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Diminished Value

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Old Jun 16, 2014 | 06:01 PM
  #1  
cassiri's Avatar
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cassiri is a jewel in the roughcassiri is a jewel in the roughcassiri is a jewel in the rough
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?
 
Old Jun 17, 2014 | 07:37 AM
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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.
 

Last edited by Lark; Jun 17, 2014 at 09:15 AM.
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