compensation for reduced value?
Addict
Rennlist Member
Rennlist Member
Joined: Aug 2001
Posts: 1,811
Likes: 2
From: Spartanburg, SC
We got a lawyer involved when the wife's Scion was hit a few years ago. Insurance company that told us we would never get a dime from them managed to convince our lawyer to accept $3500 for diminished value. We got our moneys worth from that lawyer, only cost us $500 plus some percentage (forget how much, but overall bill was less than $1000). No hassle on our part.
We also refused to sign the medical waiver claims, until we were certain she was OK, the car was fixed to our satisfaction, and the diminished value issue was resolved.
We also refused to sign the medical waiver claims, until we were certain she was OK, the car was fixed to our satisfaction, and the diminished value issue was resolved.
Drifting
Joined: Apr 2008
Posts: 2,650
Likes: 3
From: Calgary, Alberta
Ned:
You will probably have to pursue this against the other driver in small claims court.
Your state's small claims court has a jurisdictional limit of $7,500, which should be high enough to cover your diminished value claim, which will be between 5 to 20% of the car's value.
I would consult with an attorney who is a tort specialist, and ask them whether there are small claims agents in your state who can handle your claim. These are people who are not necessarily lawyers, but are experienced in small claims matters. The toughest part may be to find an expert who is willing to testify, so you should ask your counsel as to whether the court will accept evidence from a source other than a certified appraiser, i.e. an officer of your local PCA zone or region.
Disclaimer: I'm an attorney, and none of the above is intended to be relied upon.
Good luck.
You will probably have to pursue this against the other driver in small claims court.
Your state's small claims court has a jurisdictional limit of $7,500, which should be high enough to cover your diminished value claim, which will be between 5 to 20% of the car's value.
I would consult with an attorney who is a tort specialist, and ask them whether there are small claims agents in your state who can handle your claim. These are people who are not necessarily lawyers, but are experienced in small claims matters. The toughest part may be to find an expert who is willing to testify, so you should ask your counsel as to whether the court will accept evidence from a source other than a certified appraiser, i.e. an officer of your local PCA zone or region.
Disclaimer: I'm an attorney, and none of the above is intended to be relied upon.
Good luck.
Thread Starter
Instructor
Joined: Nov 2008
Posts: 145
Likes: 3
From: Camdenton MO
Thanks again to all.
Rinty, I did contact an attorney today as I am still being ignored by everyone. I appreciate that advice. It is the same I'm getting locally as I work with real estate attorneys everyday in my profession. One of them has another attorney in their office who's a specialist in this regard.
Rinty, I did contact an attorney today as I am still being ignored by everyone. I appreciate that advice. It is the same I'm getting locally as I work with real estate attorneys everyday in my profession. One of them has another attorney in their office who's a specialist in this regard.
Racer
Joined: Mar 2010
Posts: 392
Likes: 4
From: Boston
I got hit in sort of the same way. Ended up getting a new left fender, light, 2x Airbags, turbo-s scoops, euro turbo bumper, repainted entire nose and blend the doors. It was a total of $15k for all damage. Geico paid without any questions. They tried to total it over the phone, but after informing them of the 'real/relevant' value, and sending them a few local (50/100/250 mile) searches for same car, they decided to pay. I ended-up adding another $3500 out of pocket and had the entire car repainted. Looks brand new. Diminished value.. maybe in the long run, but anyone who "knows" what they are looking at, will also know the true value.
If you are not selling, then who cares I guess (
).
How many 15+ year p-cars have had ZERO work done. We in the '****' community will fix even before it breaks, and that includes stupid stuff like paint chips and small dents.
Get it fixed.. stand your ground about totaling, and see what else you get done while they are at it.. think of it as an opportunity to improve on perfection.
If you are not selling, then who cares I guess (
). How many 15+ year p-cars have had ZERO work done. We in the '****' community will fix even before it breaks, and that includes stupid stuff like paint chips and small dents.
Get it fixed.. stand your ground about totaling, and see what else you get done while they are at it.. think of it as an opportunity to improve on perfection.
Seared
Rennlist Member
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Joined: Jul 2005
Posts: 16,887
Likes: 494
From: Ellicott City, MD
Ned,
Sorry to hear of the accident. I hope you're able to have everything handled to your satisfaction.
Now for some levity: http://youtu.be/No0xDPFoMq8
Andreas
Sorry to hear of the accident. I hope you're able to have everything handled to your satisfaction.
Now for some levity: http://youtu.be/No0xDPFoMq8
Andreas
