Insurance Depreciation
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Instructor
Joined: Mar 2017
Posts: 115
Likes: 17
From: Summit,Il
Insurance Depreciation
Ok any insurance agents out there.? my C5 was backed into last Saturday while I was at a stop light. My car was never in an accident and no paint work done. I need a new bumper, lic plate filler and stainless steel lettering. She has State Farm Insurance. Some one told me since my car has a clean car fax that I should get a depreciation check from her insurance since value of my vette will now fall due to accident. Does anyone know anything about this?? if so what do I ask for?? have 04 CE convertible with 32,000 miles.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
Diminished value insurance claims are tough to collect and many times end up in court. Insurance companies responsibility is to make the victim whole by paying to put the car back into its condition before the accident. Every car that has been in an accident loses resale value.
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Diminished value insurance claims are tough to collect and many times end up in court. Insurance companies responsibility is to make the victim whole by paying to put the car back into its condition before the accident. Every car that has been in an accident loses resale value.
Melting Slicks
Joined: Nov 2008
Posts: 2,185
Likes: 641
From: Garland TX
Yes I have(and still going) through the depreciation claim on my Vette. A 17 year old was texting and rearended my Z while my wife was driving. After everything was said it done it was 12k worth of damage with labor to fix it back to what it was prior to the accident. A third party person came out to look at the car after it was fixed to give a dollar figure on what the deprecation was. My lawyer has been going back and forth with Progressive(kids insurance) for the past 2 and half years for deprecation and medical costs. It's finally nearing the end and we hopefully will have a check soon. It's only worth it, if you have patience.
Last edited by Not4spd; May 12, 2020 at 10:53 PM.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
Yes I have(and still going) through the depreciation claim on my Vette. A 17 year old was texting and rearended my Z while my wife was driving. After everything was said it done it was 12k worth of damage with labor to fix it back to what it was prior to the accident. A third party person came out to look at the car after it was fixed to give a dollar figure on what the deprecation was. My lawyer has been going back and forth with Progressive(kids insurance) for the past 2 and half years for deprecation and medical costs. It's finally nearing the end and we hopefully will have a check soon. It's only worth it, if you have patience.
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Melting Slicks
Joined: Nov 2008
Posts: 2,185
Likes: 641
From: Garland TX
Oh no they will. Fixing the car is only part of it when it comes to a vehicle and insurance. Especially if it's the other persons fault. They have already sent over medical and deprecation proposals a couple of times. They start low we start high and then we meet somewhere in the middle.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
Oh no they will. Fixing the car is only part of it when it comes to a vehicle and insurance. Especially if it's the other persons fault. They have already sent over medical and deprecation proposals a couple of times. They start low we start high and then we meet somewhere in the middle.
Last edited by JR-01; May 15, 2020 at 05:12 PM.
Melting Slicks
Joined: Sep 2012
Posts: 2,222
Likes: 798
From: Fort Myers Beach Florida
You need lots of patients and a state law that allows diminished value recovery, not all states do. I have had a insurance company ignore my request waiting for me to go away. I traded the vehicle before they settled so they won.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
Stalling is probably their most effective tactic. What can a guy do? Unless you get a court order they could wait forever to make a payout.
Melting Slicks
Joined: Nov 2008
Posts: 2,185
Likes: 641
From: Garland TX