Payment for Lost Value?

[lyjo]

Anyone been through a non total loss accident and received payment for the lost value due to the Accident?

If So .. how much?
my car is 4 Months old.. Estimated Damage is 4 - 5k

[ron10]

i've never heard of lost value for a repair.insurance is only required to repair your car.

[superdave99]

From what I heard from my body shop, it has to be an uninsured/underinsured claim. I had 11K in damage and was unable to claim lost value.

[Mr_Draco]

It's called Diminished Value Claim and I've heard of people getting it and the amount varies depending on what was damaged and how much. Also please keep in mind some companies do not give out Diminshed Value claims as legally they only have to repair your vehicle. And others will only give out a DV claim if the DV is above a set amount (say $5k).

From what I've seen fender benders get you a hundred and minor damage like yours might get you a few hundred if that much seeing as it's just cosmetic. The big money is major front end damage where the engine has to be replaced, and frame damage.

[robsls3]

Dependant on your policy and the insurance company. In the past I had sued 2 people for diminished value of the vehicle after an accident. If you settle a claim you usually sign a waiver not to sue anybody afterwards. Some companies have a clause you can claim diminished value on certain types of cars. When my 77 TA was totaled due to a drunk teenager the insurance only wanted to pay what a adjuster thought the value of the car was. We are talking thousands of dollars difference.

I had to go get a private third-party appraiser to value the car from the looks, pics, receipts I had for work done. My insurance coverd it and in the end this kids insurance had to fork over the difference after mediator was called in.

My other car I sued the person in court for the value lost due to the accident.

[flyby]

The lost value can and should be substantial. If/when you sell the car you must disclose the accident which reduces it's value.

[BamaCommando]

If you are in South Carolina then you will make the diminshed value claim to the other guy's Insurance carrier, assuming they were at fault and not you. I would estimate your claim to be worth about $1000 easy if not more. You have substantial sheet metal damage that will require repair and replacement and repainting that may or may not perfectly match the factory paint. The quality of the repair can dramatically effect the value as well.

[GrinderSS]

Originally Posted by lyjo

Anyone been through a non total loss accident and received payment for the lost value due to the Accident?

If So .. how much?
my car is 4 Months old.. Estimated Damage is 4 - 5k

If the car is repaired and certified, what's the lost value? You just need to make sure the repair is done using new body parts and not filler.

[robsls3]

Doesnt make a difference in this day and age if its certified or not. With carfax out today everybody is using it and baseing values off of it. Minor dings reported to carfax can reduce a car value from $1k and up.

[v6sonoma]

Originally Posted by GrinderSS

If the car is repaired and certified, what's the lost value? You just need to make sure the repair is done using new body parts and not filler.

I agree with you, but the guy who goes to buy your car from you will not. He we see a carfax report of damage and assume you're hiding something even if you're up front and honest. There's a reason why an all original classic car gets the money it does and it's not because it was fixed just as good as new.

[cowjazz]

Usually, if your insurance paid, you cannot make a diminution of value claim. I'm pretty sure your policy says you will not do that. If you collected through another's party's insurance, you might be able to make a claim. Do an internet search for "diminution of value appraisal" in your area.

Your mileage will vary from state to state based on insurance laws for your state.

[Ron66Vette&10SS]

When I had my Z06 and spent time on the Corvette boards, it was pretty common for people to be reimbursed for "diminished resale value" (or whatever the correct term is for it) after an accident.

It's possible, not sure exactly how the process works (hell, it could just be a matter of asking for it), but it IS possible.

Good luck

[dragonZ28]

When you talk to the insurance company you have to use the words "diminished value" to file the claim, or they will not discuss it.
I argued and argued this very point with a Geico adjuster once, and as soon as I used those words, it was like magic.
It is possible to get it, and you will need a professional estimate of the cars value, taking into consideration it has been in an accident.
This is basically a percieved value from a potential buyer. However when you sell it, or trade it in, that is exactly what your experience is going to be.
This is a numerical quantitative loss, and no matter how well they fix the car, it cannot be restored to "before" accident value.

It is a loss. Go get it.

Thanks, Roger

[lyjo]

The accident was not my fault and The rest of the Story....
Air born off the side of the road through heavy brush... my flawless paint is not more..

Hope its not more than just a fender, door and some paint..

Where my car ended up: