If your Viper crashes will you get its worth?

[GTS1997]

After reading this thread

http://forums.viperclub.org/rt-10-g...-free-car-wash-came-out-totalled-viper-4.html


I think it's very important for everyone to ask themselves how they plan to recoupe the "Diminished Value" of their Viper, after a crash.

In other words if you have $5,000 worth of damage to your Viper, and the insurqance company pays $5,000 to repair it, can you recover the $10,000 - $20,000+ loss in RESALE value, after your Viper is labeled "WRECKED"


Here is just one company I found by searching on the net, that claims to help people fight their insurance company to recoupe the total value of the loss

Auto Diminished Value and Total Loss Settlements


I am not a customer of this company, nor do I know anyone who works there, and I don't know how this company makes money (haven't looked that far into it yet). It's just a place to start. Please, give expert advice, or tell of similar experiences, if you have any.

From what I read, most states, other than GA, might be problematic in collecting Diminshed Vaules.

Again, this is just preventitive (insurance) maintainence. Sorry if this has been discussed at length before.

 

[DLTARNU]

I've been in two accidents since I've owned my Viper, in a span a bit over 5 years.

The first time, an F-350 crew cab dually turned left from the inside lane directly in front of me. I tried to turn with him to avoid the crash, but wound up glancing off his door. Shattered the right headlight enclosure, cracked the front bumper, scratched the hood.

From the photos, you would think it was maybe $3,000 worth of damage.

I have State Farm insurance and they were very fair. They replaced all damaged parts with OEM equipment. Nothing was repaired. If it was damaged, it got replaced, including the hood. I used the opportunity to get the entire car repainted, as well, with a high quality black glossy (the paint job alone was $9,000)

All in all, it was a $32,000 repair bill on a '99 RT/10 that at the time was selling for about $45,000.

Doug Levin orchestrated the estimates, dealt with the insurance company and took the car to a body shop that only works on exotics and custom cars. Very high end place. When they finished, it was flawless. I looked over that thing for hours trying to find the slightest hint it had been in an accident. Couldn't find a thing.

I had the car out of the repair shop for 10 days.

I'm idling at a stop light on a completely straight road, on a cloudless sunny day in mid-afternoon, when I hear tires screeching behind me. I look in the rear view mirror just in time to see a Dodge Durango hit me from the rear. Cracks the rear bumper cover and dents the trunk lid.

Back to the same body shop it had just left from 10 days earlier.

Replaced rear bumper, replaced trunk lid and trunk tub with new OEM parts. With labor and paint, it was another $17,000.

My insurance policy was not charged for either accident, and my rates have never increased.

I love my car, and given the amount of engine work I've had done, in addition to accessories I've added (stereo, alarm, interior mods, brake system upgrade, etc.) I don't think I would ever get back the real value of the car, so in those two incidents, I was happy with a flawless repair and new paint job.

I would have preferred it never happened, of course, but I didn't get ripped-off, and the car still looks and drives like new.

Plus I am personally attached to the car. I have memories associated with it, I know all its quirks and behaviors while driving it, and it's my favorite combo (black n' tan).

With the exception of a frame bending collision with serious damage to the internals and drivetrain, I wouldn't really want to total it out.

 

[DLTARNU]

I also meant to add that given the current deflation of used Viper prices and inflation of Viper parts, insurance companies will be far more likely to total out a Gen 1 or Gen II Viper these days than they were a few years ago.

For a while, this will benefit everyone involved. The insurance co. will be happy to total it out because they'll save a lot of money, and the owner will be happy because he'll be able to get one of the many really good deals out there right now, with an excellent chance of getting a better car than the one he totaled, for free.

So if you're planning to wreck your Viper, do it now

 

[plumcrazy]

unratld, your car did look perfect. couldnt see a thing on it. its a RED RT right ? i saw it in his shop after it was repaired perfectly.

 

[DLTARNU]

Nah, it's Black/Cognac.

 

[SquadX]

Sadly I've been through this twice and you can only get diminished value from a third party (if someone hits you).
Still might have a fight on your hands and another third party has to get a figure for the diminished value as of course the insurance would be biased to themselves.

 

[sdaddy]

I have had the driver at fault's insurance give me 10% of the repair costs for diminished value just for the asking. I don't think your own insurance company will do the same for you as their only obligation is to fix the car, not make you financially whole.

 

[BolsOut]

I would think in order for "Diminished Value" to become a common part of accident reimbursement, there would have to be a formula comparing undamaged models with similar damaged cars & the average reduction in value. Otherwise its just a "guesstimate" & most insurance companies will fight that kind of payout.

Another thing to consider is who's at fault in the accident. If its the Viper Pilot's fault, I would think it more than fair that he/she Doesn't get diminished value. Consider it one of the consequences & "**** it up", so to speak.

On the other hand, if you get A$$ Hammered while sitting at the stop light, the knucklehead who hit you should pay through the nose, and it should be generous.

My 2 Cents.

