Diminished Value
Burning Brakes
Joined: Jun 2006
Posts: 866
Likes: 0
From: Placerville Ca
Originally Posted by trumpet
If they can't match the paint you absolutely have the right to refuse it.
There are two types of DV claims:
1. Is for improper repairs.
2. Is for inherent DV - negative carfax (claim history affecting resale)
Both are compensable. Most commonly one just keeps going to repair shops until #1 is satisfied. Once the repairs are perfect you still have a valid claim for #2 and you do not have to actually have a negative carfax to collect.
Last edited by SultansDiamond; Aug 4, 2006 at 01:46 AM.
Burning Brakes
Joined: Jun 2006
Posts: 866
Likes: 0
From: Placerville Ca
Originally Posted by Dale_K
I've noticed an Allstate advertisement on TV that mentions "new car replacement" if you upgrade to a higher level of coverage. Anybody know more details?
Interesting subject but it's apples vrs oranges here. You are talking about 1st party policy terms vrs third party liability. One has rules and policy wording, the other is an open ball field.
To answer you question a bit more. Your insurance insures you for Actual Cash Value (ACV) vrs Replacement Cost. That means your insurance is obligated to fix your damage with like kind and quality parts (used for used) anything more is an upgrade or betterment.
Most likely what Allstate is offering is Replacement Cost (new for old), but only if like kind and quality isn't available or practical.
There also is the subject of taxes 'n fees when purchasing a new car then having it totaled. Perhaps this endorsement addresses this as well.
However none of this has anything to do with DV which is valid when it is a liability issue not a policy terms issue.
Burning Brakes
Joined: Jun 2006
Posts: 866
Likes: 0
From: Placerville Ca
Originally Posted by leeman
This is a carry over from a previous thread, so forgive me if I sound like I am belaboring the subject. I thought this question would get more attention on a new thread. My 06 coupe was rear ended and I am concerned about diminished value after the repair. Has anyone recouped any diminshed value loss and how did you go about it?
Contact these folks they shook the fruit lose from the tree for me...
hds@waytogolaw.com
Racer
Joined: Jul 2004
Posts: 360
Likes: 0
From: Cherry Hill NJ
Leeman, when someone else smashed into my C5, I went to the best and most recommended body shop I could find. And they did excellent work. However, they told me up front that the paint work will be 'excellent' but not perfect, and they told me up front that a trained eye will be able to tell the car was repainted. And they were right.
Yes, the accident will show up on a carfax. I got excellent advice, and I urge you to do the same: As soon as you get the car back, trade it in. Although selling it to someone directly will get you more money, you will have to disclose the accident work, and you can get sued if you don't disclose it. However, if you trade to a dealership, do it fast; do the trade at night and preferably when it is raining. (Yup, advise my insurance company gave me AND a car dealer bud of mine). You want to do this dealer trade-in before it shows up on a carfax. Are you gonna get screwed on the trade in value? Yes you are. Thats when you keep your records and go after the other guy's insurance company for diminished value. There is NO WAY you can come out of this ahead. You merely have to minimize the loss and get rid of the car.
Yes, the accident will show up on a carfax. I got excellent advice, and I urge you to do the same: As soon as you get the car back, trade it in. Although selling it to someone directly will get you more money, you will have to disclose the accident work, and you can get sued if you don't disclose it. However, if you trade to a dealership, do it fast; do the trade at night and preferably when it is raining. (Yup, advise my insurance company gave me AND a car dealer bud of mine). You want to do this dealer trade-in before it shows up on a carfax. Are you gonna get screwed on the trade in value? Yes you are. Thats when you keep your records and go after the other guy's insurance company for diminished value. There is NO WAY you can come out of this ahead. You merely have to minimize the loss and get rid of the car.
