Georgia's Biggest Diminished Value Settlement!

it was the highest diminished value settlement ever paid out in the state of Georgia [Music] so I started super car rentals while I was a student at Georgia Tech in 2006 and the first car we got was the Lamborghini Gallardo and the second car was a Ferrari 360 which I quickly traded in fact for a Ferrari 612 Scaglietti because I had a particular customer who lived overseas and he wanted a car to consistently use in the US and that was the car that he really wanted and so his interest in demand and use of the car justified adding a car that was a little bit atypical as a rental car was a gorgeous car was painted Bordeaux ponte vecchio with a maserati Cuyo interior which was slightly different than the qu Yosuke Tony does for the Ferraris and so we found the car down in Fort Lauderdale and I went down to get it and the car was spectacular extremely comfortable in fact on that drive from Palm Beach or from Fort Lauderdale South to Miami on 95 I remember we were cruising along probably going a hundred 110 my wife was with me and I saw the strangest speed trap I've ever come across there was a maroon or sort of dark red Impala and it was jacked up in the corner on the side of the road I noticed that there was a uniformed police officer next to the car and we were you know going considerably over the speed limit and I watched him quickly drop it off the jack jump in fire it up and turn some lights on and I was like goodness gracious I don't I didn't see him with a radar gun but maybe he was just gonna estimate my speed or something but certainly he was interested in finding me or perhaps it could have been someone else around me who could say for sure but I decided that sustaining that speed or actually increasing it a little bit as he was accelerating from a stop might be a better solution got a couple exits down exited and told my wife that we probably ought to grab something to drink at a local convenience store so we pulled off the highway waited there for about 15 or 20 minutes and never met him again he worked in the oil and gas industry and so he had a conference in Texas so I shipped the car out there and and he was driving it for a week or two and I got up one morning and I had missed six phone calls from him and had a few text messages asking to call urgently and so there was only a few hours before so I called him and he explained to me that he had been driving it late one night and someone had run a red light and t-boned him and he wasn't confident in their insurance so we began to pay an insurance claim through the uninsured or underinsured motorist coverage of our policy and that all went rather well but unfortunately this was in 2007 the car was a 2005 and there simply weren't a lot of 6-12 parts available this is a common problem with exotic cars when they're just released obviously all the resources are going into building the new cars that are in high demand as fast as possible and so it takes a long time to get parts and it used to be a risk that if cars could not be repaired within six months there were some insurance policies that forced that the cars be totaled so I remember seeing a lot of early Ferrari 355 s that had extremely minor bumper damage but would end up becoming Salvage because they couldn't get the parts in time and so the insurance companies would end up having to buy them and then they just repair and sell them but obviously the value hit due to the branded title was not insignificant but all the parts kind of trickled in and everything eventually went well the car had been hit on the driver's door but the damage was mostly cosmetic mostly to the door and the fender the color match was perfect the body shop did remarkable work you'd never have known but the problem with any Ferrari that's been damaged or has you know a sordid past of some kind is that the demand in the pre-owned market drops drastically and so years ago State Farm Insurance lost a class-action lawsuit that stipulated that just fixing your car in the event of an accident was in fact not enough to justify that they've made you whole and in addition to that they needed to offer some coverage for diminished value and that Dem you nishan of value comes cause if I'm offered one Ferrari that has a perfect service history is in excellent shape but then another one that also has been serviced isn't in a good shape but it was in an accident a few years prior I want to pay less for that car it's a clear logic and it makes all the sense in the world but the problem comes in how you decide what that is and so diminished value is generally in the first moment calculated based on an equation that was born out of that State Farm lawsuit and so even though they weren't my insurer that equation becomes applied to pretty much any other car so in Georgia and in most states there are some that do not have diminished value coverage but and there are also insurance policies that strictly say that you are not given diminished value in the event of an accident most dealership insurance policies are this way so when I crashed that Aventador we never got any diminished value money even though the insurance paid to repair a car and technically the car was less valuable after the accident that we were in this situation where we had paid for a fairly new Ferrari a lot of money and now it most certainly wasn't worth anything close to that and so we began the process of negotiating diminished value so the first offer I think was eight thousand