Claim Diminished Value if is not your fault?

Hi folks, I have not been involved in any accident but I have a friend who was rear ended and its not his fault. He is concerned that now, his vehicle will have an accident reported on the CARFAX and this will damage the actual value of the car and its not his fault.... Who pays for the diminished value of these type of cars? Your insurance, their insurance or nobody? Do you have to get special insurance for this? If you have had a similar experience, please share the info! thanks!

It depends on your State. In mine (VA), for example, I can claim DV, but I have to go directly to the other party's insurance. My insurance company is not obligated to do it for me. I've heard some states don't allow you to claim DV, though you could still file a separate lawsuit against the other party. If MD puts the onus on the aggrieved party (like VA does), then I'd suggest you also look at any time limits they may have on the books for such a claim. If the window is long enough, your friend should take a wait and see approach and towards the end of the window check the CarFax and AutoCheck reports on the car. It nothing shows up, it may not be worth the hassle to fight over it. Our 996 has 5 incidents that were covered by insurance, but none have ever shown up on it's reports. My 958 also had insurance work done, but it's record is also clean.

Several years back, my wife was hit by another driver. It was a leased vehicle at the time, so I inquired of GMAC if the accident would result in any change to my "surrender value" at the end of the lease. They said that as long as it was repaired, that the result would be a vehicle "good as new" so they would have no concerns. This was in 2000, so Carfax was not as prevalent as it is today. Interesting thread, though. Didn't think about the Carfax implications of turning away potential buyers.

Hey Neto, there is a guy named Heroin that rear ended his wife while driving his Porsche. He wrecked the car and messed it up pretty bad, but can you blame him? I'd wreck too. I'm not sure if he received a diminished value check given the circumstances, but I'm sure it was one helluva ride!

http://www.iii.org/article/will-my-i...aged-collision

...

Quotes source post: 13688456

Don't be an asshat Chanel, you know good and damn well I contribute to this community, but obviously, never useful to a "pedant" like yourself.

...

Quotes source post: 13688456

FIFY in context: Chanel, I get that you enjoy a hard-on from being a self-absorbed jerk with your comments in order to get a reaction, but once in a great while maybe you could post up something less narcissistic?

That's cute - you even spelled "narcissistic" correctly. I'm not sure you understand what it means, but kudos on using a big-boy word. If you can't help but blather more about how self-absorbed I am, please do it in the "Good week" thread or via PM so OP can be spared the remainder of your tantrum.

Diminished value claims vary state-to-state. But yes, if allowed in your friend's state, your friend can attempt to recover an additional payout for diminished value. I hope your ...er..your "friend's" car wasn't crunched too bad If the other driver was 100% at fault you may claim diminished value in ALL states except Michigan. This only applies when the other driver's insurance will pay out the entire claim.

Neto, jokes aside... I feel your friend's concern. We're talking about rear-end damage to a Porsche which could greatly affect the resell value of this type of car. This is not Toyota Camry we're talking about, right!? I completely empathize and would encourage your friend to fight for the full value of repair from a reputable PCA certified body shop and demand a diminished value estimate that is acceptable. I'm been in accidents and later receive a DV check without any approval on my end. I didn't really care because it was my older daily driver, but I would react differently if it was my 996. Insurance companies could care less what the fair market value is for you specific 996. They want to get out of the claim with the lowest payout possible. That's why so many have to hire lawyers to fight them. I prefer not to run to lawyers, but rather, push the insurance adjuster to do the right thing. So far... I haven't had any problems. I wish you all the best!

Be aware of two things: 1. In some states (such as mine, Colorado) you can claim it but ONLY if you file the initial claim through the at-fault party's insurance. So if I were to file a claim through my own guy because it's more convenient I would not be able to recoup diminished value. They do not tell you about that unless you ask up front. Either way it would not affect my insurance rating since it wasn't my fault, my insurance company would pay out minus my deductible and then after their are reimbursed by the at fault insurer I would receive the balance (= deductible). 2. It may cause the car to be totalled. In my event I was rear ended in an almost new Outback. It was borderline if there was enough damage to be totalled. However once I was very clear that I was certainly going to seek a diminished value claim it moved it right over the threshold. In my case that was the goal, there was no way I wanted that car back (it did great in the wreck but was a mess which is the idea) but in your 911 that may not be what you want...

