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Discussion Starter · #1 ·
On what was supposed to be a fun weekend trip to Tunica (the stangs 1st real road trip), we were in town 20 minutes when sitting at a red light we were hit nearly head-on by a very very very drunk driver. :mad: It was like a member of the family was hurt. For anyone who loves their stang, you can understand. It has been a month and I just found out this morning the final costs of repairs. What I am wondering is if anyone here knows anything about diminshed value.????? I was told by a dealer that because it suffered extensive front-end damage it will affect the value of our brand new car if were ever planning on selling it. :(

Any thoughts or comments would be appreciated.
 

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5OnTheFloor said:
On what was supposed to be a fun weekend trip to Tunica (the stangs 1st real road trip), we were in town 20 minutes when sitting at a red light we were hit nearly head-on by a very very very drunk driver. :mad: It was like a member of the family was hurt. For anyone who loves their stang, you can understand. It has been a month and I just found out this morning the final costs of repairs. What I am wondering is if anyone here knows anything about diminshed value.????? I was told by a dealer that because it suffered extensive front-end damage it will affect the value of our brand new car if were ever planning on selling it. :(

Any thoughts or comments would be appreciated.
Geez, why dosen't the insurance company total the car?
Glad everyone is ok, I hate drunk drivers.
 

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Discussion Starter · #3 ·
they consider $5300 extensive damage, but not extensive enough to total it because the car was only 4 mos old & because of the retail on it, I don't think that wanted to buy us a new one, sucks, huh? :sadcry:
 

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5OnTheFloor said:
On what was supposed to be a fun weekend trip to Tunica (the stangs 1st real road trip), we were in town 20 minutes when sitting at a red light we were hit nearly head-on by a very very very drunk driver. :mad: It was like a member of the family was hurt. For anyone who loves their stang, you can understand. It has been a month and I just found out this morning the final costs of repairs. What I am wondering is if anyone here knows anything about diminshed value.????? I was told by a dealer that because it suffered extensive front-end damage it will affect the value of our brand new car if were ever planning on selling it. :(

Any thoughts or comments would be appreciated.
I'm so sorry for your loss :( .

You should definitely file for "Diminition of Value" with their insurance. It is only available in some states and only on liability claims (only if the other person's insurance is paying the claim). I had the same kind of thing happen to my '98 Tacoma in 1998. But the guy that hit me had no insurance, so I couldn't claim dimunition because MY insurance was the one paying. I made it up by refusing to settle until I got that amount in "pain and suffering" allowance from my insurance. Basically you need to find out how much less your car is worth as a rebuilt wreck than as a non-wrecked vehicle. And make sure the drunk's insurance pays you that amount. If you know an insurance appraiser or a used car salesman, I'd ask them. I happened to know a guy that deals in wrecked vehicles and he told me to look up book value and take off 15%. Again, not the same in all states and kind of a gray area in the insurance industry. So refuse to settle the claim until you feel like you've been treated fairly.
 

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5OnTheFloor said:
they consider $5300 extensive damage, but not extensive enough to total it because the car was only 4 mos old & because of the retail on it, I don't think that wanted to buy us a new one, sucks, huh? :sadcry:
That's just wrong, I would fight it, your talking bent frame that I doubt can be made exactly right again among other structural damage.
 

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5OnTheFloor said:
they consider $5300 extensive damage, but not extensive enough to total it because the car was only 4 mos old & because of the retail on it, I don't think that wanted to buy us a new one, sucks, huh? :sadcry:
FWIW, my Tacoma had $12,000 worth of damage. They won't total unless its 65% of ACV. BUT - you can use this opportunity to do some upgrades too. If your rims were bent, get a different style. New chin spoiler, maybe a hood scoop ;-D.

I did ok on the Taco, I got a moonroof, new rims, 2-tone paint job (the entire thing had to be repainted anyway), running boards, fender flares, better tires, and a spray-on bedliner.
 

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Discussion Starter · #7 ·
thanks for your tips, i just went to Kelly Blue Book and couldn't check the value of a used 05 mustang??? I have called the dealership and they are trying to help me with the numbers.

we immediately sought a hood scoop and after much searching were told that we could only get a scoop kit that mounted on the hood, that no one has come out with the hood yet, I find that hard to believe, but didn't press it

this whole ordeal has been a freakin' nightmare
 

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5OnTheFloor said:
thanks for your tips, i just went to Kelly Blue Book and couldn't check the value of a used 05 mustang??? I have called the dealership and they are trying to help me with the numbers.

we immediately sought a hood scoop and after much searching were told that we could only get a scoop kit that mounted on the hood, that no one has come out with the hood yet, I find that hard to believe, but didn't press it

this whole ordeal has been a freakin' nightmare
The Southeastern Edition, August 2005 book from NADA doesn't have any numbers for 05 Mustang either, I just looked it up. Hmmm, wonder what you get when you trade an 05 for an 06 Stang?

