Kostyan

Some idiot rear ended my nearly new TL last weekend. The damage is minimal, only a few scuffs, but if my car was a few yrs old I would have let guy go.

Anyhow, I am filing a claim with other party's insurance company, which happens to be state-owned company for the worst drivers no other insurance will take.

My thinking is that my car had lost some value because of this accident, and I am demanding the ins co to reimburse me the cost of repair + lost value. The ins. co. is refusing to pay for lost value. Has anyone had any experience with this, especially in the state of Maryland?

7Davie7

I totally hear what you're saying and agree with ya on the lost value thing - though i think you've got a snow balls chance in hell in getting an insurance co. to pay for "lost value" They will and should pay for all damagaes to get repaired, but how could anyone determine on what the "lost-value" would be. You can't put a real number on that so there is no way they will pay, you'll prolly have enough trouble just to get them tp pay for repairs...As i've been told before - "Insurance co's dont make money by giving it to others"
They are usually very reluctant to do what we pay them for...

ecliptics

^^right on

twysk

I believe the legal term is diminished value. I know because I just found out after my accident that New York State does not recognize it. Don't know about Maryland, though. If you do a search about diminished value on this site, I think it's been addressed. Some states have a formula to calculate loss, in others you are SOOL.

darksom1

Are you talking about M.A.I.F.? If so, the other person probably had state minimum for coverages. And no way are you going to get lost value! As the other guy said, snowball's chance in hell. And that would be with a reputable company! I know it's hard, but just count your losses. If you feel you deserve more than what you get, you can always sue the individual in small claims court. But how will you present your case so that a judge would rule in your favor? I can't see how it would be possible to get "lost value" on a depreciating asset. But hey, stranger things have happened...good luck!

ndabunka

Ah, you said "scuffs"! Really? Just scuffs and you think your car has diminished value? Really? No body repair? I think your being unrealistic. I'm glad they aren't "paying you off" on what appears to be a frivialess claim.

Kostyan

yes, MAIF.

to ndabunka: even if the damage is a few scuffs, on a new car it is a big deal. I will have the bumper repained. If it was an old clunker, then the claim could be frivolous. The ins. co will pay to have the bumper repainted, because it can't be touched up. Once they cut the check my car's VIN will show up in CARFAX as having had an accident. If I take the car to be traded-in, that will have an effect on the trade-in value.