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Insurance agents, gurus and know it alls...Need your help with car accident

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Insurance agents, gurus and know it alls...Need your help with car accident

Old 01-31-08, 02:41 PM
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Insurance agents, gurus and know it alls...Need your help with car accident

Unfortunately my wife was hit on the freeway by some dipshit. She'd slowed to the traffic in front of her, and he wasn't paying attention. She even saw him coming and moved to the shoulder and he still hit her.

Anyway, the 2007 Hyundai Veracruz had about $9,000 in damages. It's currently being fixed. She went through her insurance company, because his was some back east company that wasn't even open 24 hours. Anyway, my question is this. I know that there will now be that information on Carfax the car was damaged in an accident and work was done. We don't plan on selling the car in the foreseeable future, but from what I understand the value of the car will be less because of the damages.

How do we figure out the deprecation amount to give to the other guy's insurance company so we can request this as payment. We aren't looking for a quick buck or anything, but it seems only fair if we trade this in and we lose money on that, we should be fairly compensated. To my knowledge, KBB doesn't take that into account, but I could be wrong. Anyone have any more information as to how to ascertain a fair amount for us to request?

Just for more info, as I said it's a 2007 Hyundai Veracruz, with less than 5,000 miles on it. I wasn't even barely 2 months old at the time of the raping...I mean accident.
Old 01-31-08, 02:47 PM
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Sounds to me like you should have gotten a new car.

With that few miles on it and so new, don't some/most insurance companies compensate for a comparable new vehicle? I thought that was the case if a nearly brand new vehicle was a in for a lot of damage.

I sure as hell would have pushed the at-fault guy's insurance company for a new Veracruz with the same features.
Old 01-31-08, 02:51 PM
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you should have gotten a new car... your car is fairly new...

seems like you should have sued
Old 01-31-08, 02:54 PM
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Originally Posted by GradVT06
Sounds to me like you should have gotten a new car.

With that few miles on it and so new, don't some/most insurance companies compensate for a comparable new vehicle? I thought that was the case if a nearly brand new vehicle was a in for a lot of damage.

I sure as hell would have pushed the at-fault guy's insurance company for a new Veracruz with the same features.

New car? It's a $30,000 vehicle, with less than $10,000 in damage. How do you justify that line of reasoning?
Old 01-31-08, 03:03 PM
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I'm really sorry to hear this, hope your wife is ok. Good luck with everything.
Old 01-31-08, 03:03 PM
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Originally Posted by Deftones
New car? It's a $30,000 vehicle, with less than $10,000 in damage. How do you justify that line of reasoning?
I agree. That's just not going to happen.

The only option you have with new cars is to purchase 'replacement value' coverage. Then, if your vehicle is written off, you'll get enough money to buy a brand new one, as opposed to the (depreciated) book value of the vehicle.

In your case, maybe you could go to the dealer, and ask what they'd give you on a trade in without the damage, and then considering the damage, and request that difference. I don't know if you'll get it, or if they're even required to pay anything on top of the repair costs, but you certainly have a point.
Old 01-31-08, 03:06 PM
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In speaking with my wife, a work friend of hers was in a similar situation. Newer car, damage that could be repaired. They ended up getting $3,000 in terms of the depreciation. I have no idea how they came up with that total, though. I'm sure there's a formula for it, but I want to get fair value.
Old 01-31-08, 03:06 PM
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Originally Posted by Deftones
She went through her insurance company, because his was some back east company
Those wagon train accidents can be brutal. I'd suggest suing for the full value of new bison.
Old 01-31-08, 03:08 PM
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Back east, as in on the East Coast. They were closed when we called.
Old 01-31-08, 03:17 PM
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Originally Posted by Deftones
New car? It's a $30,000 vehicle, with less than $10,000 in damage. How do you justify that line of reasoning?
I don't know, I just know people who had that happen. Buy a brand new car, only have it for a day or two, and have some serious damage by the fault of another driver. I don't know whether total damages exceeded 75% of the value, but either the insurance companies either made the decision or the person sued the driver and ended up with the exact same car and features, new.

