I got police style pit-maneuvered in my 03 turbo. The other driver's insurance took responsiblity, and is paying for the repairs, but now my car, with nothing bad on the carfax, is gonna show there was an accident. I think the people on this forum know better than most what that can do to the resale value of a car like this. Many people shopping for a Turbo will see the one accident and walk away. It definitly hurts the resale value. And why should I lose even $1 because someone else doesn't know how to drive and put my car and me into harm's way? Has anyone ever been successfully compensated for anything like this? How did you go about it, and what was the scenario? TIA for any info.

 

I've never gone through anything like this, but am vaguely aware of the process. What you're referring to is a "diminished value claim," in addition to your repair claim (as well as any other claims - rental car, medical injuries, lost income, etc.).

From what I understand, it can be a tough process to be compensated at all, much less compensated fairly, for diminished value. I believe you'll need actual evidence, for example from car dealerships, stating what your exact car with its model year, options, and mileage was worth in the marketplace with an accident-free record, vs. what it will be currently worth with a blemished record. Neither insurance company (yours, or the other driver's) will have much interest in a diminished value claim, and may make it really difficult to get anything.

 

maybe having an independent appraisal done of the car's value post accident could be submitted along with the claim?

 

agreed. anything above and beyond a normal payout. while it sucks that it happened. no insurance company is going to see this as anything more than an accident with a +/- 10 year old car and compensate the claim as they would any other similar claim. it is only us that think our cars are somehow more *special* than any other 10 year old car, for the purposes of a claim beyond repair/injury etc. i suppose it can't hurt to try for *diminished value*, but given it's *age* and relative value, i'd say it's a long shot. but you've alrready got the accident on the carfax and possibly even your dmv record, so you're right,..why not try.

 

Had that happened to my minivan. Took it to the local Honda dealer and they said it'll lose about $600 of it's value because it's been in an accident. Since it's nothing major and only need to replaced the rear bumper (which isn't that bad, just lost some paint). When I tried to trade it in for a newer minivan. I was offered $2000 less b/c of an accident. I did get my $600 diminished value from the insurance but it's still $1,400 less. This is a minivan we are talking about, you'll lose a lot more on the Porsche. What I've learned is, the insurance company nor the dealer really knows how to calculate diminished value.

 

Document as well as you can to show how extensive damage was or was not.

 

I am in the process of negotiating with State Farm for my daughter's car for a DV claim. So far they have offerred me about 1/3 of what I am asking for. That was their first offer.

 

Get an estimate from the insurance company. Then call an appraiser and have him provide a diminished value report. (About 500-600). Then submit after the ins co has provided a settlement.

 

It is a separate claim
Claim to repair car
Claim for loss or Diminishing Value

They wont tell you about it, you have to ask and push for it.

MK

 

They calling these guys. May be a good place to start

http://www.autoloss.com/Diminished-V...l#.UVy4UFep37U

 

I had a friend deal with this with his C5 Z06, this was back in 2006 and the car was a 2002 I believe. He got $1800 for diminished value, I think it was State Farm he was dealing with, or it might have been Allstate.

 

Unless you sell the car and solidify a solid loss along side of an appraisal that states value of the car pre and post accident, it will be tough on a 10 year old car. You'll likely have to sue the insurance company after selling the car to get the true diminished value award from a judge.

It's something insurance companies are fighting back on big time as its the biggest new threat to profits emerging. Insurance companies act like there is no difference which in reality there is.

Good luck

 

I agree with pumptech ... Make a little picture book to show all details of the damage and repair.

 

if i was gonna buy a car with damage i would expect "some" discount for sure. however, if photos and documentation could show it was pretty insignificant and only cosmetic and maybe a replaced panel you can likely convince someone to give you a fair offer. maybe you could negotiate some aftermarket part that you were gonna include anyway to make him think he's getting a deal. if its significant damage its a another game! what kinda damage is it? maybe we can make a deal...lolol

side story...i totaled an 02 C2 but my VIN number came up as a C4S (like the turbo comes up as GT2) and i told the insurance company after my original offer "hey i was expecting more for my C4S" i got another $3-4000. little insurance fraud never hurt anyone. not sure id try the same with the GT2 swaparoony!!

 

similar experience here.. except i had to show the window sticker w/ x50 option to get my *extra* 4-5k lol