Accident Advice
01-01-2010, 02:48 AM
#1
Instructor
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Accident Advice
This past weekend, I got into an accident. Saturday night, immediately after a rain storm, I was traveling on the highway. Changing lanes, hit a puddle, and went about 65-70MPH into a concrete barrier on the side of the highway. Impact was limited to front right corner of car. Car was flatbeded to a Premier Dealership body shop. They sent me a preliminary estimate, coming to just under $20k in damages, with more almost sure to come. Car is a 3 month old 09 C4S launch car with ~8000 miles.
I talked with adjuster and he said based on the info so far, it'll most likely be a repair and not a total. My first accident, I'm not really too sure what to do or how to handle it. I was planning on keeping the car for about another year or two and then selling / trading it for a new one. Is it better to get the car totaled then repaired due to the resale impact? Can I push for a total? Is there any way I can argue some "loss of value" for the car? How much is resale impacted and whats the best course of action to minimize my loss? Any advice is appreciated.
I talked with adjuster and he said based on the info so far, it'll most likely be a repair and not a total. My first accident, I'm not really too sure what to do or how to handle it. I was planning on keeping the car for about another year or two and then selling / trading it for a new one. Is it better to get the car totaled then repaired due to the resale impact? Can I push for a total? Is there any way I can argue some "loss of value" for the car? How much is resale impacted and whats the best course of action to minimize my loss? Any advice is appreciated.
01-01-2010, 02:55 AM
#2
Nordschleife Master
They will check the frame and it should be fine. It looks a lot but they will replace body panels (insist on OEM parts throughout) and it will be like new.
01-01-2010, 03:38 AM
#3
Don't see totaling it as a possibility. Repair est. would have to be 40 - $50k +. More than half the value of the car.
This is when leased vehicles are nice. You just turn it back in at lease end and let Porsche deal with the diminished value.
Phil
This is when leased vehicles are nice. You just turn it back in at lease end and let Porsche deal with the diminished value.
Phil
01-01-2010, 04:44 AM
#4
Wow, sorry to hear about this.
The cost of repairs to these cars is simply astounding.
I doubt your insurance company with spring for a total replacement of the car. Makes no economic sense from their POV.
The cost of repairs to these cars is simply astounding.
I doubt your insurance company with spring for a total replacement of the car. Makes no economic sense from their POV.
01-01-2010, 07:05 AM
#5
diminished value is real as per the manager at my local Porsche dealership. My Cayenne GTS was hit in the rear HARD while stopped at a red light the week before Christmas by a young man in a Suburban who was not watching. Impact was greater than 20MPH.
As said by others, unless there is more damage to bring the repairs up to at least 50% of market value OR significant frame damage you will not get the vehicle totaled. Again, my research on Porsche damage is that if there is frame damage Porsche will not "CPO" the vehicle nor will they sell it on their lot. If no frame damage there is still "diminished value" that will follow the car forever even if fixed by the best body shop and in more and more states you have the right to collect it. My insurance company stated that they would not honor it under my policy but since my incident was not my fault I can press for it from the other parties insurance, who by the way had admitted liability. I have no clue iof you can file for diminished value if the accident was a one car and your fault, you will have to check with your insurance company on that. I understand their are some guidelines for the diminished value recoverable basically a percent of the cost of repairs. I wish you good luck. I will hopefully have our Cayenne back the middle of January. If you have a relationship with your local dealer have the manager do a written appraisal of your vehicles value just before the accident and after repairs are made ie what is the diminished value should you trade the car in.
