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    Jul 11, 2006 1:45:03 AM

    Le Chef
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    Le Chef
    Loc: Chicago , United States
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    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

    Jul 11, 2006 3:44:34 AM

    cwb
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    cwb
    Loc: USA , United States
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    Reply to: Le Chef

    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.

    Jul 11, 2006 9:39:33 AM

    easy_rider911
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    easy_rider911
    Loc: London , United Kingdom
    Posts: 22190, Gallery
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    Reply to: cwb

    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.

    Jul 11, 2006 12:17:04 PM

    GA997S
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    GA997S
    Loc: Athens, Georgia, USA
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    Reply to: easy_rider911

    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.

    Jul 12, 2006 2:40:28 AM

    cwb
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    cwb
    Loc: USA , United States
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    Reply to: easy_rider911

    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.

    Jul 12, 2006 11:18:01 AM

    Le Chef
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    Le Chef
    Loc: Chicago , United States
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    Reply to: cwb

    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.

    Jul 12, 2006 6:31:21 PM

    Scotty A
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    Scotty A
    Loc: New Jersey
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    Registered on: May 31, 2006
    Reply to: Le Chef

    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.

    Jul 12, 2006 7:30:39 PM

    GA997S
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    GA997S
    Loc: Athens, Georgia, USA
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    Reply to: Scotty A

    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.

    Jul 12, 2006 8:04:51 PM

    Scotty A
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    Scotty A
    Loc: New Jersey
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    Reply to: GA997S

    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.

    Jul 12, 2006 9:01:06 PM

    GA997S
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    GA997S
    Loc: Athens, Georgia, USA
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    Reply to: Scotty A

    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.

    Jul 12, 2006 9:08:47 PM

    Scotty A
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    Scotty A
    Loc: New Jersey
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    Reply to: GA997S

    Re: Diminished value - claimable on insurance?

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

    Jul 12, 2006 11:02:50 PM

    GA997S
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    GA997S
    Loc: Athens, Georgia, USA
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    Reply to: Scotty A

    Re: Diminished value - claimable on insurance?

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



    yes.

    Jul 13, 2006 1:11:04 AM

    cwb
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    cwb
    Loc: USA , United States
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    Reply to: GA997S

    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.
     
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