Rearend damage

[Houston U.]

I was recently rearended in my 62. Damage to left rear panel. Frame OK, bumper bracket bent. This is an all original body. No past damage. In fact, car is a totally original 340hp, 4-speed. My concern is: bad guy's insurance is asking for settlement info and I need to know what value to my car have I lost due to this accident. Original panel...now replaced/repaired. (FYI, body shop did a great job, re-paint great, etc., in Bakersfield, CA). What would you do? Thanks.

[Dick W.]

Re: Rearend damage

I would hire an appraiser that is well versed in Corvette values and go from there

Be advised that diminished values are subjective and you could be in for a long bout.

[Terry B.]

Re: Rearend damage

Just recently I saw and add for a 62 Bowtie candidate (very original unrestored) car and the asking price was $75,000. I think that is at least 50% higher than just a regular driver quality car would be.

I would hire an appraiser that is well versed in C1 Corvette values and ask them to evaluate if the car really is\was a Bowtie candidate. If it isn't now a Bowtie candidate and it was before then claim 50% of its current value was lost due to it now not being a Bowtie car. If it's now worth $50,000 and it is no longer a Bowtie candidate you lost $25,000.

Most of your best appraiser are probably now in or on their way to SanDiego for the national convention.

[Dick W.]

Re: Rearend damage

Just recently I saw and add for a 62 Bowtie candidate (very original unrestored) car and the asking price was $75,000. I think that is at least 50% higher than just a regular driver quality car would be.

I would hire an appraiser that is well versed in C1 Corvette values and ask them to evaluate if the car really is\was a Bowtie candidate. If it isn't now a Bowtie candidate and it was before then claim 50% of its current value was lost due to it now not being a Bowtie car. If it's now worth $50,000 and it is no longer a Bowtie candidate you lost $25,000.

Most of your best appraiser are probably now in or on their way to SanDiego for the national convention.

If the car had obtained the Bowtie and suffered damage such as you are talking about, I believe you could get several dollars, but without that or another similar award, I think that amount of money would fly like a lead balloon with the insurance company, The ones I have dealt with are reasonable but you come in asking that kind of money and refuse to take less, the next thing out of their mouth is I guess we will see you in court. Remember I said the values are subjective.

A legimate appraiser, who abides by the nationally recognized standards for appraisal, has to be able to back his numbers up. By those standards there is no "I think" or "my guess" in appraising. I won't confuse you with the alphabet soup of initials of those standards, but they are many pages long

[Houston U.]

Re: Rearend damage

Thank you very much. My car is not a Bowtie, but has been inspected for original engine, tranny, frame, etc., with all confirmed. Body is has never been wrecked and appears original, yet I realize what you are saying. Again, thanks.

[John F.]

Re: Rearend damage

Most insurance policies DO NOT cover diminished value. There is no such wording in the policy. I think you need to get it fixed to your satisfaction with a good shop and be satisfied. If they want to offer more take it and run.

[Dick W.]

Re: Rearend damage

Most insurance policies DO NOT cover diminished value. There is no such wording in the policy. I think you need to get it fixed to your satisfaction with a good shop and be satisfied. If they want to offer more take it and run.

John, while your personal collision policy may not cover dimished value, the at fault insured's company will sometimes pay diminished value. The last one I did, a 1969 Vette, the company tacked another $1,800 on the check. It is hit and miss, some companies and especially adjusters, can be very hard nosed about fixing an older vehicle by using correct parts, let alone diminished value