Overview
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The term “Ferrari Diminished Value” means that Ferraris which were damaged and subsequently repaired lose market value as a result of having a repair history, sometimes known as a “Bad CARFAX.” In most states, this lost amount is recoverable from insurance companies of at-fault parties. The amount of diminished value is determined by the damages that were repaired and the vehicle itself.
WE ARE THE BEST AUTO DIMINISHED VALUE APPRAISERS IN THE COUNTRY. NOWHERE ELSE WILL YOU FIND AN AUTO APPRAISAL COMPANY THAT VALIDATES ITS DIMINISHED VALUE RESEARCH BY SPEAKING TO THE SALES MANAGERS AT SIX FERRARI DEALERSHIPS. THIS SUPPORTS OUR EXPERT OPINION, PROVIDING UNIMPEACHABLE EVIDENCE TO STRENGTHEN YOUR INSURANCE CLAIM OR COURT CASE.
There is a new phenomenon in the automotive world and it is called Diminished Value. For those who haven’t heard this term, it means the loss in value a vehicle experiences after undergoing collision repairs. The Ferrari, being a car that attracts more discriminating buyers, suffers a great deal more diminished value than an ordinary car. Used car buyers simply won’t pay as much for a previously wrecked car so dealers, in turn, have to offer less come trade-in time. Ferrari owners are typically upscale folks who expect a first-class level of service. Those expectations extend to the treatment they receive from insurance companies after their cars are wrecked by the negligence of others. Seeking fair compensation for diminished value and loss of use is part of it. You need an expert appraiser. At The St. Lucie Appraisal Company, Ferrari Diminished Value and Loss of Use claims are our specialty.
Our methodology for preparing automobile diminished value appraisals is unique within the industry because we don’t rely on formulas, algorithms, auto auction results or other short cuts to determine the amount of value lost after collision repairs. Each situation is unique and the only way to provide tailor-made reports is to query the people who actually do the buying and selling of these bad Carfax vehicles – new car dealers. They confirm our opinions of diminished value. It is important, of course, that the dealers who participate in our surveys know full well that the subject vehicles are not for sale or available for trade. This prevents insurance companies from alleging collusion or vested interest. This approach has made our company the best at what we do – Diminished Value and Loss of Use appraisals. Magistrates and mediators alike have recognized the validity of our reports because they are comprehensive and they aren’t complicated.
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE
Insurance Company defense attorneys can instantly recognize which independent appraisals will stand up in court and advise their adjusters accordingly when it comes to offering fair settlements. We are rarely called upon to appear as expert witnesses in legal proceedings because our customers generally receive fair settlements that preclude taking civil actions. Ferrari diminished value and loss of use claims should present no problems if appraisals are prepared correctly.
Getting back to Ferrari and the difficulty obtaining proper diminished value information for the owners of these cars. When we receive an assignment to prepare a diminished value appraisal for a BMW, Mercedes-Benz or Porsche, there is a nationwide network of dealers from whom we can obtain opinions. Not so with Ferrari. Dealers are few and far between. Therefore, obtaining the six verifiable quotes from Ferrari dealers that we feel are necessary to populate an irrefutable diminished value report is difficult.
So where does this leave the Ferrari owner when it comes to receiving fair compensation for Diminished Value and Loss of Use? The independent appraisers that use formulas and algorithms arrive at numbers that don’t remotely represent the Ferrari used car market. As for the independent appraisers that use online ad comparisons, insurers know these can be manipulated because they do the same thing, except in reverse.
The St. Lucie Appraisal Company has completed many diminished value and loss of use requests from Ferrari owners due chiefly to word of mouth and positive reviews in Ferrari forums. It has been not only Ferrari owners but also the certified Ferrari repair shop managers who have recommended us to their customers, families and friends.
Finally, with regard to Loss of Use claims, it costs up to $500 per day to rent a Ferrari. You can rent a marginally comparable car, a Porsche Panamera for $350 per day. But insurance companies feel that they can get away with offering lower-priced replacement vehicles to Ferrari owners, It is common knowledge that a wrecked Ferrari can take up to 60 days to repair. A typical Loss of Use report for a Ferrari owner whose car is laid up for two months is in excess of $25,000.00 which includes the Daily Collision Damage Waiver. Make a note: It is not necessary to actually rent a car in order to receive compensation for Loss of Use.
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