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Accident and Repairs

hill

high fiber member
Apr 21, 2015
1,343
750
either MT or TN
i know was planning to take X to Montana in July. anyone think possibility of totaling it? Would get 75D i want compemsarion for depreciation
what does that even mean . . . . if for eg; you buy a car for $100k - drive off the car lot - it's now an $80K car. Put 1K miles on it the 1st week & it's now a $70k car. so if an insurance company gets you a similar ride, what difference does it make how ever much they paid for it? sorry if I'm not understanding what it means to be compensated for depreciation.
 

ABC2D

Active Member
Dec 19, 2016
1,034
1,275
Home
what does that even mean . . . . if for eg; you buy a car for $100k - drive off the car lot - it's now an $80K car. Put 1K miles on it the 1st week & it's now a $70k car. so if an insurance company gets you a similar ride, what difference does it make how ever much they paid for it? sorry if I'm not understanding what it means to be compensated for depreciation.
Maybe he meant compensation for "diminished value" as the car, if fixed, would be worth less having an accident on record compared to a car with clean history. Yeah, as stated, it doesn't make sense to be compensated for "depreciation" - you drive a car, it depreciates, and then insurance compensates you for it if you get into an accident :D
 

BLKMDL3

Supporting Member
Supporting Member
Nov 25, 2015
1,825
1,156
Westwood, Los Angeles, CA
Maybe he meant compensation for "diminished value" as the car, if fixed, would be worth less having an accident on record compared to a car with clean history. Yeah, as stated, it doesn't make sense to be compensated for "depreciation" - you drive a car, it depreciates, and then insurance compensates you for it if you get into an accident :D
It is diminished value. Sorry
 

MXWing

Well-Known Member
Oct 13, 2016
7,541
21,659
USA
50K DAMAGE!!! We will sue for 15k for diminished value. That is what body shop recommended. 65k total. Value 70k. Plus rental car for 4.5 months. It will take 89 business days to repair. Totaled.:):):):):):):):):)

I've never wished for a fellow Tesla owner's car to get totaled but seems to work out here!

So what happens with this being a lease if I may ask? You had a down payment and monthly payments due for around 3 years.

Do you get back the custom work you got done as well?
 

BLKMDL3

Supporting Member
Supporting Member
Nov 25, 2015
1,825
1,156
Westwood, Los Angeles, CA
I've never wished for a fellow Tesla owner's car to get totaled but seems to work out here!

So what happens with this being a lease if I may ask? You had a down payment and monthly payments due for around 3 years.

Do you get back the custom work you got done as well?
I don't think I get back all the money for custom work. My insurance broker said only the value it adds to the car. AP may add $400. Better than nothing. I will sue for down payment and maybe difference in monthly payment. It was due to her negligent act, that I have to pay another $7000-$8000 due at signing, and $200-$400 per month more in my payments I don't want to pay the difference. I will have to sue then if they won't pay it.
 

MXWing

Well-Known Member
Oct 13, 2016
7,541
21,659
USA
What should I sue for? Is down payment realistic? Should I also do difference in monthly payments?
Thanks

Who's your lien holder? Do they know about your wreck and advised you on your obligations to them? What have they advised? Just need more data points.
 

Jay Hawk

Member
Aug 19, 2016
29
12
Lawrence, KS
Makes a liitle sick when 'one of the ICE cromag- persons' dun be messin with a beautiful Model X. Auotpilot 3.0 should control nearby ICE cars to pilot them out of the way for EV trafffic!

In seriousness, man bummer the car got hit, bummer it was a texting moron. Perform that irresponsibly and i only hope the other driver gets 89 days 'in the shop'(of juvenile detention)

Thanks for sharing your story!
 
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outie

Active Member
May 22, 2016
2,751
2,437
SoCal
Did you purchase gap insurance for your lease? My understanding is that with a car still less than a year old the depreciation is quite great. I just don't know if the leased car being totaled is to your advantage ?
 

BLKMDL3

Supporting Member
Supporting Member
Nov 25, 2015
1,825
1,156
Westwood, Los Angeles, CA
Did you purchase gap insurance for your lease? My understanding is that with a car still less than a year old the depreciation is quite great. I just don't understand if the leases car being totaled is to your advantage?
I think it is. I won't have to deal with it when I would sell it if it wasn't totaled. Disclosing accident info would mean less buyers.
 

MXWing

Well-Known Member
Oct 13, 2016
7,541
21,659
USA
I think it is. I won't have to deal with it when I would sell it if it wasn't totaled. Disclosing accident info would mean less buyers.

For leases, I believe gap insurance is MANDATORY. Lienholders need to cover themselves. But @zackmilo - did you ask US Bank on what to do to make sure you get out of this in the best position possible?
 

Canuck

Well-Known Member
Nov 30, 2013
6,125
5,777
South Surrey, BC
sorry if I'm not understanding what it means to be compensated for depreciation.

It's called accelerated depreciation when it comes to damages. When you get the vehicle back from the shop it will have depreciated faster than it would have were it not for the accident because when you sell and disclose the accident your car isn't as desirable as a no-accident vehicle.

It is diminished value. Sorry

That too. You plead both when you sue but they're basically the same.

50K DAMAGE!!! We will sue for 15k for diminished value.

I thought the car was totaled? If so, you will be paid its actual cash value, unless you have a replacement cost endorsement on your policy. Do you? That's different than gap.

It seems to me that there are two potential claims you have:

First party coverage that your insurer owes you -- and then your insurer will subrogate against the at-fault driver's insurer.

