deminished value
08-03-2005, 04:37 PM
#1
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deminished value
recently someone backed into my pristine 2000 vette conv. and damaged the hood and front bumper which the insurance co is putting new hood and new bumper. I have asked for deminished value due to the damage. No comments from the insurer. Does anyone have any idea what depreciation may be due to damage? Will insurance co pay for deminished value?
08-03-2005, 10:43 PM
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That'll be a tough one to prove! Good luck! 
08-03-2005, 11:11 PM
#4
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Diminished Value
how much money was the damage?were the cops involved?will there be a carfax/autocheck of the incident???If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
08-03-2005, 11:29 PM
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It will probably depend on the state you're in. In TX the insurance has to pay if you can get an expert appraiser to establish an amount. Check this out. http://www.carguyshow.com/DIMINISHEDVALUE4.htm
08-04-2005, 07:02 AM
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Originally Posted by jessem
If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
Insurance companies tend to balk at diminished value claims - especially if the car can be repaired to where it is back to factory specs.
08-04-2005, 07:10 AM
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Originally Posted by jessem
how much money was the damage?were the cops involved?will there be a carfax/autocheck of the incident???If it gets fixed to proper specs,and isn't noticable after it's done,with no frame damage,why worry about all that stuff??
08-04-2005, 07:10 AM
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Originally Posted by JDs00PewterCoupe
Insurance companies tend to balk at diminished value claims - especially if the car can be repaired to where it is back to factory specs. Diminished value is hard to win (if it was, it would be common practice).Good luck though
08-04-2005, 07:38 AM
#10
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At most, you can hope for is 20% of the cost of repairs.
08-04-2005, 07:48 AM
#11
Diminshed value depends on the state you live in. Not all states have it as part of the policy w/ insurers. Based on the damages you mentioned noy likley would have much if any effect.
08-04-2005, 01:14 PM
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I went to KBB and got the AH insurance company of the vehicle that rearended me to pay the difference between "excellent" and "good" I possibly could have gotten more but I didn't want to spend the time.
08-04-2005, 01:38 PM
#13
Melting Slicks
Originally Posted by pappymartin
recently someone backed into my pristine 2000 vette conv. and damaged the hood and front bumper which the insurance co is putting new hood and new bumper. I have asked for deminished value due to the damage. No comments from the insurer. Does anyone have any idea what depreciation may be due to damage? Will insurance co pay for deminished value?
Cheers,
Vaughn
P.S. Why can't this happen to ME?!! I'd have me a nice new Tigershark front end and MCM hood!!
Last edited by JohnTheStigGalt; 08-04-2005 at 01:41 PM.
08-04-2005, 03:03 PM
#14
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In most states your policy will not cover diminished value, you will to go after the at-fault party's insurance, or take the individual to small claims. You'll need some type of appraisal.
