MR

Basically the new owner is screwed on this car. Full coverage only applies to the blue book value, and since they took it off the lot, it just depreciated at least $20/$30K right off the friggin bat. So their insurance will cover the depreciated value of the car. The new owner will have to come up with the rest. But since this is a crazy exotic car, I'm sure money will be made from selling the remains of it. What are the odds the new owner is a professional athlete, rap artist, Middle Easterner, rich white boy without a worry in the world, Mexican drug cartel showing off for his 15 year old honeyco, etc?

That's what happens to a lot of these stupid people who buy dream muscle cars. They buy them and then within three months of owning it, they total it out because they are driving stupid. Since they only made a few payments, they've not built up any of the payback and the insurance company will only pay out the blue book value of the car, which the car depreciated considerably when driven right off the lot. Dumbasses! There's a reason my classic car that I've owned and restored over the past 26 years hasn't been wrapped around a pole, I drive responsibly.

http://www.mydesert.com/viewart/2013031 ... d-La-Jolla

SAN DIEGO — Police searched Tuesday for the owner of a 2008 Lamborghini that crashed along a La Jolla roadside and was abandoned by its two occupants, reportedly only hours after it was bought for around a quarter-million dollars.

Officers found the banged-up sports car on the side of La Jolla Village Drive near La Jolla Scenic Drive North about 11:45 p.m. Monday, according to San Diego police.
Witnesses reported seeing the Lamborghini Murcielago speeding on Interstate 5 before it flew off the La Jolla Village Drive exit and crashed, police said, adding that witnesses also saw a man and a woman exit the car.
Officers found paperwork in the car showing it was purchased for almost $250,000 just hours before the crash, according to KGTV. Police told the station that they were staking out an address listed on the paperwork in hopes of finding the driver.

With some exotic cars, you can get paid for what's called "diminished value" if your policy allows that. For example, if you wreck your exotic and then have it fixed, you won't be able to sell if for what a similar unwrecked car would go for because it would show up on CarFax as previously wrecked. So the insurance company will give you an extra amount (typically the difference between the two).

My other cars besides my daily driver are insured for a set agreed upon value and can never go down. So if those cars ever become a total loss, I get paid for that set amount and not a depreciated number. I also don't have a deductible on those cars.

KenTheDude wrote:With some exotic cars, you can get paid for what's called "diminished value" if your policy allows that. For example, if you wreck your exotic and then have it fixed, you won't be able to sell if for what a similar unwrecked car would go for because it would show up on CarFax as previously wrecked. So the insurance company will give you an extra amount (typically the difference between the two).

My other cars besides my daily driver are insured for a set agreed upon value and can never go down. So if those cars ever become a total loss, I get paid for that set amount and not a depreciated number. I also don't have a deductible on those cars.

Gap insurance would do the same thing would it not?

JRNYMAN wrote:

KenTheDude wrote:With some exotic cars, you can get paid for what's called "diminished value" if your policy allows that. For example, if you wreck your exotic and then have it fixed, you won't be able to sell if for what a similar unwrecked car would go for because it would show up on CarFax as previously wrecked. So the insurance company will give you an extra amount (typically the difference between the two).

My other cars besides my daily driver are insured for a set agreed upon value and can never go down. So if those cars ever become a total loss, I get paid for that set amount and not a depreciated number. I also don't have a deductible on those cars.

Gap insurance would do the same thing would it not?

Gap insurance kicks in if your car is totaled and the insurance company doesn't give you enough to pay off your auto loan. What if you paid cash for the car or paid it off? And you try to sell it but can't get what it should be worth because it has a history of being wrecked. That's where diminshed value comes in.

KenTheDude wrote:

JRNYMAN wrote:

KenTheDude wrote:With some exotic cars, you can get paid for what's called "diminished value" if your policy allows that. For example, if you wreck your exotic and then have it fixed, you won't be able to sell if for what a similar unwrecked car would go for because it would show up on CarFax as previously wrecked. So the insurance company will give you an extra amount (typically the difference between the two).

My other cars besides my daily driver are insured for a set agreed upon value and can never go down. So if those cars ever become a total loss, I get paid for that set amount and not a depreciated number. I also don't have a deductible on those cars.

Gap insurance would do the same thing would it not?

Gap insurance kicks in if your car is totaled and the insurance company doesn't give you enough to pay off your auto loan. What if you paid cash for the car or paid it off? And you try to sell it but can't get what it should be worth because it has a history of being wrecked. That's where diminshed value comes in.

I guess I could have Googled that. Thanks for the education.

The Sushi Hunter wrote:Witnesses reported seeing the Lamborghini Murcielago speeding on Interstate 5 before it flew off the La Jolla Village Drive exit and crashed, police said, adding that witnesses also saw a man and a woman exit the car.

They should check the hospitals to see if anyone came in with their pee-wees bitten off around the same time.

Rip Rokken wrote:

The Sushi Hunter wrote:Witnesses reported seeing the Lamborghini Murcielago speeding on Interstate 5 before it flew off the La Jolla Village Drive exit and crashed, police said, adding that witnesses also saw a man and a woman exit the car.

They should check the hospitals to see if anyone came in with their pee-wees bitten off around the same time.

Oh dude! Multiples of sadness right there.

Reminds me of back in the 80's, we were in Thailand and were out on the beach enjoying the very last bits of time we had before liberty expired and we had to be back to the boat. At the very last second about four of us got a speedboat taxi to bring us all back to the boat. One of the guys with us brought his honeyco on the boat with us. We were hauling ass back to the ship only minutes before liberty expired and he's sitting on a hard wood bench seat getting a bj by his honeyco, at the wrong time we hit this huge wake from another boat passing by and, the boat went up and her head was thrown down into the wooden bench, causing her lower jaw to be thrusted closed. Well lets just say that the guy ended up with eight stitches in it, four on the top and four on the bottom, right about where the first set of stitches were made at the hospital after he was....born. Had that wake been just a foot or two higher, he may have ended up "headless".