How to claim Diminished Value in CA?

Question

My car was smashed into by an elderly lady trying to park in the parking lot where I work. She caused over $5,000 damage to my 2003 Acura TL. Repairs are being made and those costs are being covered by her insurance company, however my car will never be worth what it was before the accident even after the 'outside appearance' has been fixed. I will have to disclose that it was in an accident if I choose to sell it and that will definitely lower the value of my car. How can I successfully prove and get reimbursed for the diminished value of my car??? Any help would be greatly appreciated. Thanks!

Answer 1

You cannot but  you DO NOT have tell anyone it has been in an accident. Only if the insurance company totals vehilce do you HAVE to disclose this info.

Answer 2

Most states have now barred Diminished Value claims by statute and/or policy. You'll need to find out if your state is one of those (Read the link below and also call your state's insurance department. Anyone who answers the phone should be able to help you.)

And just an FYI, the few states that still allow DV claims usually require you actually incur the financial hit, ie, sell the car and show a loss: Not just an "assumed" or "estimated" loss in value, but that you've actually sold the car for less than it was worth and the only reason for the loss was this accident. If you drive it for the next 200,000 miles/10 years and never have another problem, then you've never lost anything. And the burden of proof is on you - not the insurance company.

Good luck.

Answer 3

You cannot but you HAVE TO by law to disclose that your car was in the accident. This is a no win situation. It would be better for you if your car was totalled, you just get your money and walk away.. I am sorry..