My car was hit today!!!!! In the parking lot!!!!!! $2800 in damage.

I was wondering what owners received from the insurance companies for diminish value for the car after it was hit and what was the insurance companies attitude towards accepting a compensation value.

Thanks for the help.

 

I haven't approched state farm about my recent incident yet. I am supposed to get the car back tomarrow, so i'll compare notes with you next week.

 

[QUOTE]Originally posted by johnyboy32
[B]I haven't approched state farm about my recent incident yet.

 

I can't recall if Georgia has a per se law on the diminish value subject. Usually my client's cars are totaled or I just argue with the insurance company for a set amount.

But I was wondering what was the going rate for a S2K. Do the insurance companies treat the S2K like a regular car or will they offer more?

I think that State Farms got hit with a huge judgement/settlement on this subject a few months ago. But I can't find the article, so do not quote me on that.

 

[QUOTE]Originally posted by JoeyO S2K
[B]
I think that State Farms got hit with a huge judgement/settlement on this subject a few months ago.

 

[QUOTE]Originally posted by JoeyO S2K
[B]I can't recall if Georgia has a per se law on the diminish value subject.

 

Unfortuantly, I am in the class.

The pay off from the suit will be a min of $25 to a max of 10% of the value of the car before the accident.

Since this is a precident, in Georgia, I would imagine that all Insurace companies must address this issue, with all claims going forward. What do you think?

Todd

 

This is a good question and one that I'm much interested in as I have not submitted any "diminshed value" claim on my $16K repaired stook. Plus I'm not sure whether it's in my best interest to even submit a claim. I just received my renewel policy and the insurance hardly went up at all following the accident and repair claims. I'm paying $1000 a year for full coverage, which is not great but it's not bad either. If I submit the diminished value claim will they pay and then cancel? Or pay and then raise my rates to some exorbitant amount? I also have my homeowners with them and I've been with them for over 15 years. Just this week in the news both Allstate and State Farm were mentioned respecting this matter. So this is the best time to consider the options in our favor.

 

I have 4 vehicals , home , and life with them.
Whatever the settlement, they will make it up later in premiums without having to raise them.
I am sure that they do not want to loose me as a customer.
I have been with them for 21 years!

 

Joey, sorry to hear about your misforturne. I hope everything works out for you.