EDIT: Or gap insurance possibly, I dunno. But it's certainly one of the many reasons, in most cases, I'm against buying new cars.

Last edited by GradVT06; 01-31-08 at 03:21 PM.
Old 01-31-08, 06:03 PM
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Yea...less then $10,000 damage on a car worth $30,000 they are not going to "total" it. I know of no coverage that would allow that.

The OP is asking about "dimished" value. That varies by state. However since you went thru your own insurance company, I don't know that you can now make a claim against the other company. In most states, it's an either or situation unless you run out of limits, coverages, etc. Which doesn't sound like the case. If you have the coverage AND your state allows it, your own company should pay you dimished value on top of the actual damages. Then if they choose, they will try to get back all the $$ from the at fault driver.

Since you are going thru your company, just ask them about it. If you don't believe them, then do some research on dimished value for your state. Also read your policy, it should be spelled out in there.

It's a shame that happened to a newer car, but that really is not the issue.
Old 01-31-08, 06:07 PM
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Originally Posted by GradVT06
I don't know, I just know people who had that happen. Buy a brand new car, only have it for a day or two, and have some serious damage by the fault of another driver. I don't know whether total damages exceeded 75% of the value, but either the insurance companies either made the decision or the person sued the driver and ended up with the exact same car and features, new.

EDIT: Or gap insurance possibly, I dunno. But it's certainly one of the many reasons, in most cases, I'm against buying new cars.
That's typically not what "gap" insurance it for. Gap insurance is for when you are upside down on the loan. Meaning you owe say $15,000 on the car, it is totaled in an accident and the value of the car is only $10,000. So even tho the car it a total, you would still own money on the loan after settlement. This happens on cars that depreciate quickly and/or you take out to long of a loan (e.i. you buy a Isuzu with a 5 or 6 year loan and put nothing down). Gap insurance covers the difference in your payment for the value of the car and your loan amount.
Old 01-31-08, 06:08 PM
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Ok, awesome info. Thanks for the help.
Old 01-31-08, 06:17 PM
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Looks like we wouldn't be able to get it through her insurance company, which makes sense. But, we can argue to his insurance company that we should based on the level of damages to the car. I found an old newspaper article from here about it and it has some helpful hints in it, as well.
Old 01-31-08, 07:52 PM
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Does that info actually hit a CarFax report? I thought carfax only reported information about the title, ie if the car was totalled it would show that on the title because ownership changed hands. Either way, sounds like you should be entitled to depreciation, I'm just wondering about the CarFax thing.
Old 01-31-08, 07:57 PM
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It is my understanding that the Carfax report would reflect the accident/damage, provided it is reported. I presume that would be either by the insurance company or the body shop. I'd gladly listen to information otherwise.
Old 01-31-08, 07:59 PM
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Originally Posted by LurkerDan
Does that info actually hit a CarFax report? I thought carfax only reported information about the title, ie if the car was totalled it would show that on the title because ownership changed hands. Either way, sounds like you should be entitled to depreciation, I'm just wondering about the CarFax thing.
its been a while, but I thought I remember there being two types of carfax. One is the title report, which is what you are describing, and a more detailed report.

I remember because I was about to buy a used vehicle, and the dealer tried to pass off the title report on me, but after insisting on seeing the full report, it came back and said it was in a major accident and couldn't be driven from the scene (needed towing).
Old 01-31-08, 08:06 PM
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Old 01-31-08, 08:07 PM
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That's if it's totaled, though. Her car wasn't even close to that point.
Old 01-31-08, 08:08 PM
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cool, good to know.
Old 02-01-08, 11:11 AM
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Originally Posted by Sdallnct
The OP is asking about "dimished" value.
Yep, do a search on "diminished value" and your state.

What I've seen is a flat 10% of the repair costs as diminished value. Ask your insurance agent.

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