Diminished value
05-14-2019, 04:18 PM
#21
Instructor
05-14-2019, 04:22 PM
#22
Safety Car
Been there
I have been rear-ended (ready?) SIX TIMES; all were other driver's fault from a 90 year old fella in his Buick to an 18 wheeler splattering me while I was doing 60 and he was over 90 (and on drugs).
One of those was my wife and I in her Prius at a stop sign hit by a young mother AND HER BABY. Sorry it still ticks me a bit...anyway after that I looked around on line and found a calculation from the state of Georgia, long story short, on a '13 Prius needing rear bumper replacement it calculated diminished value at about a grand (2 years ago). I called her insurance company and the second I said "diminished value" I was transferred to a guy who does just that. He offered me 500 bucks and we settled on 750. I had a check in less than a week unrelated to the repairs. Its very real and needs to be acknowledged......
One of those was my wife and I in her Prius at a stop sign hit by a young mother AND HER BABY. Sorry it still ticks me a bit...anyway after that I looked around on line and found a calculation from the state of Georgia, long story short, on a '13 Prius needing rear bumper replacement it calculated diminished value at about a grand (2 years ago). I called her insurance company and the second I said "diminished value" I was transferred to a guy who does just that. He offered me 500 bucks and we settled on 750. I had a check in less than a week unrelated to the repairs. Its very real and needs to be acknowledged......
05-14-2019, 06:57 PM
#23
Race Director
Member Since: Mar 2001
Location: Bonneville Salt Flats, 223mph Aug. '04
Posts: 17,459
Received 5,235 Likes
on
3,469 Posts
No way around it... it was damaged. I don't see how anyone can determine how much that printed on a CarFax report might or might not be worth to someone at sometime in the future.
10-09-2022, 05:41 PM
#24
Melting Slicks
‘Here in California, if the repair cost is a minimum of $1,500.00 it must be reported.
10-09-2022, 06:06 PM
#25
Here in NY the bodyshops do not report the accident. The insurance does it along with the local PD if damage is over $1K
The following users liked this post:
MitchSpence (10-13-2022)