dollars to say that this car that at the time was probably worth 200 grand was worth only worth eight thousand dollars less having been in an accident that was a pretty expensive repair I think the repair bill came to be about a hundred and twenty thousand dollars because it's the prerogative of the body shop to stipulate that repairs of panels are unacceptable on a car like this so even on a situation like the wheel that's back there a little scrape they ordered a replacement so they had replaced I think the door the fender and the quarter on the car and the paint and a labor and everything came to become very expensive but the biggest problem was actually the door panel and I guess for six 12s in the early generations there were five different door panel designs of some sort and so with the Daytona seats this car had the stitching pattern and the color and everything it took like ten or eleven months to get the door panel suite I'm driving the car around a little bit without a door panel because it didn't really make that big of a difference so we knew it was coming but the diminished value was not based on the car being inadequately repaired or not driving well or having any less utility value it was simply the fact that given the alternative people didn't want to buy it and so we went back and forth a little bit but the the saving grace of the entire equation was that Magnum had referred me to a diminished value appraiser and so generally insurance clauses stipulate an arbitration clause in the event of a dispute it means you're not gonna sue us in court we are gonna find a mediator or an arbitrator and in each state there's generally not that many who do this and they represent insurance companies as well as the they advocate for the consumer who is seeking more money so you'll see a lot of ads if you ever googled diminished value there are firms popping up all the time but this guy that I was referred to and unfortunately he has since passed and the number he came up with with us having been offered $8,000 was $50,000 and that was much more appealing to me obviously because I knew when the time came this was gonna be a difficult car to sell but I was concerned like even meeting in the middle a you know 25 might not be enough but he told me not to worry he said he's done this a lot and things tend to end up as he'd like them to so as we would say the advocates for the insurance company were shrewd negotiators and so they met right smack dab in the middle at about forty eight thousand six hundred dollars it was the highest diminished value settlement ever paid out in the state of Georgia at that time it was beaten about maybe six or twelve months later when an employee of a Ford dealership drove the boss's Ford GT through a fence and the entire thing had to be essentially rebodied from the damage but somehow it didn't total it so they did get diminished value if your car gets totaled you won't but it was the biggest diminished value settlement in state of Georgia beaten then by the Ford GT which I think got fifty three thousand and we were both beat handily when a truck transporting michael Fuchs is you got a Veyron rolled over and the car had to be shipped back to the factory in mall time to to be repaired I don't know what the number was but I know it vastly exceeded ours it's also a big reason why we created Venn wiki we wanted to give people a way to document what actually happened in the circumstance of an accident if you have a very small accident but it's part of a an insurance claim it's going to show up on Carfax in Auto Check and other vehicle history reporting platforms but that doesn't really matter I mean if you look at a dealership and and see a car with a painted front bumper or a rear bumper nobody really cares but there's plenty of cars that have bad car faxes because of minor paintwork like that and we'd like to give people a platform to put that information on a historical timeline of the car to explain what had happened because people assume well why would I ever want to post anything bad to VIN wiki well there are different ranges of how bad something might be and certainly the accident on 6:12 was pretty significant but I've had plenty of cars where the damage wasn't really that bad for instance when the guy the week of my wedding had stolen 612 and crashed the gay Ardo the damage was $30,000 it was a pair repair to the front bumper in a respray of the front of the car and the diminished value there was legitimately about $8,000 it wasn't that massive it wasn't a hugely significant repair and that's what we collected from his insurance company so use this news van wiki tell your car story keep track of your records and when you go to sell your car even if it does have something as fast that you need to overcome the more information you have the better if you like that story it's time to make one of your own extreme experience puts you in the driver's seat but some the best supercar is hit over 20 racetracks coast-to-coast with no speed limits no shipping restrictions and no governor head to the link to choose your supercar find a racetrack near you and start making a story of your own extreme experience it's your turn

Channel: VINwiki

Views: 1,151,275

Keywords: Diminished Value, Insurance, Car Accident, Georgia, Settlement, Arbitration, Ed Bolian, VINwiki, Car Stories, Appraiser, Ferrari, 612 Scaglietti, 612, V12, Grand Touring Cars, The Grand Tour, Body Shop

Id: FFVCG4ab69w

Length: 11min 1sec (661 seconds)

Published: Tue Oct 24 2017