Insurance
12-18-2015, 09:37 PM
#1
Heel & Toe
Thread Starter
Insurance
My two month C7 was rear ended and sustained 10k in damages. I about to get it back but recently learned that my car may now have a reduced resale value because of the reporting of the accident. Its called diminished value....Im told that this is generally around 33%! Has anyone ever heard of this?
12-18-2015, 10:00 PM
#2
Moderator
Yes, diminished value is real. However, ability to recover varies by state.
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12-18-2015, 10:29 PM
#3
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Been lots of threads on the forum about diminished value and the ability to collect for it. As Zymurgy said, collection for it varies from state to state. Hopefully it is allowed in your state.
12-18-2015, 10:50 PM
#4
Pro
Even if it's allowed doesn't mean you can collect it. The Insurance company will fight you the whole way!
12-18-2015, 11:07 PM
#5
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I was successful in obtaining a diminished value payment for an accident in which I was sideswiped by another car. Tell your insurance company you want to file against the other driver's company if they were at fault. It will be a fight but you can win.
12-20-2015, 09:33 AM
#6
Safety Car
You will definitely find out about diminished value when you go to sell your car and the CARFAX report shows that your vehicle was in an accident. My C-6 was involved in an accident and when I asked my insurance company about diminished value, they said my car was repaired like new and would not honor my diminished value claim. You will probably have to get an attorney if you want to attempt to collect diminished value. Today, everyone runs a CARFAX report from individuals to dealers and when a CARFAX report was run on my car, it killed my resale value. I was amazed how detailed the CARFAX report was and it even indicated that my car was towed from the scene. Good Luck!!!
12-20-2015, 11:03 AM
#7
Drifting
Yes - its real. North Carolina has laws in place regarding the protocol to seek recovery involving third party appraisers and arbitrator type folks. Sounds very expensive and something you would have your insurance company pursue.
12-20-2015, 12:37 PM
#9
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Like all those before me have stated....DV is real and if your insurance company won't pay it...Talk to an Attorney for the best course of action. Today, with computers, even a private party can check the carfax with the vin number.....Forget the dealer....they will try to give you a lot less than it's worth on a trade in because of the Accident.