diminished car value
03-05-12, 06:17 PM
#1
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diminished car value
Hello lexus owner, I'd like know the process of getting the car's depreciation value from an insurance company after a wreck. My wife's Is 250 got minor damage on the rear bumper which was not her fault and cost about $600-700 to fix . After talking to the other party's insurance about "diminished car value", they told me my car has to be appraised again after it's fixed. I think they're trying to screw me over. I told them I'll get back with them because I didn't know what to say. What should I do? Please help!!!. Thanks
Tuan
Tuan
03-05-12, 08:27 PM
#5
Just to be clear, the OP has already gotten his car repaired at the responsible party's expense. A diminished value claim is in ADDITION to the cost to repair a car.
He's talking about an appraisal because he's trying to make a claim for diminished value. Case law in many states allow for owners of cars that have been in accidents to make a claim for diminished value on the responsible party's insurance company. This amount is intended to make the owner whole by making up for the drop in value the car suffers from having an accident in its history.
There have been quite a few CL members in recent threads going through this process. If I were you, I would start by calling your own insurance agent and asking him how to go about doing this and scheduling an appraisal.
He's talking about an appraisal because he's trying to make a claim for diminished value. Case law in many states allow for owners of cars that have been in accidents to make a claim for diminished value on the responsible party's insurance company. This amount is intended to make the owner whole by making up for the drop in value the car suffers from having an accident in its history.
There have been quite a few CL members in recent threads going through this process. If I were you, I would start by calling your own insurance agent and asking him how to go about doing this and scheduling an appraisal.
03-05-12, 08:42 PM
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Thanks guys for responding to my post. Sorry If it's a little confusing, but CALVIN2376 pretty much explains what I wanted to say. Thanks for the advice and I'll contact my own insurance tomorrow to schedule an appraisal
03-06-12, 04:58 AM
#7
Hello lexus owner, I'd like know the process of getting the car's depreciation value from an insurance company after a wreck. My wife's Is 250 got minor damage on the rear bumper which was not her fault and cost about $600-700 to fix . After talking to the other party's insurance about "diminished car value", they told me my car has to be appraised again after it's fixed. I think they're trying to screw me over. I told them I'll get back with them because I didn't know what to say. What should I do? Please help!!!. Thanks
Tuan
Tuan
The party at fault's insurance company will inspect the car after it's repaired and then give you a call on a DV $$$ number and a check is sent.You can try and negotiate that number.
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03-06-12, 06:14 AM
#9
Ok now I get it...I was kind of lost for a second...damn I wonder if florida has that
Just to be clear, the OP has already gotten his car repaired at the responsible party's expense. A diminished value claim is in ADDITION to the cost to repair a car.
He's talking about an appraisal because he's trying to make a claim for diminished value. Case law in many states allow for owners of cars that have been in accidents to make a claim for diminished value on the responsible party's insurance company. This amount is intended to make the owner whole by making up for the drop in value the car suffers from having an accident in its history.
There have been quite a few CL members in recent threads going through this process. If I were you, I would start by calling your own insurance agent and asking him how to go about doing this and scheduling an appraisal.
He's talking about an appraisal because he's trying to make a claim for diminished value. Case law in many states allow for owners of cars that have been in accidents to make a claim for diminished value on the responsible party's insurance company. This amount is intended to make the owner whole by making up for the drop in value the car suffers from having an accident in its history.
There have been quite a few CL members in recent threads going through this process. If I were you, I would start by calling your own insurance agent and asking him how to go about doing this and scheduling an appraisal.
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