[pits200]

Has anyone here ever filed a claim for diminished value on a vehicle that was in an accident with a high amount of damage?

My car is an 09 335xi with only 16k on the odometer and I had someone cut me off (I have pics in another thread) and their insurance company has already claimed full responsibility.

Now I'm not one who looks for any loopholes but in this era of carfax, every small thing is magnified when it comes to car issues. So obviously if my car has $20,000 in damage and is fixed, my car will more than likely have a carfax report which will negatively impact my resale value.

My KBB (which I know isn't an accurate selling price) is around $40,000 on my vehicle, even if the car is fixed perfectly, what do people think I would lose because this car was in an accident even if there are no side effects?


I just feel like this is unfair that even though my car is getting fixed, I will be in a worse financial position. And please don't be one of those people who tell me that a car is a horrible investment and a depreciating asset because that obviously isn't what I'm referring to.

Thanks for the help.

[HiredGun]

My good friend is an attorney and he handles these types of claims for folks. He said it is very difficult to get insurance companies to pay for diminished value. Apparently, the insurance companies will even claim ignorance about such things.

My recommendation is to get an attorney that specializes in these matters. They make take a portion of the recovered value, but I'm not sure you'll get anything on your own.

[technik330]

Obtaining dimished value is possible; I obtained dimished value, on my own, for an accident I had in '06.

I had some chick driving next to me, about 75% of my drive to class, then she got behind me and rear-ended me.

My ZHP took near $10k in damage and they awarded me about $8-900 in diminished value.

Whatever the amount of money the offer you, it'll most likely be something insulting, it wont take the edge off of your frustration when you go to sell the car.

It took me 1 year to sell my ZHP; it was nothing short of a mission. People think that if there's a carfax report on your car that it literally has some kind of disease and will make little babies blow up, it's sad.

Conclusion: Be polite, professional, and willing to work with the adjuster from the other party's insurance. If you come off as an arrogant asshat, or are just rude, I can assure you - you'll get nothing.

Good luck,

[brecht]

i got rear ended the other day in my 2011 335is & was wondering the same thing

it was my birthday and also exactly 3 months of having the car

The guy at the body shop recommended I send a letter with proof to the other party's insurance company before lawyering up

[pits200]

The advice is appreciated, thanks. I understand that patience is an important aspect when it comes to these kinds of situations. I always treat others at first with respect and kindness until they give me the run time after time.

Even though I am not at fault I told the insurance company that I did not need them to pay for a rental this week because I have another vehicle I can drive. Now some people might say that's stupid but I look at as two fold.

One, the adjuster thanked me for saving them money, and two, it's winter here and part of the reason I got the xi is because of safety. My other car is an awd infiniti which I know is going to be safer than the rental car that they would offer me.

So far, I am attempting to build a good relationship with the accepting fault insurance company and hopefully that will pay benefit when the dust settles.

And wow, $900, that's tough! Oh well, I'll have to wait and see how things go.

[pits200]

Originally Posted by brecht

i got rear ended the other day in my 2011 335is & was wondering the same thing

it was my birthday and also exactly 3 months of having the car

The guy at the body shop recommended I send a letter with proof to the other party's insurance company before lawyering up

Ouch! That's even worse than me. But I'm guessing that my damage may have been a little more extensive than yours. I had my car for about 3 months also but it was an 09, I can't bring myself to buy a new car even though I miss that new car smell!

Good luck with your case, but I wouldn't threaten the insurance company with a lawyer yet. I'd wait till the repairs were done and notify them that you're going to get an appraisal on the vehicle and how the selling price will be effected because of this accident.

If they refuse to acknowledge your reasonable offer after a few weeks/months then I would pursue legal action.

[Kolyan2k]

its a state thing....i think there is no such a thing in MA

[ceb]

Originally Posted by pits200

The advice is appreciated, thanks. I understand that patience is an important aspect when it comes to these kinds of situations. I always treat others at first with respect and kindness until they give me the run time after time.

Even though I am not at fault I told the insurance company that I did not need them to pay for a rental this week because I have another vehicle I can drive. Now some people might say that's stupid but I look at as two fold.

