Diminished value insurance claim?

[gmzvip23]

Has anyone here done a diminished value claim on the other partys insurance? Long story short my 2013 ram with 5,900 miles got hit after 6 months of owning it. The damage totaled to 1,800 so not much. I know that if I were to trade in the truck in a year or so it would take a hit because of the accident. I havent done much research but I was thinking of taking the truck to carmax to get a trade in value after it was repaired so I can prove to the insurance the diminished value of the truck. Does anyone know how to go about this?

 

[MitchPeder7]

I want to know as well.


Sent while I'm on the sh*tter at work

 

[NYCruiser]

I'm having my front bumper cover replaced tomorrow from snow damage. I'm just paying the $800 not to have the damage record on the carfax report.

 

[MitchPeder7]

That's what I did on my truck, but I'm worried if I get hit, fix it on their insurance, then trade it I'll be screwed.


Sent while I'm killing time at work

 

[ATXHEMI]

Yes you can claim depreciation but you have to ask for it. They're not going to tell you a out it. The paid me $650 when I was rear ended. Also paid for my daughters car seat to be replaced too.

 

[NYCruiser]

That's what I did on my truck, but I'm worried if I get hit, fix it on their insurance, then trade it I'll be screwed.


Sent while I'm killing time at work

Yeah. If insurance pays, there will be an accident record that will come up on the carfax.
They will compensate you for that I've heard. How much that depreciates the car? who knows. I guess they have some kind of formula to figure it out. Then you have to decide if its enough.
The fact that the carfax isn't clean will certainly have some affect on resale. I wouldn't want to buy a used car without a clean carfax if I could help it.

 

[smiley]

Show me the car fox. Okay my actual point would be if you guys know to pay outright and it won't show up how many others do it too. So the car fax becomes pretty useless. I understand the concern but I don't think it would hurt trade in only resale to a consumer. The dealer I traded into never even looked at my vehicle outside just checked miles drove it and walked back it with a low ball price. I then said no I want 14k and they agreed to make the sale.


$miley

 

[HKkid]

What was damaged?

 

[Informal]

Funny you should ask.....

http://www.ramforum.com/f41/so_i_got_rammed_saturday-44365/

I got some very helpful info.

 

[Kowalski]

Proof of Diminished Value

Has anyone here done a diminished value claim on the other partys insurance? Long story short my 2013 ram with 5,900 miles got hit after 6 months of owning it. The damage totaled to 1,800 so not much. I know that if I were to trade in the truck in a year or so it would take a hit because of the accident. I havent done much research but I was thinking of taking the truck to carmax to get a trade in value after it was repaired so I can prove to the insurance the diminished value of the truck. Does anyone know how to go about this?

There are a number of independent appraisers that do diminished value reports nationwide. I used a company from Fort Pierce, FL. My advice is to make certain that whichever appraiser you employ uses only dealer quotes from Dodge dealers, not formulas or auction results. Also, do not hire one of the cheap-o companies that charge $39.00 for the insurance adjuster will then know you are not someone they need to treat with any kind of respect.