Just Wrecked My Dream Car

[Ron]

The Viper has a hydraulic brake circuit that is vertically split, meaning both front on one circuit and both rear on the other. Most cars are diagonally split. The pressure differential valve should have maintained rear wheel braking and the dash brake warning light should still be on because it is latching, i.e. activated until normal balanced pressure is regained. Were there any rear wheel skid marks?

 

[Camfab]

Terminator02, sounds like your confusing a clutch pedal with the brake pedal.

 

[Camfab]

I'm surprised the insurance company hasn't sent an investigator out. They love to blaim others (sue) when ever possible.

 

[SYNFULL]

Do you guys think I should make my insurance company aware of the brake line? I have told them that the brakes failed and that is it.

 

[Grisoman]

Do you guys think I should make my insurance company aware of the brake line? I have told them that the brakes failed and that is it.

They already know because this thread exists.

 

[Grisoman]

The Viper has a hydraulic brake circuit that is vertically split, meaning both front on one circuit and both rear on the other. Most cars are diagonally split.

Why would Dodge design it this way? Is this a typical arrangement for performance vehicles? I'd rather have (and physics would support) a front and rear brake rather than two rears.

 

[MoparBoyy]

Why would Dodge design it this way? Is this a typical arrangement for performance vehicles? I'd rather have (and physics would support) a front and rear brake rather than two rears.

yes i have to say that Dodge has always had front/rear split in braking systems. if it was the other way and failed, that would put the car into a spin. and since this is a street legal race car its all performance driven.

 

[SYNFULL]

Well it's been a month and still no decision on the value of my viper. You would think that since they are paying $50 per day storage they would move their asses.
They call the shop where my car is every day to see if they can tow it to their yard, but i have strict orders not to let them touch it. They have threatened to not pay for the storage but I don't know if they can do that.

 

[Mopar Steve]

Well it's been a month and still no decision on the value of my viper. You would think that since they are paying $50 per day storage they would move their asses.
They call the shop where my car is every day to see if they can tow it to their yard, but i have strict orders not to let them touch it. They have threatened to not pay for the storage but I don't know if they can do that.

Be careful they don't try to charge you back the storage while you were holding on to it.

 

[mbccenter]

Well it's been a month and still no decision on the value of my viper. You would think that since they are paying $50 per day storage they would move their asses.
They call the shop where my car is every day to see if they can tow it to their yard, but i have strict orders not to let them touch it. They have threatened to not pay for the storage but I don't know if they can do that.

They can't make you do that. I would not let that car go anywhere till they settle. They are the ones not getting the job done not you. I have seen them drag it out over a year when they try to low ball the stated value. The storage fee will make them want to get it done sooner.

 

[Cobraken]

Insurance companys make money in lots of different ways. When they have a customer loss they have an assessment as to their exposure. If they pay out less than the exposure or delay making the payout they figure they come out ahead. When I totalled my ACR at the track I was completely surprised when my insurance admitted coverage and then paid out more than I figured the car was worth. All within a few weeks. I always thank Jon B and Bill Pemberton with their help. Very pleasant insurance experience.

 

[PittsburghRT]

For some reason I am thiniking didn't you post a while ago that this car already had a salvage title? If so, how can an insurance company give full value on an existing salvage vehicle?

 

[GTS Warp]

As everyone has said, glad you're OK and sorry to hear about your Viper. Pretty scary!There's no need for them to tow it to their yard and it seems the culprit is the brake line. Some companies just take alot longer than others. Stay on their ass though. I'm upgrading the brakes on the GTS and your experience is a reality check about what can go wrong in an instant. In the meantime, pick out your next Viper!

 

[RPHJR]

For some reason I am thiniking didn't you post a while ago that this car already had a salvage title? If so, how can an insurance company give full value on an existing salvage vehicle?

They will run the VIN in the National Database and see it's been totaled previously.

 

[JUCD VPR]

Sad stuff man, makes me cringe when I look at the pics! . Hopefully you get it all sorted out soon. Glad your ok. Remember in the future if your brakes go, there is always the E-Brake to slow you down.

 

[FrgMstr]

Got Geico to agree on the value of mine in about 2 weeks. Taking longer to get the check / sign off to a supervisor that can sign off on the amount. Been a pleasure to work with.

