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Diminished Value Due To Carfax?


art4tees

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Due to an asphalt truck losing it's load on a local interstate in the Atlanta area, me and several other members of our mustang Club sustained heavy cosmetic damage to out classic Mustangs and Shelby GT's. Although only the windshield, grill, headlight and parking lights lens covers and hood scoop are the only actual parts being replaced, the bulk of the $7500.00 repair bill is for stripes and new paint. Now there will be a Carfax report on the Shelby that will lower the value even though it was not your usual wreck and repair. Purely cosmetic not mechanical. How do I establish the diminished value or amount of loss I will sustain due to this? I will be reimbursed this amount by the insurance company, but do not know how the figure is established. Anyone have any info or similar situations?

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In 2007 I had the same issue. Do not agree to anything until car is completely repaired. Diminished value on mine was based on the mileage and blue book value at time of accident. It also included, which I supplied to the insurance company receipts, showing upgrades to Mustang GT. After establishing the total value we agreed on a 15% diminished value. All is negotiable! Pictures below of my car and sorry for the pain I know it has caused you!!

 

<a href="http://s65.photobucket.com/user/Virginian/media/MUSTANG/DSC02445.jpg.html" target="_blank"><img src="http://i65.photobucket.com/albums/h208/Virginian/MUSTANG/DSC02445.jpg" border="0" alt=" photo DSC02445.jpg"/></a>

 

 

<a href="http://s65.photobucket.com/user/Virginian/media/MUSTANG/DSC02446.jpg.html" target="_blank"><img src="http://i65.photobucket.com/albums/h208/Virginian/MUSTANG/DSC02446.jpg" border="0" alt=" photo DSC02446.jpg"/></a>

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Your cars are most definitely worth less due to their now having a previous repair history. One factor that points to the DV being substantial is the type of cars. One factor that lessens the DV is the fact that there was no frame damage. Here is a good Q&A that answers some questions http://autodiminishedvalue.com

 

Best of luck and always make sure to 1) Hire a licensed independent appraiser (not certified, accredited, etc.) 2) Ask whether they base their diminished value on dealer quotes (I recommend obtaining six of them) instead of formulas or auto auction results and 3) Stand up to the insurance company if they try to low-ball you. Even though diminished value claims are becoming more well-known, insurers still do their best to keep from paying fair settlements.

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I contacted Shelby American to seek information. A gentleman that was Caroll Shelby's personal appraiser for 25 years replied and has offered to guide me through the process when the time comes. He has very high credentials:

 

The US Ferrari/Maserati/Lamborghini Appraiser

The US Rolls-Royce/Bentley Appraiser

The US Aston Martin/Lotus Appraiser

The US McLaren/Bugatti/Tesla Appraiser

TheAutoAppraiser.com

Multiple Certified Master International Automotive Appraiser

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I contacted Shelby American to seek information. A gentleman that was Caroll Shelby's personal appraiser for 25 years replied and has offered to guide me through the process when the time comes. He has very high credentials:

 

The US Ferrari/Maserati/Lamborghini Appraiser

The US Rolls-Royce/Bentley Appraiser

The US Aston Martin/Lotus Appraiser

The US McLaren/Bugatti/Tesla Appraiser

TheAutoAppraiser.com

Multiple Certified Master International Automotive Appraiser

The only Lance Coren, who is the guy you are referring to, licensed by the CA Dept. of Insurance is an Agent, maybe his son. No license recorded as an appraiser or adjuster for a Lance Coren which is, I read, the best credential and maybe one that is necessary. If he is licensed in a different state I think that might work though.

Please keep me informed as I am interested in a diminished value matter.

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I do not know anything about this man. I wrote to Shelby American and they forwarded my email to him as if he was an "expert" on their cars. I have not spoken to him yet.

 

This is at the bottom of his email:

 

 

Lance S. Coren, C.A.A., C.M.A.

The US Ferrari/Maserati/Lamborghini Appraiser

The US Rolls-Royce/Bentley Appraiser

The US Aston Martin/Lotus Appraiser

The US McLaren/Bugatti/Tesla Appraiser

TheAutoAppraiser.com

Multiple Certified Master International Automotive Appraiser

Post Office Box 429

Prather, CA 93651-0429

Office Phone: 559.299.0429

Office Fax: 559.299.0437

Cellular: 559.908.5008

Primary E-Mail: lscent@hotmail.com

Secondary E-Mail: TheAutoAppraiser@GMail.com

Ferrari_Emblem.png?t=1305851629maserati-logo201-1.jpg?t=1305851561lamborghini_logo-6768.jpg?t=1305851692rolls_royce_logo_2.jpg?t=1305851726Bentley-Logo.gif?t=1305851766aston-martin3.jpg?t=1305851863Lotus-Logo.jpg?t=1305851903bugatti_logo_red1.jpg?t=1305852164

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7 of uss in the GRMC were caravaning on 285 near the airport on our way to a car show. Get the $9,000.00 check from ins today and car is already being repaired and painted at Vigil Ford Bidy Shop. Should have back by the 12th or so, hopefully sooner! Getting vinyl stripes replaced with painted stripes, new Hood scoop, rivets, ....

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