[TwistedGray]

Has anyone had to do a "diminished value claim" on their car before? If so, would you mind sharing the details (online or privately)?

My otherwise mint 1984 Laser XE was rear ended, and while it is quite minor the rear bumper will either need replaced (unlikely) or repaired and painted (likely). The car was accident free until today when it got bumped in a parking lot, and now it will carry and accident on its record.

Any suggestions would be appreciated for those who have gone through the process...I am about to call their insurance company which I dread.

 

[masterjr3333]

if not reported yet.

can you work directly with the other party for an off the insurance cash repair that keeps the title clean?

 

[TwistedGray]

Unfortunately they said they have to (want to) report it. Would have only cost them about $500-1000, but whatever.

 

[tryingbe]

Don't be offended when the first insurance offer is $500 to TOTAL you car. Not repair, but total.

I'd hire an appraiser now.

Read this Insurance and Accident Do and Dont's

 

[TwistedGray]

I have nothing but time, so I'll wait to see what they come up with first before I do my own thing (re: appraisal). I know it's going to be a nightmare...fun times ahead

 

[tryingbe]

My friend got rear-ended in his Spirit R/T and his own insurance company wouldn't give him more than $500 to total his car because there isn't a agree upon value.

Good luck.

 

[TwistedGray]

My friend got rear-ended in his Spirit R/T and his own insurance company wouldn't give him more than $500 to total his car because there isn't a agree upon value.

Good luck.

Why wasn't there an agreed upon value? What was his argument? What was their argument? Any more details other than it just not working out for him?

 

[masterjr3333]

should be able to show prices of similar R/T's being sold.

 

[DOHCRT]

There are 2 types of policies. Agreed value (usually requires an appraisal) and stated value (most common). On stated value policies, the claim is for whatever you said your car is worth or fair market value whichever is less. That little piece at the end is what screwed me. My understanding that my car was covered up to the stated value was in error and I got screwed out of enough money to fix the car. I had a 25 page full color document submitted to my insurance as well as the other guys insurance showing other R/T's for sale and the rarity of the car (1 of 68) backing up my stated value, but none of that came into play because all they used was KBB. Logic and common sense doesn't come into play here as the insurance rules aren't written for us, they are there for the insurance company to make money.

My advice; get your cars appraised with an agreed value and keep lots of pictures.

 

[TwistedGray]

There are 2 types of policies. Agreed value (usually requires an appraisal) and stated value (most common). On stated value policies, the claim is for whatever you said your car is worth or fair market value whichever is less. That little piece at the end is what screwed me. My understanding that my car was covered up to the stated value was in error and I got screwed out of enough money to fix the car. I had a 25 page full color document submitted to my insurance as well as the other guys insurance showing other R/T's for sale and the rarity of the car (1 of 68) backing up my stated value, but none of that came into play because all they used was KBB. Logic and common sense doesn't come into play here as the insurance rules aren't written for us, they are there for the insurance company to make money.

My advice; get your cars appraised with an agreed value and keep lots of pictures.

I appreciate your information. I just talked with the Allstate Claim Adjuster, and she was nothing but helpful.

I told her my concerns about the situation both from the diminished value perspective and one that I felt that any body shop will have a hard time matching 35 year old paint. I told her I was not going to take it to a "regular" body shop and would instead seek out one that has done work on "older" cars.

She told me to take the car to a shop that specializes in classic and antique vehicle restoration, show them the estimate that Allstate gave me for repairs ($700), let them decide the actual cost ("they may have to paint the whole car because they will have a hard time paint matching"), and have them submit the diminished value report based on their expertise.

^ Her suggestion to me.

I am still quite skeptical that all this will work out, and I won't accept any claim until I know I am not going to get the short end.

I'd rather have a dented bumper than a fixed bumper and a tainted history. I think the new owner would prefer a dented bumper over a fixed bumper with an accident on the history UNLESS the price was low enough to offset the diminished value from the accident.

We will see ... I will keep you all updated.

 

[Dr. Johny Dodge]

diminished value ... tainted history..

first , no offence intended, but if you're actually lucky enough to have a rot free lazer that may ACTUALLY be worth 3-4 ,5 , maybe even 6 grand
be happy
and if it needs a bumper cover
no big deal

NO ONE ELSE WILL EVER CARE..it's not going to affect the value of your 80's lazer , now

just fix it

 

[TwistedGray]

diminished value ... tainted history..

first , no offence intended, but if you're actually lucky enough to have a rot free lazer that may ACTUALLY be worth 3-4 ,5 , maybe even 6 grand
be happy
and if it needs a bumper cover
no big deal

NO ONE ELSE WILL EVER CARE..it's not going to affect the value of your 80's lazer , now

just fix it

I think we can agree someone will pay as much for a car as they think it's worth. I think we can also agree a car without an accident record is worth more than one that does if all things are otherwise equal.

This car is worth undoubtedly $4-5k.

I won't simply fix it without knowing that their insurance is going to cover the difference of perceived value.

 

[Dr. Johny Dodge]

again , no offence intended
but WHAT perceived lower value (at 3-5K there is none)

and more importantly , perceived by who?

replacing the bumper cover on a 30 ood year old car means NOTHING

be happy they fix it.. don't expect them to pay you for the privilege of fixing it

and again , no offence as I'm a car nut too .. but your car's only worth 4-5 grand
--to people like us
not the world in general who would laugh and buy something 25 years newer

so there comes a fine line between expecting fair compensation and getting geeked out as a car dork crying is one of three with a tape recorder and a mirror on the visor

it's thirty years old and has incendential value by it's existence , only
be happy if they OFFER to fix it... bottom line

and if you've had it forever and planed to keep it so.. then the value point is moot as you're not likely to sell it anyways

and , mostly,
sorry to hear your ride got tagged !!