 

[dave6666]

Sad stuff man, makes me cringe when I look at the pics! . Hopefully you get it all sorted out soon. Glad your ok. Remember in the future if your brakes go, there is always the E-Brake to slow you down.

I would speculate under a panic braking condition with full braking failure, that the ability to react analyze and respond, aka pull the e-brake lever, is nil.

 

[TowDawg]

Got Geico to agree on the value of mine in about 2 weeks. Taking longer to get the check / sign off to a supervisor that can sign off on the amount. Been a pleasure to work with.

They told me they don't do agreed value policies? Maybe it varies by state.

 

[V10SpeedLuvr]

They told me they don't do agreed value policies? Maybe it varies by state.

I don't think Geico does. I think he was referring to a totaled vehicle that they had to agree on a value about.

 

[SYNFULL]

I would speculate under a panic braking condition with full braking failure, that the ability to react analyze and respond, aka pull the e-brake lever, is nil.

Very True. Especially without some type of prior practice or training.

 

[Nitro187]

Very True. Especially without some type of prior practice or training.

This is true. Whenever I come across a problem on the road, my right arm instinctively goes to the e-brake in case my brakes fail, because when I owned an Elise before I had my brakes fail... good thing I had enough time to reach for the e-brake... but still, I wasn't prepared.... ever since then, I reach for the e-brake 'in case'.

So still no word on the value yet eh?

 

[SYNFULL]

I think I finally got somewhere on friday. I called the agent up and had him check into what was going on. He made some calls and called me back. What he found out was the adjuster checked the title with carfax and it showed the car as being salvage title. My agent looked the title up for them and explained that it was a reconstructed title not salvage and it just wasn't showing up that way on carfax.
They told him they are going to work and getting the value done a.s.a.p. now that they have the right info.

Correct me if I am wrong here- I don't see what difference the title makes. My premium was based on the cars stated value at 48k. If they wanted to check on the cars title they should have done that before accepting the policy. I never hid it or lied to them.

 

[RPHJR]

I hate to be the bearer of bad news. But "stated" value and "agreed" value are 2 completely different policies. Stated value means the claim will be settled on ACV (prior to the accident) OR the stated value, which ever is LESS. Keep in mind, Insurance is to make you whole again, not to profit from. Im pretty sure you will be offered actual cash value of a salvage viper in the marketplace today, and not that stated value amount. And one would assume, when you purchased the vehicle. You bought it for salvage value at that time, thus making you whole again. I am an NJ Insurance agent, PM me if you have any questions. Just because you paid premium on stated, does not mean it will be settled on stated. Take you policy out and read it cover to cover, it will clearly say ACV. Sorry.

 

[WDW MKR]

Stated value is just that... stated. It just means they will cover up to the stated value or fair market value. I don't see any way your're getting near $48k for a salvage/reconstructed title.

 

[FrgMstr]

Paid $44K for my 2005. Drove it for a year, put 10K miles on it. Geico paid me $45K for the car and let me pull all the mods off I wanted to that could be replaced with OEM equipment. Hell of a deal.

 

[Timnineside]

It seems to me that it will be very hard to find a "fair" value for your "salvaged/rebuilt" Viper. IDK where you get legitimate information to back a set number. There is really no exact way to value a car with a rebuilt title which leads me to believe this is the reason for no available financing for these types of vehicles. This is all off the top of my head however but once a car is reconstructed it could have been put back together numerous ways. Very greatly, or zip tied and taped; you just never know. Do not get discouraged by the comments here and low ball yourself. First off plan on taking all your mods off. Also plan on buying that damn thing back. I am assuming you picked it up at a good price with a salvage/rebuilt title so I think your going to come out good either way. I don't think you will be able to pick up a clean titled car, but you may come close. If I were you I would PM RPHJR above and ask for his opinons being that he is willing to help. I always contact my lawyer first when almost any situation comes up.

Once again, you survived and thats number one. Good luck in the process and I think you will come out okay on the deal.

