Diminished value - Anyone ever won a claim for it?
 

I've heard that Massachusetts is one of the states that does not rule again the diminished value payments after an accident. I'm talking about the payment that the insurance company makes to the owner of a car for loss of value after an accident. I'm thinking of filing a claim and was wondering what are my chances of winning? Anyone in Mass been there done that?

?

Won't happen.
The idea behind insurance is to "indemnify" you. Or to put you back to where you were before your accident.
Diminished value will never come about.
Do you want your Insurance rates to go up more??

I have sure heard about people getting diminished value after an accident. The laws vary from state to state and I believe Mass allows it - I'm just trying to figure out how much of a PIA is the process and if a lawyer is required, etc. Also, there's no way they can increase the insurance rate just because they have to pay diminished value - insurance in mass is regulated.


[QUOTE]Originally posted by RossoS2K
[B]Won't happen.
The idea behind insurance is to "indemnify" you.

My wife and I received diminished value for our Honda Civic several 2 years ago in Atlanta, GA.

We had just put the plates on the car that day..and that night the cops chased a yellow VW Chiraco (sp?) around a corner and it plowed our car. Guy got out and ran..I walk outside at 4am..5 cop cars with nobody in them with lights going...and the yellow VW is half way into our Civic, and the tires still turning as the gas is stuck. Reached in and turned of the gas.

Well needless to say the cops said that it was not their fault as they did not have a "visual" on the car when it made that turn. Now I had never heard of diminished value before..but my wife researched it and asked our insurance company for it. They were not happy, and tried to get us to not do it by saying that if we did this they would not guarantee the work done on our car for life as they normally do. Big friggin deal...I could not believe they did not total the car in the first place! Besides the work was done by a honda dealer who guaranteed their work already.

In the end it was several thousand dollars we got. Our insurance has not gone up..rather DOWN since we moved to CT. I dont know the exact numbers and my wife did most of the work, but if you want more info let me know and I will get what I know from her.

BTW the civic never been the same since. So in all honesty our car WAS diminished in value so we just got what was our right.

Hobb

Thanks Hobb!

If you could please find out from your wife how she made the claim, that would be great. Was it filed via mail or phone, etc. Any information will be appreciated.

/mas

Mas,

could you please explain what diminished value is?

i know that when i craked up my last car i did get it fixed however my tade in value was a bit lower because the dealer knew of the accident though car fax..

[QUOTE]Originally posted by Bass
[B]Mas,

could you please explain what diminished value is?

Pinky is right, that's what it is and insurance does not want you to know about this. There is basically a war going on between insurance and states. In some states insurance has already won their cases for not compensation for the diminished value so if you're in one of those states you won't get diminished value. For a list of states and more info on diminished value check out "http://www.wreckcheck.net/about.html".


[QUOTE]Originally posted by Pinky
[B]
That is exactly it.