Diminished Value HELP...
Diminished Value HELP... Ok well I was recently in an accident and a friend of mine suggested that now if I ever wanted to sell the car it wont be worth nearly as much because of the accident...After a little research I came up with some information on Diminished Value..
To me it seems like that the insurance company will pay you the difference for the drop in value from before to after the accident....(the diminished value) is this true?
Also how do I go about doing this....any insight would be GREAT!!
To me it seems like that the insurance company will pay you the difference for the drop in value from before to after the accident....(the diminished value) is this true?
Also how do I go about doing this....any insight would be GREAT!!
It would depend on the nature of the accident. A small "fender bender" wouldn't be a big deal or have a major impact on the value. Unless you're holding the car as an investment or something, I wouldn't worry about it. Mods generally don't help resale value either.
If you're looking for an investment, automobiles for the most part would rank right up there with ENRON. There are always exceptions, however.
If you're looking for an investment, automobiles for the most part would rank right up there with ENRON. There are always exceptions, however.
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Joined: Mar 2007
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From: Shreveport,Louisiana
Depends on the state your in . Are you the insured or claimant ? This may have a bearing on the out come. No matter how small the damage , if it is reported & a claim was made there will be a paper trail. It will show up on CAR FAX report and no matter how perfect the repairs were made the value will be diminished significantly . All dealerships & used car lots will point this out to you in no uncertain terms.The vehicle WILL NOT be worth as much if its been in an collision."PERIOD"!!! So, raise hell, get an attorney, don't settle for or compromise at all. Stand your ground !
Like said above, it matters if you're the party at fault or not. If someone hit you and your car had bodywork done, you can sue for DV. The adjuster will amost definately tell you know, he likely will give in with a letter from your lawyer, and if he refuses, he will almost definately give in when the lawyer files the suit.
It was no ones fault....the throttle got stuck heading towards an intersetion...i locked the breaks up and went into a persons yard and took down a 4 foot tree....most of the damage was the rear quarter panel...other than that everything got all scratched up.
I have to pay a $1000 deductible and will soon get my car back...also Im in MO...the insurance company is The Hartford too BTW.
I have to pay a $1000 deductible and will soon get my car back...also Im in MO...the insurance company is The Hartford too BTW.
Were the police involved or anything? I see accident repairs/paint work on cars all the time that have clear carfax's. The notion that every accident is reported to carfax is a joke. Personally, I wouldn't worry about it.
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