My car got hurt bad
04-14-11, 05:09 AM
#46
I have a more general question but it would definitely seem to apply in your case so I figured I'd ask. I've fortunately never been involved in an accident whether it was my fault or someone else's, so I don't have much experience with this, which is why I wanted to ask you (OP) or anyone else who's had experience with it.
In a case like this where someone else hits you and they're at fault and their insurance will be paying for your repairs, is there any payment made or method of compensating you for loss of value to the car? A car's resale value will drop if it's been in an accident and that shows up on a record check, so while the other party's insurance company will pay for the repairs that will fix your car and make your car "whole" again, it won't exactly fully compensate you for the loss since you can expect to have slightly lower resale value in the future.
Is this accounted for anywhere in the post-accident process?
Just curious, thanks for the info.
In a case like this where someone else hits you and they're at fault and their insurance will be paying for your repairs, is there any payment made or method of compensating you for loss of value to the car? A car's resale value will drop if it's been in an accident and that shows up on a record check, so while the other party's insurance company will pay for the repairs that will fix your car and make your car "whole" again, it won't exactly fully compensate you for the loss since you can expect to have slightly lower resale value in the future.
Is this accounted for anywhere in the post-accident process?
Just curious, thanks for the info.
04-14-11, 05:45 AM
#47
^^^ Nope! The only thing you're compensated for is cost of repair. You'll get a quote from an autobody shop, their insurance company will send their adjuster to inspect the car to make sure the autobody shop isn't ripping them off, and they'll send you a check in the mail for the adjusted amount, in which you can do whatever you want with.
04-14-11, 06:04 AM
#48
^^^ Nope! The only thing you're compensated for is cost of repair. You'll get a quote from an autobody shop, their insurance company will send their adjuster to inspect the car to make sure the autobody shop isn't ripping them off, and they'll send you a check in the mail for the adjusted amount, in which you can do whatever you want with.
04-14-11, 07:46 AM
#49
Hate to say this but the previous poster is wrong. My brother just went through this. He was in a accident through no fault of his own and the other insurance paid for repairs. When they were done he invoked a part of (all) insurance policies which is an appraisal clause. Basically you hire a appraiser and the insurance hires an appraiser and they determine the Diminished Value of the car. They agree on an amount and the insurance company writes you a check for that amount.
04-14-11, 07:50 AM
#50
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Actually, it depends on the state. Fortunately for the OP, in Georgia there is a law regarding "diminished value" of a vehicle that's been in an accident. Insurance companies here are required to compensate you for the diminished value of the vehicle (which does mean that you come out on top if your intent is the keep the car until it falls apart - but they still gotta pay you as if you wanted to sell the car tomorrow). How they compensate you is probably based on appraisals and book values.
Check your state laws, but I do believe that Maryland is a state that allows diminished value claims.
Check your state laws, but I do believe that Maryland is a state that allows diminished value claims.
04-14-11, 08:04 AM
#51
Very interesting. This is why I love CL! Just found this:
3. You may be entitled to a diminished value claim in some states.
Diminished value is based on the idea that any car that has been in an accident, regardless of how well the repairs are done, is worth less than the exact same car that hasn't been in an accident.
What you can do: In 14 states, it's allowable for you to file a claim for that lost value. See Diminished value payments when your car has been in a wreck. Thirty-six states and Washington, D.C., do allow insurance companies to exclude payments for diminished value, so if you live in one of those states, you won't get to claim the loss. But in Florida, Georgia, Hawaii, Kansas, Louisiana, Maine, Maryland, Massachusetts, North Carolina, South Dakota, Texas, Virginia, Washington, and West Virginia, you have a chance of getting a diminished value payment. Successful cases are also generally made against the at-fault driver's insurance by a third party.
I'm going to continue researching and see if this list of 14 states still applies (since the article is pretty old).
