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2000 honda civic ex.. recently involved in a accident, the adjuster came out and so far the estimate is at 3600.00 dollars, but i am sure it will go up as he did not even look under the hood as there was damage under there as well… should i mention the diminished value of the car or should i wait until the car is repaired properly then start negotiating the diminished value ?
the reason why there is diminished value.. most people will not pay market value when a car has had substantional prior damage…. means i lose value in the car
if my car is valued at 9,000 dollars… and has had 4500 dollars worth of body and frame damage… and a individual has a choice between mine and a exact model with the same options , the one with out previous damage would sell over mine… the same would apply if i went to a dealership to trade my car in, i would not get top dollar compared to one with no previous history of damage..
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3 Responses to auto involved in a accident, insurance claim. . diminished value?
oklatom
February 8th, 2010 at 5:12 am
If your vehicle is repaired to be as it was before the accident, or if it is totaled and you get the fair market value, how is there any diminished value? You had a side panel, it was used and as old as the car. It got bent. The insurance paid for a new panel to be put on and painted. It’s new. Where is there any diminished value?
If you carefully read your policy, most of them specifically state there is no compensation for any diminished value, claims for that are specifically excluded.
MSAD
February 8th, 2010 at 5:26 am
Your vehicle is 8 years old – 2008 models are out. Your car is diminished because of its age. You have no diminished value claim.
CwboyBill
February 8th, 2010 at 6:06 am
Some states do not allow DV on an insurance claim. Besides, even with $4,500 in repairs the value of the vehicle will only drop about $200, NOT the amount of repairs like many people believe.