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This is going from bad to worse... estimate to fix is $17k. i think the other party's personal damage liability is $25k. Dealer trade trade in is $50k. They won't know if there is more damage until the get in on the rack but can't do that yet because of the other party's insurance adjuster hasn't given them the go ahead yet.
IF they fix it for $17k and the cap is $25k that means I only have $8k max in diminished value coming from insurance. GAP insurance will not cover diminished value, only repairs over the max personal liability of the other party. On a $90k purchase i will have a $58k asset after driving 600 miles.
What that means is my only recourse is to sue the person for the difference. She's a senior in college with no assets. Insurance is a joke. They should force minimum coverages in the $100k range unless you have a balance sheet to support not having it.
Basically, unless they find something hidden that totals the car, I am screwed.
This only comes into play if the car is totaled - I am with Erie and have replacement value insurance.
Headlight is $1900, wheel is $2350
Originally Posted by PeterUbers
Diminished value not as hard as you think ... depends on your state in the usa
where do you live?
ugh... does your insurance offer new car replacement? Liberty does
im guessing $30,000 repair bill... that frame took a hit, good and fender need placement obviously, headlight alone is $2500, bumper $2000, not even thinking of what's going on in the engine bay, wheel and suspension $5000
Yeah, I hate to say it, but at the end of the day you may just end up in that car, repaired. Really does suck to have something like that happen so early in the life of the car.
This is going from bad to worse... estimate to fix is $17k. i think the other party's personal damage liability is $25k. Dealer trade trade in is $50k. They won't know if there is more damage until the get in on the rack but can't do that yet because of the other party's insurance adjuster hasn't given them the go ahead yet.
IF they fix it for $17k and the cap is $25k that means I only have $8k max in diminished value coming from insurance. GAP insurance will not cover diminished value, only repairs over the max personal liability of the other party. On a $90k purchase i will have a $58k asset after driving 600 miles.
What that means is my only recourse is to sue the person for the difference. She's a senior in college with no assets. Insurance is a joke. They should force minimum coverages in the $100k range unless you have a balance sheet to support not having it.
Basically, unless they find something hidden that totals the car, I am screwed.
So you're financing a purchase on this vehicle and not leasing right?
If it's a lease, drive it for another 18 months and sweet talk your dealer. They may be able to get you into a lease on a newer model without screwing you too roughly.
For repairs, any balance left uncovered by the other parties insurance would be covered by your collision policy. Your uninsured coverage may also provide for under-insured motorist coverage. The diminished value fight will be tough to win with a payout from your own insurance. You would probably need a lawyers help to make that happen.
This is going from bad to worse... estimate to fix is $17k. i think the other party's personal damage liability is $25k. Dealer trade trade in is $50k. They won't know if there is more damage until the get in on the rack but can't do that yet because of the other party's insurance adjuster hasn't given them the go ahead yet.
IF they fix it for $17k and the cap is $25k that means I only have $8k max in diminished value coming from insurance. GAP insurance will not cover diminished value, only repairs over the max personal liability of the other party. On a $90k purchase i will have a $58k asset after driving 600 miles.
What that means is my only recourse is to sue the person for the difference. She's a senior in college with no assets. Insurance is a joke. They should force minimum coverages in the $100k range unless you have a balance sheet to support not having it.
Basically, unless they find something hidden that totals the car, I am screwed.
I moved to United States and the pitifully low minimum liability coverage for insurance was one of the first things I noticed. I remember when I first learned about it I was shocked.
In Canada the minimum is $200,000 for property damage only! Injury coverage is $2 million.
In California minimum coverage for both is $15,000 for injury WTF. That would pay for a doctor's receptionist signing me in.
Then minimum property coverage is $5000 O_0.
FF. W212 E63 M156 non-pano 18" P2 ParkT NightV (gone but will be missed).
Originally Posted by shardul
Truth be told, if the car is fixed it will never feel the same.
Exactly. Especially with major repair like that. I'll rather take a car with multiple dented and dimpled front and rear bumpers than a pristine one with a history of major collision like this.
At least have the repair done at a MB CCC (Certified Collision Center). You can find the closest CCC on mbusa.com.
Her insurance will only pay out $25k? That's crazy, I think the UK liability by law is at least £1,000,000 or £20,000,000 (not clear from the Wikipedia page) and there have been claims in the past that exceed these values.
Yah, State minimums in US, at least in California, are a joke. 15/30/5. That's why it's up to us to make sure we have the proper Uninsured/Underinsured motorist coverage. As well as high BI and PD limits. Anyone who leaves themselves vulnerable to what somebody else has, coverage wise, is not the sharpest tool in the shed.
