Need some advice

[LONG LIVE BLUE]

A month ago, my wife was sitting at a stop light in Lexington and was hit head on by a vehicle that turned into traffic and was hit (shoved into my wife’s car). Thankfully everyone was okay except for minor injuries. The persons insurance is taking car of everything fine except for the diminutive damage to our vehicle. The car was just over a year old. Now because it was wrecked, it has lost 6 grand in value. The insurance company has offered half that.
My question is, do I have any legal rights to get the other half. Our estimate came from the dealer (I know they are trying to make an extra buck if they can). The insurance used a company from California that overvalued our car before and after the wreck. The NADA blue book value for my zip code wasn’t even close to the group from California. I also told them that if they thought my vehicle was worth that much, they cold write me a check and I would sell it to them.
I’m not trying to get rich but I just don’t think we should have to eat this loss because my wife did nothing wrong. Thanks for any advice!

 

[kafka0117]

My dad's brand new vehicle was sideswiped minutes after driving it off the lot. He tried to get the same type compensation (actual damages plus depreciation due to the wreck.) He didn't even want to get it fixed. He wanted to give the car to the insurance company for his cost. Not surprisingly, he was unsuccessful. He eventually got it fixed. It was all cosmetic damage and you can't tell it was ever involved in a wreck. Unfortunately, it will cost him a couple grand down the road when he trades, but he's just going to have to accept it. The longer he keeps it, the less the devaluation will be. He's happy with his vehicle, and doesn't even think about the wreck any more.

 

[kafka0117]

I hope you get the outcome you want, but I don't think the insurance is liable for anything but actual physical damages.

 

[LONG LIVE BLUE]

I hope you get the outcome you want, but I don't think the insurance is liable for anything but actual physical damages.

Thank you for the reply and your time. Glad your dad was okay!

 

[Crushgroove]

Man, I learned all about diminished value insurance while living down south. The check I got after they fixed my truck knocked like 8 payments off and helped me pay it off early. That stuff should be law in every state. Sadly, it isn't.

Crazy how much different insurance laws are between states. Alabama used to have a law stating that if you had a lien-free vehicle, you didn't have to carry ANY insurance on it, provided you could show the personal finances that could replace liability coverage in the event of an accident. B/c of this loophole, any car you saw on the road that looked like you could pay cash for it had a high probability of not being covered... at all. It's only illegal when they find out you can't pay.

Sitting at a stoplight in bham, watched a dude in a Honda CRX rear-end a guy in an 80's model Caprice. Both dudes bailed on their cars and just left them sitting in the intersection over a fender bender. Lol.

 

[buckethead1978]

How much damage was done to your wife’s car? What was the body shop going to charge?

 

[Lexie's Dad]

Crazy how much different insurance laws are between states. Alabama used to have a law stating that if you had a lien-free vehicle, you didn't have to carry ANY insurance on it, provided you could show the personal finances that could replace liability coverage in the event of an accident. B/c of this loophole, any car you saw on the road that looked like you could pay cash for it had a high probability of not being covered... at all. It's only illegal when they find out you can't pay.

That doesn't make sense. I'm all for self-insurance, but liability coverage has nothing to do with the value of your own vehicle. It would require a CD with a lien to satisfy that requirement if you're self-insuring, probably $50,000 to $100,000.

 

[Crushgroove]

That doesn't make sense. I'm all for self-insurance, but liability coverage has nothing to do with the value of your own vehicle. It would require a CD with a lien to satisfy that requirement if you're self-insuring, probably $50,000 to $100,000.

Alabama just signed their first mandatory vehicle insurance laws in 2013 that would cover all owners. Before that, it was a free for all bound by loose law, hence their incredibly high insurance rates back then.

 

[LONG LIVE BLUE]

How much damage was done to your wife’s car? What was the body shop going to charge?

