NMichXKR,

Bocatrip made a good point - a car that has been reported as having been stolen, even if it is recovered without any damage, is worth less than an identical car that has never been stolen. This may be grounds for an insurance claim for "Diminished Value". Since the facts aren't entirely clear, I'm not sure which party's insurance carrier is responsible - yours, the selling dealer's, or the carrier's. If you want to pursue this, you may want to consult with your insurance agent, attorney, and qualified auto appraiser.

Your 2009 XKR Portfolio coupe is rare - only 180 were made, which should affect the value as a future collectible. https://www.jaguarforums.com/forum/x...ertible-45154/

Just food for thought.

Stuart

 

Your title will not be branded. A branded title (salvage) is only done when the insurance company takes ownership of the vehicle and conveys title. The insurance company is not taking possession of the car and have not paid out it's value on a policy. However, the carfax report will show a theft event and it is a red flag against your car.


Now, the resale car industry is getting very comprehensive with reporting of events. Also, buyers are very sensitive giving the purchase of a car more scrutiny than the selection of a partner (wife). This theft event would not bother me, but some people would look at this as used and abused material and will use it to negotiate a better deal when it comes time to sell.

 

Here's some thoughts about "Diminished Value".....

What is Diminished Value?
Diminished Value is defined as that portion of a damaged vehicle's pre-Loss Value that has Not been restored through the repair process. There are actually three (3) basic types of Diminished Value . . .

Immediate Diminished Value is the difference in resale value of a vehicle immediately before damage has occurred and immediately after damage has occurred (prior to repair). Most jurisdictions (courts) will use this standard as the primary measure of damage when courts are employed to seek reimbursement for damage from a negligent party. As courts are rarely the chosen venue for recovery of property damage, the standard of “Immediate Diminished Value” is rarely employed in resolving Property Damage claims ...
Inherent Diminished Value assumes optimal repair quality has been achieved and is defined as the amount by which the resale value of a repaired vehicle has been reduced simply because the subject vehicle now has a significant damage history. “Inherent Diminished Value” is the most widely recognized and accepted form of Diminished Value. It is also the basis upon which any supplemental form of Diminished Value would be added. A common “Supplemental” form of Diminished Value is “Repair Related Diminished Value” ...
Repair Related Diminished Value includes any additional amounts by which the resale value of a subject vehicle may be further reduced because of less-than-optimal repairs. This could include anything from minor cosmetic imperfections to major structural defects.

Can I Collect Diminished Value (state-by-state) ?

Every State except Michigan.

Since the owner of this car resides in the State of Michigan it is doubtful that any DV claims would be accepted. In addition NMichXKR clearly stated that the XKR had no damage, upon inspection by third parties. Diminished Value is generally not covered in an auto insurance policy in Michigan when making a first-party claim unless there is Uninsured/Underinsured Motorist coverage. A first-party claim is when an individual files a claim under his/her own insurance policy.

While this incident is a misfortune to the new owner, it clearly appears that the people involved with the abduction of the XKR may have simply taken it for a quick joy ride.

We still have yet to hear the "rest of the story" of how and why the selling dealer, had this happen. I am sure there are explainations to be voiced. Once the new owner NMichXKR receives the vehicle, I am sure that he will inspect it closely. Until that future data is released here on the forum to the members it is hard to speculate what action that he should take.

 

Well said!

 

Thanks Richzak
I've found the same information during the past week and I feel this is the first unfortunate thing regarding my state of residence.

The car was picked up by transport at 7:30 this morning. I had a call with the driver prior to loading and he felt that other than some dust, the car was in great shape and ran well while loading. I'm very relieved after what has been an incredible fiasco that my XKR is finally Northbound and barring any unanticipated weather, I'll be taking delivery on Wednesday or Thursday followed by a great first road trip north to my home.

I thank all on the forum for your thoughts. It's been a rough road to start but hoping it will smooth out for the rest of the ride. Nonetheless a good story to the beginning of my legacy with this great car.

 

I'm happy to say I picked up my XKR PE yesterday in Detroit and had a fantastic first road trip! 4 hours of s*^t eatin grin driving pleasure. Other than some fingerprint dust all seems to be in order following is the theft and subsequent recovery. I does seem however that the thieves may have taken a corner to the right a bit too sharp and peeled back a bit of plastic moulding under the passenger door and scuffed the right rear wheel a bit. Thankfully my insurance will be covering the repairs and has agreed to wait untill fall so I don't have to go without the car.

What an amazing piece of engineering art!! It's such a pleasure to drive and without a doubt, a head turner. Lots of questions answered thus far and I'm certain more to follow.

I couldn't be more excited.

Cheers to all
J

 

Congratulations! Enjoy the ride and put the rest of the experience behind you. And when I visit my sister in Oak Park, MI, I'll give you a holler.

 

I'd ask for a refund immediately, regardless of the outcome of the car? Did they leave the keys in the car? Insist you don't want the car now at that price... Who knows what could happen later on due someone's malicious intent?

In the end, maybe they'll kick you back some kind of refund of pay for the shipping.

 

[QUOTE=richzak;1188100]Here's some thoughts about "Diminished Value".....



Immediate Diminished Value is the difference in resale value of a vehicle immediately before damage has occurred and immediately after damage has occurred (prior to repair). Most jurisdictions (courts) will use this standard as the primary measure of damage when courts are employed to seek reimbursement for damage from a negligent party. As courts are rarely the chosen venue for recovery of property damage, the standard of “Immediate Diminished Value” is rarely employed in resolving Property Damage claims ...
Inherent Diminished Value assumes optimal repair quality has been achieved and is defined as the amount by which the resale value of a repaired vehicle has been reduced simply because the subject vehicle now has a significant damage history. “Inherent Diminished Value” is the most widely recognized and accepted form of Diminished Value. It is also the basis upon which any supplemental form of Diminished Value would be added. A common “Supplemental” form of Diminished Value is “Repair Related Diminished Value” ...
Repair Related Diminished Value includes any additional amounts by which the resale value of a subject vehicle may be further reduced because of less-than-optimal repairs. This could include anything from minor cosmetic imperfections to

Richzak. Thanks for the info. Are you saying that you can recover money in addition to the repairs ? Should this be standard practice after a repair claim if your car is in an accident? My insurance company has surely never offered this.

 

jaguny,

Why would your insurance company tell you about something that would cost them money if they weren't required by law to do so? Unlike Georgia, I believe that New York doesn't have a statute requiring insurors to pay claims for diminished value. So you'll probably have to file a lawsuit to get their attention and negotiate a settlement before trial. You might be able to do this yourself in small claims court, but it might make more sense to hire an attorney if the damage and repair cost were sufficiently large. Either way, you'll need an independent appraisal from a qualified expert in DV claims to support your demand. Insurance companies typically will toss you a bone and hope that you'll take it and go away. In my case, $1,100 became $8,000 because I had a good lawyer.

Google "diminished value in New York" and read all about it.

Stuart