 

[SYNFULL]

I hate to be the bearer of bad news. But "stated" value and "agreed" value are 2 completely different policies. Stated value means the claim will be settled on ACV (prior to the accident) OR the stated value, which ever is LESS. Keep in mind, Insurance is to make you whole again, not to profit from. Im pretty sure you will be offered actual cash value of a salvage viper in the marketplace today, and not that stated value amount. And one would assume, when you purchased the vehicle. You bought it for salvage value at that time, thus making you whole again. I am an NJ Insurance agent, PM me if you have any questions. Just because you paid premium on stated, does not mean it will be settled on stated. Take you policy out and read it cover to cover, it will clearly say ACV. Sorry.

I understand you are just trying to explain the insurance aspect to me from the industry standpoint but, there is no way I am going to or even trying to profit from this.
I purchased the car with a reconstructed title, not salvage.
I have read the policy front to back and can't find anything relating to the definition of stated value. I paid 29k for the car, spent another 12k in body work, paint, and replacing parts (radiator, front bumper support, battery, etc). I then spent another 15k in engine work (supercharger, w/m, headers, exhaust, roe, etc.) Didn't I add value to a car with a reconstructed title by making it near perfect?

I was told by my agent that 48k stated value means if I had a loss that's what I would be paid. I called him after the accident to ask about stated value since the adjuster told me about ACV, and he still claimed that stated value means that is what I would get. Therefore I thought I was covered for what I put into the car. What was the purpose of getting a stated value policy and paying the premium based on that?

Thanks for your input

 

[Timnineside]

I understand you are just trying to explain the insurance aspect to me from the industry standpoint but, there is no way I am going to or even trying to profit from this.
I purchased the car with a reconstructed title, not salvage.
I have read the policy front to back and can't find anything relating to the definition of stated value. I paid 29k for the car, spent another 12k in body work, paint, and replacing parts (radiator, front bumper support, battery, etc). I then spent another 15k in engine work (supercharger, w/m, headers, exhaust, roe, etc.) Didn't I add value to a car with a reconstructed title by making it near perfect?

I was told by my agent that 48k stated value means if I had a loss that's what I would be paid. I called him after the accident to ask about stated value since the adjuster told me about ACV, and he still claimed that stated value means that is what I would get. Therefore I thought I was covered for what I put into the car. What was the purpose of getting a stated value policy and paying the premium based on that?

Thanks for your input

If the car had a "reconstructed title" Why did you have to spend 12K in body work, paint, and parts??? I guess I would assume the car would be salvaged then YOU reconstructed it??? Just a question I would ask a insurance adjuster. Not trying to question your integrity but seems odd.

Also do you have recepits for everything???? I would hope to hell that would make a HUGE differance with the insurance. They love recepits.

 

[C.Hermsen]

There is really no exact way to value a car with a rebuilt title which leads me to believe this is the reason for no available financing for these types of vehicles.

Kinda deviating from the subject a bit, but I see people saying this all the time and I just want to clear it up. Financing IS possible on a salvage/rebuilt vehicle. PenFed will borrow up to 70% of the book value for a salvaged car.

 

[JonB]

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.....Correct me if I am wrong here- I don't see what difference the title makes. My premium was based on the cars stated value at 48k. If they wanted to check on the cars title they should have done that before accepting the policy. I never hid it or lied to them.......

If it turns out that you have a valid policy for a rebuilt-salvaged car, at an ACV, it matters not.
HOWEVER: What difference would it make to YOU?

Pick a year of Viper, any year/model/color. Now, park an identical-looking year-model next to it, same miles, same mods. TWINS!

One looks brand-new-shiny, newly-painted, and perfect looking. The twin Viper looks great, but needs a detail. BOTH FOR SALE!

-The pristine car has a reconstructed-rebuilt-salvaged title, and receipts showing $15K+ in repairs.
-The wax-needed car is a "clean" title with no record of damage whatsoever. A good, documented history.
The asking price is the exact same. Which one would you buy? What would be the "diminished value" that you would expect as a discounted price on the 12K damaged car? Of COURSE the damaged car is worth less...but consider YOUR case:


Should the car of lesser value have a lower insurance collision rate? YUP! But your insurance Co probably charged you for a full-value rate of the ACV value of the Car, as RPHJR suggested.....Did you get a discount rate for the lower-valuation of your rebuild car? NOPE! Your rate was based on ACV. The insurance carriers are always trying to be a step ahead....its their job....but they are obligated to 'make you whole' as per the terms of your policy, and your State regs..... GOOD LUCK