Crash! How to determine diminished value?
Thread Starter
Member
Joined: Aug 2009
Posts: 95
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From: Atlanta, GA
2006 E55
Crash! How to determine diminished value?
2006 E55 Black, fully loaded, no Pano, 55k miles.
So, 2 weeks ago a dumb*ss minivan turned right, stopped, and as I was looking left for oncoming traffic, I went and bam right into the back of the minivan.
Anyway, got the car back, looks great...fresh new paint on hood, headlights replaced, grill replaced, mainly cosmetics. No frame damage. Mechanically, power steering pump replaced, belts replaced.
Total bill for damage was ~$12k.
From what the bodyshop guy was telling me, the insurance companies tend to take a 10% of the damage and apply that as the diminished value.
I'm sure I will have to battle the insurance company so does anyone have an general opinion or professional opinion on what the actual diminished value would be?
So, 2 weeks ago a dumb*ss minivan turned right, stopped, and as I was looking left for oncoming traffic, I went and bam right into the back of the minivan.
Anyway, got the car back, looks great...fresh new paint on hood, headlights replaced, grill replaced, mainly cosmetics. No frame damage. Mechanically, power steering pump replaced, belts replaced.
Total bill for damage was ~$12k.
From what the bodyshop guy was telling me, the insurance companies tend to take a 10% of the damage and apply that as the diminished value.
I'm sure I will have to battle the insurance company so does anyone have an general opinion or professional opinion on what the actual diminished value would be?
MBWorld Fanatic!
Joined: Nov 2004
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2005 E55
10% under a normal 06 sounds right,the only problem is no one will buy it with a major acc showing up on carfax.
Save pics of what it looked like before the shop fixed it to show that it wasnt that bad.
Save pics of what it looked like before the shop fixed it to show that it wasnt that bad.
Thread Starter
Member
Joined: Aug 2009
Posts: 95
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From: Atlanta, GA
2006 E55
What makes it a major accident? The cost of repair or actual damage? The damage was very minor but the $ was very high thanks to Mercedes parts.
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Joined: Sep 2010
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From: Los Angeles
2005 E55 AMG
If you are going after diminished value from an at-fault driver, (usually small claims) your best bet for a proper diminished value is an appraisal.
I was quoted $395.00 for an diminished value appraisal.
I was quoted $395.00 for an diminished value appraisal.
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From: Treasure Coast
2018 Mclaren 720s, 2021 Aston Martin DBX
No going after the other driver since the at-fault driver was the OP for rear-ending the minivan. I doubt his insurance company will pay for anymore than the repairs.
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https://mbworld.org/forums/3727112-post9.html
OT but Tom good to hear from you again! I thought you disappeared
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E63 AMG
I was wondering about this too, i have an 08 e63 that was rear ended(other guy cited at fault by police, admitted to falling asleep) causing 12k of damage and my insurance company is offering me $1750, under my uninsured motorist coverage. I did one of those ICAN2000 free estimates and it was like 7k. Since the insurance company is going after the guy think i can get more since 1.75k isnt going to cover the diff if i turn around and sell it now
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Thread Starter
Member
Joined: Aug 2009
Posts: 95
Likes: 0
From: Atlanta, GA
2006 E55
Junior Member
Joined: Apr 2010
Posts: 29
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From: Suwanee, Georgia
2003 E55, previous: E36 M3
A number of factors will go into how much loss of value you have had. If you had a clean carfax with no accidents, you now have a tainted car fax. This alone will cause you to have suffered more than $1,200 in loss of value due to inherent diminished value regardless of any loss due to repairs. The simple fact is that people will pay less for a car with an accident on the carfax. If you were driving a 2006 Camry, it wouldn't make much of a difference but on an E55 it does.
I used Diminished Value of Georgia for a recent accident where a guy cracked my bumper. The guy running the company is sharp and knows what he is doing. You need to request a specific quote from your insurance company and ask that they put it in writing. Give this to them and they can consult with you to see if a full appraisal make sense. Assuming it makes sense to get an appraisal, you will write a demand letter for the calculated loss. Be prepared for your insurance company to hire their own appraiser. The two appraisers will then meet and agree on a loss in value. I doubt your insurance company will even offer you 10%.
I used Diminished Value of Georgia for a recent accident where a guy cracked my bumper. The guy running the company is sharp and knows what he is doing. You need to request a specific quote from your insurance company and ask that they put it in writing. Give this to them and they can consult with you to see if a full appraisal make sense. Assuming it makes sense to get an appraisal, you will write a demand letter for the calculated loss. Be prepared for your insurance company to hire their own appraiser. The two appraisers will then meet and agree on a loss in value. I doubt your insurance company will even offer you 10%.
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From: Fort Pierce, FL
s600
Diminished value appraisal methods
Best method for determining diminished value is to hire a licensed independent appraiser who will use only dealer quotes from Mercedes dealers vs. one who uses a formula or those who use auction results. There are many mistakes in this thread so don't use what some posters have written as an absolute guide.
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Best method for determining diminished value is to hire a licensed independent appraiser who will use only dealer quotes from Mercedes dealers vs. one who uses a formula or those who use auction results. There are many mistakes in this thread so don't use what some posters have written as an absolute guide.
Enjoy your stay here
