Cobra Value Loss Due to Accident

[DAVID GAGNARD]

Originally Posted by Cashburn

That is something the insurance company will work out with the shop that will perform the work.

Actually LOV or Loss of Value has nothing to do with the shop, the repair bill (estimate) and loss of value are two seperate things...
The shop will be paid by the insurance company for their repair work and the owner of the car will be compensated by the insurance company for LOV, or what they feel the car is de-valued because of the damage!!!!!!!!!!

Yeller53, it all depends on a number of things.....
age of the car
amount of damage
area of damage (ie: is it just replacing a body or body panels or does it have frame/suspension damage?????

You could/would deal from a better point if you have an appraisal of the car's value before the accident,such as an agreed-on insurance policy with a "stated value".... After the car is repaired have it appraised by a competent shop/dealer and see where you stand.....

On your wife's daily driver, if it was one year old or less than one year old, you could expect roughly 20% of the A.C.V...........On a replica Cobra, I have no idea, but 20% would be a good starting point.........

David

[ENTDOC]

LOV is not allowed in all states, check yours

[shark]

Some states don't recognize third party liability regarding "Diminution in Value". Virginia does - and on vehicles the courts usually don't award more than 10% of the car value. --- Sharkey

[jhv48]

If the accident was your fault, your insurance company would be the one to reimburse you for loss of value IF that is included in your policy (most do NOT include it).

If there was another car involved your recourse is against them and then ultimately against the driver for any percieved loss in value. They will most likely tell you to go away.

The courts would be your next recourse.

As stated above, check with both yours and the other party's insurance coverage to see if this coverage is included.

Probably not covered.

[Cashburn]

Originally Posted by DAVID GAGNARD

Actually LOV or Loss of Value has nothing to do with the shop, the repair bill (estimate) and loss of value are two seperate things...
The shop will be paid by the insurance company for their repair work and the owner of the car will be compensated by the insurance company for LOV, or what they feel the car is de-valued because of the damage!!!!!!!!!!

Yeller53, it all depends on a number of things.....
age of the car
amount of damage
area of damage (ie: is it just replacing a body or body panels or does it have frame/suspension damage?????

You could/would deal from a better point if you have an appraisal of the car's value before the accident,such as an agreed-on insurance policy with a "stated value".... After the car is repaired have it appraised by a competent shop/dealer and see where you stand.....

On your wife's daily driver, if it was one year old or less than one year old, you could expect roughly 20% of the A.C.V...........On a replica Cobra, I have no idea, but 20% would be a good starting point.........

David

My mistake. But as others have stated make sure it is part of your or their policy. It is a difficult thing to get on a specialty car.