My car's "diminished value"...
09-22-2008, 04:59 AM
#1
1st Gear
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Location: Mendon, NY
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My car's "diminished value"...
My 2004 Carrera 4s was t-boned (just over $2,000.00 damage) recently by a careless driver who didn’t use her rear-view mirror or look over her shoulder. The dent to my car's rear left quarter panel wasn’t too bad, but prior to that it was a 100% clean car in beautiful condition. Now repaired, I find myself with a car that’s been hit and has a significantly lower resale value ("diminished value") that is no fault of my own. Yes, the other driver took full blame for the accident, and her insurance company has paid for the repairs. But what about my Carrera’s "diminished value?" I have been informed it is a significant amount of money "lost" because of it now having the repair shown on CarFax, etc.
Have you ever faced a similar problem and, ultimately, recovered any of the "diminished value?" Your advise would be greatly appreciated!
Thanks!! Doug
Have you ever faced a similar problem and, ultimately, recovered any of the "diminished value?" Your advise would be greatly appreciated!
Thanks!! Doug
09-24-2008, 12:18 AM
#2
Three Wheelin'
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Your insurer will argue three things.....
1-The cost of the repair was not significant enough to create "diminished value". In many jurisdictions, my own included, this repair would not legally constitute a disclosable accident upon resale. On that basis alone you'd have no case.
2-The value of the car and the age of the car, is not enough for there to be diminished value relative to the cost of the repair and the value of the car.
3-There is no such thing as diminished value simply because the car was correctly repaired.
Don't waste your time and money chasing air, it's not a 1962 Ferreri 250 GTO you are talking about........since you have already accepted the settlement, as that is how I interpret your post, you are done anyways.
1-The cost of the repair was not significant enough to create "diminished value". In many jurisdictions, my own included, this repair would not legally constitute a disclosable accident upon resale. On that basis alone you'd have no case.
2-The value of the car and the age of the car, is not enough for there to be diminished value relative to the cost of the repair and the value of the car.
3-There is no such thing as diminished value simply because the car was correctly repaired.
Don't waste your time and money chasing air, it's not a 1962 Ferreri 250 GTO you are talking about........since you have already accepted the settlement, as that is how I interpret your post, you are done anyways.
09-27-2008, 01:24 AM
#3
Burning Brakes
Maybe listening to legal advice from Canada isn't the best idea. ("Reportability" isn't a defense in the US....)
Plenty of info on DV. If you've already SETTLED this claim, then it's too late of course. I repeat: If you've already accepted an insurance payment and settled the claim it is over.
I could go on, but this isn't an 'insurance issue'. You sue for your damages, you document loss including DV as well as repair costs. If a court finds in your favor the woman or her insurance pays.
Of course both your insurnace and hers will claim that there is no such thing as DV, or they won't pay it... remember it isn't THEIR policy that dictates YOUR loss. The insurance companies are desperately fighting this- both of them will lie to you and dissuade you from this path. It is in their best business interest to never pay a DV claim.
(If the claim is reported to carfax and shows up on the report it WILL iminish the value.... there are several companies that specialize in DV claims and documentation.)
Plenty of info on DV. If you've already SETTLED this claim, then it's too late of course. I repeat: If you've already accepted an insurance payment and settled the claim it is over.
I could go on, but this isn't an 'insurance issue'. You sue for your damages, you document loss including DV as well as repair costs. If a court finds in your favor the woman or her insurance pays.
Of course both your insurnace and hers will claim that there is no such thing as DV, or they won't pay it... remember it isn't THEIR policy that dictates YOUR loss. The insurance companies are desperately fighting this- both of them will lie to you and dissuade you from this path. It is in their best business interest to never pay a DV claim.
(If the claim is reported to carfax and shows up on the report it WILL iminish the value.... there are several companies that specialize in DV claims and documentation.)
09-29-2008, 11:28 AM
#4
Rennlist Member
Sadly, over this past weekend I suffered an almost identical situation fender-bender to the left front fender between the wheel well and the door. Guy backed into me because he also wasn't using his mirrors or neck muscles. I have already reported this to my insurance comapny, but it appears that his insurance company will be covering "everything." They offered apologies, and are sending out the claims adjuster today. Offered me a loaner car as well.
Later that same day...
I got an couple estimates today. My "regular" body shop for these things also turns out to be affiliated with the other guys insurance company so I was thrilled about that. Looks like my only expense will be the DV issue. The other body shops were quick to tell me I needed a whole new fender. But O'Steens Body in Jacksonville, says they may be able to repair the original fender without even taking it off the car. I know the quality of their work, and I left the car in their capable hands and drove off in the free rental car. Could be ready by the end of the week. They do a TON of exotics and customs each year. I feel a little better.
I guess my excitement is clouding my willingness to chase the guy down for DV money. I know my car will be repaired correctly and Osteens was actually at a point where they will start on my car tomorrow morning and may actually have it done by Friday afternoon (not holding my breath on that part, but they are very efficient). So I guess my "payout" will be that I am not going to go after the DV in court and drag this out, and then have to pay my attorney, etc.
I feel your pain about the DV, but it will be there regardless, at this point.
Because I am accepting his insurance, and that repair shop is part of the larger system, it will appear on the CarFax. Nothing can be done about that now, or even later.
FWIW... The body shop stated I was smart for always getting Guards Red cars, since they feel that color is one of the easiest to repair and match other than white (still even Porsche has many shades of white over the years, while guards red has remained the same). I was actually getting tired of Guards Red cars and was considering something different on the next one. Now, no so much.
Sick, in Florida
Later that same day...
I got an couple estimates today. My "regular" body shop for these things also turns out to be affiliated with the other guys insurance company so I was thrilled about that. Looks like my only expense will be the DV issue. The other body shops were quick to tell me I needed a whole new fender. But O'Steens Body in Jacksonville, says they may be able to repair the original fender without even taking it off the car. I know the quality of their work, and I left the car in their capable hands and drove off in the free rental car. Could be ready by the end of the week. They do a TON of exotics and customs each year. I feel a little better.
I guess my excitement is clouding my willingness to chase the guy down for DV money. I know my car will be repaired correctly and Osteens was actually at a point where they will start on my car tomorrow morning and may actually have it done by Friday afternoon (not holding my breath on that part, but they are very efficient). So I guess my "payout" will be that I am not going to go after the DV in court and drag this out, and then have to pay my attorney, etc.
I feel your pain about the DV, but it will be there regardless, at this point.
Because I am accepting his insurance, and that repair shop is part of the larger system, it will appear on the CarFax. Nothing can be done about that now, or even later.
FWIW... The body shop stated I was smart for always getting Guards Red cars, since they feel that color is one of the easiest to repair and match other than white (still even Porsche has many shades of white over the years, while guards red has remained the same). I was actually getting tired of Guards Red cars and was considering something different on the next one. Now, no so much.
Sick, in Florida
Last edited by Thundertub; 09-29-2008 at 06:57 PM.
