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Car Forum / Lexus Cars / March 2007

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Diminished Value??

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A Reader - 29 Mar 2007 08:24 GMT
I didn't know you could collect for the reduced market value of your car
after an accident repair, but the articles at www.claimsreporter.com say you
can.  I know most people will not buy a car with a bad Carfax unless it's
offered at a big discount.  Anyone else know about this stuff?

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David - 31 Mar 2007 01:51 GMT
>I didn't know you could collect for the reduced market value of your car
>after an accident repair, but the articles at www.claimsreporter.com say
>you can.  I know most people will not buy a car with a bad Carfax unless
>it's offered at a big discount.  Anyone else know about this stuff?

I had a wreck (single car, my fault) in a 1995 SC400 which caused $8000 in
damage. After having it repaired I took it to a DV expert who found several
problems with the repair. After much haggling with the insurance company, I
got a diminished value settlement for $1200. The body shop also "repaired"
their repairs. The DV expert says I should have gotten $4000 (this was
before I settled). However, he wanted me to go to court and not deal with
the insurance company at all. I would have had to pay him $1000 for his
expert testimony and at least a couple of thousand for a lawyer and court
costs. As it turned out, I probably did just as good hassling with the
insurance company myself without taking a chance on losing in court and
being out the money. It was a major hassle dealing with the insurance
company though. In the beginning they would not admit that there was even
such a thing as diminished value. I spent about three months negotiating
with the insurance company.

Good luck!!

David
 
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