Should I be compensated for what my truck depreciated in a auto accident?

Question

I was involved in an auto accident in Septemeber. I have not hired a lawyer... My truck was bought new ('07 Silverado) in Feb '07, had 9K miles on it at the time of the wreck. The damage to the truck was $10,500.00. Obviously if I trade the truck in and they see a "carfax" report that my truck was in an accident, then I will not get nearly as much out of it. Should I get my truck appraised and ask for the difference?

I should have added the wreck was not my fault. I am ready to settle on my injuries, which were minor. But it would be the at fault persons insurance I would want the compensation from.

Answer 1

You need to talk to your insurance company.
Some insurance policies have a clause called "diminished value"
One of my co-workers received $3500 for the "diminished value" of his wife's new Mustang after the car was repaired to 'like new' condition. The original damages were about the same amount as your example.

I hope this helps

Answer 2

Absolutely. Talk to your insurance agent and be sure they get you what you deserve (if the accident is 100% someone else's fault, it's your insurance company's job to get the money from the responsible party's insurance company or to compensate you themselves without any affect to your premiums.) The $10,500 should be enough to restore it to original condition & value (they will tell you this first), but if the appraised value happens to get lowered because of a CARFAX report, you are entitled to that monetary difference as well. If your insurance company is not helpful, tell them you will be hiring an attorney and will be asking for the difference AND the lawyer fees in court - that should get them motivated.

Answer 3

I have seen this question asked before in forums with actual lawyers answering and the answer was always "not likely". Without a lawyer they will probably just tell you to pound sand, but on the other hand hiring a lawyer will probably cost you as much as you could gain.

Besides how would you determine that loss? The difference will depend on whether you sell the car in two years or ten. Until then you have no actual damages.

Answer 4

Was the damage repaired? Did repairs return the vehicle to 'like new' condition (everything fixed, painted, etc.)?

There is no way to determine an exact difference in selling price with or without damage -- since the sale price is simply what someone is willing to pay (which might be more or less than the blue book value).

No insurance company will reimburse you for what you 'think' is the difference in 'potential value' -- especially since they already paid for repairs.

Damage, and repaired damage, are part of determining a blue-book value for the vehicle, and are a normal factor in depreciation for any vehicle. NOT getting damage repaired is far worse in terms of value than is getting a good repair.

Answer 5

Yes

Answer 6

From who ?