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Message
Wrecked Brand New Truck (Insurance Question)
Posted on 3/22/15 at 7:43 pm
Posted on 3/22/15 at 7:43 pm
So last week I was involved in a wreck in my brand new truck. It is a 2015 model, I did not even have my permanent plate and it only has 1800 miles on it. The other driver was clearly at fault and their insurance (State Farm) has not tried to fight me on it. My question is what am I entitled to under Louisiana law as far as loss of value or replacement? I've been told, but don't necissarily believe, that since the truck is so new that I am entitled to a new truck. If that is not true, what is the best way to get reimbursed for loss of value? No one was hurt in the wreck and there does not appear to be any frame or suspension damage, but the initial estimate on repairs is about $12-15k. I'd rather not get lawyers involved, but am not opposed to it.
11
Posted on 3/22/15 at 7:45 pm to BlakeB123
Hope you got GAP insurance
Posted on 3/22/15 at 7:46 pm to BlakeB123
quote:
since the truck is so new that I am entitled to a new truck.
Posted on 3/22/15 at 7:48 pm to Tigerlaff
Posted on 3/22/15 at 7:51 pm to BlakeB123
Has it been declared a total loss? If not, you'll be having it repaired with OEM parts. New cars are more difficult to total, so it likely will not.
As far as I know, you aren't entitled to a new truck. You will have it repaired and can request a Diminished Value claim for the potential loss of value due to accident. There's a bunch of ways to go about this, but the first way is to request an estimate from the insurance company. After that, determining if that is acceptable is the tough part.
If totaled, you'll be paid value + taxes. If that new, and if you negotiated a good price on original sale, you'll likely come out ahead.
As far as I know, you aren't entitled to a new truck. You will have it repaired and can request a Diminished Value claim for the potential loss of value due to accident. There's a bunch of ways to go about this, but the first way is to request an estimate from the insurance company. After that, determining if that is acceptable is the tough part.
If totaled, you'll be paid value + taxes. If that new, and if you negotiated a good price on original sale, you'll likely come out ahead.
Posted on 3/22/15 at 7:52 pm to BlakeB123
I would have to read the policy, but chances are you are getting actual cash value or they can repair
Time to research diminished value claims
Time to research diminished value claims
Posted on 3/22/15 at 7:53 pm to lsunurse
quote:
Posted by lsunurse Hope you got GAP insurance
This
Posted on 3/22/15 at 7:54 pm to BlakeB123
You'll pay out of pocket for an attoeny for a damage claim. Not worth it.
Look at what the ME guy posted, he's spot on.
Just because the frame is damaged doesn't mean the car is or will total. Just an FYI for the folks out there.
Look at what the ME guy posted, he's spot on.
Just because the frame is damaged doesn't mean the car is or will total. Just an FYI for the folks out there.
Posted on 3/22/15 at 7:55 pm to BlakeB123
Sorry about your wreck btw. That's a crappy feeling when you get in a wreck in a new vehicle.
Posted on 3/22/15 at 7:56 pm to LSUtigerME
No, it is no where near a total loss. It just makes me sick that my brand new truck already has a significant wreck on it's record and I'm just trying to get screwed as little as possible.
Posted on 3/22/15 at 7:57 pm to BlakeB123
you will have to get repairs,usually lowest of three in your area.body shop will fix it like new,you still 1800 miles on it.most judges will rule if in court.your vehicle has already depreciated twice,the risk you take.I have seen one insurer advertise new vehicle replacement.just my experience.
Posted on 3/22/15 at 8:00 pm to lsunurse
I got rear ended in 2011 in a 6 month old 2010 z71. 19k worth of damage. Insurance wouldn't total it said my truck was worth 36k even tho I only paid 31. Ended up getting a completely new frame all oem brand new parts and a 6k check for diminished value. I really wanted a new truck but it is what it is.
Posted on 3/22/15 at 8:02 pm to BlakeB123
Another option would be to have it repaired, settle the diminished value claim then trade that mofo in on another one.
Hopefully the DV would make up the difference between your current and the new truck.
Hopefully the DV would make up the difference between your current and the new truck.
Posted on 3/22/15 at 8:11 pm to Bayoutigre
Insurers can't tell you where to get your car fixed, regardless of the lowest estimate.
I believe it's even illegal in louisiana.
I believe it's even illegal in louisiana.
Posted on 3/22/15 at 8:14 pm to BlakeB123
Diminshed value is a real thing.
Lawyer up. Now.
Lawyer up. Now.
Posted on 3/22/15 at 8:15 pm to CaptainsWafer
I've done two diminished value claims for vehicles in accidents (both not my fault).
Both times they sent me a check but you will have to haggle to get the money. Also, both times the DV claim was settled after the vehicle was repaired (I think this is standard practice).
You will have to remember to keep calling them about the DV claim. They like to conveniently forget and be extremely lazy in calling you back.
Both times they sent me a check but you will have to haggle to get the money. Also, both times the DV claim was settled after the vehicle was repaired (I think this is standard practice).
You will have to remember to keep calling them about the DV claim. They like to conveniently forget and be extremely lazy in calling you back.
This post was edited on 3/22/15 at 8:16 pm
Posted on 3/22/15 at 8:18 pm to lsunurse
quote:
Hope you got GAP insurance
GAP only really helps if its considered totaled.
Posted on 3/22/15 at 8:22 pm to VetteGuy
quote:
Diminshed value is a real thing.
Lawyer up. Now.
This. They're going to try and screw you, along with wasting a lot of your time if you go at it alone. Get a good atty to handle it by the hour, good investment.
Also, in La, you choose your repair, regardless of the estimate. Get a good quality body shop that will take pride.
Posted on 3/22/15 at 8:25 pm to BlakeB123
Your neck must be hurting right about now
Posted on 3/22/15 at 8:31 pm to BlakeB123
Sucks bud, but that's life.
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