Got in accident. Someone hit two side doors of mine and a fender and then ran. The police was able to track the person down and now I got their insurance. Their insurance company has agreed to pay for the damages and it came down to about $ 2100. I was curious if there is a way to have insurance company pay for the loss of car value? They agreed to pay only for the repairs saying that the car does not loose its value if it is repaired properly. I mean if I try to sell this car right now (it is a 2004 Chrysler Sebring), I would not get a full resale price because the car was in the accident. I know private buyers would care about this kind of thing for sure. How about dealers? Do they ask if the car was in an accident and how to make insurance company to pay for this kind of thing?
Answer by Bill R
Most insurance companies will offer if you push them. That they will pay the difference in the cars lost value because of the wreck but you have to trade it in less than 3 years or you get nothing
Answer by deadcars42
it depends on the state of loss. Some stated will reimburse owners for whats called "diminished value" after an accident based off of the value of the vehicle vs the damages. Check with your insurance co to see if your state is one of the VERY FEW states that require this type of payment.
Answer by Jifr
Hiya:
What you are talking about is called diminution of value.
In some states - the insurance regulations hold that once a vehicle has been repaired to its pre-accident condition - there has been NO loss of value. (Contrary to what the general public thinks.)
I know of one state that has legally instituted payment to CLAIMANTS for their loss of value. There is no specific dollar amount associated with that. They have just stated that it has to be a reasonable amount agreed to by both parties.
For the most part, though - you are not going to see any money for that loss of value.
:-(
~jifr!
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Orignal From: Does car loose resale value after accident? How to estimate the value loss for insurance compensation?
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