Hi all,

My all factory, numbers matching AP1 was rear ended. Does anyone have any experience with a diminished value claim specifically not on a new(er) car? I'm in Minnesota and the other parties insurance has been ignoring my inquiries to diminished value? Any advice how I should proceed to try to receive a diminished value settlement given that this car is appreciating and this certainly affects the value?

Car has 59k on the odometer and bumper and exhaust (and exhaust components) need to be replaced. Is $5000 reasonable? How do I go about justifying that?

Many thanks

 

Most used vehicles of this age have had bumper work done, either re-sprays or minor damage repair. I donn't think that will reduce the value of the car unless it was a very low mileage car (Like sub 10k mile).
Replacing the exhaust with an OEM will not affect value at all,

As long as you take it somewhere that will do a good job and the repairs are covered I won't worry about it any further. The value should remain unaffected if repaired correctly.

 

Make sure to take pictures. It helps if you go to sell it on since buyers would like to know what the extent of the damage was in pictures, not receipts. Pictures will help (or hurt in some cases) since it shows you aren't hiding anything. As noted, if it is fixed right, you should be fine. It may scare away a buyer or two, but the demand will still allow a nice sale.

 

All i know is that many buyers only look at no accident history cars. Seem to me that an accident, even with excellent repair work, does reduce market value.

 

Gonna take a civil lawsuit to get a $5000 payout for "diminished value" for a common car like the S2000 dealing with the "other insurance company." Then you have to convince a jury and probably pay a bunch of legal fees at least up front. Judges hate these trials so don't expect a speedy trial date. Car is non-collectible AP1 and at least 17 years old with 60,000 miles. $5000 could be half the "value" of the car before the accident so I don't expect any ready offers. See if you can get your insurance company -- the only folks you should be dealing with anyway as they work for you -- to include "diminished value" or total the car if you want a magic number.

Admittedly it seems like most here want either a completely undamaged car or are perfectly willing to bugger the car with lowered suspensions, body parts, paint, etc.

-- Chuck