Any advice on getting diminished payment value for vehicle after collision?

November 15, 2006 9:13 PM

Any advice on getting diminished payment value for vehicle after collision? Their insurance company said that there was no diminished value after our car was rear ended by a semi-truck.

A few weeks ago my wife was rear ended by a semi-truck in stop and go traffic. The vehicle was fixed, and paid for, by the trucking company's insurance provider. The accident occurred in Washington state, we live in Oregon and the trucking company is based in California.

We have hired a personal injury lawyer for the medical bills that have resulted from the collision.

We hired an independent appraiser for an estimate of diminished value on the vehicle. $3,180.60. Not a lot of money for a 2005 Chevrolet, but it is something we are entitled to.

The trucking company's insurance agency came over to our place to make their own estimate after the repairs were completed. When they finally gave us the diminished value, in their opinion, it was a whole zero dollars. They felt that since the vehicle was repaired using factory parts (we selected the repair facility) there was no diminished value to this vehicle after the collision and repair.

Obviously we could hire another attorney for loss in value of the vehicle, but does anybody have any advice we can use?

Thank you for any information.

posted by Leenie to Travel & Transportation (5 answers total)

Sell the car right now for its full current value. Unlike real estate, you are not generally obligated to tell the purchaser that it has been in an accident if they don't ask, although he/she may ask or otherwise research the vehicle themselves. But not many do this due diligence.
posted by frogan at 9:22 PM on November 15, 2006

In some states you do have to disclose if the car has been wrecked if you plan to sell it. I believe NC is one.
posted by 4ster at 10:08 PM on November 15, 2006

IANAL, but you are certainly entitled to diminished value. Some states have specific laws on diminished value, so you of course will have to look into those. If they're not budging after the appraisal, the next step is probably to have an attorney send them a nastygram. After that, you can try to negotiate, or sue them. If they believe that you will actually sue them, they will probably at least offer you some sort of settlement, because fighting you in court (and losing) will be expensive for them. One piece of advice I have heard is effective is to give them a demand and a deadline, and on the deadline day, in the morning, fax them a copy of the suit you're about to file, with a note saying that the suit will be filed by the end of the business day. Insurance companies expect people to roll over because they think it's not worth the effort or that they will lose the case. You have to convince them that you are serious and are going to beat them. Good luck!
posted by cameldrv at 10:15 PM on November 15, 2006

Sell the car right now for its full current value. Unlike real estate, you are not generally obligated to tell the purchaser that it has been in an accident if they don't ask, although he/she may ask or otherwise research the vehicle themselves. But not many do this due diligence.

You mean, try to sell it at the pre-wrecked value? Because that is no longer the "full current value" of the car.

The car has been in an accident. It's actual value is not ever going to be the same as it was prior to the accident.

Your advice sounds like, "Sure, you can get back the difference in the settlement offer. Just get it on the back of the poor, unsuspecting schlep who trusts you enough to buy your car and who pays too much for it because s/he does not know it was wrecked, and who (oh, yeah) WASN'T THE ONE WHO HIT YOU."

I mean, caveat emptor and all, but give me a break.
posted by 4ster at 10:32 PM on November 15, 2006

You may not need an attorney, many places the limit on small claims is $5000. Small claims court is a fairly informal proccess. At worst I'd imagine the judge would split the difference. You may also use the threat of small claims to try to get the trucking company to meet with you under binding arbitration.
posted by Mitheral at 7:36 AM on November 16, 2006