C32 Diminished Value Claim
09-05-2007, 11:27 AM
#1
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'10 GLK 350 Capri Blue/Black
C32 Diminished Value Claim
My C32 was hit for about $11,000 in damage early last month. It's finally going to be ready on Monday, I can't wait to get it back.
The other driver was 100% at fault and received a ticket (ran a red light), so their insurance company is paying for my repairs. I have been told that they also owe me the diminished value of the car, the difference between what it is worth now vs. its value before the accident. But of course, the insurance company (Indiana Farm Bureau?) doesn't want to pay it.
Does anybody have any information on diminished value claims, especially for Illinois? How much do you think I should look for? I'm not trying to extort the insurance company, I just want a fair amount to compensate for the loss in value of my C32.
The car had a clean CarFax before, now it won't. 2002 C32 with 31K miles.
The other driver was 100% at fault and received a ticket (ran a red light), so their insurance company is paying for my repairs. I have been told that they also owe me the diminished value of the car, the difference between what it is worth now vs. its value before the accident. But of course, the insurance company (Indiana Farm Bureau?) doesn't want to pay it.
Does anybody have any information on diminished value claims, especially for Illinois? How much do you think I should look for? I'm not trying to extort the insurance company, I just want a fair amount to compensate for the loss in value of my C32.
The car had a clean CarFax before, now it won't. 2002 C32 with 31K miles.
09-05-2007, 12:44 PM
#2
try researching any dimished value claims in your state. It will also help if you find out if any other insurance company paid out any such claims when pressured to. Your state may have laws that govern that sort of thing.
Insurance companies are only looking out for thhier best interest. Even you say you are not looking to extort them (which is a fair assumption) they exist to gain maximum profit to their shareholders, which would include sending you out the door and slammming it shut right behind you.
Knowledge is power. Do your research and report back what you find. I'd be interested to know.
Insurance companies are only looking out for thhier best interest. Even you say you are not looking to extort them (which is a fair assumption) they exist to gain maximum profit to their shareholders, which would include sending you out the door and slammming it shut right behind you.
Knowledge is power. Do your research and report back what you find. I'd be interested to know.
09-05-2007, 01:50 PM
#4
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I had a similar situation regarding major damage to my previous C43 against, I think, Progressive. I was rear ended by a car going about 40 mph while I was stopped .
I collected a diminished value payment from the ins. co. over and above the amount they paid to fix my car. The other party was 100% liable.
First, make the claim through the other party's ins. co. not yours. Second, establish what condition your car was in before the accident and how much it was worth as a used C32. Third, establish how much your car will be worth after the repairs, with the major accident noted on car fax, insurance records, etc. The difference is the "diminished value" the ins. co. must pay you. At common law, this amount is part of your injury, the actual monetary value of the damages caused by the other driver. True, your state may limit these damages by statute, but I highly doubt it.
No insurance co. wants to pay diminished value claims. But even more, no insurance co. wants a legal judgment against them in a court of law awarding diminished value to the injured party. Bad precedent. So, be insistant with the ins. co., do not give up, maybe have a legal letter written. They will settle out of court.
Generally, the diminished value payment will be between 10% and 25% of the cost of the repairs. It would be hard to argue for more.
The cost of repairs to my car were $29,000.00. I negotiated a $6,000.00 dimished value payment on top of that.
Regards,
I collected a diminished value payment from the ins. co. over and above the amount they paid to fix my car. The other party was 100% liable.
First, make the claim through the other party's ins. co. not yours. Second, establish what condition your car was in before the accident and how much it was worth as a used C32. Third, establish how much your car will be worth after the repairs, with the major accident noted on car fax, insurance records, etc. The difference is the "diminished value" the ins. co. must pay you. At common law, this amount is part of your injury, the actual monetary value of the damages caused by the other driver. True, your state may limit these damages by statute, but I highly doubt it.
No insurance co. wants to pay diminished value claims. But even more, no insurance co. wants a legal judgment against them in a court of law awarding diminished value to the injured party. Bad precedent. So, be insistant with the ins. co., do not give up, maybe have a legal letter written. They will settle out of court.
Generally, the diminished value payment will be between 10% and 25% of the cost of the repairs. It would be hard to argue for more.
The cost of repairs to my car were $29,000.00. I negotiated a $6,000.00 dimished value payment on top of that.
Regards,
Last edited by Tump43; 09-05-2007 at 01:53 PM.
09-05-2007, 03:12 PM
#5
Senior Member
http://www.search-autoparts.com/sear...4529?id=129490
This is link to article which says you are mostlikely screwed in your case
No thanks to Allstate Insurance.
Sorry , I'm the one bringing the bad news.
Any way I would still try to squeez some cash out of insurance comp.
Regards
Jack
This is link to article which says you are mostlikely screwed in your case
No thanks to Allstate Insurance.
Sorry , I'm the one bringing the bad news.
Any way I would still try to squeez some cash out of insurance comp.
Regards
Jack
09-05-2007, 03:54 PM
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'10 GLK 350 Capri Blue/Black
Thanks for the information! Since mine is a third-party DV claim, I'm fairly confident that I'll be able to get something out of it. I talked to a DV specialist today and they charge $350 for a post-repair inspection and the calculation of the claim, let's hope for the best.
All in all, I just want my car back! But a little cash would be nice...
All in all, I just want my car back! But a little cash would be nice...
09-06-2007, 12:40 PM
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'03 E55
Yet another reason to go get checked out at the hospital after an accident - leverage. I had been screwed by an insurance company about 10 years ago in a similar accident and came out of pocket about $5,000 after the claim when I was not at fault.
The last time someone hit me, I went to the doctor to get checked out and got a prescription for some painkillers. When the other company insisted a few days later that my car was not a total loss and they were going to fix it, I simply let the adjuster know that all I was looking for was to be treated fairly and that he could repair my car and pay for my past and soon to be very large future medical bills, or he could simply total the car and I would walk away and cover my own medical expenses. I had a check for the totaled car later that day.
They will play games if you let them, but a potential claim with medical issues will get very costly for them in a hurry and you can usually get them to be very reasonable if they feel properly threatened.
Gave this same advice to a "friend" of mine, but the a-hole turned it into a fraudulent "mini-lotto" for himself and we haven't spoken since.
The last time someone hit me, I went to the doctor to get checked out and got a prescription for some painkillers. When the other company insisted a few days later that my car was not a total loss and they were going to fix it, I simply let the adjuster know that all I was looking for was to be treated fairly and that he could repair my car and pay for my past and soon to be very large future medical bills, or he could simply total the car and I would walk away and cover my own medical expenses. I had a check for the totaled car later that day.
They will play games if you let them, but a potential claim with medical issues will get very costly for them in a hurry and you can usually get them to be very reasonable if they feel properly threatened.
Gave this same advice to a "friend" of mine, but the a-hole turned it into a fraudulent "mini-lotto" for himself and we haven't spoken since.
