Diminished Value Insurance Claims
#1
Diminished Value Insurance Claims
All,
I recently had my G37 backed into while parked at a friend's house, and it is now in the body shop. The at-fault party's insurance is taking care of everything so far. Although a minor accident, I am concerned about the loss of value of my car now that it will forever be branded as having been in an accident. I am purchasing, not leasing, and haven't determined whether I will keep this car for the long term, but if I do decide to part ways with it I fully expect I won't get as much selling/trading it if it had not been in an accident. There is ample information on the net regarding this, but with all the 'someone ran into my G' threads recently, I was wondering what other members experience has been with this, if any.
Chris
I recently had my G37 backed into while parked at a friend's house, and it is now in the body shop. The at-fault party's insurance is taking care of everything so far. Although a minor accident, I am concerned about the loss of value of my car now that it will forever be branded as having been in an accident. I am purchasing, not leasing, and haven't determined whether I will keep this car for the long term, but if I do decide to part ways with it I fully expect I won't get as much selling/trading it if it had not been in an accident. There is ample information on the net regarding this, but with all the 'someone ran into my G' threads recently, I was wondering what other members experience has been with this, if any.
Chris
#3
When I was trying to find info on this for my sister when someone plowed into her 3-month old E90 3-series, I found a treasure trove of info by Googling "diminished value claim". She used the info to get another $4K out of the insurance company, and she is in a lease!
Moral of the story seemed to be that for a successful DV claim, you need to have some significant structural damage or the like. A claim for a dent that just needs to be popped out, filled, sanded and painted likely won't go very far. But there's no harm in trying, especially if the insurance company is trying to low-ball you on the repair.
Moral of the story seemed to be that for a successful DV claim, you need to have some significant structural damage or the like. A claim for a dent that just needs to be popped out, filled, sanded and painted likely won't go very far. But there's no harm in trying, especially if the insurance company is trying to low-ball you on the repair.
Last edited by RPF; 04-04-2008 at 12:31 AM.
#4
Depends on your state too. In Georgia you dont even have to ask, my insurance company sent me a check right away.
http://www.bankrate.com/brm/news/ins...20031201a1.asp
http://www.bankrate.com/brm/news/ins...20031201a1.asp
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