Diminished Value
Diminished Value
My 06 Boxster S just got backed into while parked. Looks like a new hood and bumper at a minimum. It is pretty low mileage so I am concerned that what was a desirable low mileage car is now "damaged goods" when it comes time to sell. Since the other driver is at fault I am looking at recovering something for diminished value.
Has anyone had experience or success doing this and have any tactics or recommendations?
Has anyone had experience or success doing this and have any tactics or recommendations?
Just got $2000 in DV on my 2009 BMW 335i Dinan S3. 30K miles on the clock. I had right at $5K worth of damage. BMW got rear ended while at the shop. The tech was out test driving my car and was stopped at a light and a kid rear ended him. New bumper, trunk repair, etc. I got on KBB, Edmunds, and NADA and got the value of my car on all three, averaged it and told them I wanted 10% in diminished value. That number was $2800. After some back and forth, they said their last best offer was $2K. I took it.
The conventional wisdom is that the most an insurance company will ever give is about 10% of the value no matter how bad the damage is. I knew with the relatively small amount of damage on my car, getting 10% was not going to happen. I was actually a little surprised I got them up to $2000. Good luck.
The conventional wisdom is that the most an insurance company will ever give is about 10% of the value no matter how bad the damage is. I knew with the relatively small amount of damage on my car, getting 10% was not going to happen. I was actually a little surprised I got them up to $2000. Good luck.
Last edited by Lark; Jun 17, 2014 at 09:15 AM.
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