View Poll Results: What do you think I should do?
Settle now for $1000
9
56.25%
Wait until the car is repaired and have them re-review, may be less may be more
7
43.75%
Voters: 16. You may not vote on this poll
Diminished Value
#1
12-07-2007, 05:13 PM
Join Date: Dec 2004
Location: Orlando, Florida
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Diminished Value
Quick backstory, I have a 2005 G coupe with 32,800 miles on it in excellent condition. Rear-ended by a lady on her cell. Total bill is now at 7,400 for repairs. This includes replacing rear quarter panel, rear bumper, rear floor pan, bumper reinforcements, etc. All are being replaced with OEM parts accoridng to the insurance company. The shop told me this is extensive body work on the order of 1.5 weeks and involves cutting and welding the above mentioned parts. The body shop also told me a small portion of the frame extension needs to be repaired.
Fast forward, I filed a diminished value claim with the insurance company for 1575, difference between good and excellent value of the car. They offered me 800, then 1000. I denied both amounts and now we are waiting until the car is repaired before proceeding. Here's my dilema:
I can settle it now and get a 1000 dollar check written,
I can wait until the car is repaired and have it reviewed again by the insurance company.
I'm worried that once the car is repaired, if it does truly come out almost like new they'll lower the offering price back down from the 1000, on the other side I could get more if the value is truly diminished more by the extensive repairs.
What are ppls thoughts?
Fast forward, I filed a diminished value claim with the insurance company for 1575, difference between good and excellent value of the car. They offered me 800, then 1000. I denied both amounts and now we are waiting until the car is repaired before proceeding. Here's my dilema:
I can settle it now and get a 1000 dollar check written,
I can wait until the car is repaired and have it reviewed again by the insurance company.
I'm worried that once the car is repaired, if it does truly come out almost like new they'll lower the offering price back down from the 1000, on the other side I could get more if the value is truly diminished more by the extensive repairs.
What are ppls thoughts?
#3
12-07-2007, 10:43 PM
I wouldn't think after the repairs it would be less than $1k. I would say hold out for more. That wreck is now on all carfax reports for potential buyers and will limit the people interested in your car when you go to sell it. Think about if you were looking at 2 cars to purchase. Car A was $20k and Car B was $17k, but Car B, the cheaper car, had $8 of damage from a rear end collision, I'd surely buy Car A with a clear carfax in a heartbeat. That means to me, that's more than $3k in diminished value because I'd rather pay $3k MORE to get the clear carfax car
A buddy of mine was rear ended in a Mazdaspeed Protege, much to what you described had to be repaired, and he received a little over $1700 for diminished value.
Good Luck and let us know....
A buddy of mine was rear ended in a Mazdaspeed Protege, much to what you described had to be repaired, and he received a little over $1700 for diminished value.
Good Luck and let us know....
Last edited by NathanJax; 12-07-2007 at 10:45 PM.
#4
12-08-2007, 02:06 AM
Originally Posted by nathanjax
I wouldn't think after the repairs it would be less than $1k. I would say hold out for more. That wreck is now on all carfax reports for potential buyers and will limit the people interested in your car when you go to sell it. Think about if you were looking at 2 cars to purchase. Car A was $20k and Car B was $17k, but Car B, the cheaper car, had $8 of damage from a rear end collision, I'd surely buy Car A with a clear carfax in a heartbeat. That means to me, that's more than $3k in diminished value because I'd rather pay $3k MORE to get the clear carfax car
A buddy of mine was rear ended in a Mazdaspeed Protege, much to what you described had to be repaired, and he received a little over $1700 for diminished value.
Good Luck and let us know....
A buddy of mine was rear ended in a Mazdaspeed Protege, much to what you described had to be repaired, and he received a little over $1700 for diminished value.
Good Luck and let us know....
#5
12-08-2007, 12:31 PM
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Location: Orlando, Florida
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