Dimunition of Value - for car accident

TheGizmo

Diamond Member
Dec 31, 2000
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They sent me a check for $864 (damage done costed $4300), and of course they paid for the car to be repaired (not quite factory condition but its repaired nonetheless)... should I be entitled to more or is this generally accurate? its an 07 camry w/ like 8k miles on it or so.... practically brand new.... god damn idiot 17 yr old drivers.

anyway, can someone shed some light on this for me? Thanks a bunch
~Gizmo
 

lastig21

Platinum Member
Oct 23, 2000
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I went through this nearly identical situation a couple of years ago (car was 3 months old and about 4k miles). $864 doesn't sound like nearly enough, but good luck with the battle.

The difference should idealy be what your car would be worth without the damage, and what it is worth now that is has been wrecked. I hired a company who specializes in these types of claims to make the process more "official". While I could have done the required research myself, I would have received much more resistance from the insurance company.

The company's research used trade-in values to establish relative value. Undamaged value was gathered from the typical sources (edmunds, kbb), and local dealerships were asked to give a trade-in value with the full damage disclosed of my car. The averaged difference was my diminished value.

After establishing my diminished value and mailing in the report, I went back and forth a few times with the insurance company until we reached a number that we both agreed on. If I remember correctly, it was about 70% of the diminished value included in the report I sent them (and it was much higher then $864).

Personally, I wouldn't buy a 2007 camry that has been in a wreck for only $864 less then the same model camry that hasn't been in a wreck. The $$ savings to me would have to be much higher as a potential buyer.

Good Luck!
 

TheGizmo

Diamond Member
Dec 31, 2000
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thats for the info, that actually is going to come in handy when I talk to them now.

I've already hired a lawyer a while back and had not heard anything from him since, til this random $864 check came in lol. I'm gonna call him and see if he can bump it up anymore. I appreciate yours and anyone elses insight on it, as its just a pain the arse (literally... but I won't go there)