Diminished Value

[hauser]

About a month ago I was involved in an accident.   As I was crossing the road in my wife's new GLK a teenager driving a Chevy El Camino T boned us.  He was driving without his lights on.  It was night time. 

The GLK sticker was $51 K plus tax, tittle and extended warranty along with 3 yrs of prepaid service.  As of now the repair bill is over $21 K.  Even if the car repairs are perfect it is no longer worth the same as before. 

Does anyone have any experience in collecting the difference or the diminished value of the vehicle from the insurance company?

Thanks

[dpreston Virginia]

I had an accident with my ML350. My state recognizes diminished value. I went to the dealer had him draft a letter stating what the diminished value was on my repaired Benz. Submitted to insurance company and they paid in full. With car fax so easy you truly lose the value when it's time to sell. I also documented all the time I spent on the inconveience and billed them for my time. They said they do not pay for my time...... They paid it at the end. I recorded every trip to the repair shop, phone calls, picking up rental.....
Good luck!

[mmizesko]

Hauser,

In almost all cases, personal auto policies are written as ACTUAL CASH VALUE.  That means, you are SOL, unless you have new car replacement coverage from your insurer (car needs to be less than 2 or 3 years old), or some sort of Gap coverage.  Because you were not at fault, you are at the mercy of the teenagers's policy to pay, but if you have the replacement coverage on your own policy, you may have some recourse.

I'm sorry for your loss.

Mike

[jeblack123]

Sorry for the late reply and for your acciident. I hope that you were not injured. I had an accident in the late 90's in Jax, FL where I was hit by a teenager in his father's retirement Jeep Cherokee. Both cars suffered significant damage, but less than a total loss. My insurance company was (and still is) USAA and they determined the loss value amount because of the accident and the other gentleman's insurance issued a check to me above and beyond the cost of repair to my vehicle.


James