Car accident...diminished value?

Discussion in 'The Squeaky Wheel' started by allcarfan, Nov 3, 2009.

  1. allcarfan The Answer Man

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    One of our friends backed her jeep up into our 2010 Mustang GT. It put two, small dings in the hood. The estimate to have it fixed is in the $800 range and will go on carfax. The car is 4 months old. Retail on the mustang when we bought it was around $38k

    We would like to make a diminished value claim also...since the claim is going on carfax and the amount being claimed.

    We have never gone the "diminished value" route. What amount would be feasible to accept? (im thinking $50,000). Seriously though....
    allcarfan, Nov 3, 2009
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  2. 5.0Droptop Neutered Member

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    I would take pictures of the damage. Save them for later on if you go to sell it. Then you can prove what the damage was.

    As for the value loss. Good luck with that.
    5.0Droptop, Nov 3, 2009
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  3. kck6894 New Member

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    That's a good idea. Of just make the person that hit you pay it out of pocket. Then buy and A/M hood :D
    kck6894, Nov 3, 2009
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  4. CBus 06 GT Member

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    IMHO, a CarFax claim for $800 probably won't affect the value too much. But what kck6894 said is probably the best idea. Just pay for it out of pocket. What's the deductible on your friend's insurance? Is she really going to save money in the long run by filing the claim or would it be cheaper for her to pay cash to get it fixed?

    As to the diminished value route, I doubt normal insurance will allow for that. I think that's only in collector/specialty vehicle policies. Is that what you have on your Mustang? If so, then file that claim against your own insurance policy.
    CBus 06 GT, Nov 4, 2009
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  5. mustang timmy New Member

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    Same thing happend to me backed up inmy brother traler got it fixed you can hardley see it.
    mustang timmy, Nov 4, 2009
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  6. allcarfan The Answer Man

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    Our friend said she wants us to go through her insurance company. Cant blame her.

    As for diminished value, it is not something we REALLY care about, but something that was suggested to us. I have spoken with people on other forums where diminished value was offered to them...even on a $500 claim. We figured we would ask and see what happens.

    Diminished value is not just for collector/antique cars. I know this for sure.

    I have had half of the online car community say "absolutely, get it." and the other half say "dont worry about it."

    Her insurance company said they would be calling my wife to discuss diminished value. For some reason our friend's insuance company asked what my wife's occupation was. She is an attorney. This is when they said that they would certainly call her about DV. She didnt even play the attorney card. This is her 2010 GT....with lots of work done to it. I am just letting her do what she wants with the insurance company. I just wanted to try and give her some guidance.
    allcarfan, Nov 4, 2009
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