How much money should I get for the diminished value on my car?
So I just bought a 2014 ford mustang v6 premium. Had a 16 year old fender bender me 3 days after I bought it. It has 400 miles on it. The estimated damage on the car is $1,600. I'm wondering what kind of money the insurance company should give me for the diminished value on the car. The damage was to the rear bumper and taillight.
What country? There's no "diminished value" clauses in standard insurance contracts. In the USA in No-fault states, your insurance policy covers your damage and you have to try to recover any deductible from the kid that hit you. In at-fault states, their policy is supposed to cover the repair. The best you can get is repair of your car at a dealership replacing the damaged part with a new part(s) and factory color painting as necessary.
Accidents are part of car ownership. You are screwed, and try to recover the best you can, but nobody in the USA listens to diminished value. The value was heavily diminished as soon as you drove it off the car lot.
? You must have FULL coverage on NEWER CARS, with a DEDUCTIBLE for accidents! CALL YOUR INSURANCE COMPANY! Was there a TICKET issued on this accident? If NOT your fault, the OTHER insured party has FULL responsibility for damages! BYE NOW!
$0. A minor $1600 repair should not diminish the vehicles value as long as the repairs are properly performed.
If it was the other guy's fault, you can claim diminished value and you'd be surprised how much it can add up to on a new car. We used St Lucie Appraisal who got 6 dealer quotes that was good enough for the insurance company.
I'm not sure you will be able to recover for diminished value. You can try but don't count on it.
By the time you get a lawyer involved trying to recoup diminished value you will find out it wasn't worth it. First off a car with a tail lamp and bumper damage isn't really worth crying about, it isn't like your car has structural damage and its unsafe to drive Second thing is your insurance company won't just give you a check, a 3rd party investigator has to sue them for it, not always a win win. In your case not worth the time
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