What's interesting is reading about this "Diminished Value" you guys are discussing. I don't believe we have this in California.
So you're financing a purchase on this vehicle and not leasing right?
If it's a lease, drive it for another 18 months and sweet talk your dealer. They may be able to get you into a lease on a newer model without screwing you too roughly.
For repairs, any balance left uncovered by the other parties insurance would be covered by your collision policy. Your uninsured coverage may also provide for under-insured motorist coverage. The diminished value fight will be tough to win with a payout from your own insurance. You would probably need a lawyers help to make that happen.
I have underinsured coverage. It will only get the car repaired though. I am still going to be out about $40k in diminished value.
Originally Posted by Palpatine
Yah, State minimums in US, at least in California, are a joke. 15/30/5. That's why it's up to us to make sure we have the proper Uninsured/Underinsured motorist coverage. As well as high BI and PD limits. Anyone who leaves themselves vulnerable to what somebody else has, coverage wise, is not the sharpest tool in the shed.
What's interesting is reading about this "Diminished Value" you guys are discussing. I don't believe we have this in California.
I have underinsured coverage. It will only get the car repaired though. I am still going to be out about $40k in diminished value.
the only financial cushion is to keep this car for 7 years... the two lines of the graph will come close to intersecting (typical amg depreciation and your cars value). There is at least a CHANCE that in year when this car has been fixed and you've been driving it ... that you'll forget about the accident and begin enjoying it again.
to teach this girl a lesson would love to see you sue her and let them garnish her future earnings... but clearly as mentioned that's a pain and will cost you more with likely very little return
Last edited by PeterUbers; 03-10-2017 at 02:20 PM.
OMG now I feel even worse for you. Hindsight is 20/20. In the future only lease expensive cars, you wreck it, they pay for it not you. Financially your only move is to, keep the car for 7 or more years, or eat the loss now.
keep hope alive OP --- you have your health and money comes and goes
if you paid cash for this car you're doing just fine financially and this is a small hit in the big picture. Drive the car for a year or so and see how you feel. Maybe you'll like it and keep it.
keep hope alive OP --- you have your health and money comes and goes
if you paid cash for this car you're doing just fine financially and this is a small hit in the big picture. Drive the car for a year or so and see how you feel. Maybe you'll like it and keep it.
True dat. No use crying over spilled milk (not saying that to be a jerk). Get the car fixed at the shop your dealer uses and it will likely run good as new. No one will ever know it's been in a wreck but you... And the joy the car brings you will easily trump your frustrations.
I get it... once I get it back I will post how it is. I'm not suing a college girl to ruin her start at a good life. The insurance companies should be ashamed for lobbying states to have such low personal damage liability limits.
Originally Posted by PeterUbers
keep hope alive OP --- you have your health and money comes and goes
if you paid cash for this car you're doing just fine financially and this is a small hit in the big picture. Drive the car for a year or so and see how you feel. Maybe you'll like it and keep it.
I I'm not suing a college girl to ruin her start at a good life. .
This positive karma will pay you dividends.... Many of us, including me, would likely not do the same. I.e. - if she's a college student and a minor, then I would chase after her mommy and daddy.
This positive karma will pay you dividends.... Many of us, including me, would likely not do the same. I.e. - if she's a college student and a minor, then I would chase after her mommy and daddy.
Good karma... Possibly.
More likely outcome... Your uninsured/underinsured motorist coverage would pay out, and if your insurance company tried to subrogate and the girl has nothing, they'd just write it off.
They only have 66% of the parts in so repairs haven't even started yet. Once the car is repaired I intend to file for dimiiished value on my underinsured motorist policy.
its still sitting where the tow truck dropped it.
One-eyed *****
2015 Range Rover Sport Autobiography; 2019 AMG E63S; 2021 Range Rover HSE Westminister
Yeah that sucks. I know the feeling. An older guy T-boned my $114K range rover a couple months ago while I was out to lunch. 100% his fault. He came off a highway didn't stop at the stop sign ran right into my side as I slowly drove past. Just luck. I fretted the collison history and lost value etc... they fixed it, it feels good as brand new and I decided couple days into that accident no point letting it get me down. There is not much I could have done. The guy was very apologetic. Personally I think his old age played a big part in his lack of reflex ot slow reactions but none of it matters. I'll enjoy the truck and not worry myself sick. Not worth it. Am just glad there were no injuries to any of us.
OP theyll fix you car and youll only be able to tell because you know what happened not because you can actually feel it. Wish you a quick recovery (your heart aches for this) and all the best.
03-09-2017, 03:07 PM
Good luck on getting all yours squared away...
