Deminished Value Claim
07-18-2011, 02:24 PM
#1
Nordschleife Master
Thread Starter
Join Date: Sep 2004
Location: Toronto, Dubai, Kuwait & Bombay
Posts: 6,978
Received 86 Likes
on
65 Posts
Deminished Value Claim
As some of you may know i got Rear Ended in my Condo Garage just over a week ago. Now my car is at Pfaff and Insurance has taken care of everything, i dint pay anything. 8k's in Damage. Just a matter of time before i get my car back
But i just came across somthing that i never thought about, i was surfing 6speed and came across this thread http://www.6speedonline.com/forums/9...-question.html
Now some members have suggested the OP to claim for Diminished Value of the car 10-20%. What are the chances of this in my Case? Shall i do it? How do i do it?
But i just came across somthing that i never thought about, i was surfing 6speed and came across this thread http://www.6speedonline.com/forums/9...-question.html
Now some members have suggested the OP to claim for Diminished Value of the car 10-20%. What are the chances of this in my Case? Shall i do it? How do i do it?
07-18-2011, 02:44 PM
#2
Advanced
Join Date: Jun 2009
Location: NORTH GTA
Posts: 80
Likes: 0
Received 0 Likes
on
0 Posts
Usually in USA
Hi Zookie,
I've been removed from the claims/insurance end for a little....but I believe Deminished Value has yet to catch on here in Canada...there are many pushing for it and the industry is preparing itself.
I remember reading memo's and top brass keeping an eye out for how these cases were unfolding in the US saying it was only a matter of time before it would affect claims process here in Ontario.
There is a group fighting for it here and it may only be a matter of time...as much as I agree with the idea I am afraid to think what our insurance premiums would be like.
I would dig in a little further but to date I do not belive any companies in Ontario have paid out on this (I may be incorrect)
I've been removed from the claims/insurance end for a little....but I believe Deminished Value has yet to catch on here in Canada...there are many pushing for it and the industry is preparing itself.
I remember reading memo's and top brass keeping an eye out for how these cases were unfolding in the US saying it was only a matter of time before it would affect claims process here in Ontario.
There is a group fighting for it here and it may only be a matter of time...as much as I agree with the idea I am afraid to think what our insurance premiums would be like.
I would dig in a little further but to date I do not belive any companies in Ontario have paid out on this (I may be incorrect)
07-18-2011, 02:54 PM
#3
Three Wheelin'
I think CBC Marketplace or CTV W5 did a thing on diminshed value claims. IHATECLAIMS is right. It's not here (yet). You've fought da man before and won. I hope you get what you're owed.
07-18-2011, 03:10 PM
#5
Race Car
We've discussed this here before - I've never heard of an insurance company in Ontario paying for diminished value, but I can't imagine it won't change sooner or later. As of Jan. 1 2010, any accident history, whether it's on the record or not, MUST be declared to a buyer by a dealer. Overnight, that dealer's inventory value went down by 20%. Not that dealers weren't declaring rebuilt cars, but minor things - a $1000 claim put through insurance for a pole scrape at a drive-through - now that has to be declared as an accident repair.
Guess what, 50% of used cars out there have some kind of blemish on their history. Are they worth anything less, in reality? Of course not, but a buyer always wants to find an angle to work a deal.
Guess what, 50% of used cars out there have some kind of blemish on their history. Are they worth anything less, in reality? Of course not, but a buyer always wants to find an angle to work a deal.
07-18-2011, 06:32 PM
#7
Trending Topics
07-18-2011, 09:39 PM
#10
Race Car
Forget what the insurance companies want or do, it's a judge that will decide. Get a couple of appraisers to swear an affidavid re: the loss and go for it Zookie. If you do nothing, you'll get zip. Best of luck with this.
07-18-2011, 11:41 PM
#13
Nordschleife Master
I can see insurance companies would want to fight this, but as the eventual seller of a car with a carproof stain, you will suffer a very real loss of value.
Good luck.
Good luck.
07-19-2011, 12:42 PM
#14
Burning Brakes
There was a case in the BC Supreme Court about a year ago around a dimished value claim relating to a Mercedes SL 65. In this case an Airport Valet parking driver "joy-rided" the Mercedes and damaged it severely. The claim was successful (or at least partly). This diminished value issue has been dealt with out here (BC) many times and I understand is often succesful.
You have to sue the other driver as they and their insurance are the ones responsible.
I'll try and find the case.
John in Vancouver
You have to sue the other driver as they and their insurance are the ones responsible.
I'll try and find the case.
John in Vancouver
07-19-2011, 12:50 PM
#15
Burning Brakes
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