So you think this is a little scratch?

Two classic cars in an accidentTerrible parallel parking skills aside, this is not a little scratch.  The damages caused to the Ferrari owner are so much more than this surface scratch.

Whether you own a Ford or a Ferrari, this repair will be just the tip of the iceberg to the loss by the owner.

The article belwo indicated that the car is worth $300,000, but a good lawyer and a savvy owner would point out that the the car WAS worth $300,000.

On the market, this accident will most likely diminish the value of that car.  Just like the buyer of any vehicle, ones that are in accidents are generally worth less than ones that are not.

If this car loses 10% of its value the owner of the vehicle has lost $30,000 in cash in that instant.  The same is true for a $30,000 dollar Ford, the owner would close $3,000 or more depending on the percentage loss the market attributes to wrecked and repaired cars.

In this case, just as in most other crashes, the owner needs to be compensated for the repair of the car itself and repair of the value of the vehicle.  Moral of this story, have a great insurance policy with high limits for property damage.

If you have a classic or high-value car that’s been damaged in a crash, contact us to see how we can help.