REIMBURSEMENT FOR LOST RESALE VALUE

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PostPosted: Sun Jun 27, 2010 3:25 pm   Post subject: REIMBURSEMENT FOR LOST RESALE VALUE  

I was in an auto accident in 2006 and was not at-fault. When the at-fault drivers carrier (Progressive) came to estimate the damages on my vehicle, I received 2 checks. One for the body shop to get the car repaired and a 2nd one for the re-sale value depreciation due to the car being in an accident and it being reported to 'carfax'. That check was written to me personally.



With that said, both me and my husband were in an accident just yesterday and again, to no-fault of ours. The at-fault drivers carrier is, again, Progressive. The Progressive adjuster is going to call me Monday to hopefully set up a time to come out and give and estimate so I can get the car in the body shop (and the car is brand new and we have had it for only 2 months). When he calls me, should I tell him I am expecting 2 checks? One for the cost of repairs and the other one written out to the car owner (my husband) for the depreciation of the car's resale value due to it now being reported as being in an accident? I am also going to tell the adjuster that I bought that car with "GENUINE" parts and want it fixed with "GENUINE" parts, not aftermarket.



All replies are appreciated Smile

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AMYMARIE
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PostPosted: Sun Jun 27, 2010 3:56 pm   Post subject:   

You can ask for depreciation... some states require that this be paid (GA... that I know of). Again, you can always ask.



What parts they allow for is really dictated by the state you are in. Most likely the state will allow aftermarket parts or at least used OEM parts. AM and used parts need to be of the same "like, kind, and quality". This gives you what you had before.

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PostPosted: Sun Jun 27, 2010 4:09 pm   Post subject:   

The dealership and sales person who sold me the car told me to make sure that the estimate is for genuine parts (genuine chevy, ford, etc). The advantage for me here is that I am getting the car repaired under the same dealership so I am sure they will have some 'pull'.



Secondly, how can I ask for depreciation if I do not know if my state allows it? I am in Pennsylvania. I was also told that I can sue the insurance company for any sort of insufficient reimbursement on my claim.

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PostPosted: Sun Jun 27, 2010 4:30 pm   Post subject:   

Quote:
The dealership and sales person who sold me the car told me to make sure that the estimate is for genuine parts (genuine chevy, ford, etc). The advantage for me here is that I am getting the car repaired under the same dealership so I am sure they will have some 'pull'.
Good for them. If I had a product to sell, I'd be pushing it also. Why would you expect them to recommend any thing else?

Quote:
The advantage for me here is that I am getting the car repaired under the same dealership so I am sure they will have some 'pull'.
Not against the insurance company. The laws in each state are very well defined. If AM or used parts are allowed, the insurance company will _probably_ only allow for them. There are a few carriers that don't use AM parts in their estimates.

Quote:
Secondly, how can I ask for depreciation if I do not know if my state allows it? I am in Pennsylvania. I was also told that I can sue the insurance company for any sort of insufficient reimbursement on my claim
I've never heard of a carrier easily giving a diminished value payment very easily if it's not required. I've always told people to provide prove of their lost value. You can ask... by asking. The insurance company can always ask you to prove what the amount is and that its owed. You can't sue the insurance company in a 3rd party claim... they did not cause your loss. You'd sue the party that caused the loss and you'd need to provide prove of your loss (loss of value, etc).



Do I think DV exists on a non-exotic 2006 vehicle? Nope. So I can't be of much help to you there. There are other posters that do deal with these types of situations and also certain companies that assist with this.
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PostPosted: Sun Jun 27, 2010 4:35 pm   Post subject:   

Ok, so I take it that to cover my rear-end even BEFORE I ask for a diminished value payment, I should go and get the estimate.



Would I get that estimate from the dealer?

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PostPosted: Tue Dec 07, 2010 8:27 am   Post subject: where can I ask for depreciation money for my car  

i had an accident which was not my fault. One of friend told me that I can get teh depreciation money from the other insurance. do you tell me where I need to ask for this. My car is 2004 pointiac vibe. Do you know how much money I may be getting as depreciation money for this accident. Thanks,


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PostPosted: Sat Dec 11, 2010 8:05 pm   Post subject:   

SMARTAZZ9971, You should take the vehicle to the shop of your choice that you entrust to do the repairs.



As for OEM vs aftermarket, since this is a 3rd party claim your are intact entitled to have the same parts as you had before. If it was a 1st party claim (You were at fault and file a claim for the damages to your vehicle) it very well may be that you are stuck with aftermarket parts. I wouldn't mind used/refurbished parts but I would never settle for sheet metal not made by the OEM.



tcope is only partially correct. Some states may allow insurance companies to force aftermarket parts in their policies, but again this has no bearing on 3rd party claims.


