Dimished Value Secrets

Jul
28

How do I determine the diminished value of my new and recently wrecked car?

Posted by admin

I bought a new car in April and a 16 year old crashed into me last week. My insurance company is offering to total the car. Her insurance company wants to repair it. I won’t release it to be repaired until I can come with a figure on what they owe me for its diminished value.
Let my clarify-scenario 1 They total my car and cut me a check for the value of my car. scenario 2 They repair my car and cut me a check for the diminished value of my car. Please don’t answer if you don’t know what the hell you are talking about.

do you want your car repaired? do you want to keep it like it is NOW? that is what is about to happen, I seggest you either total it, or let it get fixed, all you are doing now is mucking up the process with a smashed car for your effort. I emphasize with your unhappiness at the whole thing but thiere is a right way, and a wrong way, many people just get peed on by the insurance companies, you have TWO trying to help, and you refuse to cooperate. best of luck hope it works out

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  1. dick car guy Said,

    do you want your car repaired? do you want to keep it like it is NOW? that is what is about to happen, I seggest you either total it, or let it get fixed, all you are doing now is mucking up the process with a smashed car for your effort. I emphasize with your unhappiness at the whole thing but thiere is a right way, and a wrong way, many people just get peed on by the insurance companies, you have TWO trying to help, and you refuse to cooperate. best of luck hope it works out
    References :

  2. oklatom Said,

    Follow the suggestion of your insurance and let them total the car, get you fair market value, and get their money back from the other insurance company and you won’t have to worry about it.

    Diminished value is something that is slippery and hard to pin down. The other insurance will rightfully argue that, since your car is now fixed to pre-accident condition, there obviously is no diminished value.

    The only way you could show there was, and the amount, would be by selling your vehicle and showing you took a loss that was a direct result of the accident being on the record.
    References :

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