Insurance question

[Mike-san]

Several months ago, this kid hit the front corner of my Ford F-150...totally anhilihated it. The truck was in the body shop for a month. The airbags did not go off because of the angle that the truck was hit, but the frame was bent. My question concerns loss. It's obvious that the truck has probably lost several thousand dollars in value in the case that if I ever decide to sell, the prospective buyer might do a carfax and discover the collision history. In terms of compensation from the other party regarding this loss of value, my insurance had no idea how to approach this subject. I was told to ask the body shop;the body shop guy told me he had no idea, check w/ my insurance ! Both parties I asked seemed to think that there's some website that offers some kind of scale in terms of vehicle resale value affected by collision. Does anyone have any experience dealing w/ this issue ?

 

[johnny010]

yes, and there is no firm answer. different states handle it different ways (GA uses a formula that comes out to about 6-8% of the vehicles value).

you are trying to present a dim val. claim, and i wouldn't expect more than $1000. most people think they are entitled to a lot of money etc...but the whole idea behind this type of claim is to recoup because loss in value. the ins company will argue that if the car is repaired properly, and you cannot tell it has been repaired, there is no loss in value. any sales person will argue that there is a huge loss in value...etc....it's just a game of who can screw you the best, and there is no real answer of how much the loss in value is.

a 'truck' is a pretty common type vehicle, so the dim value on it is going to be less than say an NSX....

the most i ever paid was $4700 on a new BMW 3 series that had strut tower damage, and a final repair bill of about $14,000. Normally, the claims resolved for about $750.

If you moan and groan up the corporate ladder, and have a hissy about how poorly you have been treated etc......AND your truck is a newer model, you can get more. If you have anything less than a 2004 model, you are wasting your time. If your truck is an 07/08 worth 50K, then I'd pursue it.

Good luck.

Re-reading this, I'm so glad I got out of the insurance business. HEADACHE.

Double edit: I see you use the words 'my insurance company'. Are your filing a UMPD claim? Did the kid not have insurance? You can't file first party dim. value unless the other party doesn't have insurance, and you have UMPD (at least to the best of my knowledge).

 

[JonBoy]

To prove diminished claims, get a certified vehicle appraiser to appraise your vehicle as if it were clean (no accident history) and with accident history. Most dealerships have a certified appraiser available - might cost you some money but I can guarantee that the loss in value is much higher than the cost of the appraisal.

I successfully claimed diminished value on a six year old vehicle, twice (two separate vehicles, two separate incidents).

 

[H-carWizKid]

Oh boy...

I will help you by pointing to a thread where JonBoy and I argued about this last year.

lots of useful tips on how to get this done in the thread- maybe a little bravado too, but we got over it. Right Jon?

Find the thread HERE

Good luck!

Philip

 

[JonBoy]

That thread was the first thing I thought of when I saw this one.

I will add that not everyone is as successful at diminished value claims as I have been (and I don't know why, to be honest), so your results may vary.

My Dad can beat up Philip's Dad, too.

 

[H-carWizKid]

My Dad can beat up Philip's Dad, too.

I would beg to differ as I got cold clocked in the jaw once when I was 17, but then maybe I just don't know how to take a punch...

Philip

 

[JonBoy]

LOL. Your dad punched you? Mine has refused to wrestle or otherwise submit to any physical horseplay since I was about 15. Perhaps he was sparing me from being cold clocked...

 

[H-carWizKid]

LOL. Your dad punched you?

Yeah well, he was trying to explain that he could get DV paid out, and I just wouldn't agree...

:biggrin:

Philip