Third Party Claim against the at-fault driver, for any damages not covered by your insurance -- you insurer will also recover its damages so you need to work with them. The at-fault driver does not owe you a new Tesla. Only its actual cash value as of the date of loss. Otherwise, someone could get a 2017 Toyota for their 1995 beater. You are also entitled to any out-of-pocket expenses you incur, that you would not have incurred except for the accident. These are called special damages whereas the payment for your vehicle is compensatory damages.

My daughter was rear-ended in our Leaf by a truck and pushed into the vehicle in front. Fortunately, she was fine. After nearly two months in the shop, and $15k in repairs, we got it back. I then went for accelerated depreciation and issued a demand for $5k but advising I would sue for $10k if payment was not made within three weeks. I got their proforma letter in reply saying I needed to show that the repairs were not done properly, and expert evidence on damages by appraisers and that I was not entitled to anything further since the car was repaired to its pre-accident condition. I emailed the person who wrote the letter with links to ads for used Leafs showing the price difference between rebuilt salvage and no accidents. I took the position that my vehicle was no different than a rebuilt salvage and $10k was supported by the ads. I said I didn't need an expert to prove the quantum of damages and it didn't matter how the repairs were done, and I would see them in smalls claim court if they didn't pay. I got an email in reply saying the cheque for $5k was being issued. It wasn't worth my time to sue for more and I felt that was fair.

This was a few years ago when Leafs were expensive up here. That's why they fixed it instead of writing it off. Now you can buy a Leaf down south for $5k. They're still more expensive up here but a lot are now being imported since even with our low 70's cent dollar, it's worth paying the import costs and getting the mods to make it legal given their price up here.

*Please note I only post my personal opinions and never legal advice, including in this post. Do not rely on what I say since it could be wrong.
 
Last edited:

BLKMDL3

Supporting Member
Supporting Member
Nov 25, 2015
1,825
1,156
Westwood, Los Angeles, CA
It's called accelerated depreciation when it comes to damages. When you get the vehicle back from the shop it will have depreciated faster than it would have were it not for the accident because when you sell and disclose the accident your car isn't as desirable as a no-accident vehicle.



That too. You plead both when you sue but they're basically the same.



I thought the car was totaled? If so, you will be paid its actual cash value, unless you have a replacement cost endorsement on your policy. Do you? That's different than gap.

It seems to me that there are two potential claims you have:

First party coverage that your insurer owes you -- and then your insurer will subrogate against the at-fault driver's insurer.

Third Party Claim against the at-fault driver, for any damages not covered by your insurance -- you insurer will also recover its damages so you need to work with them. The at-fault driver does not owe you a new Tesla. Only its actual cash value as of the date of loss. Otherwise, someone could get a 2017 Toyota for their 1995 beater. You are also entitled to any out-of-pocket you incur, that you would not have incurred except for the accident. These are called special damages whereas the payment for your vehicle is compensatory damages.

My daughter was rear-ended in our Leaf by a truck and pushed into the vehicle in front. Fortunately, she was fine. After nearly two months in the shop, and $15k in repairs, we got it back. I then went for accelerated depreciation and issued a demand for $5k but advising I would sue for $10k if payment was not made within three weeks. I got their proforma letter in reply saying I needed to show that the repairs were not done properly, and expert evidence on damages by appraisers and that I was not entitled to anything further since the car was repaired to its pre-accident condition. I emailed the person who wrote the letter with links to ads for used Leafs showing the price difference between rebuilt salvage and no accidents. I took the position that my vehicle was no difference than a rebuilt salvage and $10k was supported by the ads. I said I didn't need an expert to prove the quantum of damages and it didn't matter how the repairs were done, and I would see them in smalls claim court if they didn't pay. I got an email in reply saying the cheque for $5k was being issued. It wasn't worth my time to sue for more and I felt that was fair.

This was a few years ago when Leafs were expensive up here. That's why they fixed it instead of writing it off. Now you can buy a Leaf down south for $5k. They're still more expensive up here but a lot are now being imported since even with our low 70's cent dollar, it's worth paying the import costs and getting the mods to make it legal given their price up here.

*Please note I only post my personal opinions and never legal advice, including in this post. Do not rely on what I say since it could be wrong.
It is totaled! Yay! There is 50k of damage though. So they owe me the due at signing? Can I sue her insurance company?I hope! Do they owe me the difference in monthly lease payments as it is more expensive because they do not make a 60D anymore.
Thanks,
Zack
 

MP3Mike

Well-Known Member
Feb 1, 2016
16,530
38,773
Oregon
Do they owe me the difference in monthly lease payments as it is more expensive because they do not make a 60D anymore.

I don't think so. They owe you fair market value for the car you had. It doesn't matter that Tesla no longer makes a 60D. So you have to show them all the upgrades you have done and why it is worth whatever.

As an example if the fair market value was $50k and you owed $70k on it, they only have to give you $50k, it is totally up to you to come up with the other $20k. (Unless you have gap insurance.)

The biggest problem will be finding comps since there are so few Model X 60Ds available. But they can take a comp for a 75D and subtract the $6,500 that Tesla charges to upgrade a 60D to a 75D. So how much is a comparable 75D worth?
 
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BLKMDL3

Supporting Member
Supporting Member
Nov 25, 2015
1,825
1,156
Westwood, Los Angeles, CA
I don't think so. They owe you fair market value for the car you had. So you have to show them all the upgrades you have done and why it is worth whatever.

As an example if the fair market value was $50k and you owed $70k on it, they only have to give you $50k, it is totally up to you to come up with the other $20k. (Unless you have gap insurance.)
So they owe me $70k which is fair market value for the car?
 

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