Almost 8 grand in damage. They are fixing that with no problem. But because of the crash, it has lost an extra 6 grand in value. If two similar cars are sitting on the lot and both are priced the same but one is wrecked, no one is buying the wreck. I know a lot of states have this protection but KY isn’t one of them. I guess I better be happy they are offering anything and cut my losses. So much for the years we’ve spent working and trying to build up any equity in a car that you can lose in the blink of an eye. I’m just thankful no one was seriously hurt. Thanks for your time

 

[UKserialkiller]

So much for the years we’ve spent working and trying to build up any equity in a car that you can lose in the blink of an eye.

Building equity in a car? Is it a classic?

 

[bluthruandthru]

The best advice about cars I've heard (kind of to Willy's point) is that they aren't investments.

You may be (are) SOL.

 

[buckethead1978]

What kind of car?

 

[LONG LIVE BLUE]

The best advice about cars I've heard (kind of to Willy's point) is that they aren't investments.

You may be (are) SOL.

No, they are definitely not investments. But if you can get it paid off and want to trade, you can have more bang for your buck. Now if you wanna drive it until the wheels fall off, then it really doesn’t matter. A car is about the worst investment you can make unless it is a classic, then you wouldn’t lose as much hopefully.

 

[bluthruandthru]

No, they are definitely not investments. But if you can get it paid off and want to trade, you can have more bang for your buck. Now if you wanna drive it until the wheels fall off, then it really doesn’t matter. A car is about the worst investment you can make unless it is a classic, then you wouldn’t lose as much hopefully.

Yep.

Your situation sucks because you've done nothing wrong and I sincerely hope you can get satisfaction, but you may be in Devo's boat:

 

[magic8ball]

The best advice I can offer!

 

[Rebelfreedomeagle]

Both dudes bailed on their cars and just left them sitting in the intersection over a fender bender. Lol.

Reminds me of a deputy working an accident that involved me a few years ago. We were discussing liability and he said the worst cases involved cows. He said someone would destroy a vehicle hitting a cow. The cow has a numbered ear tag and there's one cattle farm for 10 miles, but no one has ever seen that cow before and don't know where the hell it came from.

BTW, his opinion about my friend's car being hit was sorry about your luck on the value.

 

[Monroe Claxton]

Morgan & Morgan

 

[BankerCat12]

Depreciating assets are awesome

 

[It'saDoneDeal]

Generally, a claim for diminished value is excluded under your first party coverages (unless you're in a state that offers uninsured property damage coverage for your auto and the at-fault party was both obviously uninsured and liable). But since this is a third party situation, you definitely have the right to make that claim against the at-fault party and their insurance.

You have to prove your claim though, they're not going to help you out on that. And they won't consider a claim for diminished value until the repairs have been completed, since their stance will be most vehicles won't lose any value once proper repairs are completed. I can't obviously give any legal advice, but you're going to have to present documentation with an appraisal showing what your vehicle was worth pre-accident and then what it's worth now post-repairs to support your claim. I'd keep hounding them and hopefully they'll be able to work with you on it.

 

[morgousky]

Alabama just signed their first mandatory vehicle insurance laws in 2013 that would cover all owners. Before that, it was a free for all bound by loose law, hence their incredibly high insurance rates back then.

I don't remember exactly when, but Tennessee had no insurance laws until around 04 I believe. At least for vehicles paid off.

 

[morgousky]

Depreciating assets are awesome

My family owns car lots in Tennessee. And none of us drive newer cars. I see so many people just sink themselves.

10 year old Toyota's is all I'm willing to buy. I still have a Toyota Highlander from 2003 with 235,000 miles on it. Guarantee it goes 400,000.

Would prefer to have vehicles that hold value and run forever.

 

[Bluetick2100]

How much you want for that piece of junk now?.....

 

[Chuckinden]

Years ago, I had a friend that had his new Cadillac rear ended in Lexington. The other guys insurance paid, but he called them and told them his car lost $3K in value and he said they didn't even hesitate and sent him a check for the $3K.