Insurance Help
Thread Starter
Heel & Toe
Joined: Jan 2016
Posts: 21
Likes: 0
Insurance Help
Just had a woman back over the front of my 16 Z51. So far she created over $12,000 in damage and thats not including having the front re-wraped with Expell. My dilemma is this.... With 6300 miles on the flawless car I now have a Car Fax on it and the value is reduces by X amount. My question is does anyone out there have any experience of dealing with insurance companies and be able to get some restitution for the reduced value? I've checked locally with my insurance company and they looked at me like I have a third eye. Appreciate any information on the matter.
Le Mans Master
Joined: Aug 2015
Posts: 8,243
Likes: 4,617
From: Southwest Florida
Just had a woman back over the front of my 16 Z51. So far she created over $12,000 in damage and thats not including having the front re-wraped with Expell. My dilemma is this.... With 6300 miles on the flawless car I now have a Car Fax on it and the value is reduces by X amount. My question is does anyone out there have any experience of dealing with insurance companies and be able to get some restitution for the reduced value? I've checked locally with my insurance company and they looked at me like I have a third eye. Appreciate any information on the matter.
Sorry to read about your damage. Simply terrible.
Many believe “diminished value” is widely covered by insurance companies. It is not. While others believe it’s state mandidate. In most states it is not. If you purchased a diminished value rider from your insurance then you are covered.
Check you state law if diminished value is state law.
Of course some some will say, get a lawyer. Which always makes me scratch my head because you will spend far more on an attorney than you will ever recovery.
I hope it works out for you and your car will be repaired to like new condition.
Last edited by Maxie2U; Jul 31, 2018 at 01:49 PM.
Instructor
Joined: Apr 2017
Posts: 132
Likes: 24
From: Richmond VA
No, insurance company will not cover diminished value. Tried that before to no avail. U can make a claim for the Xpel cost if you still have the receipt for the installation and flag that to the adjuster. Better off claiming medical expenses if you were in the car when the accident happened.
My condolences to your Z51. I feel your pain.
My condolences to your Z51. I feel your pain.
Last edited by changw1; Jul 31, 2018 at 01:54 PM.
Melting Slicks
Joined: Mar 2008
Posts: 2,141
Likes: 76
From: Santa Maria, CA
Sorry to hear about your misfortune. I recently traded in my 2015 Z51 that had a Carfax report due to a deer strike. The dealer didn't care if it had $500 in damage or $15,000. They claimed the car would go to auction because they had no way to verify the damage or repairs to a potential buyer. It ended up costing me about $5,000 in reduced value.
There was a little karma in the deal. They sold the car to a guy who used a false identity. They eventually got the car back but at that point they had no idea what the car had been through. It went to auction the next day. So I figure they probably lost money on the trade.
There was a little karma in the deal. They sold the car to a guy who used a false identity. They eventually got the car back but at that point they had no idea what the car had been through. It went to auction the next day. So I figure they probably lost money on the trade.
Racer
Joined: Feb 2005
Posts: 253
Likes: 83
From: Eastern North Carolina
Whose insurance is paying? If the other person's insurance is paying, it makes no difference if your policy has it, you will seek diminished value from the other person's insurance. They will
not offer it, you will have to demand and hold out for diminished value.
not offer it, you will have to demand and hold out for diminished value.
Thread Starter
Heel & Toe
Joined: Jan 2016
Posts: 21
Likes: 0
No, insurance company will not cover diminished value. Tried that before to no avail. U can make a claim for the Xpel cost if you still have the receipt for the installation and flag that to the adjuster. Better off claiming medical expenses if you were in the car when the accident happened.
My condolences to your Z51. I feel your pain.
My condolences to your Z51. I feel your pain.
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Thread Starter
Heel & Toe
Joined: Jan 2016
Posts: 21
Likes: 0
Have done it. Need to jump through several hoops but I'm upset enough to go to small claims court if I have to. I've always had a Corvette in my driveway and restored a few over the years. Its my passion and I'm old enough and mad enough to keep moving this forward.
Thread Starter
Heel & Toe
Joined: Jan 2016
Posts: 21
Likes: 0
The other persons insurance is covering the damage. I'm sure they will not just come out and offer it but I have the time to keep after it. Been checking, pretty sure I have a good idea as to what is needed.
Advanced
Joined: Jan 2018
Posts: 60
Likes: 21
From: CA
Diminished value is definitely a thing. And I would start shopping lawyers who work off contingency. Someone rear ended my other car and I ended up with a salvage title. I ended up getting about 60% of the vehicle's worth in diminished value. Lawyer kept 33%, I kept the rest. Cost me nothing out of pocket. Also got a decent pain and suffering payout too.
Team Owner
Joined: Sep 2010
Posts: 32,042
Likes: 4,610
Just had a woman back over the front of my 16 Z51. So far she created over $12,000 in damage and thats not including having the front re-wraped with Expell. My dilemma is this.... With 6300 miles on the flawless car I now have a Car Fax on it and the value is reduces by X amount. My question is does anyone out there have any experience of dealing with insurance companies and be able to get some restitution for the reduced value? I've checked locally with my insurance company and they looked at me like I have a third eye. Appreciate any information on the matter.
Drifting
Joined: May 2018
Posts: 1,478
Likes: 984
From: Houston Texas
I am going through this on my Carrera C4S I traded in. First check your state law. Since it was the other person’s fault, their insurance company is at risk. I would recommend getting an appraiser. The cost of the report is usually $300 to $400. I am currently negotiating the settlement. Check the small claims court limit too.
Melting Slicks
Joined: Sep 2008
Posts: 3,387
Likes: 149
From: Texas
Just had a woman back over the front of my 16 Z51. So far she created over $12,000 in damage and thats not including having the front re-wraped with Expell. My dilemma is this.... With 6300 miles on the flawless car I now have a Car Fax on it and the value is reduces by X amount. My question is does anyone out there have any experience of dealing with insurance companies and be able to get some restitution for the reduced value? I've checked locally with my insurance company and they looked at me like I have a third eye. Appreciate any information on the matter.
Last edited by AttyVette; Aug 1, 2018 at 02:37 PM.