Crown

Board: Porsche - 911 - 997 Language: English Region: Worldwide Share/Save/Bookmark Close

Forum - Thread


    Diminished value - claimable on insurance?

    Those who read way down the page will see my car suffered a little damage last week.

    My attorney friend does not believe you can claim for diminished value. If he's wrong how do you go about this process? I want to make sure I don't suffer financial loss should I choose to trade it in for a new car.

    Anyone tell me how?

    MTIA

    Re: Diminished value - claimable on insurance?

    Chef, I couldn't find your post so was the damage due to your own doing or another party? This is crucial.

    Re: Diminished value - claimable on insurance?

    Insurance only compensates you for actual losses (so you would only know the quantum of extra money lost on resale due to vandalism once you've sold the car) but crucially, it depends on the fineprint of what's covered by your policy. As your lawyer friend says, I too would be very surprised if your policy covered this.

    Re: Diminished value - claimable on insurance?

    Le Chef...I got $3500 dim value for a scuffed rear bumper cover and tiny crack in rr tail light that cost $3300 to replace. I'll pm you when I get to work and dig up the info.

    Re: Diminished value - claimable on insurance?

    not entirely correct. 2 issues...1st is establishing diminished value with appraisals and then determining if there is a 3rd party involved which was my question earlier. Your own insurance company will not pay for it per policy.

    Re: Diminished value - claimable on insurance?

    As the building is responsible for my car once I hand them the keys then they are the ones (in my view) who have to compensate me for dv. If they wish to pursue this with the 3rd party that's their problem, not mine.

    Quote for repairs "as seen" are $12,000. Spoke to the dealer who told me they will help establish diminished value. Apparently in IL the other party's insurance company has to compensate for dv by law. Case went through State court last year that established this.

    There is some structural damage (though not much) to the driver's door pillar area below the waist line. Depending on how bad it really is when they have the car stripped down will determine whether I keep it or sell it.

    Re: Diminished value - claimable on insurance?

    Auto insurance in the US generally covers the damage to your car, not the repair. So if it would cost you $3,000 to repair it, then they should recompense you that $3,000. Of course, you would need to negotiate the actual estimate with them. Whether or not you actually repair the car is up to you. If you do, most insurance companies now require evidence that it is actually repaired so that you don't later make a claim for the same damage if you didn't repair it.

    I doubt anyone would pay up because of an event that caused the car to have a lower resale value.

    Re: Diminished value - claimable on insurance?

    Quote:
    Scotty A said:
    Auto insurance in the US generally covers the damage to your car, not the repair. So if it would cost you $3,000 to repair it, then they should recompense you that $3,000. Of course, you would need to negotiate the actual estimate with them. Whether or not you actually repair the car is up to you. If you do, most insurance companies now require evidence that it is actually repaired so that you don't later make a claim for the same damage if you didn't repair it.




    Quote:
    Scotty A said:
    I doubt anyone would pay up because of an event that caused the car to have a lower resale value.



    They will and they do.

    Re: Diminished value - claimable on insurance?

    GA:

    Your view is extremely interesting. In my situation, I've had body work done on my 99 986, and have been told that any repairs of this sort - even if the work is perfect with OEM parts at a dealer - reduces the resale value. The insurance company has already paid for the repairs; how does one demonstrate 'diminished value' to make a claim? Do you know if this is a generally covered loss or specific to only some policies.

    Thanks.

    Re: Diminished value - claimable on insurance?

    These people, www.collisionclaims.com , did a detailed report for $295.00 and got me $3500.00. This amt was more than the total repair. Although this was paid by the girl's insurance, I asked and my insurance company would have still paid a diminished value ($$? they have set formulas they use) if it were my fault.

    Re: Diminished value - claimable on insurance?

    GA: did you also get money for the repair itself?

    Re: Diminished value - claimable on insurance?

    Quote:
    Scotty A said:
    GA: did you also get money for the repair itself?



    yes.

    Re: Diminished value - claimable on insurance?

    The most difficult task is establishing value prior to the damage. The newer the car the less difficult it will be to assign a reasonable value. Problem for most cases is where their car is a number of years old and then a degree of subjectivity comes into play. My wife drives a Cayenne S and was hit just 4 months into ownership. Being a new car it was easy to establish the before price. The other insurance company will not volunter diminished value claims until I insisted that there clearly was a difference if you place 2 vehicles side by side w/without damage. I recall they paid it out of the comprehensive category. Good luck and don't give up.

