Insurance Proof?
Thread Starter
Pro
Joined: Oct 2013
Posts: 652
Likes: 359
Insurance Proof?
So having hood repainted to fix rock scratch on my 2021 3lt Z51 convertible.
My understanding is that insurance will also compensate for reduced value after a repair.
Any suggestions on how to get estimates of reduced value due to the repaint?
My understanding is that insurance will also compensate for reduced value after a repair.
Any suggestions on how to get estimates of reduced value due to the repaint?
Le Mans Master
Joined: Aug 2015
Posts: 8,243
Likes: 4,617
From: Southwest Florida
That’s a new one to me. My understanding is Insurance companies only pay “demised value” related to collision (accident) repairs.
Pro
Joined: Sep 2011
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From: Round Rock, TX
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I submitted a Diminished Value claim once and my premium increased after the renewal.
Here's a sample from JD.
How To Calculate Diminished Value (jdpower.com)
Here's a sample from JD.
How To Calculate Diminished Value (jdpower.com)
Melting Slicks
Joined: Jun 2004
Posts: 2,088
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From: Macon GA
…I’ve only ever been able to successfully claim diminished value in an accident that was the other persons fault (all of them), and their insurance paid. My insurance won’t pay a diminished value claim on MY vehicles…
Drifting
Joined: Jun 2014
Posts: 1,366
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Take photos of the damage. Any minor (cosmetic/paint) damage is not a factor to impact the car's value. I had a rear side wiped damage on a Ford Flex at a $1,500 repair cost and got top trade in value with photos and the repair invoice.
If there is structural damage where the likes of a fascia, fender, or door has to be replaced that would be a different story.
George
If there is structural damage where the likes of a fascia, fender, or door has to be replaced that would be a different story.
George
Drifting
Joined: Mar 2018
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From: Garden City New York
I would only say value is diminished if it shows up on car fax or as an insurance claim. Otherwise noone is the wiser and it wont impact resale value which is what you want to be compensated for
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. Check your policy language - it should have provisions for any diminished value claims.
Le Mans Master
Joined: Aug 2015
Posts: 8,243
Likes: 4,617
From: Southwest Florida
As I posted earlier diminished value ONLY APPLIES in the case of an accident and then only if it’s part of your auto insurance. Most insurance companies charge a higher rate for diminished value coverage. BTW, rock chips under insurance policies are NOT classified as accidents.
”Understanding Diminished Value Claims After A Car Accident”
https://www.carfax.com/blog/understa...er-an-accident
https://www.thebalancemoney.com/dimi...cident-2645571
https://www.moneyunder30.com/diminished-value-claims/
”Understanding Diminished Value Claims After A Car Accident”
https://www.carfax.com/blog/understa...er-an-accident
https://www.thebalancemoney.com/dimi...cident-2645571
https://www.moneyunder30.com/diminished-value-claims/
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Le Mans Master
Joined: Feb 2008
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From: Lake Worth Beach, Florida
I don't think a scratch is going to significantly reduce the value of your car. To get compensation for diminished value it is generally received from an adverse carrier due to an accident settlement or verdict.
Safety Car
Joined: Jun 2002
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This is an old ongoing discussion. Very few companies, if any pay diminished value. We had a guy in our club fight for this for a year and got nothing.
A repainted hood will not dimish value anyhow. I had a drunk girl drive into my C6 door, and I never lost a dime on the sale, as my bodyman fixed it properly.
A repainted hood will not dimish value anyhow. I had a drunk girl drive into my C6 door, and I never lost a dime on the sale, as my bodyman fixed it properly.
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I guarantee you that your insurance company is not going to pay you for diminished value because of a rock scratch repaint of your hood
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Melting Slicks
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AMICA insurance paid me diminished valve when I lived in Ga. The wonderful state of NC does not allow diminished payments.
Le Mans Master
Joined: Aug 2015
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