Hey all, I was wondering if anyone has any experience getting a Diminished Value payment out of an insurance company.
I got rear-ended in my Trep two days ago and their insurance is going to pay for everything. The dealer quoted me 1400 for a new bumper/trunk so we are pretty close to the threshold for totalling it. (The ins. co totals at 75%)
If they do not decide to total it though, I believe I would be entitled to a diminished value payment in addition to the full repair bill. Anybody have any idea how much the Trep's value will decline due to being in an accident?
Here are the vitals on the car:
97 3.3L Intrepid, platinum
Excellent mechanical condition
No prior accidents
No rust, good tires, all service records
Thanks in advance.
Diminished value payment allowances vary widely for state to state, but it is always worth a try...Be careful in the amount because most insurance companies will try to add the diminished value payment to the repair estimate and say your car is a total loss for a lesser amount...Your state law will determine how this is properly done..Also a 3rd party's insurance company usually does not have the legal standing to determine at what amount to total your car, state law or insurance regulations should dictate this..(You need to justify the highest value you can for your car as a starting point ) Get the dealer's new car dept. and used car dept. to do a diminished trade appraisal estimate for your car and use the one that is best if you go after diminished value..
In a not at fault accident The best way to get the most $ and/or get your car repaired correctly is to take it to a dealer body shop (you should be able to pick any repair shop you want) and get an complete estimate (including cost of any typical "hidden damage " allowances) using ONLY genuine Mopar parts (as recomended in your owner's manual to maintain the safety of your vehicle)..Be ready to justify a high RETAIL value for your car (you are a retail consumer and as such will have to pay retail prices for a replacement car, so retail value should be used )..Print several "book" values and actual prices of cars that are for sale, for a comparable car in your local market area... Kelly Blue Book retail value should be about $3500.00... Don't let them total your car unless you are sure it is not fixable or to your advantage to do so..Even include the value of fuel in the gas tank..Double check any comparable car estimates that they give you (insurance co. use their own proprietary database and software to determine car value in their favor ,usually using "recently sold" cars that you have no way of verifying)..
Keep in mind that you do not have a contract with the other parties ins. company so if it was not your fault you can do what you want...You also should not be out of pocket any money at all from the accident, (rental car, towing, storage fees, notary fees, apraisal fees if you prevail, state tax allowance for a partial year of use and allowance for sales tax on a replacement vehicle if it is totalled, etc. should all be paid by their insurance)