991 GT3 RS Wrecked while at Speed Shop
03-05-2017, 05:05 PM
#301
Race Car
At a slightly different price point, I have a friend who owns a high end auto body shop with his dad. His dad bought a brand new mustang gt500 a few yrs back and before he took it on the road he wanted some of the known shortcomings, specifically the brakes and suspension, dealt with. He bought it at the ford dealer in RI well know in the 60s for their modified muscle cars. After the install a tech took it for a ride and promptly put it into a pole. Not totaled and already titled in his name they offered only to repair it. He took the cash and fixed it right and then had to sue the dealer to get paid for the loss of value. I don't remember what he got in the settlement but it covered the loss of value when he sold it plus little extra for brain damage. A PIA but he was made whole. Just multiply the numbers X5 and be tenacious.
03-05-2017, 05:32 PM
#302
br911, good call I run a quant fund (with fundamental overlays). I'm not the quant, not that smart I run the fundamental overlay portion which is just heuristics and biases judgement application, i.e. all the dumb decisions we make as humans, then rationalize it all away without understanding the odds. So in a weird way, the fact that someone decided to make an incredibly stupid decision, with no understanding of how bad the odds were (i.e. risk of loss was enormous, risk of gain was minimal) is confirmation of how I run my clients money. SMH. This board has been great, I'd have kicked the dog and my wife by now.
As a former floor trader in #4 WTC in my younger days, when you said "tail" risk and "reversion to the mean", I knew exactly what you did for a living. I commend your patience and taking the high road. Hopefully, you'll be made whole again and to your satisfaction.
03-05-2017, 05:59 PM
#303
Best wishes to Ccapx, you are being a real gentleman about this. Now that we know no one got hurt, you can put some financial hurt on that shop. The market should punish that shop and if they're strong enough, they'll make things right and recover. If not, well that's business.
03-05-2017, 06:16 PM
#304
If I was the guy who did this, I would have been on my knees apologizing to you, and then writing you a check for your car. If necessary, I'd be mortgaging my business and house, so I could write you a check for your car. Everybody makes mistakes. But good people own those mistakes and do everything in their power to make things right.
Problem is, there aren't that many "good" people around anymore.
Too many dumb people out there making excuses for being dumb.
03-05-2017, 06:30 PM
#305
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I have been an insurance adjuster for close to 20 years and everything depends on your state regulations. If the insurance company follows the regulations, you cant sue for anything. It is their job to make you "whole" not happy.
Diminished value claim a definate possibility, of course depending on the state. The insurance company will look at the cost of repairs and the salvage value then compare that to replacement cost. If the two combined are close they most likely will deem it totaled.
My guess on repairs is probably around $50k, salvage im guessing 50-60% of the value so it will end up being close.
I also love the frame comments!! Really, Porsche's have frames?? Never....
THE MOST IMPORTANT THING IS TO GET THE CAR TO THE BEST AND MOST EXPERIENCED PORSCHE REPAIR SHOP YOU CAN FIND!! They will know what and where to look for structural damages that will only help total the car. ( I assume thats what you want) They wont fix it if there is structural issues and the car cant be repaired safely.
Diminished value claim a definate possibility, of course depending on the state. The insurance company will look at the cost of repairs and the salvage value then compare that to replacement cost. If the two combined are close they most likely will deem it totaled.
My guess on repairs is probably around $50k, salvage im guessing 50-60% of the value so it will end up being close.
I also love the frame comments!! Really, Porsche's have frames?? Never....
THE MOST IMPORTANT THING IS TO GET THE CAR TO THE BEST AND MOST EXPERIENCED PORSCHE REPAIR SHOP YOU CAN FIND!! They will know what and where to look for structural damages that will only help total the car. ( I assume thats what you want) They wont fix it if there is structural issues and the car cant be repaired safely.
Last edited by brutus143; 03-05-2017 at 06:57 PM.
03-05-2017, 06:54 PM
#306
When I dropped my GT3 off for a day to get the car wrapped, I took a pic of the odometer just to make sure. When I picked up the car, it had exactly just 1 mile more. I had to convince myself maybe it was just about to roll over to the next mile when I dropped it off. Otherwise, I could not sleep well knowing someone took out my car for a spin without my permission.
No one should ever take your car out for a spin without your permission!
But also, this is a Porsche, a toy. A toy, in this case, that most people have to work hard for years to earn. You cannot just take it out and 'enjoy' it because you didn't earn it!
No one should ever take your car out for a spin without your permission!
But also, this is a Porsche, a toy. A toy, in this case, that most people have to work hard for years to earn. You cannot just take it out and 'enjoy' it because you didn't earn it!
03-05-2017, 07:00 PM
#307
Race Director
Out of curiosity I looked at the views on this thread this morning when the article came out. Around 27,000. Will probably hit 47,000 by tonight. Wow.
