diminution in value after accident

[Anonymous]

Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

[Anonymous]

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

[Anonymous]

Who is paying? Your insurance or the other driver’s insurance?
You can sue for loss of value.
If it’s your insurance, then don’t bother. If it’s not a very nice car, I also wouldn’t bother.

[Anonymous]

I managed to get through two different accidents without getting a carfax report. Both accidents were not my fault but I didn't feel like going to court with other driver's insurance to get the extra payout. In both cases it was a certified audi repair center (affiliated with the dealer) and both times the fought tooth and nail with the insurance company and did not report to carfax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

I will buy new. I’ll need to see if it’s reported to carfax. I suspect it will and either way I’m sure the dealer will notice work has been done. Before the accident the car only had 10k miles and the work done was more than half the value of the car. So I’m sure there is significant depreciation.

The other insurance company should be paying as I was not at fault. Still waiting for them to officially declare that, but police report says it wasn’t my fault and other driver admitted fault at the scene.

[Anonymous]

I’m a former auto insurance adjuster and most insurance companies won’t allow for “diminished value” claims but you have a strong case given how new your car was and how extensive the repairs.

Also, if your car is less than 12 months from date on vin and less than 12000 miles you should have only OEM parts (original equipment manufacturer).

Georgia is one of the few states that does DV claims and there are worksheets to calculate the DV amount. DC/MD/VA don’t have formal allowances for DV claims and will review them on a case by case basis.

Here’s more info:

https://diminishedvalueofgeorgia.com/17c-formula-and-why-its-not-fair/

[Anonymous]

Anonymous wrote:I’m a former auto insurance adjuster and most insurance companies won’t allow for “diminished value” claims but you have a strong case given how new your car was and how extensive the repairs.

Also, if your car is less than 12 months from date on vin and less than 12000 miles you should have only OEM parts (original equipment manufacturer).

Georgia is one of the few states that does DV claims and there are worksheets to calculate the DV amount. DC/MD/VA don’t have formal allowances for DV claims and will review them on a case by case basis.

Here’s more info:

https://diminishedvalueofgeorgia.com/17c-formula-and-why-its-not-fair/

The insurance company can say no, if it were me, I’d respond by suing your insured. They’ll probably panic and raise hell when they get served. Even if they don’t, I have a good argument I’m entitled to diminished value under Virginia law

[Anonymous]

Easiest way is to have a diminished value expert write a report. It will cost about $400. I got the amount they came to, and the $400. In Maryland.

[Anonymous]

My 2011 Cadillac when I only owned it a little while with 5,000 on odometer was rear ended while parked in front of my house and the police think was at 50 mph as the smaller Japanese car was totaled and flipped upside down and upside down and my car was pushed ten feet.

Anyhow their insurance paid. I had few rights. If I went through my insurance company could be copay and accident on record. Little nervous as around half value of car. But guess what it was fix right all brand new GM Factory parts. I insisted and body shop and insurance company as pretty much brand new car no aftermarket parts

I still own car and 8 years later not an issue at all.

[Anonymous]

In VA you are entitled to diminished value claims and more if your car is new. It depends on a lot of factors including whether structural parts were changed but don't expect it to be more than 10% of the car value after the car is fixed with all the new parts.

[Anonymous]

Anonymous wrote:Easiest way is to have a diminished value expert write a report. It will cost about $400. I got the amount they came to, and the $400. In Maryland.

+100

Spouse was rear ended in Maryland a few years ago. He was in a relatively new car. Person who hit him was insured by GEICO. Damages were about 1,800, but now we had an accident on the Carfax report. We drive a lot, and turn our cars over relatively quickly. Having an accident on the Carfax would be a reason for a dealer, or private buyer to lowball us on trade.

We found a company who calculates diminished value from accidents (reedappraisers.com) and they calculated our diminished value to be nearly as much as the damage caused by the accident. Once repairs were complete, DH made a separate diminished value claim to GEICO. They came back quickly and offered us $600. We said no way, and wanted something closer to what our report said. After much back and forth, we ended up agreeing to $1,400

Diminished value claims are do-able, but it was completely on us to follow through on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

I will buy new. I’ll need to see if it’s reported to carfax. I suspect it will and either way I’m sure the dealer will notice work has been done. Before the accident the car only had 10k miles and the work done was more than half the value of the car. So I’m sure there is significant depreciation.

The other insurance company should be paying as I was not at fault. Still waiting for them to officially declare that, but police report says it wasn’t my fault and other driver admitted fault at the scene.

Insurance will pay to "fix" your car, not for you to fully recover "value" of YOUR investment. Getting into an accident with new car is probably the worst thing that can happen from money standpoint.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

I will buy new. I’ll need to see if it’s reported to carfax. I suspect it will and either way I’m sure the dealer will notice work has been done. Before the accident the car only had 10k miles and the work done was more than half the value of the car. So I’m sure there is significant depreciation.

The other insurance company should be paying as I was not at fault. Still waiting for them to officially declare that, but police report says it wasn’t my fault and other driver admitted fault at the scene.

Insurance will pay to "fix" your car, not for you to fully recover "value" of YOUR investment. Getting into an accident with new car is probably the worst thing that can happen from money standpoint.

Cars are not investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

I will buy new. I’ll need to see if it’s reported to carfax. I suspect it will and either way I’m sure the dealer will notice work has been done. Before the accident the car only had 10k miles and the work done was more than half the value of the car. So I’m sure there is significant depreciation.

The other insurance company should be paying as I was not at fault. Still waiting for them to officially declare that, but police report says it wasn’t my fault and other driver admitted fault at the scene.

Insurance will pay to "fix" your car, not for you to fully recover "value" of YOUR investment. Getting into an accident with new car is probably the worst thing that can happen from money standpoint.

Cars are not investments.

Thank you Einstein.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone have luck getting the other insurance company to give a decent payout?

I was in an accident that was 100% not my fault. My new, less than a year old car, had to have extensive repairs some of which will lower the value of the car. Once repairs are complete my plan is to trade the car in as I no longer feel safe in it and worry about the long term impact of a car that has has so much work done. I know when I trade it in they will know work has been done and this will impact the value of the car. So I am trying to get money through insurance. Wondering what I can expect.

them to fight back, you don't have to agree. When you trade it in, will you buy new? My recent experiences are that they don't even look at the cars other than seeing them on the lot before valuing them. The question is will the accident be reported to car fax. You can find a shop that doesn't report

I will buy new. I’ll need to see if it’s reported to carfax. I suspect it will and either way I’m sure the dealer will notice work has been done. Before the accident the car only had 10k miles and the work done was more than half the value of the car. So I’m sure there is significant depreciation.

The other insurance company should be paying as I was not at fault. Still waiting for them to officially declare that, but police report says it wasn’t my fault and other driver admitted fault at the scene.

Insurance will pay to "fix" your car, not for you to fully recover "value" of YOUR investment. Getting into an accident with new car is probably the worst thing that can happen from money standpoint.

Insurance will pay you what it takes to not sue their insured. You have a right to be made whole after an accident where the other driver is at fault - if you think they are lowballing you, you can say no to their offer