 

[TwistedGray]

again , no offence intended
but WHAT perceived lower value (at 3-5K there is none)

and more importantly , perceived by who?

replacing the bumper cover on a 30 ood year old car means NOTHING

be happy they fix it.. don't expect them to pay you for the privilege of fixing it

and again , no offence as I'm a car nut too .. but your car's only worth 4-5 grand
--to people like us
not the world in general who would laugh and buy something 25 years newer

so there comes a fine line between expecting fair compensation and getting geeked out as a car dork crying is one of three with a tape recorder and a mirror on the visor

it's thirty years old and has incendential value by it's existence , only
be happy if they OFFER to fix it... bottom line

and if you've had it forever and planed to keep it so.. then the value point is moot as you're not likely to sell it anyways

and , mostly,
sorry to hear your ride got tagged !!

No offense taken, but your comments are extremely flawed...maybe if we lived in a world where insurance did not exist I would agree with you.

What is the function of insurance? To bring "something" back to the condition it was prior to the claim. It is therefore the insurance company's obligation to repair the car to the condition it was prior to their insuree hitting it.

Why would I be happy that the insurance company is doing its job to bring the car up to the condition it was prior to an accident. That is what we pay insurance for. My boss is never happy that I am doing my job; however, they are happy when I go above and beyond.

So to your point, I will not be happy until the value of the car is where it was prior to being rear ended.

It doesn't matter if the car was worth $4-5k before the accident or $40-50k...the point is still the same. Yes, we are talking MUCH smaller amounts here, but the fact is that the car is now worth less than an identical car without an accident history. Would you agree with that?

 

[Dr. Johny Dodge]

well I hear ya .. and understand the thought but .. no I don't really agree

but looking with my eyes.. if it's fixed properly no it isn't going to make me offer you less for it

and I'll even through in the example of my 85 turismo

bought it in the fall of "88 for 5500 bucks

it had THE best paint job I HAVE EVER seen .. no kidding
it took me almost three years to find any evidence it had been painted - a few well hidden dust specks trapped in the paint
... and the rebar was crooked under the skin when I pulled it off

if anything the car was better BECAUSE it had THAT paint job on it

which helped as EVERYTHING in that car FAILED in the first year I had it

 

[Glhs60]

I can add one minor thing I have experience with and that's Special Interest vehicle value.

I used to do appraisals for individuals who had vehicles that were more valuable than "book"

Folks who had their vehicles appraised and submitted the appraisal to their insurance company typically received full value.

A couple of times folks had me appraise vehicles that were obviously mint before the crash and still only got book.

The point was according to the ins co, if your vehicle is worth more than book they should know in advance.

If they thought my appraisal was incorrect they could challenge it but I was never challenged.

Diminished value is another area, totally valid, and laws vary extensively.

In my opinion, folks who have Special Interest vehicles should have them independently appraised

AND

the appraisal presented to their ins co before any incident as you now have a starting point.

Among other things some ins. co's offer agreed value coverage.

Best of luck!!

Thanks
Randy

 

[TwistedGray]

well I hear ya .. and understand the thought but .. no I don't really agree

but looking with my eyes.. if it's fixed properly no it isn't going to make me offer you less for it

and I'll even through in the example of my 85 turismo

bought it in the fall of "88 for 5500 bucks

it had THE best paint job I HAVE EVER seen .. no kidding
it took me almost three years to find any evidence it had been painted - a few well hidden dust specks trapped in the paint
... and the rebar was crooked under the skin when I pulled it off

if anything the car was better BECAUSE it had THAT paint job on it

which helped as EVERYTHING in that car FAILED in the first year I had it

Well, if you cannot understand that let us try this instead:

Car 1
1984 Chrysler Laser
40,000 miles
No accident history
$5,000

Car 2
1984 Chrysler Laser
40,000 miles
Has accident history - minor
$5,000

The cars are otherwise identical in every which way. Which car would you buy? And YES you have to choose one of the cars.

 

[TwistedGray]

I can add one minor thing I have experience with and that's Special Interest vehicle value.

I used to do appraisals for individuals who had vehicles that were more valuable than "book"

Folks who had their vehicles appraised and submitted the appraisal to their insurance company typically received full value.

A couple of times folks had me appraise vehicles that were obviously mint before the crash and still only got book.

The point was according to the ins co, if your vehicle is worth more than book they should know in advance.

If they thought my appraisal was incorrect they could challenge it but I was never challenged.

Diminished value is another area, totally valid, and laws vary extensively.

In my opinion, folks who have Special Interest vehicles should have them independently appraised

AND

the appraisal presented to their ins co before any incident as you now have a starting point.

Among other things some ins. co's offer agreed value coverage.

Best of luck!!

Thanks
Randy

Thanks Randy,

I am looking into agencies that provide such an appraisal; however, I am not getting very far with this. Any suggestion would be great

Ideally I would be able to submit photos and/or videos of the car inside and out along with everything I know of the car, and in return I would get an appraisal. Does such a service exist (surely it does)?

 

[tryingbe]

What is the function of insurance?

Insurance exist to make insurance company money, those companies make money by taking in money and minimize the payout.

I wish you luck, because it's all uphill battle from here.

 

[TwistedGray]

Insurance exist to make insurance company money, those companies make money by taking in money and minimize the payout.

I wish you luck, because it's all uphill battle from here.

Lol, I didn't say how they made their money


It's a coin flip right now as to what I am going to do. I think once I am ready to sell it (summer?) that I will list it with the damage and show the pictures of the accident (both cars, location, etc). The buyer can decide if they want me to fix it through the person's insurance or if they would prefer to fix it themselves to avoid potential ding on the report.

That seems to be the best course of action, and depending on what I end up getting for the car I may file a D.V.C. (or not).