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re: Diminished value claim to new vehicle after being rear-ended
Posted on 8/29/14 at 1:35 pm to Saint5446
Posted on 8/29/14 at 1:35 pm to Saint5446
quote:
. I would assume a small rear end collision would diminish the car's value by a few hundred dollars, but who knows.
Depending on the state and claim, insurance companies may pay 'diminished value' as part of a claim to compensate owners for lost retail value at the time of the damage event - beyond the cost of physical repairs.
1
Posted on 8/29/14 at 1:36 pm to Coach Guidry
It can get tricky because when appraising a car, a car-fax def. comes into play.
Even though it was a slight accident...it all depends how its claimed to insurance. If you trade it in...and it shows the vehicle was involved in an accident...it sometimes does not specify what happened. So the person trying to buy you car wants a larger discount cause it was in an accident.
Even though it was a slight accident...it all depends how its claimed to insurance. If you trade it in...and it shows the vehicle was involved in an accident...it sometimes does not specify what happened. So the person trying to buy you car wants a larger discount cause it was in an accident.
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