Diminished Value

I have been a member of this Forum for over 20 years and practicing law for just as long. You are a new member with virtually no posting history. For you to attack me or assume that I have ulterior motives is simply out of line and discredits any point that you are trying to make.

 

Honestly..if you are worried about diminished value because of $1000 claim why are you makeing the claim? Just pay cash for the repair. Keep the car clean and be done with it. This is ridiculous.

Why are you being so petty?

 

Making a claim for $1000 damage on a Ferrari? You are shooting yourself on the foot for $1000?

If still possible don't involve your insurance and pay out of pocket. $1000 check from the insurance wont be worth the hassle of having a carfax tainted history, even if you document it all.

 

My "point" was that you were promoting misinformation. That isn't "out of line" when it affects people who are here seeking reliable information. The fact that you are an attorney simply compounds your egregious act. You wrote "I know that an insurance company won't give you diminished value for a minor accident." which is not true. What is true is that they will fight, whether the damage is minor or not. But people get paid for DV every day in any case. I'm sorry that you are offended but you shouldn't be discouraging people from pursuing remedies that are available to them.

 

Who did you hire? Thanks in advance.

 

How much is your deductible? You can barely fix a door ding these days for $1k, especially a Ferrari.

 

So this was 6+ months ago. What was the result? Did you get a DV payment?


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The argument over the damage of even small amounts is


Carfax says ACCIDENT REPORTED.
That alone severely limits the number of people who would buy your car and tarnishes the car 10-20% in my experience. No matter how small.

It's like saying a super model had aids. But she should be ok now.

 

So in this scenario, how much will your car depreciate on resale? Assuming accident now on the CARFAX.

 

For $1000 just pay to have it fixed yourself. It will obviously cost less than a lawyer or any diminished value

 

I am an attorney in Florida and my firm is thinking about starting to handle DV claims, however we all agree that the delta needs to big enough to justify the claim. A 1K DV is not worth pursuing, as most of you have pointed out it probably is less than the deductible on the policy. However, cars with such values like an F40, McLaren, other exotics the DV loss could be well into the 6 figures so in those cases a claim would be justified. I am a real car guy, through and through, so this is an area that appeals to me. Also, with so many exotics here in Florida it seems there would be demand for this service. Just my thoughts

 

It’s not only about the cost of repair for the accident. The diminished value is also related to the history report mark against the vehicle. Given a choice between two identical vehicles, one with no mark on Carfax and one with a mark against Carfax, no one unless there’s a significant price difference would take the one with a mark against the history report. This in itself creates a diminished value situation that cannot be disputed. Would assume that the Delta would at least be 10% if not more even for a small accident. The greater the value of the car, the greater the percentage. How much less would you pay for $100,000 car with a story? Certainly would have to be an excess of $10,000 or why would you bother you would just buy one with no stories because one day you’re gonna have to resell it.


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https://wreckcheck.com

Here’s a website that will calculate the diminished value as well as set up the paper work needed to proceed.


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That's sort of a gimmick.