Re: Diminished Value?????

Most threads I have seen on diminished value usually end with the thoughts that you can only prove diminished value when you actually sell it, and
usually not then unless you have appraisals of the car before and after. Still, until you sell the car, you have not lost anything.

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Tom in Missouri;612504 Wrote: > Most threads I have seen on diminished value usually end with the > thoughts

http://tinyurl.com/yvm8t9
Diminished Value often get a bum rap in the media because on so many forums, 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 wrote. You 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 for the 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.
--
David Williams

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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 that.
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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Tom in Missouri;615144 Wrote: > Since I have been around here long enough for most to know me, I doubt

Coming up with a value is what experts are for. Some states even stipulate the sources that must be used to determine the value. There are ways. We do it everyday.

If this is the link to which you refer, I didn't post it.
--
David Williams

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