EDIT: Some more info: http://www.mwl-law.com/CM/Resources/...imuinution.pdf
For the OP: GA's section of the above document:
Georgia: In State Farm Mutual Auto. Ins. Co. v. Mabry, 556 S.E.2d 114 (Ga. 2001), the Georgia Supreme
Court found that the public policy of the state requires insurers to pay the diminished value as well as the
cost of repair of an automobile even if the insured does not make claim for the diminished value. The Court
held:
“The fact of physical damage resulting from an event covered by the policy can reduce the
value of a vehicle, even if repairs return it to pre-loss condition in terms of appearance and
function; the policies issued by State Farm obligate it to compensate its policyholders for that
loss of value, notwithstanding repairs that return the vehicle to pre-loss condition in terms of
appearance and function, if the repairs do not return the vehicle to its pre-loss value; and
State Farm is obligated to assess that element of loss along with the elements of physical
damage when a policyholder makes a general claim of loss.”
Work Product of Matthiesen, Wickert & Lehrer, S.C. 5 Last Updated: 10/27/10
In Hartford Fire Ins. Co. v. Rowland, 351 S.E.2d 650 (Ga. App.1986), the Georgia Court of Appeals
interpreted a policy providing that the insurance company pay for the “cost of repairing the damaged or
stolen property with other of like kind or quality.” It held that the meaning of repair included “restoration of
the vehicle to substantially the same condition and value as existed before the damage occurred.” The Court
determined that the insurance company had the “option to pay for the loss in money, to repair the vehicle,
or to replace it with other property of like kind and quality, but the contract requires that no matter which
alternative is chosen, the market value of the property plus (deductible) after payment must equal the market
value before the loss.”
It should be noted that it appears that it's false to say something like a state "allows" or "requires" diminished value claims. You could theoretically make a diminished value claim in any state, and by that I mean you could request a diminished value claim and then take the insurance company to court if they denied it. What's true is that in some states, apparently 14 or so, there have been court cases wherein the courts have awarded payments for diminished value claims from insurance companies. So there's a legal precedent for this in these states, but it's not like these states have a law that says "diminished value claims must be paid" for example.
This makes it seem like in GA at least, public policy as interpreted by the courts expects that insurance companies compensate you for diminished value even if you don't make an explicit claim for it. Clearly, however, insurance companies won't do this without some prodding, because it essentially amounts to just giving out extra money. So they'll likely pay for your repairs and claim you're whole until you go through the process of making a diminished value claim and going through the dueling appraisal process.
3. You may be entitled to a diminished value claim in some states.
Diminished value is based on the idea that any car that has been in an accident, regardless of how well the repairs are done, is worth less than the exact same car that hasn't been in an accident.
What you can do: In 14 states, it's allowable for you to file a claim for that lost value. See Diminished value payments when your car has been in a wreck. Thirty-six states and Washington, D.C., do allow insurance companies to exclude payments for diminished value, so if you live in one of those states, you won't get to claim the loss. But in Florida, Georgia, Hawaii, Kansas, Louisiana, Maine, Maryland, Massachusetts, North Carolina, South Dakota, Texas, Virginia, Washington, and West Virginia, you have a chance of getting a diminished value payment. Successful cases are also generally made against the at-fault driver's insurance by a third party.
I'm going to continue researching and see if this list of 14 states still applies (since the article is pretty old).
EDIT: Some more info: http://www.mwl-law.com/CM/Resources/...imuinution.pdf
For the OP: GA's section of the above document:
Georgia: In State Farm Mutual Auto. Ins. Co. v. Mabry, 556 S.E.2d 114 (Ga. 2001), the Georgia Supreme
Court found that the public policy of the state requires insurers to pay the diminished value as well as the
cost of repair of an automobile even if the insured does not make claim for the diminished value. The Court
held:
“The fact of physical damage resulting from an event covered by the policy can reduce the
value of a vehicle, even if repairs return it to pre-loss condition in terms of appearance and
function; the policies issued by State Farm obligate it to compensate its policyholders for that
loss of value, notwithstanding repairs that return the vehicle to pre-loss condition in terms of
appearance and function, if the repairs do not return the vehicle to its pre-loss value; and
State Farm is obligated to assess that element of loss along with the elements of physical
damage when a policyholder makes a general claim of loss.”
Work Product of Matthiesen, Wickert & Lehrer, S.C. 5 Last Updated: 10/27/10
In Hartford Fire Ins. Co. v. Rowland, 351 S.E.2d 650 (Ga. App.1986), the Georgia Court of Appeals
interpreted a policy providing that the insurance company pay for the “cost of repairing the damaged or
stolen property with other of like kind or quality.” It held that the meaning of repair included “restoration of
the vehicle to substantially the same condition and value as existed before the damage occurred.” The Court
determined that the insurance company had the “option to pay for the loss in money, to repair the vehicle,
or to replace it with other property of like kind and quality, but the contract requires that no matter which
alternative is chosen, the market value of the property plus (deductible) after payment must equal the market
value before the loss.”
