FS: Lightly Used Elise

[Treibenschnell]

I have to go to the bathroom.

+ =

[Adam Payrot]

Are all insurance companies required to pay "disminshed value"? Year before last when some stupid Axx Hxxx back up at the stop light and crunch my front end. I asked and the insurance company refused to pay!

They change their minds very quickly when you say the magic word... (lawyer or attorney, your pick). Most of the big companies don't even need that though; you have to ask for the documentation, and make sure to fill it out properly. Smaller companies will give you a harder time.

[Majik]

They change their minds very quickly when you say the magic word... (lawyer or attorney, your pick). Most of the big companies don't even need that though; you have to ask for the documentation, and make sure to fill it out properly. Smaller companies will give you a harder time.

I am guessing that diminished value will probably be alot smaller on a miata, or most of out OTMs than on a lotus or other similar low number car. Is that correct? Because the value is higher and I would think people are alot more likely to buy a miata that has been in a fender bender than a lotus.

[Adam Payrot]

I am guessing that diminished value will probably be alot smaller on a miata, or most of out OTMs than on a lotus or other similar low number car. Is that correct? Because the value is higher and I would think people are alot more likely to buy a miata that has been in a fender bender than a lotus.

Here's an example:

My car was in *PERFECT* condition prior to the accident, but now I have the accident report history against me and the slight misalignment of the body panels. I will never get the best trade-in for my car. They estimate how much I would lose on trade-in/sale of the vehicle, and offer that to me. I should see around $2k for my car, maybe a little more. Most cars fall in the $1500-3000 or so range, from all that I've read on it. I think frame damage will bring more $$$, but most of the time frame damaged cars are totaled out anyway.

As for the initial value of the car, that does play into it somewhat. The biggest factor is how much the adjuster *thinks* the car will be devalued by the accident. They don't really care if somebody would be more or less inclined to buy a damaged car, although that does ultimately drive just how much the value drops after a wreck.

Another note: You can't claim DV if you were the person at fault. Don't know why, the reasoning they gave me was stupid (something about how they already fix your car and make it right).

[srivendel]

They don't really care if somebody would be more or less inclined to buy a damaged car, although that does ultimately drive just how much the value drops after a wreck.

Assuming the car was repaired properly, that would be the only thing driving its diminished value. But the value is still diminished because the purchaser cannot be 100% certain that the car runs like it did before the wreck. It's a problem of imperfect information, and there's not really a good way to fix it.

Put simply:

Miata A -- not wrecked
Miata B -- identical to Miata A but wrecked 6 mo. ago.

Which one do you choose?

S.

[Adam Payrot]

Assuming the car was repaired properly, that would be the only thing driving its diminished value.

I didn't word that exactly how I wanted to... I started to and it got too wordy so I tried to paraphrase a little lot

By they I meant the ins. co.; the prospective buyer of course cares, but the ins. co. sees their repairs as putting you in the same position as before the wreck, which is impossible w/ the accident record. It's just a mess to deal with and you pretty much get either way.

[srivendel]

Linkie.





S.

[Radio-Active]

And the reason the guy is selling his car.

I would have it fixed but I was in a pretty bad motorcycle accident back in June of last year. I've had eight operations to repair the damage I did to my leg. I didn't think when I went to buy this car that I would be able to drive a stick. But I can. I went to the doctor yesterday and I told him I still can't put all my weight on my bad leg. I also can't bend it more than 70 degrees. So he told me I will need to get two more operations. One to take out the ten screws and two plates. Then they want to let it heal then go back in and do a total Knee replacement.

Ouch!

[MadMonkey]

I want it