Anyone ever done one of these in addition to the cost of repairs? My car dropped in value (approx. $5k+ loss) according to KBB and Edmunds website after my accident which cost $10500 to repair. Got rear ended so I was 3rd party or other driver had 100% fault. The major factor is that I'm in California so I don't know anyone first hand who has done this. Other states there are people who can do it because it is protected.

From the California State Insurance Commissioner whom I emailed, they claim "...diminished value is not addressed in the California Insurance Code nor the Fair Claims Settlement Practices Regulations. You would need to pursue this in a court of law, however we are unaware of any successful attempts to recover diminished value."

Appreciate it if anyone can share their experience on this.

 

This is coming from my wife (former adjuster and now internal auditor of major carrier operating in CA). Diminished value will never be awarded unless you can prove that diminished value actually took place. How do you do that you ask... You have to sell your car and see if there was an adjustment to the actual cash value of the car as a result of the significant repairs related to the accident.

She said that it's basically pointless to argue using KBB or any other external valuation companies since it's basically an estimation. You need to show evidence of actual financial loss.

 

Yeah I recall that reading that in my search. I was planning to ask for trade in value at dealership. That way I get a price... then when they look up history they will see accident and may adjust price. I figure that is the proof that is clear cut enough but who knows. I figure it's hard here since DV isn't law... but in Georgia it is according to court ruling. Thanks for reply reminding me about the resale thing.

 

You can get a quote for trade in, but you do not recognize an actual loss until you actually trade the car in. I think your best bet is to trade the vehicle in (if you intend to) and have the actual diminished value on hand to present as evidence. I think you'll have a very strong case this way... but do you really want to trade the car in??

 

Nope of course not :P. I would be down at least $20k to get the new Type S 6 speed plus I still love my car more than the 3rd gen still. It sux for people who get in this shiet but this will have to be until we get some protection.


I probably will have to let this one go... as much as I am yearning for vengeance!! Oh, and I almost got hit AGAIN yesterday evening. Same strip on NB 101 between Montague and Great America Pkwy by another idiot. Incidentally same lane too!! (lane 2 next to carpool). It was only 2 days after I just got my car back.... those people make me sick... I flashed my break lights repeatedly at him.

 

Your situation reminds of a case that my wife was working on about a year ago where a piece of shit beat up car rear-ended a brand new M45 with less than 1000 miles on it. His damage was in excess of $20k, which was below the total loss threshold and also the damage was repairable. The owner of the M45 tried to claim diminished value on the basis of estimated trade in value and how the accident has attributed to the diminished value of the car. The claim regarding diminished value was rejected because he was unable to prove that actual diminished value existed. I remember her telling me he was furious.

Well, you basically get bent over and get double fisted in a situation like this. All of us in S. CA need to be careful when we drive.

 

I for one know I don't buy cars with a accident history when it touches the frame/chassis. However, carfax never declares the type of damage... just says it was in an accident so I always have my mechanic try to do an inspection.


More like quadruple fisted... my car got that kind of penetration...literally!! Cheers and keep safe from those crappy drivers.