It should be noted that it appears that it's false to say something like a state "allows" or "requires" diminished value claims. You could theoretically make a diminished value claim in any state, and by that I mean you could request a diminished value claim and then take the insurance company to court if they denied it. What's true is that in some states, apparently 14 or so, there have been court cases wherein the courts have awarded payments for diminished value claims from insurance companies. So there's a legal precedent for this in these states, but it's not like these states have a law that says "diminished value claims must be paid" for example.
This makes it seem like in GA at least, public policy as interpreted by the courts expects that insurance companies compensate you for diminished value even if you don't make an explicit claim for it. Clearly, however, insurance companies won't do this without some prodding, because it essentially amounts to just giving out extra money. So they'll likely pay for your repairs and claim you're whole until you go through the process of making a diminished value claim and going through the dueling appraisal process.
Last edited by calvin2376; 04-14-11 at 08:21 AM.
04-14-11, 08:06 AM
#52
My near brand new Graphite Grey Metallic 2011 is350 was involved in an accident. Pictures will be up later.
I was driving down the road next to my apartment and someone had the bright idea to take a left hand turn directly in front of me. The only thing that I could do from T-Boning him was to slam on the brakes and switch lanes where he completely destroyed my front left fender/suspension/and god know what else. Air bags went off. Definitely a very well made car since his Acura TSX had his front bumper in his engine compartment.
I just want my car back
I was driving down the road next to my apartment and someone had the bright idea to take a left hand turn directly in front of me. The only thing that I could do from T-Boning him was to slam on the brakes and switch lanes where he completely destroyed my front left fender/suspension/and god know what else. Air bags went off. Definitely a very well made car since his Acura TSX had his front bumper in his engine compartment.
I just want my car back
05-25-11, 01:33 AM
#56
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Well, it took nearly 5 weeks, had the car back for a little while, but it is back in my hands.
Grand tally for damages.
...... 18,000!! 31 Days driving an Enterprise Dodge Truck does some serious things to a mans psyche. And seeing what some A^%%*)* does while talking on a cell phone made me seriously contemplate finding a back pain and suing over personal damages.
I am not sure if I am going to send this diminished value claim to USAA yet because I am probably going to hire an outside consultant regarding diminished value for a 2 AND A HALF MONTH OLD CAR!!! When I left it I didnt want it anymore, but I am sure glad that it is back in my hands.
Anyone have any information regarding diminution of value for a THREE MONTH OLD CAR!?!?!?
Sorry for the random outbursts I am rejoiced that my baby is back, but I still look at it like it is tainted!!!!!!!!!!!!!!!
I will post pictures as soon as I can.
I am going to call my body shop and talk to the manager that was handling my car and see what I should do regarding this claim. I dont even care if I have to go to court.
I will post pictures soon.
Since the car
Grand tally for damages.
...... 18,000!! 31 Days driving an Enterprise Dodge Truck does some serious things to a mans psyche. And seeing what some A^%%*)* does while talking on a cell phone made me seriously contemplate finding a back pain and suing over personal damages.
I am not sure if I am going to send this diminished value claim to USAA yet because I am probably going to hire an outside consultant regarding diminished value for a 2 AND A HALF MONTH OLD CAR!!! When I left it I didnt want it anymore, but I am sure glad that it is back in my hands.
Anyone have any information regarding diminution of value for a THREE MONTH OLD CAR!?!?!?
Sorry for the random outbursts I am rejoiced that my baby is back, but I still look at it like it is tainted!!!!!!!!!!!!!!!
I will post pictures as soon as I can.
I am going to call my body shop and talk to the manager that was handling my car and see what I should do regarding this claim. I dont even care if I have to go to court.
I will post pictures soon.
Since the car
05-25-11, 03:50 AM
#57
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I crashed my evo last august, was the other drivers fault and I was able to get progressive to pay the 6k repairs, 2k diminished value, 3k medical, and 3.5k shut-the-hell-up and go away money
so it is possible, was a big fight though
so it is possible, was a big fight though
