by Yo » Wed Aug 27, 2008 08:21 pm
Hi,
Only one week after buying my NEW car. a car that run a RED light hit my new car. The guy confessed that it was his fault and the police took a report (including two witnesses).
what should i expect from his insurance ? will i be able to get a new replacement for my car ? thnx for your advice !
Only one week after buying my NEW car. a car that run a RED light hit my new car. The guy confessed that it was his fault and the police took a report (including two witnesses).
what should i expect from his insurance ? will i be able to get a new replacement for my car ? thnx for your advice !
Posted: Wed Aug 27, 2008 09:18 pm Post Subject:
No replacement car... they will pay the lesser of the repair cost or the market value of the vehicle. You would be _much_ better off if they paid for the repairs as vehicles depreciate a lot from the moment they are driven off the lot.
Posted: Wed Aug 27, 2008 09:40 pm Post Subject: New car accident
thanks for the reply !
But, having a repaired car, wouldn't I be losing the value of my car. If I want to sell it in the future it would show up that it had an accident. Most of all, I will be driving a repaired car uncertain of the condition if the damage was beyond what is observed. I am so worried about settling for the repair value ?
Posted: Wed Aug 27, 2008 11:56 pm Post Subject:
I'll leave the diminishment of value question for others... as an adjuster I tend to close my eyes and put my hands over my ears when it comes to that. :)
One things I will mentioned... and keep in mind that I've not seen the damage but unless it went into the frame and/or engine, the body panels are probably going to be replaced with new OEM parts. So why would it be unsafe? Also, body panels (except the upper 1/4 panel area and roof) are not safety parts anyway.
Posted: Thu Aug 28, 2008 06:13 am Post Subject:
The value of the car will diminish anyway with its age. Hence, at anytime in the future its going to fetch you less than what you have paid for it.
I empathize with you, its reasonably bad to wreck a brand new car, but the insurance companies don't have the provision to replace the damaged car. They may either pay for the repair works or may pay the ACV of the vehicle if the damages are beyond repair.
I agree with tcope, possibly the damages are not severe enough to get your car totaled in which case you may only expect to receive the actual cash value of the vehicle.
Get your car repaired in a reputed and trusted bodyshop. That will put all your anxieties at bay :D
~Jeremy
Posted: Thu Aug 28, 2008 06:18 am Post Subject:
I agree with tcope, possibly the damages are not severe enough to get your car totaled in which case you may only expect to receive the actual cash value of the vehicle.
I think you just misstated that... if the vehicle was not a totle, ACV would not come into place as the repair cost would be paid at 100%.Posted: Thu Aug 28, 2008 09:58 am Post Subject:
Hopefully your vehicle is repairable...you can present a diminished value claim to the other (at fault) carrier if it repairs, but as T said it will depend on the amount and type of damage...let us know what the repair estimate says...and pray it repairs unless you have GAP insurance :shock:
Posted: Thu Aug 28, 2008 02:23 pm Post Subject:
You would be _much_ better off if they paid for the repairs as vehicles depreciate a lot from the moment they are driven off the lot.
The depreciation of a car is quite steeper in the initial phase..That is the reason the new car owner gets so much surprised to see the 'loss of value' after the first one year. The expenses towards acquiring licenses & taxes are gone as soon as the car is on road.Fatman
Posted: Thu Aug 28, 2008 02:43 pm Post Subject: New car accident
Thanks guys !
Due to the accident the car's front part is damaged as the crazy driver was coming from my opposite left side. The car is in a repairable condition(but the damage is not only limited to the body part but the radiator and other internal parts were also damaged), I don't have the estimate right now, since I am not done with the police report.
well, it is good to know that I can also claim for diminished value of my new car.
Posted: Thu Aug 28, 2008 06:12 pm Post Subject:
What does the police report have to do with the estimate? just curious :? Please don't hesitate ask if we can be of further assistance..
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