Need Advice Diminished Value Auto Claim

Has anyone had experience with a Diminished Value Claim for an automobile accident?

Back in February I was rear ended in my 2013 model year car. The damage was basically scrapes and such that were easily fixable. The person that hit me had insurance and they paid to fix - total cost ~$1K.

In the process of shopping for a new vehicle right now and every place I go they tell me that the car (despite being in excellent shape) is only worth FAIR market because of the accident report. I can understand the car not being valued at excellent, but feel the Fair value vs the Good Value is definitely a result of the accident. The kicker is that the difference is ~$8-10K that is no fault of my own.

Any way looking for advice from anyone locally (or not) who might have has experience seeking Diminished Value compensation.
Thanks!

 

Trading a car in can be a challenge all its own and dealers do not want to take a bath trying to re-sell. That accident report can be found I guess by potential buyers, thus reducing the "perceived" value of the car.... so the dealers are taking that into account.

You may have better luck selling it yourself and simply show the repair paperwork to anyone who wants to see for piece of mind. It may be harder but you should not have to lose that much money. Just my 2 cents....

 

We recently were involved in a lawsuit over the diminished value of my car after it was hit by a drunk driver. Some insurance companies will compensate for diminished value, but you have to REQUEST it and question them. In our case, Liberty Mutual was very difficult to deal with. The appraisal expert testified that the value was diminished by $11,000, but Liberty Mutual only offered $4,000. The judge split the difference and awarded us $7,000. Unfortunately, between the attorney fees and the expert witness, we broke even. Our attorney warned us from the beginning that these cases were very difficult to win. It was more about justice for us though. In the end, the driver did not even have to appear in court. Liberty Mutual represented him. Even though we technically "won" our case, we do not feel that justice was served. It was exhausting and very frustrating.

However, we were involved in another accident a few years ago and that insurance company paid the full diminished value. Each insurance company is different and it does not hurt to pursue it. Worse case scenario, you get "something" even if it is not the full diminished value amount. Best of luck!!