Viper Diminished Value Claims

[russellesq]

My 2003 Vert got hit from behind. Car had no prior accidents and was clean with very low miles. I think everyone will agree that with all things considered equal, a Viper with an accident compared to one that has no accidents is worth less. The question is determining that exact dollar value. Anyone aware of an appraiser or expert that can testify as to the lost value of the Viper now that it has been involved in an accident?

 

[Flexx91]

Give Jon B. at Partsrack a call or send him an email. He has helped others with diminished value claims.

 

[RobZilla]

Give Jon B. at Partsrack a call or send him an email. He has helped others with diminished value claims.

What he said.

 

[Wolfc2e]

What he said.

I third..

Thankfully I've never been in this situation but I've known a few who have. Jon B is very good with this.


Edit: A couple of success stories.

http://forums.viperclub.org/virginia-maryland/637989-big-thank-you.html

http://forums.viperclub.org/general-viper-discussion/617360-thanks-jonb-partsrack.html

 

[lagalaxy13]

Great post, something to keep in mind if the time ever comes.

 

[Venomiss]

My 2003 Vert got hit from behind. Car had no prior accidents and was clean with very low miles. I think everyone will agree that with all things considered equal, a Viper with an accident compared to one that has no accidents is worth less. The question is determining that exact dollar value. Anyone aware of an appraiser or expert that can testify as to the lost value of the Viper now that it has been involved in an accident?

Contact those dealers who specialize and sell Vipers every day is another idea.
Tomball, Woodhouse, Roanoke - just to name a few.

My guess is they can fax you a statement from the information as to the condition of your Viper along with what it would be worth on the open market.

Good luck with it.

Hopefully you can join the club and not have to get rid of your Viper.

 

[kcobean]

Contact those dealers who specialize and sell Vipers every day is another idea.
Tomball, Woodhouse, Roanoke, just to name a few.

My guess is they can fax you a statement from the information as to the condition of your Viper along with what it would be worth on the open market.

Good luck with it.

Hopefully you can join the club and not have to get rid of your Viper.

I agree strongly with this. Getting the 'testimony' of dealers who sell Vipers both new and used who can attest to the diminished value of a Viper with a "history" will be important to fighting the DV claim with your insurance company.

 

[KNG SNKE]

Jon B is the man to talk to. Helped me deal with my insurance company and saved me extra money off the Viper.

 

[Twister]

johnB was more than willing to help me when I wrecked a 2003 viper a few years back

 

[VIPER GTSR 91]

Bill Pemberton would be of great help to you on this. Call him at Woodhouse Dodge.

 

[agentf1]

I would say Jon B. or Bernie from BJ Motors should be able to help you out.

 

[bluesrt]

wow poor guy is really confused nowwho di call---flip a coin-- in all sincerity good luck and sorry it happened

 

[PDCjonny]

Most dealers won't even take in a car that's been hit for trade, period.
Get all you can from the insurance.

 

[georgethedog]

Help me out with my ignorance. Scenario: A Viper owner gets into a wreck and the car is repaired. I had no idea you could make a claim with your own insurance company on diminished value? What part of an insurance policy covers dimished value? Maybe I need a new policy??? Someone please explain this... Thanks.

 

[jknappster]

Bill Pemberton would be of great help to you on this. Call him at Woodhouse Dodge.

Bill is awesome in this area. He helped me when my '94 was hit.

 

[JonB]

wow poor guy is really confused nowwho di call---flip a coin-- in all sincerity good luck and sorry it happened

You must be correct, since he has not replied!

 

[georgethedog]

Help me out with my ignorance. Scenario: A Viper owner gets into a wreck and the car is repaired. I had no idea you could make a claim with your own insurance company on diminished value? What part of an insurance policy covers dimished value? Maybe I need a new policy??? Someone please explain this... Thanks.

Gee Georgethedog, maybe people are so stunned at your sheer ignorance they are igoring your question. Sorry, but I don't know the answer either.

 

[kcobean]

Gee Georgethedog, maybe people are so stunned at your sheer ignorance they are igoring your question. Sorry, but I don't know the answer either.

LOL...Your multiple personality disorder is showing!

I don't know the answer either. I would have thought it would be pursued via the other persons insurance, since ultimately the diminished value is the fault of their policy holder. Perhaps you go through your company and let their lawyers battle it out?

 

[RTTTTed]

George, it's the responsibility of the insurance co. to fix and or replace your car to, or better than it was before the accident. That obviously should include the car's resale value. Most other cars don't lose as much value because of an accident so it's not an issue.

Not a lot of used 90s cars are worth a normal price range of $25-50,000.