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JoaquinSabina
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PostPosted: Sun Dec 12, 2010 12:58 am   Post subject:   

Good job, Joaquin!



You've replied to a post that is almost 6 months old.



Quote:
Some states may allow insurance companies to force aftermarket parts in their policies, but again this has no bearing on 3rd party claims.




Please, tell us where you obtained your insurance producer's license? You do have one, don't you? Perhaps that's the reason you're giving out wrong information.


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PostPosted: Sun Dec 12, 2010 9:45 am   Post subject:   

Max. what part of



Quote:
Quote:

Some states may allow insurance companies to force aftermarket parts in their policies, but again this has no bearing on 3rd party claims.




this post is innacurrate, considering the third party is not bound by the terms and conditions of the insured's contract of insurance and is paying a loss under the limits of liability of the insured?


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PostPosted: Mon Dec 13, 2010 4:12 pm   Post subject:   

A person is free to specify the use of whatever parts he prefers. This does not necessarily obligate the insurer to pay for them. Some states do not allow insurance companies to require the use of non-factory supplied parts. This is not the same as allowing insurance companies to "force (the use of) aftermarket parts".



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PostPosted: Mon Dec 13, 2010 5:17 pm   Post subject:   

Quote:
A person is free to specify the use of whatever parts he prefers. This does not necessarily obligate the insurer to pay for them. Some states do not allow insurance companies to require the use of non-factory supplied parts. This is not the same as allowing insurance companies to "force (the use of) aftermarket parts".




I see your point. However, I have vehicle owners bring in insurer prepared estimates with the alternative parts language and when consumers demand oem, they are told "our policy and state statutes dictate that we are only obligated to pay for a/m parts." What they fail to finish telling consumers is that they may prepare an estimate of the loss with the use of non oem parts "if" those parts meet the like, kind, and quality criteria and have a permanent stamp that is readily visible. That is the language in Missouri and many states. I see a/m parts on insurer prepared estimates routinely with parts that are not capa certified (industry certification that the parts have been tested to meet oem standards, fit, and quality.)



Also many insurers are still preparing estimates with structural impact beams and radiator supports that are not made with original oem types of ultra high strength steel and instead are made of standard low carbon steel. None of these parts meet the LKQ standard nor have passed critical tests by independent testing fascility and Ford themselves. Many manufacturers are coming out with statements saying these parts should not be used in the repair of their vehicles and there is much controversy at the present time on many of these parts.



Ford specifically tested multiple bumper safety impact beams and bumper braces and found them to be defective and stated that they were a hazard to the vehicle owners in the event of an impact where the air bags were deployed. Critical timing mechanisms incorporated into the design with specific boron content steels would be compromised if a/m parts were used in place of the oem parts.

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PostPosted: Mon Dec 13, 2010 5:19 pm   Post subject:   

Quote:
Quote:

A person is free to specify the use of whatever parts he prefers. This does not necessarily obligate the insurer to pay for them. Some states do not allow insurance companies to require the use of non-factory supplied parts. This is not the same as allowing insurance companies to "force (the use of) aftermarket parts".




Sorry, I thought I was logged in.....



I see your point. However, I have vehicle owners bring in insurer prepared estimates with the alternative parts language and when consumers demand oem, they are told "our policy and state statutes dictate that we are only obligated to pay for a/m parts." What they fail to finish telling consumers is that they may prepare an estimate of the loss with the use of non oem parts "if" those parts meet the like, kind, and quality criteria and have a permanent stamp that is readily visible. That is the language in Missouri and many states. I see a/m parts on insurer prepared estimates routinely with parts that are not capa certified (industry certification that the parts have been tested to meet oem standards, fit, and quality.)



Also many insurers are still preparing estimates with structural impact beams and radiator supports that are not made with original oem types of ultra high strength steel and instead are made of standard low carbon steel. None of these parts meet the LKQ standard nor have passed critical tests by independent testing fascility and Ford themselves. Many manufacturers are coming out with statements saying these parts should not be used in the repair of their vehicles and there is much controversy at the present time on many of these parts.



Ford specifically tested multiple bumper safety impact beams and bumper braces and found them to be defective and stated that they were a hazard to the vehicle owners in the event of an impact where the air bags were deployed. Critical timing mechanisms incorporated into the design with specific boron content steels would be compromised if a/m parts were used in place of the oem parts. Even with these manufacturer position statements and tests, some insurers are specifying their use with their payments for losses and criteria for their direct repair programs.


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