TwisTTer

I recently had an accident and have ben trying to fight for everything to be properly repaired and get the insurance to restore my car to the status prior to the accident.

I made a claim for diminished value and was told that they could not refuse it by folks here on the forum. Seems like a reasonable claim to make given that the car can never be restore to its prior status.

They claim that I actually have to suffer a loss after attempting to sell the car. Is that true?

My argument was that the mere fact that the car was in accident would be something that could be pulled on a carfax report and therefore the car would not be able to sell for the market value of an identical car not involved in an accident.

It seems to me that the insurance company simply does not want to pay out for this claim. They basically blew me off. Should I get an attorney on this matter? Any opinions? Are they correct in saying that I have to incur an actual loss?

They mentioned that I have up to four years to make the claim after the accident has occured.
Is that true? Please help.

Thanks.

TimE

A few years ago my wife was in an accident in her 9 month old Accord. The damage total was about 11 grand. I just called my insurance company and told them I wanted to collect on the diminished value and they sent somebody out a few days later. I think your insurance company is just screwing with you. You should be able to get diminished value after an accident.

KD

Comb thru your insurance contract and its coverages and fine print before you screw with them.

TwisTTer

does that make a difference? I still thinkI should be able to collect.
I think they are screwing around. Don't exactly know how to fight back. Hence, seeking advice here. People here have been so helpful I don't even bother asking anywhere else anymore.

Horch it

make a claim or file a lawsuit? statute on lawsuit for car accident is 1 year from D.O.L.

Elderan

It does, they will haggle alot more when its not your insurance.

Horch it

bullsh*t rule...<ul><li><a href="http://info.insure.com/auto/collision/diminishedvalue.html">This might help</a></li></ul>

fredfromny

Some would rather settle than pay expensive legal fees. Also since every state has different insurance laws a couple hundred for a consult will let you know your options.

TimE

I'm not sure then. My wife was hit by a little punk who didn't have insurance so we had to file under uninsured motorist with our own insurance company. They didn't fight the diminished value thing at all.

sly1

The value of your car depreciates when it is in a serious accident, regardless of how well it's repaired. If a person is injured in an accident, the Insurance Company is generally willing to make any reasonable accomodation to satisfy the claim. If there is no physical injury and the damage to the car is not that serious in the minds of the Insurance Company there may be some reservation on their part to recognize diminished value.

I'm not a lawyer but I'm sure the laws governing diminished value vary with the State. About a year ago my girl friend's '02 BMW 540 was nearly totalled and she sustained a neck injury when her car was rear ended. She of course retained a lawyer and had absolutely no problem reaching a very generous settlement with the other driver's Insurance Company including a substantial award for diminished value for her repaired 540.

She has since sold her 540 and now drives a new M5.