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Diminished value claim on GT 500 Help


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My GT 500 was rearended last weekend, Has anyone Delt with diminished Value claim?? I was sitting at a Train crossing on the way to a Car show and was Hit in the rear by some Pimple faced Honda driver. Any help would be greatly appreciated, it hasn't yet shown up on carfax, But I know it will soon. Any help would be great. Thanks. Oh it is not that bad, Need rear Cover replaced.

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My GT 500 was rearended last weekend, Has anyone Delt with diminished Value claim?? I was sitting at a Train crossing on the way to a Car show and was Hit in the rear by some Pimple faced Honda driver. Any help would be greatly appreciated, it hasn't yet shown up on carfax, But I know it will soon. Any help would be great. Thanks. Oh it is not that bad, Need rear Cover replaced.

 

you are probably not going to get a diminished value claim for that...

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I wouldn't see why not! Any car that has a Rear Collision, or any Collision for that matter alwasy sells for less Money once it is on a carfax report for being in an accident, So that would fall under Loss of Property Value. I know this has been done on a few 500's already.

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I wouldn't see why not! Any car that has a Rear Collision, or any Collision for that matter alwasy sells for less Money once it is on a carfax report for being in an accident, So that would fall under Loss of Property Value. I know this has been done on a few 500's already.

 

 

Do you have any pictures?

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My GT 500 was rearended last weekend, Has anyone Delt with diminished Value claim?? I was sitting at a Train crossing on the way to a Car show and was Hit in the rear by some Pimple faced Honda driver. Any help would be greatly appreciated, it hasn't yet shown up on carfax, But I know it will soon. Any help would be great. Thanks. Oh it is not that bad, Need rear Cover replaced.

 

My 03 Terminator was hit from behind three years ago and sustained substantial rear end damage. It cost $10K to repair it. I asked for $5K in diminished value loss from the Ins. company of the idiot who hit me. They wanted documentation to support and I went to CarMax and got an estimate of what the diminished value would be as well as two seperate SVT dealerships. This was after the car had been repaired and they were able to look at it. They all agreed that $5K was reasonable. After submitting these, the Ins. Co. settled on $3K diminished value and cut me a check for that amount. The car was repaired perfectly and I sold it in 2007 to get my Gt500. I never saw the accident record in Carfax, but I told the buyer about the accident, showed him all the repair receipts, and he was fine with it. I do think replacement of a bumper cover, only, may not render a deminished value finding by any insurance company, and thats just my opinion. I think you would have to sustain more damage for them to entertain a claim, but I do agree that regardless, the car has been damaged and repainted so maybe you could make a case with them. Hope this helps, but it would seem to me you have an up-hill battle.

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you are probably not going to get a diminished value claim for that...

 

Gotta agree on that. Insurance company will claim your car was repaired to pre-accident conditon or better. No small claims court judge here in California would ever entertain a dimished value claim on a rear cover replacement, well none that I know of.

 

Just my experience. Wish you luck.

 

Steve

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"In a Honda" - It figures. Many, many accidents I see and read about involve a Honda. What is it about these cars?

I have a Honda Accord in my shop right now repairing it. A girl ran into the back of her moms SUV!!!

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  • 2 weeks later...

Pulled a carfax last night, and yup their it was, Accident reported. This is where the Diminished value comes in. Most all people these days run carfax reports, and they will pass on buing a car because it has been wrecked. Espically a GT 500! Most everyone will assume it was beat to hell and wrecked. So off to small Claims court now.

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Pulled a carfax last night, and yup their it was, Accident reported. This is where the Diminished value comes in. Most all people these days run carfax reports, and they will pass on buing a car because it has been wrecked. Espically a GT 500! Most everyone will assume it was beat to hell and wrecked. So off to small Claims court now.

I personaly have had experience with a diminished value claim. Here's a few tips:

 

1) Go find a credable diminished value appraiser that is familiar with collectable cars, prefferably one that is local to save travel expenses. I found mine with a Google search.

2) Then ask for references and credentials. Then ask for experiance as a court witness and track record in court.

3) Get several repair estimates, and have the estimates reflect a repair that will meet your expectations.

4) Find out how much it will cost to rent a comparable vehicle while the repair is being performed and include that cost.

5) Calculate transportation costs to and from the repair shop and include that cost.

 

Once the appraiser writes a report that includes all the information that he has gathered along with the numbers you provide, then you have a diminished value claim.

 

Something my close friend the trial attorney once told me, "the court is not interested in the truth, only the facts. The person with the most facts (and documentation) almost always wins"

 

Gather all of the facts and documentation, then good luck!

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