The Jalopnik article is showing like 51,000 views.
http://jalopnik.com/shop-owner-smash...-in-1792973207
The Jalopnik article is showing like 51,000 views.
http://jalopnik.com/shop-owner-smash...-in-1792973207
03-05-2017, 07:01 PM
#308
Rennlist Member
Very sorry to see this story about a fellow owner. I admire your restraint and truly hope you are fully compensated, and quickly. I expect the shop is toast, as it well deserves to be.
03-05-2017, 07:02 PM
#309
Rennlist Member
Thread Starter
Brutus,
thank your for the insight, much appreciated. As you pointed out, this is damage + loss of use + diminished value. The car is with the only Porsche certified repair shop in KC, owner is well regarded here. Damage is more than 50k. You are completely right on term frame, it is slang. A pillars forward needs replace and the technicians concern is the modular attach points for the suspension which they will understand better as the car is dissembled assuming that ever happens. The diminished value expert I'm working with has been very insightful on the post value repair and your point on salvage was an excellent one. Apparently salvage value is pretty good in these cars. Suing would be for denial of claims Or straight gross negligence with recklessness and bad intent. Thanks again.
thank your for the insight, much appreciated. As you pointed out, this is damage + loss of use + diminished value. The car is with the only Porsche certified repair shop in KC, owner is well regarded here. Damage is more than 50k. You are completely right on term frame, it is slang. A pillars forward needs replace and the technicians concern is the modular attach points for the suspension which they will understand better as the car is dissembled assuming that ever happens. The diminished value expert I'm working with has been very insightful on the post value repair and your point on salvage was an excellent one. Apparently salvage value is pretty good in these cars. Suing would be for denial of claims Or straight gross negligence with recklessness and bad intent. Thanks again.
03-05-2017, 07:46 PM
#310
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Brutus,
thank your for the insight, much appreciated. As you pointed out, this is damage + loss of use + diminished value. The car is with the only Porsche certified repair shop in KC, owner is well regarded here. Damage is more than 50k. You are completely right on term frame, it is slang. A pillars forward needs replace and the technicians concern is the modular attach points for the suspension which they will understand better as the car is dissembled assuming that ever happens. The diminished value expert I'm working with has been very insightful on the post value repair and your point on salvage was an excellent one. Apparently salvage value is pretty good in these cars. Suing would be for denial of claims Or straight gross negligence with recklessness and bad intent. Thanks again.
thank your for the insight, much appreciated. As you pointed out, this is damage + loss of use + diminished value. The car is with the only Porsche certified repair shop in KC, owner is well regarded here. Damage is more than 50k. You are completely right on term frame, it is slang. A pillars forward needs replace and the technicians concern is the modular attach points for the suspension which they will understand better as the car is dissembled assuming that ever happens. The diminished value expert I'm working with has been very insightful on the post value repair and your point on salvage was an excellent one. Apparently salvage value is pretty good in these cars. Suing would be for denial of claims Or straight gross negligence with recklessness and bad intent. Thanks again.
Wish you the best!! Insurance companies dont want injuries on repaired cars, that where they get sued for millions. Have a talk with the tech and he needs to stress the possibility if not apparent damage to the passenger compartment. **Unable to be repaired to pre-loss structural integrity is a key statement** If a firewall (cowl area,) is damaged thats almost immediate grounds for a total loss. the passenger compartment is designed to protect, while everything else is designed to crumble.
Most likley the appraiser will be an independent with little specific Porsche knowledge and thats where the tech needs to "educate" them on that term above.
There is no way you would be denied, insurance covers just about everything except intentional damage. We insure stupidity is a common phrase.
03-05-2017, 08:06 PM
#312
Race Director
So the "teenager" isn't quite one or the son of the owner. Luis is an employee at BHR. Luis and Aaron. The Fast and Furious 991.
Last edited by STG; 03-05-2017 at 08:29 PM.
03-05-2017, 08:58 PM
#315
What a mess and an unnecessary time suck. Hope all is resolved to your satisfaction.
Not comparable in any way, But reminds me of the time I received a littering citation in the mail for throwing a cigarette out the window of my Ferrari... I don't smoke. Turns out the shop putting new tires on my Ferrari took the car out for a joy ride as well. Good thing old ferraris are slow - it at least came back in one piece.
one more reason not to touch anything you can't respect and stroke a check for.
Not comparable in any way, But reminds me of the time I received a littering citation in the mail for throwing a cigarette out the window of my Ferrari... I don't smoke. Turns out the shop putting new tires on my Ferrari took the car out for a joy ride as well. Good thing old ferraris are slow - it at least came back in one piece.
one more reason not to touch anything you can't respect and stroke a check for.