We're currently fighting the insurance company for our diminished value check and this one company wants to charge us $225 to appraise my 2005 v6. They also give a sample demand letter so we can "demand" the money from the insurance company. Well I'm not sure if I want to fork over $225 right now so I was wondering if any of you knew how much the car would be worth (or how much value it would lose) after these damages:

-Rear bumper destroyed
-Rear passenger-side quarter panel destroyed
-Rear-end severly out of alignment
-Frame damage (took the dealership's shop 2 hours to bend it back into place)
-Trunk lid bent, was replaced
-Divet on driver-side rear quarter panel (odd place since car was struck on the passenger side, rear)


I don't have the report in front of me, but along with these things there was a total of over $6,000 worth of damage done to the rear end of the car. How much is my car worth now after that wreck? The MSRP from KBB.com (Kelly Blue Book) is right around $21,000. And remember, it was completely repaired by the shop, but the CarFax report says we have 4 issues on the report (didn't want to pay $19.99 for the report at the moment [img]style_emoticons/<#EMO_DIR#>/smile.gif[/img]).

I'd appreciate serious replies only, thanks a bunch.

-Gary

 

Hey Gary,

If the blue book value is $21,000
and your claim was around $6,000
I would figure your car is worth around $17,500-$19,00.
However why dont you just take your stang and a copy of your claim to any dealer (Ford or otherwise) and see whats its worth in trade in value.
Thats a FREE and easy way to figure what the actual market value is for you car. [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]

Better yet Gary,take your car to a few dealers and get a feel for the value that way!

 

when the carhauler damaged my first car at delivery, I went thru similar thinking- best answers I got were from my insurance guy- give yours a call, they are there for just such things...anyway, as that car was brand new, he suggested if dealer said 2500 damage claim, should add about 5k diminished value, as it would be no longer 'new', hence the hauler should get hit with the initial depreciation due to their handiwork.
I ended up sending it back and reordering 3 days later, so dunno how it ever worked out, but Kzinti did pull the papers for me and at sale it had note of repairs attached, so hopefully buyer got a deal. that car got sold the day #2 got built.

I just thought it interesting he suggested diminished value could be expected higher than damage in certain instances- age of the car is a lot to do with. I kinda doubt trade in value would sway much either way, wouldnt hurt to ask, but I'd be sure to pose the question to your insurance rep. good luck

 

Trade in value will be affected.Think of it this way :
If a dealer has 2 identical used cars on the lot same mileage etc..
and one has a $6,000 body repair on it and the other does not which one do you think is worth more? which one would you buy?
Probably the one with no body repairs on it.
Simply put, the market(the customer) decides on what the car is worth,and the customer is not going to pay the same amount for a car with $6,000 worth of repair on it when he/she can have a clean one(no accidents).

 

Gary, first off sorry to hear about your accident. Diminshed value is a very tricky thing. What an insurance company will or will not pay in this instance often depends on the individual state laws. Here in La, the courts have just awarded third party claimants the right to make a claim for diminshed value... which is a good thing in my mind. The problem is that there is typically no specific formula on how to reach a fair figure for the diminshed value. If you'd like, I do have access to a formula through work and can run some numbers to try and help. PM if you'd like. Sorry but I can't disclose what company I work for, but the info is legitemate.... I'd kinda of like to keep my job.