diminshed value

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PostPosted: Fri Nov 23, 2012 11:56 pm   Post subject: diminshed value  

I had my car 3 mons before it was hit from behind. The car was new my loan is 38K the insurance company refused to replace the car. The frame and rails were bent, the pan ( part of the frame) was cut and a new one welded back to the frame. The car was streached by a machine back to manufacture spec, the damages was 15K. Should the insurance company pay a diminished value?


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minipenny
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PostPosted: Sat Nov 24, 2012 12:06 am   Post subject:   

You can ask, but the vehicle frame is probably in better condition than when it left the factory.



Take your vehicle to a dealer, ask them what it's worth given the fact that it's been in a collision, then ask them what it would be worth if it hadn't been wrecked and repaired. The difference is your diminished value claim.



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PostPosted: Mon Nov 26, 2012 2:13 am   Post subject:   

mini penny , I would most definately seek a diminished value appraisal as there is no doubt you can never remove the stigma that has been attached to your vehicle as a result of this loss. It will be forever memorialized by companies that provide vehicle history reports. It would behoove you to seek an appraiser who can also perform a post repair inspection to determine whether your damaged vehicle was repaired to the best of human ability given all the interference they recieve by those who indemnify your losses or pay for damages caused by the negligence of their insureds.



Simply do on online search of DV appraisals for someone who can perform this inspection for you that will also be able to be your expert if your claim goes to trial. I suspect given the information that you have shared that you will have a trade in value loss of significantly more than twentyfive percent of the value of your vehicle. One large auto dealer association representative revealed that any vehicle that has collsion damage repair that exceeds 25 percent of the retail value that as a rule of practice, the trade in offer will be at minimum 25 percent less than if it had no accident history.



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