 

[plumcrazy]

i have stated value, whatever that does for me but id like to hear from ACRsteve about all this. he'd know for sure !

and jonB as well

 

[Hoosier Daddy]

Most auto policies now have verbiage saying "no diminished value claims" This is only for when your at fault. I remember reading that in an update from Nationwide I recieved in the mail. As said above if your not at fault you can try to claim it. I've not had to try this out yet. From what I've read on this board over the years. JonB and Bill P. should be on your call list for providing an acceptable value quote of your Viper for the insurance company. They have been able to get owners a more favorible settlement. Don't forget to add in Sales tax and Gas Guzzler tax!

 

[Warfang]

Most auto policies now have verbiage saying "no diminished value claims" This is only for when your at fault. I remember reading that in an update from Nationwide I recieved in the mail. As said above if your not at fault you can try to claim it. I've not had to try this out yet. From what I've read on this board over the years. JonB and Bill P. should be on your call list for providing an acceptable value quote of your Viper for the insurance company. They have been able to get owners a more favorible settlement. Don't forget to add in Sales tax and Gas Guzzler tax!

My (ex)client's wife backed into my GTS parked on his driveway. The ***** dragged her @$$ and by the time all was settled, her insurance wouldn't pay diminished value, even if I got letters from JonB and friends. They told me I would have to sue the wife, and that I would most likely win. I didn't want the hassle... client didn't offer to pay out of his own pocket... so I did the worst thing I could do to him... drop him as a client. The guy still tries to call every couple months... thank god for caller ID.

 

[PDCjonny]

I'll get far more than it's worth, I have both on agreed value policies of 65K....

 

[GTS1997]

I'll get far more than it's worth, I have both on agreed value policies of 65K....

How much extra a month are you paying for that?

 

[PDCjonny]

I pay about $800.00 per year each with Grundy Collectors Insurance in PA.

 

[plumcrazy]

jon, are you limited to miles or anything ?

 

[musicncars]

I have agreed value on mine for 95K. 1500/year hagerty.

 

[sirhc76]

Grundy offers a web quote if you want to check prices. I did mine earlier with my current coverages and it was $658 a year with stated value of 48k. Naturally the underwriters have to get their hands on your driving record prior to finalizing that. Unfortunately I got my only two tickets every within a year of each other, on in my Ram SRT and the other on my way home from buying the GTS. My insurance company just hit me for that ticket from 07 and raised my rates $23 a month up from only $48 a month prior. Nice to know that a clean record for 16 years nets me that.

 

[GTS1997]

I am seriously considering using Grundy. Does anyone know of anyone that has made a claim, specifically a total loss claim, with this grundy insurance?

 

[PDCjonny]

jon, are you limited to miles or anything ?

There are no specific mileage limitations on the policies.
You must have a second car, and it can't be used for daily driving.
It's pretty much understood that the policy is for using the cars on mostly weekends/holidays for fun use. Which is exactly what most of us do with it.

Of course, the rates are also set based on your driving history like any policy. I have the agreed value high because if one gets wrecked I want to just plunk down the cash for a new BETTER one.

BTW, I used to have Geico. They wanted $1200.00 a year (each) with NO agreed value. No thanx....

 

[Nine Ball]

I have my Viper and other collector cars insured through Hagerty as well. I usually go on Hotrod Power Tour yearly, and Hagerty is usually there with a booth. I've spoken to numerous policy holders the last few years, everyone says that Hagerty has treated them right when something happens. I hope I never find out

 

[agentf1]

I too have a stated value policy from Grundy. I noticed this year that they actually automatically appreciate the value every year. Mine is up to 74 now which I think is a little high. I was debating lowering it and saving some money since the premium goes up as the value does.

 

[GTS1997]

$74,000 ?


Hmmmmm

Stolen 01 Gts = $74,000 cash = another 2001 GTS for (35-40K) and $39,000 extra in the bank. Hmmmm


I'm just saying........

 

[DublinOH]

Haven't been on the board in a while but this topic really hits home. I was broadsided in my Viper truck pulling my car haul trailer with the viper inside a month ago. The trailer suffered $12,715 in damages, the truck is totaled, thank god the viper made it through unscathed. They totaled the truck at $27363.50, paid towing and rental. Got a call Monday saying the at fault party only has $35,000 worth of coverage! Another vehicle was involved, ran off the road to avoid hitting my trailer. To make a long story short, they paid for the truck, but I'm out the trailer. So, I turn the trailer in under my insurance and the gecco (a snake with feet) says the they'll give me $5500 for the trailer! I spoke with a few friends who advised I should be covered under my $100,000 uninsured / underinsured property coverage. Something Geico conveniently left out. I'll let you know how things work out. But make sure you have UM coverage if you can get it. In GA ~ 25% of drivers are uninsured... BTW - I have stated value on the viper and prowler through Haggerty. Not an option on the truck as it is my daily driver.

 

[PDCjonny]

Agreed value is the only way to go.
If my red '98 got totaled...I think 65K would see me through my grief...