One, the adjuster thanked me for saving them money, and two, it's winter here and part of the reason I got the xi is because of safety. My other car is an awd infiniti which I know is going to be safer than the rental car that they would offer me.

So far, I am attempting to build a good relationship with the accepting fault insurance company and hopefully that will pay benefit when the dust settles.

And wow, $900, that's tough! Oh well, I'll have to wait and see how things go.

Google "diminished value" and "your state."

The problem with dimval is that there is no hard and fast rule. It varies by state and time, of course, plays a difference.

I'd probably seek legal advice if your state allows such claims. The $900 was probably just to shut him up but may not have been far off depending on his damage.

After the car is repaired you can always take it to CARMAX (or your local equivalent) and ask them what they'd give you on trade. They'll usually come back with "we'd give you $12345 but since it has accident damage we'll only give you $11111. Accordingly, the difference is the diminished value at that moment in time.

[LuisBoston]

Originally Posted by Kolyan2k

its a state thing....i think there is no such a thing in MA

You're right, there is no such thing in MA. The Mass SJC has ruled that insurers are not responsible for diminished value. Not sure about the private party though, and I am suiing the company who is responsible for hitting-and-running on my car. I estimated the diminished value at $3300 based on the difference between an "Excellent" and "Fair" car on KBB, Edmunds and NADA. The car had $15k in repairs (mostly body work along the drivers side).

Wish me luck! Court date is Jan 21.

[07E92TT]

i had a very minor fender bender with my old E92, it was like 2k in repairs. I went to go trade it in and the highest any dealer would go was (some quoted as low as 23) 26k because of the carfax. I sold it myself for 29k after explaining the accident and showing the guy all that was replaced. He seemed to not care about the carfax and loved the car.

[saeyedoc]

I've heard that an accident can reduce the resale value of your vehicle by 1/2 of the repair cost, can't remember where I saw that.

[hipnotic]

+1

[ChipB]

Originally Posted by Kolyan2k

its a state thing....i think there is no such a thing in MA

Correct - there are several states that specifically do not allow diminished value claims. So Pits200 - what state do you live in?

[coolchu001]

After reading this I must say I got a pretty generous diminished value for my accident. I was rear ended by a company car and the insurance handler for the company's policy took care of everything and I got $780 for the diminished value for a repair that cost $2000.

[techlogik]

FL has diminished value. You just need to ask the adjuster for the other company. You can either, 1) take their assessment for the diminished value...or 2) go to 3 places and get quotes for the diminshed value...body shop? Forget what the requirement was and how a body shop would figure this amount, or maybe I am just wrong.

Anyway, I think I got around $600-800 for my 02 Audi S4 when I was rear-ended, it was like $5K in damage...

[bily]

There are companies that do this specific type of work. Ask your body shop if they know of one. There is a formula that insurance companies use, but it is not consumer friendly. And you can push back and ask for more.

My wife was hit in the back, and after several repair attempts, maybe a total of $3500 in damage, but ended up being about $17 with all the rework, we got over $4000, an appearance allowance for the boron plate that had a golf ball size ding, money for a wax after the paint cured, and a car payment for excessive delays and poor body work by 2 of the preferred shops. They originally offered $1100. But once I got the independent appraisal, their was not hesitation. Cost about $150.

Again, be nice, but persistant. Wait untli all the repairs are finished and you are satisfied with the car. The amount is based on the repair. If the settlement does not work then find an appraiser. They will give you all the documents and paperwork you need to submit. If they still balk, then look for an attorney if the potential settlement warrants it.

Good luck and keep us posted

[pits200]

Well this thread is now somewhat of a moot point. I just found out today that the car will be totaled so I am happy I won't have to worry about arguing diminished value,,, whew, glad about that.

I live in PA and Im guessing they don't allow diminished value so I guess the total out is a good thing.

[LuisBoston]

Originally Posted by pits200

Well this thread is now somewhat of a moot point. I just found out today that the car will be totaled so I am happy I won't have to worry about arguing diminished value,,, whew, glad about that.

I live in PA and Im guessing they don't allow diminished value so I guess the total out is a good thing.

Lucky you! I wish they had done that to mine.