As said by others, unless there is more damage to bring the repairs up to at least 50% of market value OR significant frame damage you will not get the vehicle totaled. Again, my research on Porsche damage is that if there is frame damage Porsche will not "CPO" the vehicle nor will they sell it on their lot. If no frame damage there is still "diminished value" that will follow the car forever even if fixed by the best body shop and in more and more states you have the right to collect it. My insurance company stated that they would not honor it under my policy but since my incident was not my fault I can press for it from the other parties insurance, who by the way had admitted liability. I have no clue iof you can file for diminished value if the accident was a one car and your fault, you will have to check with your insurance company on that. I understand their are some guidelines for the diminished value recoverable basically a percent of the cost of repairs. I wish you good luck. I will hopefully have our Cayenne back the middle of January. If you have a relationship with your local dealer have the manager do a written appraisal of your vehicles value just before the accident and after repairs are made ie what is the diminished value should you trade the car in.
01-01-2010, 08:48 AM
#7
Rennlist Member
Here's what I would do:
1. Try to get some "diminished value" from your insurance company, but accept the fact that you will probably be unsuccessful. Chances are, it is spelled out in your policy.
2. Get it repaired at the best Porsche-approved shop you can find. Take pictures during the process.
3. This is the most important step. If you are the type of person that will be bothered by knowing that the car was in an accident and then repaired, cut your losses. Sell the car, being 100% honest and upfront with the buyer (share the repair pics). Take the financial loss (think of it as a stock that tanked!).
4. Go buy a new one (and look out for puddles of water on the highway).
On the other hand, if you watch how they repair it, you may come to the conclusion that it is like new, then in that case keep it and sell it later when you had planned.
But really, if it bothers you, sell it to someone who doesn't have the emotional connection, regret, etc that you may have. No point in you driving around for another 2 years in a car that you feel is compromised. Again, using the stock analogy, the loss has already occurred (the accident), you just haven't sold yet.
1. Try to get some "diminished value" from your insurance company, but accept the fact that you will probably be unsuccessful. Chances are, it is spelled out in your policy.
2. Get it repaired at the best Porsche-approved shop you can find. Take pictures during the process.
3. This is the most important step. If you are the type of person that will be bothered by knowing that the car was in an accident and then repaired, cut your losses. Sell the car, being 100% honest and upfront with the buyer (share the repair pics). Take the financial loss (think of it as a stock that tanked!).
4. Go buy a new one (and look out for puddles of water on the highway).
On the other hand, if you watch how they repair it, you may come to the conclusion that it is like new, then in that case keep it and sell it later when you had planned.
But really, if it bothers you, sell it to someone who doesn't have the emotional connection, regret, etc that you may have. No point in you driving around for another 2 years in a car that you feel is compromised. Again, using the stock analogy, the loss has already occurred (the accident), you just haven't sold yet.
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01-01-2010, 01:08 PM
#10
Burning Brakes
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Get the car fixed at a good place and drive the hell out of the car once you get it back and move on.
Its a bad break and sure you will have some monetary value lose on the car. But like a bad stock or business venture...$hit happens.
IMO many owners spend too much time worrying about the day they sell their cars.
Main thing, like others have said is that your OK. Some people don't walk away for 70 MPH impacts.
Its a bad break and sure you will have some monetary value lose on the car. But like a bad stock or business venture...$hit happens.
IMO many owners spend too much time worrying about the day they sell their cars.
Main thing, like others have said is that your OK. Some people don't walk away for 70 MPH impacts.
01-01-2010, 01:30 PM
#11
Sorry to hear about your troubles. jinjoe997 has provided good input in my opinion.
It does appear, however, to be repairable to an "as new" state and should be just as enjoyable. I know I would feel terrible as mine is a "keeper", not a lease. But looking back over the years, there were a number of things that have happened ( to my cars) and I had eventually gotten past them, emotionally.
Good luck to you on the repairs.
It does appear, however, to be repairable to an "as new" state and should be just as enjoyable. I know I would feel terrible as mine is a "keeper", not a lease. But looking back over the years, there were a number of things that have happened ( to my cars) and I had eventually gotten past them, emotionally.
Good luck to you on the repairs.
01-01-2010, 01:31 PM
#12
Burning Brakes
As others have said, you are lucky to have been unhurt.
In my business, I see people who are killed or seriously injured
in a significantly lower speed impacts than 65-70 mph.
