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Hi Saliv8 - I feel your pain! Going thru same accident thing too (except rear end collision on mine). Just checking to see if you made any headway with her insurance and the diminished value portion? If so can you elaborate what one should or shouldn't do for this? Thanks!
It's a process. The car has to be repaired before the claim for diminished value can be filed. It will be a fight... the insurance industry uses a formula to calculate it and it comes to about $8k when in reality the real amount is closer to $35k. I will get a 3rd party appraiser to give me the used car value pre and post accident and then fight with the insurance company. It will get filed on my underinsured motorist policy.
It's a process. The car has to be repaired before the claim for diminished value can be filed. It will be a fight... the insurance industry uses a formula to calculate it and it comes to about $8k when in reality the real amount is closer to $35k. I will get a 3rd party appraiser to give me the used car value pre and post accident and then fight with the insurance company. It will get filed on my underinsured motorist policy.
Each company and state handles this differently.
Thanks for the reply and heads up on what looks to be a royal PIA to recover our losses. Looks like my wife and I are going to hire an attorney to handle her injuries and help with the diminished value claim. Have a meeting with him later this week. I already got an appraisal from my MB dealer that's making the repairs - they already calculated a $15k diminished value. I think it's should be higher though. Will see what attorney says next.
Good luck on your end and keep us posted as to what you settled with the insurance companies on your claim.
I'd sue her anyway, you're the one taking all the grief here. You did nothing wrong, and yet you're the one with the financial loss, you're the one without the car, you're the one dealing with the stress of this problem. Time to move some of that stress to her for her mistakes.
Separate note - this has crossed my mind often. Having so much cash tied up in an asset that the insurance company won't pay out for in the event of a loss. Most regular insurance companies will only allow agreed value policies on classic cars. This is why I often think about financing everything without a down payment, and the minimal gap coverage fee + two or three percent interest greatly outweighs the risk of a large financial loss in the event of an accident.
Car is finally back. Took it and got it appraised - $21k in diminished value as a result of the accident (repairs cost $25k). Since the other party's damage liability was only $25k I have filed for the diminished value on my underinsured policy. Waiting to see what happens next. Car had to go back initially after repairs (pulling to the right, panel fitment issues).
Drives like it was new now but I still plan on getting another one if I can get the full value. Just toppled 1k miles too...
I'd sue her anyway, you're the one taking all the grief here. You did nothing wrong, and yet you're the one with the financial loss, you're the one without the car, you're the one dealing with the stress of this problem. Time to move some of that stress to her for her mistakes.
Separate note - this has crossed my mind often. Having so much cash tied up in an asset that the insurance company won't pay out for in the event of a loss. Most regular insurance companies will only allow agreed value policies on classic cars. This is why I often think about financing everything without a down payment, and the minimal gap coverage fee + two or three percent interest greatly outweighs the risk of a large financial loss in the event of an accident.
Not totally disagreeing with you, however, YOU pay the gap insurance which can be a decent amount of $$$$ on each payment and the gap is paid back to the lender? Let's say it's $50+ / payment for gap insurance. And between depreciation, the higher interest and the amount you pay towards the principle - it's likely a zero sum game.
Using your argument, just lease the damn vehicle in perpetuity with the gap insurance, you'll get the write off and there's zero risk because you're paying the equivalent of the depreciation on the vehicle (use).
Glad you got it back. Where did you take it to get the appraisal for the diminished value? They actually gave you before and after value prices?
My car is still in shop (been almost 3 months since my wreck - up to $30k in damages) - still waiting for final piece to show up from Germany (a muffler) - then I can get mine back and start the process for diminished value as well...
Thanks - my insurance company is playing real stupid and claiming they know nothing about diminished value. Even though it wasn't my fault - they wouldn't give me one ounce of help in pursuing.. At least her insurance didn't have a $25k limit (not sure what it is but they didn't balk at the $30K estimate.
Keep us posted on getting it through on your under-insured policy. My insurance company flat out said it wasn't covered under my under-insured portion (but of course they'll tell you it's not covered - the evil bast@rds!) - hopefully I won't have to see if they're right or not.
Last edited by Vectored Lines; 06-28-2017 at 03:15 PM.
Just wanted to chime in with my experience. Took delivery of my 2017 C63S couple end of Sept.'16, had a pretty back wreck right before Christmas at 2K miles. Damage mostly to front-end, more so on right front. Repairs took 3.5 mos. and came out to $58K, which was right under the 70% of value amount in which it would have been considered totaled by insurance. Once I got the car back, it was literally perfect. No evidence of the accident at all in looks, drive train, suspension, etc. Looked and drove exactly like new. Bad news is I had another accident last Friday, so it's back in the shop again for another 3-4 weeks. This time expect $15K or so in repairs. The car is cursed!
Since the first accident was technically my fault (long story), no hope for me on diminished value. My plans at this point (since I financed it) are to just keep it and enjoy it. If something isn't fixed correctly or subsequently fails, the body shop parts and work is all guaranteed since it was an MB CCC, and the factory warranty still applies to everything else. As long as they fix it up right, you'll get over the depression of it being wrecked and will be able to just enjoy the car for as long as you have it. Don't fret my friend. It could always be worse.
04-17-2017, 03:21 PM
