/Value I discovered several sites that provided a loss value service, but they charged several hundred dollars.
Now there may be a question of it just being a 1990 used automobile, but the Buick Reatta has been becoming a serious collectable for years now, has a forum dedicated exclusivly to itself on the Antique Automobile Club of America site, and was featured as "One of the 10 Most Collectable Automobiles for 2005" in Januarys edition of Hemmings. Nice examples of the Reatta hold value, in fact are increasing in value rapidly. If I were to attempt to sell my coupe tomorrow (after quality repairs had been performed) the purchaser not only would ask for a carfax to determine if there had been accident damage, but could see it as there is no way to match paint either in shade or finish. You can try to fool with blending etc., but an experienced eye will know. The buyer would ask for a substantial discount due to the damage no matter how extensive (if he didn't pass it up entirely).
My main problem is the formal or legal format to gererate the claim>>>
Is there anyone with previous experience with this type of situation or can point me in the right direction for enlightment?
I think a reasonable amount (since there was not frame or structural damage) to ask for is in the area of 15 to 20% of NADA clean retail or a realistic % of CPI, and any suggestions here would also be appreciated. (CPI=Cars of Particular Interest).
Now this would not be a terribly large claim in value, but considering the circumstances under which it happened, I feel it necessary to pursue if for no other reason the principal of it.....AND because of the overall condition of the vehicle (I would genuinely rate it a 8 on a 10) it would be of interest to a hobbist/collector, and I would definitely loose money when selling.
Current NADA Book values are as follows:
clean 3900, average 5150, and high 6175. Please keep in mind that any "book" is a guide and NADA is a used car book for average automobiles....not classics, antiques, or collectables. CPI is the book that should be consulted in this case however I do not have one.
Information compiled from this incident may very well help someone else on the forums in the future.....
Any help afforded will be greatly appreciated. Sorry for the long winded post...and excuse any spelling/grammar errors please....
Nic
__________________
'90 Reatta Gray Coupe
'90 Reatta Select Sixty
Last edited by Nic Walker on 03-01-2005 at 10:08 PM
c
).......at least want to know if it will be advantageous if I pay them. 