Bill In SoCal

OK I'm not sure if I buy into this but my Stepfather, a smart man, told me he heard it on talk radio the other day, let me know what you think.

Apparently many insurance companies including Allstate have this policy, not sure if it is enforced by some law or what. If you wreck your car and say do 3K damage, the value of your car decreases. By law if you sell it you must disclose to the buyer that it was wrecked (yea how often does that happen) Anyway since you must disclose this you won't get as much for your car. Well the insurance company is supposed to compensate you for this difference and you have 2 years from the date of the accident to make the claim.

Now I haven't calle my insurance yet (Allstate), but I find it hard to believe that they just paid 3K to fix some bent control arms, bearings, and wheels on my car, and when I call them they will cut me another check that goes into my pocket.

Anyone ever heard of this or have any thoughts. He swears it to be true and says I should call the insurance and ask them, but I don't even know how to approach them without sounding like a fool.

SKareKrow

Sounds reasonable..

markbradford

I assume if this is the case, you must prove that the car has been sold, and for less than avg. $$$.

Skene @ PES Tuning

i wish i could as my insurance company for money back.... i'de ask for a bazzillion dollars!!!

Evan (Vogon)

but, don't just stop at the first person you talk to at the insurance company, a lot of the times, the front people are either stupid or trying to save the company money.
like i was told once that tickets make no difference in my insurance costs. LOL

Bill In SoCal

I heard you'll give me some money and I heard this thing on the radio." That will never fly. I may try though when I get some time to call.

®StanG®

It's possible and called "diminished value" claim

Bill In SoCal

Do you have to sell your car and prove the decreased sale price to collect?

Perpetual Novice

<ul><li><a href="http://www.insure.com/auto/collision/diminishedvalue.html">insure.com</a></li></ul>

®StanG®

...check out Edmund's Townhall (just search for "diminished value". There are couple threads that MIGHT give you some more info.