I got into a car accident and would like to know how would I be able to settle for the amount of diminished va

Question

I got into a car accident and would like to know how would I be able to settle for the amount of diminished value I had lost on my 2007 Chevy Pick up which before the accident was brand new?

Answer 1

The biggest thing to diminish the value of your 2007 Chevy right now is gas prices.

Due to the high cost of gas, you'd have a hard time selling that truck. They just are not moving in the market now.  

The insurance company may give you a little something - just to make you go away, but don't think you're going to get thousands for it.  There is a very good chance that the collision did not cause any diminished value.

It would also help if we knew what part of your truck was damaged, the repairs made, cost of the repairs and what state you are in.

Answer 2

Diminished value is difficult to get out of an insurance company..but here goes:

go back to the dealership, if possible, that you bought the vehicle from and get (in writing & in the condition that your vehicle was in) what they would give you on a trade in.  Then show them the estimate of repairs & ask them what they would give you after they know that it's been in an accident.  The difference between the 2 is your diminished value.

www.collisionclaims.com

you can get a review @ this website

Answer 3

There is no such thing as 'diminished value' generally speaking.  If you had a 07 Chevy pickup, it wasn't brand new before the accident.  If it's repaired properly, it's probably better now than before the accident.  The one year old hood that was dented has been replaced with a new hood which is painted to match the car.  You're better off, not worse, so why would there be diminished value?

If you were to sell your car to a dealer, and the dealer gave you a letter stating "We paid $1,200 less that fair market value based on diminished value due to an accident" you might have a case.  Other than that scenario, forget about it.

Answer 4

Both prior answers are correct.  Also, you should know that not all states recognized Diminished Value.   If you filed a claim against your own policy, you are not entitled to diminished value at all.   You would have had to have filed a third party claim.