Ferrari Mailing List: Re: Accident

[Matt Boyd (ferrari308driver]

Alan brings up a good point regarding diminished value. I have a friend who specializes in appraising diminished value on high end cars. He's here in the DC area and I don't know that he'd work in your area (he might), but he's in a network of folks who do this type of work. If you're interested I can hook you up with him to see if he knows someone GOOD in your area to help with diminished value, how to deal with insurance companies regarding diminished value, etc. He's gone to court many times to deal with this issue (as an expert witness).

-matt

On Tue, May 16, 2023 at 11:02 AM <atebby [at] earthlink.net> wrote:

Clyde:

 

Sorry to hear about the accident. How your coverage is handled will depend on where the accident occurred. If it was in Georgia, which is an "at fault" State, then the driver who hit you will be responsible for the repairs.

 

If it happened in say Florida, which is a "no-fault" State, the two insurance companies will "battle it out".

 

Assuming it happened in Georgia, then you can take the vehicle anywhere you want to be repaired. I would suggest getting three repair estimates and submitting those to the "at fault" insurer. Ideally, they should all be consistent.

 

The next thing that I would do is contact a Ferrari dealer and ask what the car is worth today, with the repairs being completed versus what the car is worth without any accident. This number is the diminished value, which you are entitled to collect.

 

For instance, with the car worth $100K without damage and the dealer says on a retail level, because of the damage, the car is worth 90K retail, then you would be entitled to an additional 10K at settlement. You are being paid for the reduction in value due to the negligence of their insured.

 

If the at fault insurer has issues with the appraisal and its respective differences, you can invoke the appraisal clause in your contract and the at fault insurer will pay for a third party to mediate the respective appraisals and the difference in retail values.

 

Good Luck,

 

Alan

 

 

From: Ferrari <ferrari-bounces+atebby=earthlink.net [at] ferrarilist.com> On Behalf Of Clarence Romero Jr.
Sent: Monday, May 15, 2023 7:01 PM
To: Alan M. Tebby, D.C. <atebby [at] earthlink.net>
Cc: The FerrariList <ferrari [at] ferrarilist.com>
Subject: [Ferrari] Accident

 

Guys I was backed into while driving my 575

The other guy had State Farm insurance 

When I contacted them they told me after I produced the accident report and the other driver got ticketed I could take my car anywhere I want too and get it fixed

They had one of there guys do and estimate 

It was a low ball by a lot

So be aware if you get smacked by an State Farm vehicle they don’t play fair ( used car salesman) 

I am giving them until Wednesday to pony up or else I go to my insurance company with documentation and let them handle it 

Will keep you guys advised 

 

 

     RF4-4EVR

Scars are Tattoos with better stories !

 

If you have no enemies, you have no character !

 

Clyde Romero    

 

 

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