Diminished value after wreck? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

The SwiftChancelor · 07-25-2012, 12:21 AM

I was interested if anyone has wrecked their Camaro be it their fault or another and was able to get a diminished value claim after the car was fixed to new?

The SwiftChancelor · 07-25-2012, 12:52 PM

Any information would be greatly appreciated. Thank you.

Topher3134 · 07-25-2012, 02:56 PM

I got diminshed value on my dodge truck after a drunk driver hit it. I think it was 2500 they gave me. I don't know if you can get it when its your fault. I do know you need to have your ducks in a row if you do want to fight that fight with insurance.

The SwiftChancelor · 07-25-2012, 03:56 PM

I was hit by another driver and their insurance paid to repair my vehicle. It was restored a 100% but I know it has lost value because of it. The insurance company claims its as good as new and would only lose a value of $250. My car was in excellent condition and according to KBB's definition of "excellent" it says a vehicle that has not had any paint or body work done. If that s the case then my car is no longer in excellent condition and now drops to what KBB considers "good" or "fair" condition which is a loss of $2,000- $4,000. I've given them information like this and written statements from a dealer and they tell me my proof is not valid but offered me more money which they basically are saying because they want to be nice. This is all bogus to me because I know the vehicle has taken more of a loss than what they're offering to resolve this for I just didn't expect them to try and play me for a fool.

sycraft · 07-25-2012, 04:09 PM

Every state has their own regulations on D.V.

matt@lsrperformance.com · 07-25-2012, 04:15 PM

It really will depend on the extent of the damage. My wife's Acura was hit in a parking lot when it was 4 days old. It was very minor but did require a little paint work and a new wheel. I was sure took take plenty of photos so I could show a would be buyer in the future if/when I sell the car. With Car fax and some of the other history look ups it will just say damaged or in a wreck. Just be able to show how minor (hopefully) the damage was.

markmass · 07-25-2012, 04:19 PM

Would like to say "I feel your pain" but i have never had claims on mine. But, you're right, its depreciated, no getting around that fact its not "good as new" its been tainted. I have always wondered about this, and the way autocheck and carfax report stuff is basically crap. When i am looking for a car I will look for accidents etc. . Fact is 2SS like ours are getting pretty common, and I would probably skip over one that reported an accident and move on. -- Personal Preference. However, If the accident was well documented, with photos etc, i would consider one - but only if it was cheaper than any others out there (and not by a measly $250)
One thing you may consider -- sell it now before it gets reported --- i know, i know unscrupulous

. Mate of mine had his Corvette rear ended, he sold it 2 weeks after repair....downside is seller came back to him a year later!!!What Accident??
Bottom line is, it sucks, this is where leasing has its merits, just give it back

07-25-2012, 12:21 AM	#1
The SwiftChancelor Drives: SGM, 2011 2SS/RS, L99 Join Date: Oct 2011 Location: Wildcat Country Posts: 593 View My Garage	Diminished value after wreck? I was interested if anyone has wrecked their Camaro be it their fault or another and was able to get a diminished value claim after the car was fixed to new? __________________ K&N air intake, Solo w/Jpipes axleback, SP 1 7/8 LT headers

07-25-2012, 12:52 PM	#2
The SwiftChancelor Drives: SGM, 2011 2SS/RS, L99 Join Date: Oct 2011 Location: Wildcat Country Posts: 593 View My Garage	Any information would be greatly appreciated. Thank you. __________________ K&N air intake, Solo w/Jpipes axleback, SP 1 7/8 LT headers

07-25-2012, 03:56 PM	#4
The SwiftChancelor Drives: SGM, 2011 2SS/RS, L99 Join Date: Oct 2011 Location: Wildcat Country Posts: 593 View My Garage	I was hit by another driver and their insurance paid to repair my vehicle. It was restored a 100% but I know it has lost value because of it. The insurance company claims its as good as new and would only lose a value of $250. My car was in excellent condition and according to KBB's definition of "excellent" it says a vehicle that has not had any paint or body work done. If that s the case then my car is no longer in excellent condition and now drops to what KBB considers "good" or "fair" condition which is a loss of $2,000- $4,000. I've given them information like this and written statements from a dealer and they tell me my proof is not valid but offered me more money which they basically are saying because they want to be nice. This is all bogus to me because I know the vehicle has taken more of a loss than what they're offering to resolve this for I just didn't expect them to try and play me for a fool. __________________ K&N air intake, Solo w/Jpipes axleback, SP 1 7/8 LT headers

07-25-2012, 04:09 PM	#5
sycraft COTW 5/06/2013 Drives: 2017 Corvette Grand Sport-Ho-Vette Join Date: May 2012 Location: Milford, Michigan Posts: 3,201 View My Garage	Every state has their own regulations on D.V. __________________ 2017 Grand Sport, Borla X Pipe.....Enough Said

07-25-2012, 04:19 PM	#7
markmass TRI-COUNTY CAMAROS Drives: 2SS/RS Oct 2009 Join Date: Oct 2009 Location: Coral Springs Florida Posts: 448 View My Garage	Would like to say "I feel your pain" but i have never had claims on mine. But, you're right, its depreciated, no getting around that fact its not "good as new" its been tainted. I have always wondered about this, and the way autocheck and carfax report stuff is basically crap. When i am looking for a car I will look for accidents etc. . Fact is 2SS like ours are getting pretty common, and I would probably skip over one that reported an accident and move on. -- Personal Preference. However, If the accident was well documented, with photos etc, i would consider one - but only if it was cheaper than any others out there (and not by a measly $250) One thing you may consider -- sell it now before it gets reported --- i know, i know unscrupulous. Mate of mine had his Corvette rear ended, he sold it 2 weeks after repair....downside is seller came back to him a year later!!!What Accident?? Bottom line is, it sucks, this is where leasing has its merits, just give it back __________________ GET-TORQ custom CAM 223/243 LSA113, Full LS3 conversion, 3200 stall Multi-Disk TC from Circle-D, B&M Supercooler to cool that tranny down....1 7/8" Kooks Headers and High flowCats. MACH XL Catbacks. Eibach springs, R2C Performance CAI, powdercoated calipers, Footwell lighting in tune with dome lights, tints, ABL Lighting, ACS T3 ports and ACS Eagle T3 triple LED lighting kit. Heritage grill, Hex vents, ZL1 rockers, ZL1 Diffuser, Quad tips...the list keeps getting longer - whats next??

07-25-2012, 02:56 PM	#3
Topher3134 Drives: delete me Join Date: Mar 2012 Location: delete me Posts: 418	I got diminshed value on my dodge truck after a drunk driver hit it. I think it was 2500 they gave me. I don't know if you can get it when its your fault. I do know you need to have your ducks in a row if you do want to fight that fight with insurance.

07-25-2012, 04:15 PM	#6
matt@lsrperformance.com Drives: 2011 Camaro SS Join Date: Jun 2011 Location: Valdosta Posts: 145	It really will depend on the extent of the damage. My wife's Acura was hit in a parking lot when it was 4 days old. It was very minor but did require a little paint work and a new wheel. I was sure took take plenty of photos so I could show a would be buyer in the future if/when I sell the car. With Car fax and some of the other history look ups it will just say damaged or in a wreck. Just be able to show how minor (hopefully) the damage was.