Diminished Car Value

[Riftur]

1 week ago I got rear ended. Very sad day. The bumper got gashed and is missing a 2 inch chunk out of it. Also my rim got scratched. I got an estimate and its about 1k in damage. My question is how is the insurance company going to calculate the diminished car value since the car has now been in an accident? I am trying to get some info so they don't try to rip me off. I did some internet searches but every site wants my personal info. Anyone able to shed some light on the situation for me?

Thanks,

[Tcoat]

There may not be any diminished value payout for damage that light. I know that $1,000 may seem like a lot to you but that is almost nothing in the car repair world. Generally we have seen payouts of one or two thousand dollars for repairs costing ten or more thousand here so I don't think you will be looking at much if anything. Keep in mind that the your insurance is working for you and will try to get the best they can and will not try to rip you off. It is the other person's insurance that will try to lowball.

[Riftur]

Originally Posted by Tcoat

There may not be any diminished value payout for damage that light. I know that $1,000 may seem like a lot to you but that is almost nothing in the car repair world. Generally we have seen payouts of one or two thousand dollars for repairs costing ten or more thousand here so I don't think you will be looking at much if anything. Keep in mind that the your insurance is working for you and will try to get the best they can and will not try to rip you off. It is the other person's insurance that will try to lowball.

I am waiting for their insurance to call me with the lowball offer for the diminished value. My insurance is not involved yet since their insurance is taking care of everything. The dealership is fixing the car and they are paying for it and the rental. Surprisingly I have not had any problems yet. knock on wood. Well besides the mental aspect of knowing my baby was in an accident.

[Tcoat]

Originally Posted by Riftur

I am waiting for their insurance to call me with the lowball offer for the diminished value. My insurance is not involved yet since their insurance is taking care of everything. The dealership is fixing the car and they are paying for it and the rental. Surprisingly I have not had any problems yet. knock on wood. Well besides the mental aspect of knowing my baby was in an accident.

Give the attached a read through. Very informative!


http://www.wikihow.com/Calculate-Diminished-Value

[Riftur]

Originally Posted by Tcoat

Give the attached a read through. Very informative!


http://www.wikihow.com/Calculate-Diminished-Value

Thanks for the link. Good info on that site.

[evomike]

they wont come out with anything about diminished value when they write you an estimate, you have to file that on your own and it varies state to state how filing a diminished value claim works.

[Riftur]

Originally Posted by evomike

they wont come out with anything about diminished value when they write you an estimate, you have to file that on your own and it varies state to state how filing a diminished value claim works.

I mentioned it to the agent handling the case. He said that someone will call me about it. I am still waiting for that someone to call. If not I will contact my insurance company and they will get it taken care of. Thanks for the info though.

[ZionsWrath]

Yea you will have to keep following up. I tried to do this with another vehicle but the hassle/run around was a bitch and I just decided it was't worth my time

[mkiisupra]

Just for information's sake. This is my story about trade in values and minor reported claims...

I was involved in a minor incident where a piece of plywood was lifted up by another car from the road and then struck my FR-S. The resulting damage was a bumper cover (cut into it), fender liner, slightly scratched wheel and small dent in driver's front fender. All said, about $2800 in damages and about 10 days to 'match' the triple coat paint, Hot Lava.

Turn the clocks forward about two years, and I find out that my professionally repaired car is approx. $2k less than one without a CARFAX accident report of same mileage and condition. Of course when I spoke to my insurance agent about the difference, there was no mention of diminished value, although I all but mentioned these words in my questions.

The only solution I could see would be to pay out of pocket for damages and not to report the accident, although that sounds unsavory to me as an owner and potential buyer. All for about the same diminished value as the repair costs.

YMMV,

Eric G

[Tcoat]

Originally Posted by mkiisupra

Just for information's sake. This is my story about trade in values and minor reported claims...

I was involved in a minor incident where a piece of plywood was lifted up by another car from the road and then struck my FR-S. The resulting damage was a bumper cover (cut into it), fender liner, slightly scratched wheel and small dent in driver's front fender. All said, about $2800 in damages and about 10 days to 'match' the triple coat paint, Hot Lava.

Turn the clocks forward about two years, and I find out that my professionally repaired car is approx. $2k less than one without a CARFAX accident report of same mileage and condition. Of course when I spoke to my insurance agent about the difference, there was no mention of diminished value, although I all but mentioned these words in my questions.

The only solution I could see would be to pay out of pocket for damages and not to report the accident, although that sounds unsavory to me as an owner and potential buyer. All for about the same diminished value as the repair costs.

YMMV,

Eric G

They do not pay diminished value on comprehensive claims (what yours probably was) or at fault accidents. They only pay when somebody else was at fault, so this is why they didn't offer it to you.


When they repaired my mysterious flying LCA damage they completed the repair and paint in one day. They simply brought in the paint rep right from the start and he got the colour bang on first shot.

[evomike]

Originally Posted by Tcoat

They do not pay diminished value on comprehensive claims (what yours probably was) or at fault accidents. They only pay when somebody else was at fault, so this is why they didn't offer it to you.


When they repaired my mysterious flying LCA damage they completed the repair and paint in one day. They simply brought in the paint rep right from the start and he got the colour bang on first shot.

they never really "offer" it to anyone you have to file the claim

[Tcoat]

Originally Posted by evomike

they never really "offer" it to anyone you have to file the claim

Yes. I was just using the word "offer" in reference to Mkii's statement.
If dealing with the other insurance company through your own then yours may bring it up but the company that is paying sure as hell are not going to offer you squat.

[Tt3Sheppard]

No diminished value claims in MA. Makes it even more reasonable to flip out at the offending driver

[SquadRon]

Originally Posted by Riftur

I am waiting for their insurance to call me with the lowball offer for the diminished value. My insurance is not involved yet since their insurance is taking care of everything. The dealership is fixing the car and they are paying for it and the rental. Surprisingly I have not had any problems yet. knock on wood. Well besides the mental aspect of knowing my baby was in an accident.

How did you get the dealership to fix the car? Which dealership is this??