Diminished Value?
Thread Starter
Pro
Joined: Jul 2004
Posts: 530
Likes: 0
From: Richmond Hill GA
St. Jude Donor '08
Diminished Value?
Anyone know much about dimished value amounts?
I recently had my 07 corvette hit in the left rear scratched up the bumper pretty good and put some scratches on it.. then the driver drove away. Apprently he did not know he hit it. There was a witness that took down his liscense plate and gave it to us.
so what is a fair diminshed value claim?
The damaged in my estimate is probably about 1,500..
Thanks!
I recently had my 07 corvette hit in the left rear scratched up the bumper pretty good and put some scratches on it.. then the driver drove away. Apprently he did not know he hit it. There was a witness that took down his liscense plate and gave it to us.
so what is a fair diminshed value claim?
The damaged in my estimate is probably about 1,500..
Thanks!
Thread Starter
Pro
Joined: Jul 2004
Posts: 530
Likes: 0
From: Richmond Hill GA
St. Jude Donor '08
Oh it going to get fixed! but i know the first question they ask if you trade or sale your car has it been in a accident? and as soon as you hear that people automatically see the value going down.. even though it minor i will take a hit on it if a go down that route to sale or trade it.
Team Owner
Joined: Dec 2003
Posts: 57,408
Likes: 164
From: queensbury ny
Oh it going to get fixed! but i know the first question they ask if you trade or sale your car has it been in a accident? and as soon as you hear that people automatically see the value going down.. even though it minor i will take a hit on it if a go down that route to sale or trade it.
Racer
Joined: Feb 2008
Posts: 308
Likes: 0
Are you kidding me? If your car has been in an accident of any type, the value of your car diminishes, even if it is fixed.
Safety Car
Joined: Oct 2008
Posts: 4,912
Likes: 266
From: Charleston SC
Oh it going to get fixed! but i know the first question they ask if you trade or sale your car has it been in a accident? and as soon as you hear that people automatically see the value going down.. even though it minor i will take a hit on it if a go down that route to sale or trade it.
if you were parked, this won't be collision but it'll be comprehensive.
If you were driving, then just tell you insurance it happened in the parking lot, and you weren't around and you don't know what cause it. Pay your deductible and get it fixed. No need for a police report for that, so less chances it'll come up at all...
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Melting Slicks
Joined: May 2002
Posts: 2,154
Likes: 27
From: West Des Moines Ia
Diminished Value
From my experience in Auto Claims, you really need to have more than slight damage to collect under Diminished value. You can go to a few Corvette dealers and ask them what was the vehicle worth before the incident and now after the incident. Then, there is your basis for a loss. If you are just talking about stamdard color paint refinishing in a small area I dont see a diminished value here. If it were mine, I would just get it repaired at the other folks expense and not discuss this with anyone. Its your car so its your choice. You should do what makes you feel right...
Instructor
Joined: Jan 2008
Posts: 137
Likes: 0
From: San Antonio Texas
I just delt with an insurance co with the diminished value claim on my accident. The body shop did a great job of repairing my vette (just over 8,000 bucks) I settled for just under 5000 diminished value. I am keeping the car so its more money to spend on extra stuff for the car. I could have got more but I just got tired of fighting with them. Your not going to get much for a paint repair when you start replacing panels it can get up there pretty quick.
Le Mans Master
Joined: Jul 2005
Posts: 6,350
Likes: 273
From: Hoschton Georgia
About 6 months ago I was involved in an accident where a p/u truck in front of me picked up a piece of tractor trailer retread and threw it into the front of my vette. It ripped off the front spoiler and also cracked the inner fender well on the right front. It also scratched up the very bottom of the fender and it required a minor repair and paint. The claim came to only 1,348.00 to my carrier. Since the retread was on the road and not in the bed of the pickup that ran over it. My vehicle was repaired at a chevy dealership and they mentioned that since it was slight damage no report was going to car fax. Several weeks later I received an unsolicited check from my carrier for diminished value. The amount was 382.00. Don't know if that percentage would hold true for you.
My personal experience with trade ins is that if they notice the paint difference they will definitely offer less for your trade.
My personal experience with trade ins is that if they notice the paint difference they will definitely offer less for your trade.
Le Mans Master
Joined: Feb 2006
Posts: 5,119
Likes: 272
From: SC
A good body shop will fix it better than it was! I had over 15K damage to my car in an accident and the body shop replaced all panels and wheels, tires and so on! They painted the whole car and I promose you...The paint job is much better than the one GM original had on it! Oh yeh, I got a wide body done while I was at it!!!
Moderator
Joined: Dec 2002
Posts: 40,888
Likes: 4,342
From: Lakewood Ranch, FL
Anyone know much about diminished value amounts?
I recently had my 07 corvette hit in the left rear scratched up the bumper pretty good and put some scratches on it.. then the driver drove away. Apprently he did not know he hit it. There was a witness that took down his liscense plate and gave it to us.
so what is a fair diminshed value claim?
The damaged in my estimate is probably about 1,500..
Thanks!
I recently had my 07 corvette hit in the left rear scratched up the bumper pretty good and put some scratches on it.. then the driver drove away. Apprently he did not know he hit it. There was a witness that took down his liscense plate and gave it to us.
so what is a fair diminshed value claim?
The damaged in my estimate is probably about 1,500..
Thanks!
If you don't find the other party, you would be suing yourself for the diminished value.
Le Mans Master
Joined: Jun 2007
Posts: 5,317
Likes: 10
From: Philadephia, Nashville, Kiawah PA, TN, SC
Diminished value is only recognized in a few states, period. If you are not in one of those states you are hosed, no debate at all. If you are in one of those few states, you might get about 8$ for this type of claim. Damage is a joke.
Corvette Enthusiast
Joined: Aug 2006
Posts: 579
Likes: 50
From: Acworth Georgia
My first corvette was hit after I had it for about a week and the damage was at $5,000.00. They gave me about $1000.00 for diminished value. So the 20% seemed to work in my case. But as said before it depends on the state your in. The dealer I bought the car at fixed the damage and when I traded it in they already knew about the damage since they fixed it. But they still gave me a good trade value.
I also see your from GA so they do have laws for Diminshed Value.
I also see your from GA so they do have laws for Diminshed Value.
This is a sad but true fact.