Accident Diminished Value

[trulfe]

So if someone hits your parked car are you entitled to any kind of compensation other than an aftermarket fix and paint job? The car will never be seen the same, if it has been repainted, so are you entitled for any dimished value compensation? thx

 

[Rallispec]

nope.. as far as i'm aware all you'll get compinsated for is the cost of repairs.

insurance sucks

 

[iamwiz82]

unless you specified to the insurance company beforehand and they upped your rates accordingly, no. You have to tell the insuance company whatever you have if you want full value(ie: dropped a viper V10 intoa PT cruiser) else you will get the cost of the original, non-modded version.

 

[trulfe]

well, its the other person's insurance that will be paying for my repairs, so can I request an adjustment to my estimates?

 

[iamwiz82]

<< well, its the other person's insurance that will be paying for my repairs, so can I request an adjustment to my estimates? >>



good question. I seriously doubt it. You would need to get a damned good lawyer. Good luck.

 

[Ns1]

<< unless you specified to the insurance company beforehand and they upped your rates accordingly, no. You have to tell the insuance company whatever you have if you want full value(ie: dropped a viper V10 intoa PT cruiser) else you will get the cost of the original, non-modded version. >>



that wasn't the question, it was whether or not insurance will cover the amount the car devalued (correct?)

i believe you can, you just need a lawyer ^_^

 

[Jerboy]

<< nope.. as far as i'm aware all you'll get compinsated for is the cost of repairs.

insurance sucks >>




Hire an independent auto-appraiser. He/she will work with you to get the highest possible value for your car and will attempt to claim for all aftermarket mods as well as diminished value. (he/she will find out value before accident and after the repair and will try to collect the difference). It will cost you $300 or so and I think it's worth it. The insurance company's appraiser works just the opposite.

Other guy's insurance company will offer you the wholesale value of your car.

Your appraiser will look for listings around the area and will convince the insurance company that such vehicle is not obtainable for their offering price and he/she will ask for retail value.

 

[trulfe]

I am going to take it to 2-3 shops and get estimates and try to get the highest amount and ask for a couple hundred in compensation. Dont know if they will accept it especially since their insurance is AAA which has a reputation for being shady when it comes to pay outs.

 

[FoBoT]

check clark howard's web site for info on diminished value

here is a quote from the insurance area of his website


<< When it comes to diminished value, the owner's claim is the difference between the value of the car before the accident and after the accident. If the car is repaired but the value after repairs is less than it was before the accident, that decrease is a valid facet of the owner's claim. The insurance company must pay that decrease to obtain a full release for its policyholder. The diminished value is typically negotiated between the auto owner and the insurance company, But if litigation is initiated, it will be determined by a judge or jury.
>>

 

[rudder]

Insurance companies base their premiums on the NADA value of your car, then they pay out based on blue-book value. Bastages.

 

[trulfe]

Thanks Fobot for the link.

My car is only 1 year old and if I decide to sell it anytime, then I want to be able to make up the difference since people often have the car checked out and be able to tell if something was repaired.

 

[MikeyIs4Dcats]

It is available in several states....not sure which though.

Check ou the MSN.com CAR section, thats where I had seen an article about this a month or so ago...