Some idiot ran a red light and caused an accident that involved our second car. It's not my GS350 but I'm trying to figure out if I can get money for the loss in value of the car. I was told it's possible there's frame damage which is why I started looking into this.

I live in the state of Wisconsin and the front left of the car was hit. Driver was at a complete stop waiting in the left hand turn lane so we are completely not at fault. The dealership is going to get back to me about whether or not there is frame damage and what they think the loss in value is from the accident alone. My insurance company is looking up more information about diminished value claims. I found some articles online but the information conflicts with each other. Some say Wisconsin does not recognize diminished value, some say they do.

Does anyone have any experience with diminished value claims? Wisconsin claims would be best but I'd like to hear from anyone with experience.

Thanks!

 

If the damage was the fault of the other driver, you can collect diminished value from their insurer under the property damage portion of their policy. We prepare DV appraisals in all 50 states but be aware that insurance companies fight tooth and nail to keep these payouts low so prepare for battle.

 

Am I at a disadvantage if my insurance and his insurance are the same company?

 

I don't mind the fight. Idiot shouldn't have run a light and we were at no fault whatsoever. It's a nice luxury car so I don't expect it to just be a few hundred.

 

Not entirely sure what Wisconsin law's stance is on the issue, but legally you should be entitled to diminution of value. In essence, the job of the insurance company is to return your vehicle to its pre-accident condition. That refers to its structural soundness as well as financial condition. Now, if the vehicle has a major accident report in its vehicle history (frame damage definitely suffices), then there needs to be a check cut out to the owner of the vehicle for that difference in order to place you back into your "pre-accident" position.

Now, you also mentioned that your insurance company and the at-fault party's is the same. Therefore, the best advice you could possibly get is to get a lawyer and get one ASAP. The insurance company is not your friend and they will do everything and anything in their power to save money on your claim. Just like the poster above stated, they will fight you tooth and nail. Be prepared for that by getting a lawyer on stand-by. Best of luck to you brother. Go get what you deserve!

 

Happened to my Father-In-Law with a new SRX. He had to wait for it to show on Carfax. Received $2500 diminished value.

 

Great, thanks for your help. I'm looking at 3-4k lost although no frame damage. The two drivers at fault accepted 50% fault each. 2 different insurance companies. This'll be fun.