Diminished car value after accident

General Discussion

  1. Bb70charger500

    Bb70charger500 Well-Known Member

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    Hey guys I got a ?
    So my truck got hit the other day and it's currently in the repair shop . I was think last time I sold a car that had a reported accident it was worth $2000 less then normal!
    Someone told me the insurance company should pay me out for the difference! Has anyone ever dealt with this? What do I do just demand a check? How much is a good value?
     
  2. themechanic

    themechanic Oklahoma is OK FBBO Gold Member

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    I bet this lawyer would know. He's got some great info on his YouTube channel. Here's his website and YT channel links.

    Michigan Lemon Law Attorney


    GlenmoorPortrait2-200x300.jpg Steve Lehto has been practicing Lemon Law and Consumer Protection for 28 years. He has handled cases for thousands of consumers. He wrote the Lemon Law Bible and taught at the University of Detroit-Mercy School of Law for ten years. He is a frequent lecturer on Consumer Law and has been quoted by or appeared on countless media outlets such as the New York Times, the BBC, CNN, Good Morning America, WDIV, WJBK, and WXYZ. He also has written several award winning history books on topics as diverse as the Italian Hall disaster, the wrongful conviction of Timothy Masters, and the Chrysler Turbine Car.


    http://lehtoslaw.com/

    https://www.youtube.com/channel/UCMljRGC0eBJrxbUorWEnasg/about
     
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    • Bb70charger500

      Bb70charger500 Well-Known Member

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      I am trying to avoid hireing anyone . And I don't want to go after owner of other car . Just after the insurance company
       
    • GetX'd

      GetX'd FBBO Gold Member FBBO Gold Member

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      I seriously doubt you get the insurance company to pony up for a market value issue like that. Don’t want to rain on your parade but just don’t buy it. I’ve been in Insurance for 35 years. If you do I’d like to know as I have the same issue with my Lexus. I think we have to suck it up.
       
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      • bearman

        bearman FBBO Gold Member FBBO Gold Member

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        The bestest thing you can do is never sign off on the repairs. Till the cost on repairing it is more than it's worth. Then insurance company will total it out and give you money for it. But if you sign off it's yours. Everyone signs off because it looks great the problems come after driving for awhile . Example of tire wear and door issues not to mention the ride just doesn't feel like it did. Watch for paint not matching and then you have to ask insurance company to get a second opinion not the shops they work with. They all get kick backs. Make sure you also pour water everywhere then look for wet seats carpet etc. I could go on but I'm sure you get the point. Remember you pay them to take care of you so don't let them get away with anything.
         
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        • cr8crshr

          cr8crshr Well-Known Member

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          Some questions need to be addressed:

          1. Is your vehicle being repaired using your policy or is the other party's being used. If you are repairing it under your policy, then your Insurance Co. will do so and then exercise what is known as "reciprocity"by using their lawyers to settle with the other party's Carrier. You will then be reimbursed for the deductible you paid under your policy. Best to not sign anything at all nor take any check for the repairs until all is completed.
          2. Your vehicle has depreciated and is lees than it was say a year ago. Depreciation is a bitch!!! Once an accident has occurred it is automatically entered into a data base and there is no way of getting rid of it. Because of an accident there is no way an Insurance CO will pay you the difference when it sold based on the fair market value has decreased because of the accident. This someone that told you that is completely wrong and I wouldn't take his input at all. Is this the case on that point?

          Best bet is to let your Insurance Co handle it all. And if the work isn't up to your standards and parts are not up to it also then you do not have to settle for less. But do not accept a check from either your Company or the other's Company until all is made right. Otherwise once you do, then the claim is finished and closed...cr8crshr/Bill:usflag::usflag::usflag:
           
        • Bill76

          Bill76 Well-Known Member

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          Insurance companies have their asses covered 7 ways to sunday .
          You can ask but I think your shit outta luck
           
        • 1967coronet

          1967coronet FBBO Gold Member FBBO Gold Member

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          Different states and insurance cos have different guide lines. Some states will have a section on the truck/car registration / title about prev accidents exceeding a certain dollar ammt.
          I know one insurance co that totals at 58% others go up to 80%
          the whole deal depends on your insurance or the other drivers and the state you register in.
          If the other drivers insurance is paying your co. should go after that co. if there is some cash value thats left out.
           
        • bearman

          bearman FBBO Gold Member FBBO Gold Member

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          Just remember the biggest settlement is you and your body the same goes for you don't I repeat don't sign off on any medical. You may not feel anything for months then you will have back ache or a headache that just go away. Do continued check ups until you are satisfied. Also any loss of work time and how much foot work did you put into this they must pay you for loss of time.
           
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          • themechanic

            themechanic Oklahoma is OK FBBO Gold Member

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            He will answer your question for free, from what I understand. It feeds his YouTube channel and keeps it going. That's why I suggested it to you. He probably already answered your question in a previous video. So, check out some of the questions he's already answered. He's a car guy and likes to help out our community. Then, if you still need an answer, contact him either by mail or his web site.
             
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            • zyzzyx

              zyzzyx FBBO Gold Member FBBO Gold Member

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              All of the insurance companies are crooks. For Christ's sake, State Farm payed
              four and a half Million dollars to get an Illinois Supreme Court Justice elected!
              They got him to disallow a 1.05 Billion dollar fine. Cover your ass! You can't
              get diminished value without a Lawyer. Car Fax will always tell on you!
              Go to: www.wreckcheck.com
               
            • ws23jrt

              ws23jrt FBBO Gold Member FBBO Gold Member

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              Not so-- I had a $7500 dollar repair on my 09 SRT8 challenger from a deer strike.
              When I sold the car to a dealer I asked what came up from a car history report. He said the car was clean.--No history of accident repairs. (my insurance paid that bill).
              I showed him the receipts and gave him copies for the next owner. --He just gave me an odd look like I was nuts.:rolleyes:

              Diminished value in many cases is just a negotiating point between a buyer and a seller.--(A high-quality repair could exceed the original build quality)
               
              Last edited: Nov 9, 2019
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