Deminished Value Claim
07-19-2011, 12:52 PM
#16
Not a lawyer here, but it would seem to me that you have to actually incur a loss in order to recover it. In other words, suppose the car is repaired tomorrow and is immediately appraised and listed for sale. Suppose that it sells the next day for $10,000 less than the appraised value. Then you can sue for $10,000.
Suppose on the other hand that the owner sells that car in 2023. A similar, clean car will probably only be worth $10-12k. What would the damaged car sell for? $0? $2K? Likely more. Therefore the owner would never sustained a loss of $10,000.
It's a crappy situation. Everyone loses.
Except for the bodyshop.
Suppose on the other hand that the owner sells that car in 2023. A similar, clean car will probably only be worth $10-12k. What would the damaged car sell for? $0? $2K? Likely more. Therefore the owner would never sustained a loss of $10,000.
It's a crappy situation. Everyone loses.
Except for the bodyshop.
07-19-2011, 01:07 PM
#17
Nordschleife Master
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OK, found the case.
Do a search with Google on BC Supreme Courts. There you will find the ability to do a case search.
The Case is "Signorello v. Khan" and the case number is 2010 BCSC 1448. The judge awarded $16,000 for accelerated depreciation and also a small amount for loss of use (it was a leased vehicle). The case sets out all of the depreciated value issue pretty well.
I found the case by just searching in the site "Mercedes Benz" then going down the cases.
Hope this helps.
John in Vancouver
Do a search with Google on BC Supreme Courts. There you will find the ability to do a case search.
The Case is "Signorello v. Khan" and the case number is 2010 BCSC 1448. The judge awarded $16,000 for accelerated depreciation and also a small amount for loss of use (it was a leased vehicle). The case sets out all of the depreciated value issue pretty well.
I found the case by just searching in the site "Mercedes Benz" then going down the cases.
Hope this helps.
John in Vancouver
07-19-2011, 02:58 PM
#18
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OK, found the case.
Do a search with Google on BC Supreme Courts. There you will find the ability to do a case search.
The Case is "Signorello v. Khan" and the case number is 2010 BCSC 1448. The judge awarded $16,000 for accelerated depreciation and also a small amount for loss of use (it was a leased vehicle). The case sets out all of the depreciated value issue pretty well.
I found the case by just searching in the site "Mercedes Benz" then going down the cases.
Hope this helps.
John in Vancouver
Do a search with Google on BC Supreme Courts. There you will find the ability to do a case search.
The Case is "Signorello v. Khan" and the case number is 2010 BCSC 1448. The judge awarded $16,000 for accelerated depreciation and also a small amount for loss of use (it was a leased vehicle). The case sets out all of the depreciated value issue pretty well.
I found the case by just searching in the site "Mercedes Benz" then going down the cases.
Hope this helps.
John in Vancouver
07-19-2011, 03:29 PM
#19
Race Car
Not a lawyer here, but it would seem to me that you have to actually incur a loss in order to recover it. In other words, suppose the car is repaired tomorrow and is immediately appraised and listed for sale. Suppose that it sells the next day for $10,000 less than the appraised value. Then you can sue for $10,000.
Suppose on the other hand that the owner sells that car in 2023. A similar, clean car will probably only be worth $10-12k. What would the damaged car sell for? $0? $2K? Likely more. Therefore the owner would never sustained a loss of $10,000.
It's a crappy situation. Everyone loses.
Except for the bodyshop.
Suppose on the other hand that the owner sells that car in 2023. A similar, clean car will probably only be worth $10-12k. What would the damaged car sell for? $0? $2K? Likely more. Therefore the owner would never sustained a loss of $10,000.
It's a crappy situation. Everyone loses.
Except for the bodyshop.
07-19-2011, 04:31 PM
#23
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Right?
07-19-2011, 04:42 PM
#24
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not my area, but you cannot sue the person who hit you. No fault insurance in Ontario. Your claim is with your insurer and they would collect from the other owners insurer. But since they will only pay out for the repair, you would essentially have to sue your own insurer.
07-19-2011, 05:42 PM
#25
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not my area, but you cannot sue the person who hit you. No fault insurance in Ontario. Your claim is with your insurer and they would collect from the other owners insurer. But since they will only pay out for the repair, you would essentially have to sue your own insurer.
07-19-2011, 06:32 PM
#26
Pro
My advice would be to track down a good lawyer with experience in the area who has all of the facts and then take it from there. Not sure exactly how no fault works, nor whom you should go after. You need to weigh up the costs of the claim and your time vs the loss in value.
07-20-2011, 10:02 PM
#27
Race Car
My advice would be to track down a good lawyer with experience in the area who has all of the facts and then take it from there. Not sure exactly how no fault works, nor whom you should go after. You need to weigh up the costs of the claim and your time vs the loss in value.
07-20-2011, 10:19 PM
#28
I agree with Hyper911 - you need to weigh up costs of claim and your time versus the loss in value.
The car (a high end Merc) in that BC case was stated to be worth $210,000! According to the Canadian Black Book, the average asking price of a 2004 C4S is $31,950 (which sounds like a pretty good deal to me, but I'm biased as I own one). If is being repaired by Pfaff, they will do a great job on it I'm sure, and it won't even be noticeable that it was hit.
I can't imagine that your time isn't worth more than pursuing this claim. The amount that you will have to put up in up-front legal fees will easily eclipse any possible gain, and even if you get costs on the victory, it likely won't make you whole - and no lawyer will do this on contingency, it's too small. Also, are you prepared to wait about 3 years for resolution?
Just move on, life's too short.
The car (a high end Merc) in that BC case was stated to be worth $210,000! According to the Canadian Black Book, the average asking price of a 2004 C4S is $31,950 (which sounds like a pretty good deal to me, but I'm biased as I own one). If is being repaired by Pfaff, they will do a great job on it I'm sure, and it won't even be noticeable that it was hit.
I can't imagine that your time isn't worth more than pursuing this claim. The amount that you will have to put up in up-front legal fees will easily eclipse any possible gain, and even if you get costs on the victory, it likely won't make you whole - and no lawyer will do this on contingency, it's too small. Also, are you prepared to wait about 3 years for resolution?
Just move on, life's too short.
07-21-2011, 09:59 AM
#30
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