diminished value?
#11
Originally Posted by CosmosMpower' timestamp='1374525504' post='22680689
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!
#12
Can we just have a general assumption that in any thread regarding the law or dealing with insurance companies that it OBVIOUSLY varies from state to state. Cosmos lives in Texas. You guys may have noticed that Texas kind of marches to the beat of its own legal drum. Any similarities to other states, outside of normal common law principals, are a coincidence.
#13
Can we just have a general assumption that in any thread regarding the law or dealing with insurance companies that it OBVIOUSLY varies from state to state. Cosmos lives in Texas. You guys may have noticed that Texas kind of marches to the beat of its own legal drum. Any similarities to other states, outside of normal common law principals, are a coincidence.
#14
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?
#15
State boundaries make it a bit more complicated but not impossible... in my case my car is registered in Washington, the accident happened in Oregon, the driver that hit her was driving a rental from California, and the rental services insurance company was in Missouri, but I still got through it.
#16
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?
As for resale impact, it really depends on the buyer. If it were solely sheet metal and not structural, I wouldn't hesitate to offer market price as long as the repairs were done well. It there was structural damage, then I'm not a buyer at all. Everyone has their subjective pain points for damage.
#17
Originally Posted by jeffnguyen88' timestamp='1374519315' post='22680429
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?
As for resale impact, it really depends on the buyer. If it were solely sheet metal and not structural, I wouldn't hesitate to offer market price as long as the repairs were done well. It there was structural damage, then I'm not a buyer at all. Everyone has their subjective pain points for damage.
#18
Originally Posted by jeffnguyen88' timestamp='1374519315' post='22680429
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?
As for resale impact, it really depends on the buyer. If it were solely sheet metal and not structural, I wouldn't hesitate to offer market price as long as the repairs were done well. It there was structural damage, then I'm not a buyer at all. Everyone has their subjective pain points for damage.
#19
Originally Posted by SpudRacer' timestamp='1374602291' post='22682583
[quote name='jeffnguyen88' timestamp='1374519315' post='22680429']
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?
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?
As for resale impact, it really depends on the buyer. If it were solely sheet metal and not structural, I wouldn't hesitate to offer market price as long as the repairs were done well. It there was structural damage, then I'm not a buyer at all. Everyone has their subjective pain points for damage.
[/quote]
Is that the asking price or the price that a transaction was finally closed at? There can be a difference there just as there is a difference between retail and wholesale pricing. A dealer will view your car simply on the basis of the risk and potential profit it represents. He's not going to get emotional about any single car. A private buyer on the other hand may very get emotional if he or she has been looking for a long time for exactly that color combination and your car is the best example they've seen. They might make a very generous offer. And the S2000 has a fairly limited pool of potential buyers like any soft-top roadster. Rabid fans maybe, but relatively few and far between.
#20
Honestly, it depends on your state and regulations regarding it, some states it's commonplace to the point there's an equation for it, whereas in CA it's a lot tougher. My personal opinion is that if your car is brought back to its original state, then the diminished value isnt realized until it comes time to sell. In other words, if ur the type who drives it until the wheels fall off and donates, what did you really lose?