Diminished Value Compensation
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Melting Slicks
Joined: Dec 2014
Posts: 2,257
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From: Bossier City Louisiana
Diminished Value Compensation
I was reading on the C6 forum about a C6 vette getting backed into and the owner was asking about this. Since the same thing just happened to me last week with my 2000 coupe is this something I should be asking about in addition to the repairs? I'm in Louisiana if that helps.
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Can't hurt to ask, but many companies do not pay diminished value claims.
Pro
Joined: Feb 2014
Posts: 536
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From: Brisbane Queensland
You're joking, right? You want to try and collect for your car's "pain & suffering"? If insurance companies had to pay for "diminished value" do you have any idea what that would do to insurance rates for the rest of us? I am sorry that your car was damaged, and hopefully it can be repaired like new, but how would you go about determining what the "diminished value" should be set at? You've got a sixteen year old car that is worth less and less each year.
Last edited by stu12dozen; Aug 30, 2015 at 03:39 AM.
Pro
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From: Fayetteville North Carolina
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I was reading on the C6 forum about a C6 vette getting backed into and the owner was asking about this. Since the same thing just happened to me last week with my 2000 coupe is this something I should be asking about in addition to the repairs? I'm in Louisiana if that helps.
Melting Slicks
Joined: Sep 2012
Posts: 2,222
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From: Fort Myers Beach Florida
As stated the rules vary by state. A few years ago a BMW backed in to my Miata in a parking lot and did $900 damage that was properly fixed. The carfax said "accident damage, multiple locations". I found that out when it tried to sell or trade it. Dealer explained "if I had two of these on my lot, which one would you buy?" Diminished value is very real regardless of vehicle age. The claims adjuster referred me to a supervise who didn't like to return calls. You may need a lawyer to collect. Good luck
Pro
Joined: Feb 2014
Posts: 536
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From: Brisbane Queensland
As stated the rules vary by state. A few years ago a BMW backed in to my Miata in a parking lot and did $900 damage that was properly fixed. The carfax said "accident damage, multiple locations". I found that out when it tried to sell or trade it. Dealer explained "if I had two of these on my lot, which one would you buy?" Diminished value is very real regardless of vehicle age. The claims adjuster referred me to a supervise who didn't like to return calls. You may need a lawyer to collect. Good luck
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My daughters car was rearended last year and it did about $10K in damage. The other drivers insurance company fixed it and also paid a nice sum for diminished value. I live in Arizona.