Money Matters
Snarling Fox
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Diminished value claim after a car accident?
Has anyone ever filed for this type of claim? Was it worthwhile if you did?
Someone rear ended me on Friday while I was stopped at a red light. Thankfully no injuries. A coworker suggested I file a diminished value claim besides the regular claim. Never heard of it so I've been googling and not getting lots of solid info.
The car was purchased new 5 months ago and I still have less than 4000 miles on it. My poor little car, now the bumper is pretty well crunched on one side, its not just cosmetic damage. Not sure if there's any other damage until I take it to the collision shop tomorrow.
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Re: Diminished value claim after a car accident?
Depending on your state. In CA, we do not pay for diminshed value, unless you own an exotic car and can prove it.
I think it depends on the state. One of my FB friends just posted about this the other day. This is what she said exact quote:
IF YOU DRIVE READ THIS!!! I was hit by a lady who ran a stop sign recently and my vehicle is still being repaired. Her insurance company is paying for everything, but when I started thinking about the depreciation my vehicle will have now that it's been in a wreck, I called around to get hard numbers on how much I should expect, even after repairs. I was told that it's lost about 10% of its value because of the accident. When I told the insurance company I wanted to be compensated, they immediately sent a check. I was informed that in the state of Georgia, laws are such that consumers will NOT get compensated for that loss unless they specifically ask for it.
And this was a response from someone who worked in the insurance industry:
its interesting you should mention this. Your insurance carrier is required to do a "diminished value" calculation, but if you are third party and filing on someone else's insurance you do have to request. If you arent satisfied with the check you can also have a third party evaluation done, in fact many of our clients have done that and gotten much more. There is no law, just a precedent set in a court case in 2002.
So it doesn't hurt to ask!!
This could make things interesting since the accident did happen in GA and the other driver at fault has GA insurance but I just brought my car over from CA.
I guess I can always ask. 10% depreciation - holy crap!
I made a diminished value claim after a car accident causing about 13K in damage and the dimished value settlement was somewhere around 4K. I don't remember the specific numbers since it has been a few years. Basically, I told the other party's adjuster that I wanted to make the claim and he asked me to get a figure. I had my dealership write out a paragraph stating that my car had lost about 5K of value because of the accident. Then, the adjuster got some dealership that doesn't even sell my make of car to say that my car had only lost about 3K of value. Then we settled. I probably could've argued the settlement up to 5K but the extra effort wasn't worth it to me.
I disagree with the PP who said that you don't have a valid claim if you plan to drive the car forever. The car is still worth less, even if you choose not to sell it. Plus, even if you plan to drive the car forever, you may change your mind, and by then it will be too late to try to get the compensation.