A nice person hit my parked car today. Less than $2000 in damage. It’s a 2016 so I think I should probably get something for diminished value. Anyone know anything about that?
Parking lot accident
- Thread starter CAJUNEER_rivals
- Start date
23 views, no replies. This demonstrates this board is more experienced with diminished capacity than diminished value.
My previous truck got hit by a snow plow a couple yrs after I bought it and had ~$1800 worth of damage and it was fixed. When I traded it in a few yrs ago, I lost about $1000 in trade value.
Yeah mine is not even a year old. I’m reading about diminished value claims. They seem hard to extract from the insurance companies.
I've never requested any vehicle history documents so if you're lucky there are lots more used car buyers out there like me.
I think it depends on how extensive the damage was. My son bought a beautiful used truck years ago that was previously totaled and a mechanic rebuilt. It had apparently been in an accident and flipped causing damage everywhere. Anyway, he traded it in last summer and Kelly Blue Book had a price of $3000 but the title said 'Salvage and best he could get was $500.
I would have responded sooner but other than saying good luck I didn't think I could add much to the conversation.
I've been lucky, bought two pre-certified 2 y.o. (Honda and a Subaru) vehicles from dealerships but I am too trusting.
That is about what is available to him. Private property is difficult to get help. About the best you have is your insurance Company and let yours fight with theirs. Kick in ***, but that is insurance. Can you work a deal with the repairman to inflate a little at each corner.
I would think the correct term would be "protecting self interest". Why should I be required to eat the entire loss when I contributed nothing to the act(other than my vehicle). Insurance Co wrote policy that did not cover me properly. I guess the real action would be to thump piss out of other driver. But, he may thump the crap out of me. Now I have a kicked *** and insurance loss.
The wannabe is still around still protecting his reputation as the biggest liar on the board. Hopefully I wouldn't say I was an honest cop. For the most part I was legal would be honest, but 100% would not be honest depiction. Did nothing really big except to do the job I was hired to do.
About all you really can still do Cajuneer after your insurance settles your claim is get three different evaluations of the car's actual market resale value after the DMV repair records get pinned to your car's VIN. Take the highest of those evaluations (they will vary) and sue in small claims court against your loss for the difference. It's going to be hard to prove that loss because of course the mileage on the car will vary and there will be wear and tear.
However, because the car's residual value was sharply effected by the damage you may be able to ask for recovery from the plaintiff's insured policy carrier. In many cases, you can sue for actual damages, as well as compensatory damages from expected loss (like job remuneration). You'd need a good claims attorney who may not be worth the extra $$$$$$ to pay him vs what you may recover.
If I were you, I'd just trade it in on the best replacement vehicle I could make a deal on for it...eat the loss, and let someone else worry about it. (what it's actually worth)
Most states, including Louisiana (I'm taking a guess) have a diminished value law on the books. The Louisiana law states that it is incumbent on the vehicle owner to prove diminished value at the time of the settlement. http://law.justia.com/codes/louisiana/2011/rs/title9/rs9-2800-17
Go to one of the car value web sites, Kelly Blue Book as an example, and find out what your vehicle would be worth the day before the accident and then after the accident, even with the repairs. You would be entitled to the difference in value as part of your settlement with the insurance company.
Most states have a process to "clean" a salvage title. In Georgia you have to present documentation that repairs where made to bring the vehicle back to it's original condition and have a secondary inspection (not by the people who did the repairs) that the vehicle is in good/safe condition. Present your documents and the vehicle to the the proper authority (usually DMV or State Police) to verify the VIN (not changed or altered) and they will issue a new title. It's a lot of hassle, but there is a similar mechanism in most states to rectify a situation like this.
This is true as ex-pat explains here in Georgia, however it will still read "salvage title" on the re-issued clean title. But everything else he describes here is correct.
Actually, you get a title that states "Rebuilt" which is different from Salvage and much better for future sale.
https://dor.georgia.gov/titles-rebuilt-or-restored-vehicles
*** you you wannabe black, self avowed cock-sucking son-of-a-*****. You should never be confused if you will just not speak you racist bastard.
Correct Sir. The "salvage" titles are reserved for the true wrecks that are usually sold for parts.
If I were him, I'd just trade it (damaged vehicle) most Dealers would still give him a decent deal on it, then they'd likely wholesale it out to the secondary independent pre-owned market where some unsuspecting schmuck would probably end up paying more for it than it's worth and not even bother to check the Carfax on it.
Good info ex-pat.
Kind of depends on how long you keep the vehicle. If you keep it long enough the "diminished value" diminishes itself. I usually keep cars 7-10 years if I can. By then even the diminished value is less important. If you trade cars every 2-4 years it makes a bigger difference.
The value of the vehicle depends on lots of other factors too ex-pat. Reliability, popularity, upkeep, options, mileage, and most importantly what a lender is willing to risk on it. The best vehicles that hold their value over time are usually low mileage, well maintained, mechanically consistent, popularly equipped, consistently in demand models that the market has proven over time to be good investments for owners.
You appear to have the formula down pat. Don't know what you drive, but trading every 2-4 years is smart and keeps you ahead of the curve.
Awesome reply. I guess on top of being dishonest we can consider you a big talker since you are willing to talk about Vernon to others instead of confronting him with your complaints. Be a man ya little *****.