Diminished Value of Automobile - Chicagoland Sportbikes
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post #1 of 8 (permalink) Old 08-07-2012, 12:50 PM Thread Starter
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Diminished Value of Automobile

Anyone have any luck getting money back for the diminished value of their vehicle after an accident that was not their fault? If so, how did you approach the situation?

Background on my situation:
In May, my car was hit by one of two vehicles involved in a near by collision. State Farm paid for my car to be fixed and now is in suborgation with the at fault vehihicles insurer, Unique Insurance. I was hoping that in addition to recoverning the money they paid out and my deductible, State Farm could pursue the resulting diminished value of my vehicle with Unique, but I was informed that they do not do that. Now I am left on my own to decide if it is worth pursuing and how to do this. I guess the basic step would be to contact Unique's claims department, but I am a little hesitent. Any advice is appreciated.

Greg

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post #2 of 8 (permalink) Old 08-07-2012, 01:20 PM
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Wouldn't you have to sell the car in order for the diminished value to effect you? Wouldn't the amount vary depending on when you sell the car? If you sell the car in 5 years the diminished value will be a smaller figure than if you were to sell the car tomorrow

Id like to sue my neighbor for bringing down my property value since he got forclosed, but I'm not sure it works that way. Especially if I don't know when ill be selling my house

Eric
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post #3 of 8 (permalink) Old 08-07-2012, 01:37 PM Thread Starter
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Quote:
Originally Posted by Maynard View Post
Wouldn't you have to sell the car in order for the diminished value to effect you? Wouldn't the amount vary depending on when you sell the car? If you sell the car in 5 years the diminished value will be a smaller figure than if you were to sell the car tomorrow

Id like to sue my neighbor for bringing down my property value since he got forclosed, but I'm not sure it works that way. Especially if I don't know when ill be selling my house
Sounds like a good point. The reason I ask, is because I am considering trading in my car. When a dealer appraised it, they lowballed me more then they usually would based on the accident.

The true diminished value will vary depending on situation, but I got to believe there are some charts used in the auto and insurance industries.

Greg

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post #4 of 8 (permalink) Old 08-07-2012, 01:46 PM
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The problem is you've only lost money on paper. You haven't had an actual monetary loss yet, (until you sell the car). Methinks you are going to have a very difficult time receiving a payout for a paper loss.

Eric
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post #5 of 8 (permalink) Old 08-07-2012, 02:22 PM Thread Starter
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Quote:
Originally Posted by Maynard View Post
The problem is you've only lost money on paper. You haven't had an actual monetary loss yet, (until you sell the car). Methinks you are going to have a very difficult time receiving a payout for a paper loss.
Hence my question in the original post, I don't want to pursue the unattainable or invest more value in time and effort then the value of potential recovery. Although, I was some what pleased that my agent and the State Farm claims person did not ask me "what I was smoking". Making me believe that my question was not totally out of line.

Greg

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post #6 of 8 (permalink) Old 08-07-2012, 02:28 PM Thread Starter
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Looks like i might be SOL:

http://www.insure.com/car-insurance/...car-value.html


A third-party claim against someone else is your best shot at getting diminished value paid – but not in all states.

According to Diggs, "In the past decade, a number of courts have squarely addressed the issue of diminished value claims under comprehensive and collision auto insurance coverages.”

The majority of these courts have ruled that comprehensive and collision coverage limit liability to payments for proper repairs and do not provide for payments for losses in value, he says. State supreme courts that have set this precedent include those in Delaware, Indiana, Florida, Maine, Massachusetts, South Carolina, South Dakota and Texas. A few appellate courts have made similar rulings, including those in Illinois, Louisiana, Missouri, Pennsylvania, Tennessee and Wisconsin.

Greg

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post #7 of 8 (permalink) Old 08-30-2012, 07:04 AM
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I blame those stupid fucking sites like CarFax and Accucheck for this shit. It prevents people who have their cars professionally fixed back to new state from ever getting proper money for their cars.

Ian
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post #8 of 8 (permalink) Old 09-04-2012, 02:22 PM
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I had an '06 Outback that was hit by a flying loose tire on the Kennedy at 4 months new. It damaged the hood and the roof. This was repaired professionally with a lifetime warranty and the repairs were covered by State Farm.

We grew out of the car and I went to trade it in for a Minivan last year. Car Max did it's inspection and said the roof damage diminished the value. In their opinion, I could no longer claim the vehicle was in excellent shape thus commanding the $12,000 I was looking for as value. They offered me $8,000 and I walked.

I thought about calling State Farm and the repair facility that worked on my vehicle but I knew that would have taken forever and since I'd moved from the city to the burbs the body shop wasn't really accessible to me anymore, especially considering the repair would mean I'd be without a car for a while.

I just shopped around with some private offers and other trade in opportunities until I found an offer I felt was appropriate. Not everyone thought the damage was a big deal.

To be sure, I take meticulous care of my vehicles and keep all the records. This vehicle had very low miles on it compared to others on the market.

My advise is to have them total the vehicle whenever possible. Recently, I was rear ended on the Ike and I wasn't even moving. The value of the damage was over $6000 and I asked them to total it but they wouldn't. It's not always possible but I've had it done on 3 or 4 other accidents. My most recent claim though is on a car I plan to drive into the ground so it's less of a deal for me, at least for the moment.

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