I would never pay out on a diminished value claim.

Quotes source post: 13689541

Are you above the law? Do you pay your electric bill?

Quotes source post: 13689541

Why? It's a completely legitimate claim. Example: you are stopped at a red light in your brand new GT4. You are broadsided by a Ford F150 with a "make America great again" bumper sticker. GT4 is crunched up real good. You are zero percent at fault. Your GT4 is no longer worth what it was 30 seconds earlier, in fact it's worth significantly less even after all repairs have been completed, easily $10k or more in diminished value. Which car would you personally purchase first, an accident free vehicle or a smashed up and repaired vehicle all other factors being the same?

Quotes source post: 13690605

If it had an "H with an arrow" bumper sticker, they'd hit and run. bwhahahahaha!

Quotes source post: 13690605

Let me tell you, its going to be the greatest car repair ever. Best ever. It going to be great. I guarantee you will love it.

You drive on the road you take the risk, and they are called accidents for a reason. Only the only thing good about living in a no fault state is I don't have to worry abut someone attempting to claim diminished value. The whole idea I think is inhearantly absurd.

What state is the "No Fault State"??? Washington D.C. ??? bwahahahaha!!!

Quotes source post: 13691428

You've obviously never tried to trade in a car that has been in an accident and "fixed". If you think you get already bent over trading in a car that's never had any work done, just wait...it's a whole new level. You would really pay the same for your M3 if it had been rear-ended and fixed as compared to an identical car that has never had any damage whatsoever? Really?

Quotes source post: 13691428

As we've told you before, MI does not equate to the entirety of the US and just because it has certain laws has no bearing on the laws in other states. We have also previously shown that you don't even know the laws in MI nearly as well as you think, and this is yet another instance of that being true. MI does indeed allow for Diminished Value claims and you have up to 3 years on the statute of limitations for said claim. You can not, however, make the claim against an uninsured motorist (e.g. having your own insurance pay out the DV). So unless you are driving around without insurance at all or fleeing the scene of accidents, yes you are indeed on the hook for DV claims regardless of if you like it or not.

Quotes source post: 13691466

Just because you found a web site claiming you have three years to claim diminished value, please cite a MCL that states such. While I may be wrong, I have yet to find any law allowing such action. And no where in my post did I ever claim, or suggest anything or any law in any state other than my own. And at the end of the day, good luck seeing someone civilly over a car accident in MI, mini tort laws limit the amounts and types of action a person could pursue in civil court. I don't pretent to be the end all be all when it comes to insurance in MI, however I deal with these types of actions on almost a daily basis, and in 16yrs I've yet to come across one in MI. Doesn't mean they don't exist, however I've yet to find it.

"Let me tell you, its going to be the greatest car repair ever. Best ever. It going to be great. I guarantee you will love it." I lulled.

Quotes source post: 13691528

The closest I could get without reading every chapter is that it is all buried somewhere in section 500 from an Act in 1958. Enough MI based law firm websites make the claims about both the existence of DV in the state as well as the time limit, however, that I'll continue to bet that they know what they are talking about unlike some that try to sound knowledgable about things when they are in fact not. Just because you haven't experienced a DV claim doesn't mean it's not possible, it just means you haven't seen it. The average driver isn't aware that DV even exists and many insurers go out of their way to convince people to not pursue it if you do know enough to ask.

In michgan you cannot make a third party claim against damages sustained to your vehicle in an accident expect when it is parked. When it is parked your vehicle falls under the property portion of the mandatory minimum PL/PD coverage. That is the only time you can make a third party claim against the at fault drivers insurance to recoup damages to your vehicle cause from an accident. Again in Michigan it doesn't matter who's at fault, who caused the accident, or who did whatever. If you are not carrying full coverage insurance with either broad form or standard collision, then you are not getting a dime if your vehicle is wrecked.