Some of you may have been following my thread about "Z needing a plastic surgeon," but for those of you who aren't, here's the short version. DUI chick hit my Z while it was parked in front of my house (BTW, she blew a .119)

Here's my question: has anyone ever had the vehicle repaired AND received an amount to cover the depreciation for now having a wrecked vehicle? If so, what percentage did you recoup? For example, the Z was in immaculate condition prior to the wreck, but now, if I decide to sell it, it will not bring market value since it now has a wreck on its VIN history . . .

I meet with their adjusters tomorrow. Thanks for the help.

G

 

I cant give you any specific numbers, since it wasnt me personally who wrecked, but my girlfriends father smashed a deer with his truck last year. After getting it repaired, the insurance company cut him a check for the lost value of the vehicle, and i know it was over a thousand bucks. I know thats not a lot of info, but eh I do what I can lol.

I *assume* theres some standard they use, such as KBB or something, but who knows :/

 

What most insurance companies will do is look at the value for the repair and the cost of the vehicle as if it was fixed.

If cost is more to fix then they will cut you a check for the cost of the vehicle.

It is tough to fight the ole' "Perfect condition" aspect. Depends on the claim adjuster.

 

I damaged my Z a few months ago and I got a $186.00 check from my insurance company. The repairs cost over $5,000.00.

I wasn't positive how they determined that or if I could fight it, but what I understood was you got the diminished value of the car. If the repaired Z was sitting next to a Z of identical features, etc., the diminished value is the difference in the sale price.

I really doubt that $186.00 is the diminished value on my car but I don't know how to fight it.

 

Anyone know the formula for figuring out the diminished value of a vehicle? In KY, its the owner's burden to prove the diminished value, whereas, in GA, there's a set percentage.

G

 

In conncetion with our Personnal injury clients we often times will handle their property damage claim for them. Now to answer your question:

Hell yes you can get money for dimunition in value.

Typically, what you need to do is take your Z to a dealer and ask them to do a cost comparison stating what the Z would be worth if it were sold today if there was never an accident, versus what the Z is worth even if repaired considering the accident.

9 times out of 10, if you have frame damage, you are talking a SIGNIFICANT dimunition in value.

The ***** is collecting on it.

Typically what the insurance companies will try to do is haggle with you. That is, if your dealer writes a letter saying you have apx. 5k in diminished value, the insurance company will say:
"well we already are going to pay to have your car fixed, and I can't go over 25% on the dollar for Dimunition in Value claim."

Bullshivick.

The last DimV case I did was for a friend on his M3 that had frame damage. Off of a stated 8k diminished value, I was happy to get him $5,500.

So to make a long story short, shoot for nothing under 55-60%. You might be able to squeek a few more dollars out depending on how much you want to fight it. At somepoint for me, arguing about and extra 250 dollars was a waste of my hourly billing.

(the bottom line is how much are you willing to settle with over the phone versus hiring an attorney who is going to take 40% of whatever he gets for ya.)

<shrug>

Good luck bro.
~AJ

 

As a follow up. . .

Was she insured, is her insurance company paying for it? Because if not, and you pay an out of pocket for your deductable, you need to notify your insurer so that they can add that amount to their subrogation claim as restitution.

Invaribly, if she is not insured your insurance company will file a subrogation claim against her for whatever money they gave you (plus admin. costs and fees).

Just fyi really.
~AJ

 

AJ:

Thanks! The driver was not the vehicle's owner. The owner was a "passenger" according to the police report. After speaking with my insurance co, the girl has hired an attorney and disputes that she really wasn't the driver. Personally, I think the boyfriend took a gamble by volunteering her as the driver and thought she would pass the field sobriety. BUT, I did not witness who was driving and the cops didn't bother to check his sobriety as a backup plan.

I'm just now left with the question: who should I file with? There's pros and cons to both companies, but I'm not sure where I'm the safest.

Too bad you weren't in Lexington, KY . . . G needs help

G