     
    Edit

    Forum

    Board Subject Last post Rating Views Replies
    Porsche Sticky SUN'S LAST RUN TO WILSON, WY - 991 C2S CAB LIFE, END OF AN ERA 1/19/18 10:13 PM
    throt
    263655 1687
    Porsche Sticky OFFICIAL: New 991.2 GT3 (2017) 1/21/18 5:31 PM
    Boxster Coupe GTS
    260593 4018
    Porsche Sticky OFFICIAL: 911 GT2 RS (2017) 1/23/18 10:02 AM
    throt
    89759 1386
    Porsche Sticky 992 (Next 911 generation 2019/2020) 1/12/18 7:11 PM
    the-missile
    67527 673
    Porsche Sticky Porsche Mission E - the future of Porsche? 1/3/18 8:32 PM
    CGX car nut
    39875 468
    Porsche Sticky OFFICIAL: New 991.2 Turbo S Exclusive Series (2017) 11/28/17 12:15 AM
    EnglishManInNY
    23926 332
    Porsche Sticky OFFICIAL: New Porsche Carrera T 12/1/17 7:24 PM
    crayphile
    13729 243
    Porsche Sticky OFFICIAL: Porsche 718 GTS models (Oct. 2017) 10/24/17 12:19 PM
    amazon
    7291 19
    Porsche 918 latest news Thread Closed 11/6/17 10:43 AM
    RCA
    548417 5574
    Porsche 991 GT3 RS 1/9/18 1:43 PM
    Kimi
    456625 5816
    Porsche OFFICIAL: 991 Turbo and Turbo S 10/26/17 1:33 PM
    NSXER
    446383 4239
    Porsche OFFICIAL: 2016 Porsche Carrera 911 [991.2] Facelift 3/24/17 12:49 PM
    RCA
    254981 1382
    Porsche OFFICIAL: 911 R (2016) 1/4/18 9:14 PM
    wurlie
    247604 2558
    Porsche 997 GT3 RS 4.0 3/15/17 10:40 PM
    noone1
     
     
     
     
     
    231293 737
    Porsche Cayman GT4 12/30/17 11:07 AM
    Boxster Coupe GTS
    213276 2482
    Porsche 991 GT2 RS (2017) - Rumors, speculations and gossip Thread Closed 7/3/17 2:04 PM
    RCA
    175537 1699
    Porsche The moment I've been waiting for... 11/13/17 2:32 AM
    Pilot
     
     
     
     
     
    165152 874
    Porsche OFFICIAL: New 991.2 Turbo and Turbo S 1/23/18 12:27 AM
    RCA
    164506 1074
    Ferrari 488 GTB/GTS 1/21/18 10:49 AM
    RCA
    141394 1220
    McLaren McLaren on a winning streak 1/23/18 4:11 AM
    Whoopsy
    139016 2857
    Porsche 991.2 GT3 Thread Closed 3/7/17 11:47 AM
    RCA
    125036 1651
    Porsche Boxster Spyder (981) 12/29/17 8:31 AM
    dreamcar
    110809 692
    Porsche OFFICIAL: New Panamera (2016) 1/6/18 10:41 PM
    Wonderbar
    108111 1284
    Others Audi R8 V10 Plus (2016 model) - Review (updated Feb 13th 2017) 1/18/18 11:38 AM
    RCA
    105677 1869
    Ferrari Ferrari F12 Berlinetta / 599 GTO Successor 12/5/17 3:29 PM
    RCA
    87271 765
    Porsche OFFICIAL: 718 Boxster (2016) 10/20/17 11:17 AM
    DaveGordon
    81722 732
    Others VW caught cheating emissions tests 7/10/17 2:36 PM
    RCA
    81485 861
    Porsche 991 GTS 4/3/17 4:27 PM
    bluelines
    68500 247
    Porsche OFFICIAL: Cayenne (958) Facelift 2014 3/2/17 4:22 PM
    RCA
    67179 163
    Porsche OFFICIAL: New 991.2 (facelift) Carrera 4 and Carrera 4S 3/30/17 7:33 PM
    Carlos from SpainM
    60368 131
    371 items found, displaying 1 to 30.