Regarding loss of value, there is a lawsuit involving State Farm
where the Supreme Court addressed this issue (Mabry v. State Farm). The jurisdiction was the State of Georgia.
The Georgia Supreme Court developed a formula which must be used (in GA, however it applies to other jurisdictions as well) to calculate LOV (loss of Value).
In order to successfully collect LOV, the Court opined that there must be significant frame damage to the vehicle.
Many states uphold loss of value claims, however, The Supreme Court in two states, Delaware and Vermont, have entirely rejected the idea of diminished value.
Most importantly, when you are dealing with the adjuster, let him or her know that you are requesting loss of value. Many claimants do not bring up
diminished value and this makes the adjuster's job easier. If you
push the issue, the adjuster may take this into consideration, even
though you do not have significant frame damage.
In the end, unless an Insurance Company attorney gets involved,
the adjuster will make the final claims decisions. Develop a cordial
relationship with the adjuster and let him or her know you are requesting
loss of value.
Good luck with your claim, glad you were not injured, and
let us know how your final settlement turns out.
In my business, I see people who are killed or seriously injured
in a significantly lower speed impacts than 65-70 mph.
Regarding loss of value, there is a lawsuit involving State Farm
where the Supreme Court addressed this issue (Mabry v. State Farm). The jurisdiction was the State of Georgia.
The Georgia Supreme Court developed a formula which must be used (in GA, however it applies to other jurisdictions as well) to calculate LOV (loss of Value).
In order to successfully collect LOV, the Court opined that there must be significant frame damage to the vehicle.
Many states uphold loss of value claims, however, The Supreme Court in two states, Delaware and Vermont, have entirely rejected the idea of diminished value.
Most importantly, when you are dealing with the adjuster, let him or her know that you are requesting loss of value. Many claimants do not bring up
diminished value and this makes the adjuster's job easier. If you
push the issue, the adjuster may take this into consideration, even
though you do not have significant frame damage.
In the end, unless an Insurance Company attorney gets involved,
the adjuster will make the final claims decisions. Develop a cordial
relationship with the adjuster and let him or her know you are requesting
loss of value.
Good luck with your claim, glad you were not injured, and
let us know how your final settlement turns out.
01-01-2010, 02:01 PM
#13
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At least you have comprehensive insurance. I am self insured and would have had to eat the $20k or so. Of course I have the minimum liability insurance, but not by choice. I have amassed a small fortune by investing the saved insurance money over the years, but at a great risk. I have a 2007 Carrera S Cabriolet. If it wasn't for sales tax and the huge hit on trading in, I would trade up every year or so like you were thinking of doing. Worst case, if you get it fixed and sell it later, you will probably receive at least trade in value had it had not been damaged.
01-01-2010, 02:52 PM
#14
Pro
Sorry to hear about your accident. Good thing you are ok.
Nice color. Is that Slate Grey?
I dont think you can push to have the car "totaled". That would be up to the insurance company. Even if you did, my guess is you would have a "salvaged" title at that point which i dont think you want.
Nice color. Is that Slate Grey?
I dont think you can push to have the car "totaled". That would be up to the insurance company. Even if you did, my guess is you would have a "salvaged" title at that point which i dont think you want.
01-01-2010, 03:11 PM
#15
Rennlist Member
Hi Cam,
Sorry to hear about this. I agree with others that the extent of the damage will not warrant a total. Sounds like you know Sweeper. Are you in MA? If so, I would strongly recommend Dick's in Somerville. They do lots of p-cars, F-cars, MBs etc. They resprayed a panel for me beautifully.
If you have the work done at the right place, the car will be like new.
Sorry to hear about this. I agree with others that the extent of the damage will not warrant a total. Sounds like you know Sweeper. Are you in MA? If so, I would strongly recommend Dick's in Somerville. They do lots of p-cars, F-cars, MBs etc. They resprayed a panel for me beautifully.
If you have the work done at the right place, the car will be like new.