Tom in Missouri;612504 Wrote:
> Most threads I have seen on diminished value
usually end with the
Diminished Value often get a bum rap in the media because on so many
people with no real knowledge of the subject can respond to
posts that keep the
mistruths in motion. In fact, insurance companies
keep people on staff just to
troll these forums and make posts to
discourage people from filing claims and
keep payouts as low as
possible. I recently took on this subject in an article I
can read it by clicking the link above.
The truth is, you don't have to sell your car or wait to collect for a
diminished value claim. If the insurance company accepted liability
accident, they owe for all of the loss, not part of it.
Diminished value is not
a separate claim, rather an extension of the
same claim that pays for
replacement of bent fenders etc.
Since I have been around here long enough for most to know me, I doubt
anyone thinks I'm an insurance troll.
I have been on several forums where people have had original untouched cars
that were wrecked and they were unsuccessful at getting a diminished value
award. First, they can't prove the amount. Is it $5000 less or is it
$25,000 less? And until it sells, how do we really know?
I agree, you should be able to say that my original survivor 1966 with
original paint, original panels, etc. that has the front end ripped off has
now just lost a huge amount of its value, but what is the price figure? And
after it is restored, is the price really different?
For a real life check on this, go over to the Corvette Forum and look up
Tyler Townsley who just had his original '66 hit about two months ago and
the front end torn off. The new jigged press molded front is no where near
the same, so the value has to be less, but he hasn't and won't collect for
My experience with insurance has been you are usually lucky if you can get
the full payment of the repairs. To get the diminished value also is like
hoping to find all 6 numbers matching on your lottery ticket. Insurance
companies can all go broke for all I care, no apologies given.
BTW, I can't get your link to open.
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