did your 370 get hit? file a diminished value claim!

esfourteen

I had never even heard of a Diminished Value claim until another member recommended I file one after my 370 was rear ended. Basically its a claim against the loss of value of your car after being involved in an accident.

The person who hit me had Met Life, filing the diminished value claim was pretty straightforward, they got back to me quickly and offered me $3800, he came by that number by taking a trade in value on my car in perfect condition and then in fair condition and subtracting the two. Other insurance companies might do things differently however.

Total damage to my car was about $6000 (they had to replace the floor pan in the hatch). All welding was done using the oem style spot welders, you can't tell the car was in an accident at all. So I think it's pretty fair, if I ever decide to sell the Z I at least got back what I could potentially lose in the sale.

So keep it in mind, if you're ever in an accident with your Z and the other driver is liable, file a diminished value claim!

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UNKNOWN_370

That's good sh1t... I never heard of that myself. I love threads like this.

ducky

this is good to know..

Urzakor

i wish i knew that when someone backed into mine -_-

Superthug

Good to know...thanks for the info Esfourteen

Zsteve

I had my Audi TT get hit in the drivers door while parked by another parked car pulling out. This was on a military base and the car that hit me was military. I got three extimates for the repair and asked the Audi dealer how much to ask for deminished value and he said 10 % of the original value. So I filed my claim thru the military base and asked for 3,700 dollars deminished value plus the repairs. I thought they would only give me a portion of the deminished value but they gave me it all, $3,700. When I picked up my car from the repair shop, I asked if they had submitted it to car fax or whatever and they said they dont do that, the police are suppose to do that. So the military police never did it so I got $3,700 for free and the car never showed up on car fax. From what I hear you can get it but they will probably only give a percentage of what you want and it will be a good fight in the civilain world.

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LunaZ

Wish I had known about that when my Mazdaspeed3 got rear ended. I coulda pocketed some cash, too!
My repair was around $6,000 and took 8 days. No negative Carfax for me either.

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Auston

What's the difference between this and just have the at fault's insurance
pay for the repairs?

Modshack

The at fault ins. co. pays for the repairs AND cuts you a check for the diminished value.

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Cjanik

I tried to get diminished value over my 01 honda prelude SH, but the insurance company wouldnt do it.

was going to have to resort to a civil court case to get it, decided it wasnt worth it. they paid a shop 15,000 dollars to repair my honda prelude, which had a market value of 14,000 dollars (dont go there, looooong story)

Auston

Wow, that sounds like a good deal. Why both, if they hit your car and it
gets fixed, why would the insurance also pay you after it's fixed?

esfourteen

Diminished value is the amount of financial value your car has lost due to being in an accident. Lets say you were to sell your car for 30,000, if it was in a bad accident, perhaps its only worth 27,000 now.

Their insured driver hit you, they give you money to compensate for the loss in value.

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TipsZ

Big ups to my company MetLife!! We may not be the cheapest insurance out there.. but we do provide the least amount of hassle and problems... there is a reason why we are the #1 Life Insurer in America, Mexico, Brazil .. etc .. and soon to be #1 insurer in Japan and other markets ..

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chuckd05

so you just got a check for 3800 on top of your repairs ???? Someone can rear end me, that'll be fine with me if I get 3,800 dollars . ha

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sonic370

That's funny this was brought up. I just filed for a diminished value claim today.
Its for real it's just a well kept secret that ins companies don't won't you to know about. The lady that hit me has state farm so we'll see. The guy at the repair shop told me about it. My 09 just turned over 3000 miles.The repairs will be 45000 to 5000. I'll let you know how it turns out.