diminished value?
07-22-2013, 10:55 AM
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diminished value?
My 05 GPW was recently backed up into by a truck in a parking lot. There was a huge dent in my driver's side rear quarter panel. Insurance found the other party to be liable and paid for the repairs ($4k!). My question is.... how would this impact the resale value of my car? I recently took it to CarMax for a trade in value and they appraised it for only $12k (my car has 55k miles) while the Kelly blue book value for a car without the accident was 18k. Is it worth going after the other party's insurance for diminished car value?
07-22-2013, 12:12 PM
#2
You'll never get a dime out of insurance for "diminished value", don't waste your time. I doubt you'd get 18K for it on trade-in without the accident history. My guess is more like 13-14K on trade-in without the damage.
The only way to get money would be if you had an "agreed value" policy, which is typically for collectors cars which aren't driven much as the value is assumed constant through the term. Regular cars are constantly depreciating.
The only way to get money would be if you had an "agreed value" policy, which is typically for collectors cars which aren't driven much as the value is assumed constant through the term. Regular cars are constantly depreciating.
07-22-2013, 12:38 PM
#3
I got a sizable check for diminished value on my Lotus and a check for Loss of Use while it was down for repairs (since it was my weekend toy). I contacted the insurance company for the party at fault. They sent an independent appraiser after the repairs were made to write up a report. Then the insurance company tried to low ball me. I provided documentation for similar cars with clean and bad carfax reports and we negotiated for a while until we settled.
On a S2000 you might have a hard time but it doesn't hurt to give it a shot!
On a S2000 you might have a hard time but it doesn't hurt to give it a shot!
07-22-2013, 01:05 PM
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I got a sizable check for diminished value on my Lotus and a check for Loss of Use while it was down for repairs (since it was my weekend toy). I contacted the insurance company for the party at fault. They sent an independent appraiser after the repairs were made to write up a report. Then the insurance company tried to low ball me. I provided documentation for similar cars with clean and bad carfax reports and we negotiated for a while until we settled.
On a S2000 you might have a hard time but it doesn't hurt to give it a shot!
On a S2000 you might have a hard time but it doesn't hurt to give it a shot!
07-22-2013, 01:17 PM
#6
I fought for a year to get a diminished value settlement after my wife's car was rear-ended. Got professional appraisals based upon the repairs done and the carfax records. Went to the state insurance commissioner (all they do is write letters but it is a little extra pressure) and threatened legal action. Eventually settled the claim for 24% of the blue book value.
My own insurance company was pretty worthless and I had to handle the claim against the other company myself.
My own insurance company was pretty worthless and I had to handle the claim against the other company myself.
07-22-2013, 01:38 PM
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I fought for a year to get a diminished value settlement after my wife's car was rear-ended. Got professional appraisals based upon the repairs done and the carfax records. Went to the state insurance commissioner (all they do is write letters but it is a little extra pressure) and threatened legal action. Eventually settled the claim for 24% of the blue book value.
My own insurance company was pretty worthless and I had to handle the claim against the other company myself.
My own insurance company was pretty worthless and I had to handle the claim against the other company myself.
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07-22-2013, 02:46 PM
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21% is typical "lost value" that I have had no problem collecting.
The assigned claims agent will pull your chain and bluff about " they don't pay lost value"......BS!
If you have signed off on the repairs without commenting or requesting you may be SOL, but if not, go for it.
Different world if injuries are involved, YEMV.
The assigned claims agent will pull your chain and bluff about " they don't pay lost value"......BS!
If you have signed off on the repairs without commenting or requesting you may be SOL, but if not, go for it.
Different world if injuries are involved, YEMV.
07-22-2013, 05:12 PM
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21% is typical "lost value" that I have had no problem collecting.
The assigned claims agent will pull your chain and bluff about " they don't pay lost value"......BS!
If you have signed off on the repairs without commenting or requesting you may be SOL, but if not, go for it.
Different world if injuries are involved, YEMV.
The assigned claims agent will pull your chain and bluff about " they don't pay lost value"......BS!
If you have signed off on the repairs without commenting or requesting you may be SOL, but if not, go for it.
Different world if injuries are involved, YEMV.