You also have the option of taking your monetary settlement, then auctioning it off as a rebuildable wreck for whatever you can get out of it, then buying another new one. I looked into that for my Tacoma, but darnit, it had everything I wanted on it and was very hard to find in the first place. Manual locking hubs were a big plus and only a few of those were even made in 98.

You need to find a body shop that specializes in Stangs and just talk to them about the possibilities. Most times they can find aftermarket items a lot faster than you can. I'm sure somebody out there makes the hood, just not Ford. If they know they're getting your business, sometimes they'll offer you stuff at their cost with no markup, or direct substitute better stuff for factory, etc.
 

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I asked my insurance about it after I've had the encounter with the deer. Luckily, It only did some cosmetic damage down the driver's side, mostly the front fender. Mechanically, she's still A1 fine:thumbup . Repair will run $2k, and end up repainting the entire side of the car. The rep said that the company would calculate the dim value after all the repairs are made, and mail me a check, if they decided it was warrented. I'm not real happy with that, but I haven't even gotten it fixed yet, so... Plus, It's not like I plan on selling it anytime before the value has gone way, way down, anyway.
 

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Im an Claims Adj for a large insurance company.....

1.) Mustang is a Unibody and any frame can be fixed unless it is kinked too bad...we would then section in a piece to the Unibody Frame
2.) We use NADA which is 10 times better and more accurate than Kellys
....I'll look up the value tomorrow at work...it is updated every month
3.) It is true that it could be harder to sell as most used lots use CAR FAX now....hope I helped a litte...Im curious to know what is on the est...I assume with a front end hit..front bumper..reinforcement..both fenders..lights..hood..condensor..radior..(support too?)..ect...front frame horns....I'll get back with you tomorrow with a value with your car
peace....
-dont drink and drive...i see this **** everyday with my job...be happy everyone is ok
 

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Discussion Starter · #11 ·
the Slank 05 GT said:
Im an Claims Adj for a large insurance company.....

1.) Mustang is a Unibody and any frame can be fixed unless it is kinked too bad...we would then section in a piece to the Unibody Frame
2.) We use NADA which is 10 times better and more accurate than Kellys
....I'll look up the value tomorrow at work...it is updated every month
3.) It is true that it could be harder to sell as most used lots use CAR FAX now....hope I helped a litte...Im curious to know what is on the est...I assume with a front end hit..front bumper..reinforcement..both fenders..lights..hood..condensor..radior..(support too?)..ect...front frame horns....I'll get back with you tomorrow with a value with your car
peace....
-dont drink and drive...i see this **** everyday with my job...be happy everyone is ok
Thank you so much for responding. I will have the invoice on Monday so I will know more then, and then we have to set an appointment with the insurance company for their final inspection of the repairs. It was my understanding from the initial estimate that the frame was not bent, but then again the estimate changed three times after they started taking the stang apart. It went from $3,800 to $5,300.??

I just know we really miss the car, the garage has been very empty :sosad:

I would like to thank you for saying it and let me reiterate it....PLEASE PLEASE PLEASE DO NOT DRINK AND DRIVE...we were very fortunate to walk away with some back pains. If he had hit us a couple feet closer to my door the side airbag would have deployed and who knows what would have happened.
 

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I'm glad your OK. It is deffinately a bad feeling with some drunk jerk wrecks your pride and joy. Its too bad they cant lock all the drunks up for good and throw away the key. Always a reoccuring problem with the same people! Best of luck with the repairs, it sounds like you got alot of good information.
 

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Value Of The Car...

Well...because your vehicle is so new it was not in my system. What we would do in this case is pretty simple. We would call around to 3 or 4 dealers in your area and see what a used GT would go for (if they had any) My guess is that it would not be far off of the price the car was bought at....Then we would owe market retail value for the car minus any unrelated dmg to the car not from the accident itself......this is how a total loss is figured....we only total a car if it cost more to repair then what it is worth (this inc.s rental or any storage or towing cost that were incurred) or for any saftey issues. What that means lets say you have 2ok worth of dmg and its worth 25k....we would probably total the vehicle as it would be unsafe to fixed a vehicle with that much dmg.......
-hope everything works out ok and quick
-
 

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Discussion Starter · #14 ·
thanks, man! your ride is goregeous. the white stripes look so good on that blue and I haven't seen too many on the road! I think only people who truly love their car can understand what a blow it is to see your beautiful piece of machinery smashed by some drunk idiot at 5 in the afternoon

what makes it worse it that to this day, the jerk still swears he didn't hit us! amazing huh?
 
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