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#1
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Diminished Value?
We have a 2012 W166 (ML 350) that was T-boned in the passenger side in a medium speed collision. The collision damaged the front fender, both doors, both wheels, etc. Total cost of the repair is around $8000. The NADA clean retail value of the car is around $28,000.
I am sure this will show up on Carfax. Did we incur a loss due to diminished value of the vehicle? What do I need to know to pursue that with the responsible party's insurance?
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Behind every great man is a great woman. Behind every great woman is a great behind. |
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#2
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I would think so, due to the folks that either refuse to purchase a vehicle with a damaged carfax report, or use it to dicker down on the pricing.
I don't have a clue as to how to go about it, other than bring in an attorney.
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85,000 miles Meet on the level, leave on the square. Great words to live by Were we directed from Washington when to sow and when to reap, we should soon want bread. - Thomas Jefferson: Autobiography, 1821.
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#3
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Its tough to get anything solid for a valuation, but Insurance companies have awarded folks for such a loss. I tried to get it on my Truck when it was hit but had no luck. The insurance company would not budge and I felt beat me out of about $2000. State Farm. I switched companies and with my 8 or so vehicles saved that much the first year.
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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual. [SIGPIC]..I also have a 427 Cobra replica with an aluminum chassis. |
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#4
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You can contact the insurance company and explain your concern but they may ultimately try and use anything you state against you.
Due to that as noted above, contacting an attorney is the way to go. This kind of thing may be out of the reach of mere mortals who own vehicles.
__________________
Toyota is a leader only because their drivers block everyone behind them. Oh what a feeling.
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#5
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Try this site autodiminishedvalue.com which is a good Q&A resource for anyone unclear about diminished value.
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#6
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or hold out til around christmas.they like to settle old claims before years end.
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#7
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Quote:
In the meantime, I'm going to contact my friend who is the owner of my local MB dealership. I'd like to take my vehicle to his store and get his used car manager to give me their take on it. Thanks to all for your responses.
__________________
Behind every great man is a great woman. Behind every great woman is a great behind. |
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#8
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Fix it, sell it, and sue for the difference. Tell them and a lawyer what you are doing. Retain the lawyer. Get a lawyer who specializes in insurance settlements.
Hope nobody got hurt. |
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