Payment for damages of vehicle resale value from wreck?
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Payment for damages of vehicle resale value from wreck?
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Hello,
We bought a brand new 2010 Ford Escape last month. We've made one payment and it has 1600 miles on it. My wife was hit by a (insert colorful word) guy and it was completely not her fault, nor was she written any tickets.
The car is being repaired to 100% how it was before the accident and we got a rental car for the whole process. No money came out of our policy and we have had no money come out of our pockets for any other reason at this point.
My question is for the value of my car now. It feels like we loose no matter what when it wasn't even her fault. Sure, everything is paid for, but now we have a brand new truck with a mark on it's carfax report. This obviously decreases the value of our vehicle.
Is there any actions I can take to be compensated for the damage in value? Geico told me they have no compensation for this. It seems like something should be atainable legally. Thanks for your help!
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mbrcatz
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If this is the other guy's insurance, what you're talking about, is "dimunition of value". MOST states, Geico would be on the hook to pay you, for the dimunition of value - but only if you know to ask for it.
Now, exactly how much is that? Usually around 5 - 7% of the cost of repair (higher percentage for fancier cars, like Mercedes). If it's a $3,000 repair, that puts dimunition around $175 for an Escape.
Tell your adjuster you want payment for dimunition of value. |
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Derrick S
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Since Carfax came onto the scene, vehicle owners are being screwed by the dealers when this surfaces at trade-in time. Years ago I loan my car to a friend and he got into a car wreck. He was at fault. My insurance covered everybody's cars and we all went about our lives. A few years later when I traded that car in, I was hit with a $5000 penalty devaluation because of that accident. The dealer pulled a Carfax on it and found it. So instead of having a car with NO visible sign of damage and trade-in value of $10k, I only got $5k for my car. I was pissed! My friend has no money to pay for the devaluation and the insurance company did the minimum for me to have my car back. At this point there's nothing that can be done. Insurance companies lobby against changes which would give us some kind of compensation. |
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