 

[AZTVR]

George, it's the responsibility of the insurance co. to fix and or replace your car to, or better than it was before the accident. That obviously should include the car's resale value.

I think that the basic question is what exactly is the legal or contractural responsibility of the insurance company to make the owner "whole" again.

If you only have liability, and don't have comprehensive or collision or uninsured motorist coverage, the answer is simple. But that obviously doesn't describe 99.8% of Viper owners.

I would guess that it depends on state and federal regulations, and what is in the contract you entered into with your specific insurance company. I don't know if there is a standard, required, wording in every insurance policy sold in the US and Canada, or can it vary subtlely from company to company.

I guess that it depends on how much governement control there has been applied.

 

[georgethedog]

LOL...Your multiple personality disorder is showing!

Yes, I have other disorders too... some are not for public consumption and some are public consumption... I need lots of meds! I think it was the accounting degree that started everything. I think I want to be a lumberjack!

 

[Camfab]

This may not apply directly in this case, but it's something to think about. If your car isn't a daily driver, an agreed value ploicy is the way to go. Particularly now with the values dropping and a larger base of hammered cars that will only serve to lower values even more. As of late I've seen some really bad cars out on the streets, mostly rebuilt cars with washed titles being peddled by used car charlatans.

 

[georgethedog]

This may not apply directly in this case, but it's something to think about. If your car isn't a daily driver, an agreed value ploicy is the way to go. Particularly now with the values dropping and a larger base of hammered cars that will only serve to lower values even more. As of late I've seen some really bad cars out on the streets, mostly rebuilt cars with washed titles being peddled by used car charlatans.

I agree. I will talk with my agent.

 

[russellesq]

Thanks everyone for their comments. Like you said, compared to all other cars, an accident for a Viper is a big deal. Since I have had the car for less than a year, I am not inclined to lose all that money now when I had no fault in it.

 

[russellesq]

Give Jon B. at Partsrack a call or send him an email. He has helped others with diminished value claims.

Thanks for the info. I was waiting to get some replies before I responded!

 

[russellesq]

Contact those dealers who specialize and sell Vipers every day is another idea.
Tomball, Woodhouse, Roanoke - just to name a few.

My guess is they can fax you a statement from the information as to the condition of your Viper along with what it would be worth on the open market.

Good luck with it.

Hopefully you can join the club and not have to get rid of your Viper.

Already a member of the club and part of the South Florida group. Just have not had a chance to make it to an event yet. The Viper has been in the shop for over 3 weeks now, what a nightmare.

 

[russellesq]

I think that the basic question is what exactly is the legal or contractural responsibility of the insurance company to make the owner "whole" again.

If you only have liability, and don't have comprehensive or collision or uninsured motorist coverage, the answer is simple. But that obviously doesn't describe 99.8% of Viper owners.

I would guess that it depends on state and federal regulations, and what is in the contract you entered into with your specific insurance company. I don't know if there is a standard, required, wording in every insurance policy sold in the US and Canada, or can it vary subtlely from company to company.

I guess that it depends on how much governement control there has been applied.

I am a lawyer and I think you hit it on the head. I never had to deal with something like this before so it is confusing even for me and I do handle insurance claims! I have been told that you can only go after the party that hit the car and not your own insurance carrier. This must be in the insurance policy because the contractual duty is to make me whole. I will do what everyone should do when liability is disclaimed, request a copy of the policy and demand that the insurer tell me where in the policy such damages are not allowed. Since I pay for insurance it would appear that the insurer should be going after the other side instead of me. The insurer already does this for subrogation purposes why not for diminished value? I will post more once I find some answers.

 

[Hoosier Daddy]

Ther are only a few states left that allow first party (your fault) accidents to allow you to claim diminished value against the policy. Search the web. If you are at no fault (3rd party) your entitled to a diminished value claim in any state against the other insurance company.

 

[Venomiss]

Already a member of the club and part of the South Florida group. Just have not had a chance to make it to an event yet. The Viper has been in the shop for over 3 weeks now, what a nightmare.

Welcome and sorry to hear that.
Since you are a VCA member be sure and PM kcobean or Lee00BlacksilverGTS here on the boards with your number and profile filled out.
That will get you to see more of the site.
I would be calling Ivan ** your local VCA president for places to call first for referrals on paper on what your car is worth.

 

[kcobean]

Welcome and sorry to hear that.
Since you are a VCA member be sure and PM kcobean or Lee00BlacksilverGTS here on the boards with your number and profile filled out.
That will get you to see more of the site.
I would be calling Ivan ** your local VCA president for places to call first for referrals on paper on what your car is worth.

Meh....who wants to wait! Profile updated.

(Thanks for the heads up Misses Venomisseseseses)