deminished value
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deminished value
recently someone backed into my pristine 2000 vette conv. and damaged the hood and front bumper which the insurance co is putting new hood and new bumper. I have asked for deminished value due to the damage. No comments from the insurer. Does anyone have any idea what depreciation may be due to damage? Will insurance co pay for deminished value?
Team Owner
Joined: Dec 2003
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From: queensbury ny
Diminished Value
how much money was the damage?were the cops involved?will there be a carfax/autocheck of the incident???If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
Racer
Joined: Feb 2002
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From: Killeen TX
It will probably depend on the state you're in. In TX the insurance has to pay if you can get an expert appraiser to establish an amount. Check this out. http://www.carguyshow.com/DIMINISHEDVALUE4.htm
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Originally Posted by jessem
If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
Insurance companies tend to balk at diminished value claims - especially if the car can be repaired to where it is back to factory specs.
Burning Brakes
Joined: Jul 2005
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From: Charleston, SC South Carolina
Originally Posted by jessem
how much money was the damage?were the cops involved?will there be a carfax/autocheck of the incident???If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
Safety Car
Joined: Jan 2005
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From: Lake Ridge VA
Originally Posted by JDs00PewterCoupe
Insurance companies tend to balk at diminished value claims - especially if the car can be repaired to where it is back to factory specs. Diminished value is hard to win (if it was, it would be common practice).Good luck though
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Racer
Joined: Jul 2003
Posts: 460
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From: N. Potomac MD
I went to KBB and got the AH insurance company of the vehicle that rearended me to pay the difference between "excellent" and "good" I possibly could have gotten more but I didn't want to spend the time.
Melting Slicks
Joined: Jan 2003
Posts: 3,417
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From: Annapolis MD
Originally Posted by pappymartin
recently someone backed into my pristine 2000 vette conv. and damaged the hood and front bumper which the insurance co is putting new hood and new bumper. I have asked for deminished value due to the damage. No comments from the insurer. Does anyone have any idea what depreciation may be due to damage? Will insurance co pay for deminished value?
Cheers,
Vaughn
P.S. Why can't this happen to ME?!! I'd have me a nice new Tigershark front end and MCM hood!!
Last edited by JohnTheStigGalt; Aug 4, 2005 at 01:41 PM.
Le Mans Master
Joined: Apr 2005
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From: The problem with socialism is eventually the government runs out of other people's money
In most states your policy will not cover diminished value, you will to go after the at-fault party's insurance, or take the individual to small claims. You'll need some type of appraisal.
