What's a diminished value claim?? Is that something that the negligent persons insurance pays out??
A car that has been damaged and repaired (as a rule) is worth less than an identical vehicle which has never been in a collision. Even if it looks and drives like nothing ever happened, the damage history can result in a significant loss in resale and/or trade-in value. It can also reduce the pool of potential buyers because some consumers wont even consider purchasing a car that has been damaged and repaired in the past.
In most/all states, if another driver was at-fault in the accident, their insurer may be responsible to compensate you for Diminished Value in addition to repairing your vehicle to pre-collision condition. But the burden of proving the diminution in value is up to each vehicle owner and most insurance companies make the process as difficult as possible. It may even require suing the at-fault drivers insurance company to receive fair compensation.
In July 2010, my 2006 Mazda3 was rear-ended while stopped behind another vehicle at a red light. The at-fault driver hit my car at 40-45mph and launched me into the SUV in front of me with enough force to cause the drivers side airbag to deploy! The car was worth about $10,500 at the time and, to my amazement, the at-fault drivers insurer insisted on repairing it instead of calling it a total loss. I refused to take it to one off their preferred shops and, even though their initial estimate was $6,800, it actually cost over $11k to fix my car!
I am an insurance agent and the entire thing was a one big pissing contest, but in the end I won! =)
I refused to accept the car back twice because it wasnt repaired to my satisfaction. The first time I refused it because the airbag unit (center of the steering wheel) was crooked causing uneven seams on each side. They had to order a new $600 steering wheel to make it fit perfectly. The second time, it looked okay, but when I started it the A/C didnt work. So they had to replace the compressor and several other components of the A/C system.
My car was in the shop for 39 days. In addition to the repairs, they also had to pay over $1200 for a rental car for that period. I had the car appraised immediately after I got it back. According to the appraiser, who specializes in Diminished Value and Total Loss settlements, my car had suffered at least $3400 in Diminished Value. It took almost a year and I had to actually file suit in my county Small Claims Court, but they finally paid up the week prior to the court date! =)
If I had accepted a lower offer (they went as high as $2400), I could have settled in six months and with much less difficulty. But when they refused to total my car, I was out for blood!
A great resource to learn about Diminished Value is the Insurance Consumer Advocate Network (
[url]www.ican2000.com[/URL]).
Doesn't look too bad- glad you're ok!
