Deleted
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Apr 24, 2024 17:55:52 GMT
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Post by Deleted on Jul 12, 2014 13:41:42 GMT
Back on July 3, DH (and the kids) were rear-ended. DH was not at fault and the car will cost $4700 to repair...fully paid by USAA. (no deductible...other driver also USAA did not dispute fault)
Got a letter yesterday to determine diminution in value. Although I used to work in insurance many years ago, I've never heard of this.
Basically, USAA will pay the difference in the market value of the car before and after the accident.
I think this would be a great benefit for someone with a new(er) vehicle, low mileage. Someone that could take a hit when they go to trade it in/sell it to another person.
Our vehicle is a 2006 with like 130,000+ miles on it.
I don't think this is for us. Especially knowing that this vehicle will likely never be sold...or if it is, it's going to be sold when it's falling apart. (DD#1 driving it now...but it's not "hers" but we also have 2 other teens that are in line for the car if/when DD#1 is finished with it)
I don't even want to fill this out because I don't want to be greedy...and our vehicle has already diminished in value all on its own due to age and mileage. DH says "fill it out...we may get money". 
I just don't feel right in doing it. (and the letter says "if you do not wish to make a claim for diminution in value, do not complete or return this form")
Thoughts? |
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gsquaredmom
Pearl Clutcher
Posts: 4,078
Jun 26, 2014 17:43:22 GMT
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Post by gsquaredmom on Jul 12, 2014 13:49:52 GMT
I am shocked they are offering. I have tried to get it after a couple accidents and the insurance companies of the at - fault drivers said no. Fill it out and see what you get. Your car has less value now. You should be compensated.
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Post by worrywart on Jul 12, 2014 13:51:00 GMT
I understand what you are saying but there would be some decrease in value only due to the fact that the car had been in a serious accident. That information is in the cars history and would be visible on carfax etc. if you ever need to sell or trade in the car. Even if you never sell the car, you have suffered a loss in value of the car, if that makes sense.
So, through no fault of your own, the value of your car has been compromised..I think you should fill it out and I always try to err on 'doing the right thing', don't feel bad..
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Nicole in TX
Pearl Clutcher
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Post by Nicole in TX on Jul 12, 2014 14:28:58 GMT
That is what insurance is for. Especially if it is not your fault.
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Deleted
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Apr 24, 2024 17:55:52 GMT
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Post by Deleted on Jul 12, 2014 17:14:00 GMT
I will give it some more thought...the car was in great shape (which is why I'm glad they didn't "total" it. We've taken great care of it)
I just don't want it to come back and bite us in the butt...because I really don't think it's going to end up being a ton of money.
Guess I can fill it out and see what happens.
Anyone else have any thoughts on this or experienced this with a claim/loss?
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Deleted
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Apr 24, 2024 17:55:52 GMT
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Post by Deleted on Jul 12, 2014 18:08:59 GMT
I'd go ahead and put the paperwork in. While you do intend to drive the car a lot longer there may be a reason you end up wanting to sell it sooner than you think and can't get what it should be worth due to the wreck.
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Post by lucyg on Jul 12, 2014 19:35:54 GMT
Take the money (if there really is any .. I wonder if it would turn out to be little or nothing).
Anyway, it's not a gift. It's part of your insurance coverage that you paid for.
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Post by Scrapbrat on Jul 13, 2014 0:19:10 GMT
I guess this doesn't make a lot of sense to me. If they are completely covering all repairs, shy would you also be getting compensated for diminution in value? Once everything is repaired, how is diminished in value? To me, this sounds like an either/or. I don't get claiming both.
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Post by oktrae on Jul 13, 2014 14:04:00 GMT
I guess this doesn't make a lot of sense to me. If they are completely covering all repairs, shy would you also be getting compensated for diminution in value? Once everything is repaired, how is diminished in value? To me, this sounds like an either/or. I don't get claiming both. With car fax and other services people know when a car has been repaired for things when a used car is sold. It doesn't matter that it's been repaired, in the eyes of a buyer it will have less value than a car who hasn't. There's always the thought of unseen or unknown damage. |
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Post by Darcy Collins on Jul 13, 2014 14:15:56 GMT
Even if you don't think you're going to sell the car, you should fill out the form. It'd be quite unfortunate if you were in another accident and the car was totaled and the insurance company paid out on the new value which reflects diminution due to being in an accident. There's nothing greedy about being fairly compensated for a true diminution of value. I assure you the insurance company isn't going to pay an amount they don't feel is fair.
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Deleted
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Apr 24, 2024 17:55:52 GMT
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Post by Deleted on Jul 13, 2014 14:17:36 GMT
Even if you don't think you're going to sell the car, you should fill out the form. It'd be quite unfortunate if you were in another accident and the car was totaled and the insurance company paid out on the new value which reflects diminution due to being in an accident. There's nothing greedy about being fairly compensated for a true diminution of value. I assure you the insurance company isn't going to pay an amount they don't feel is fair. I didn't think about this scenario.
Thanks to the peas and their "reasoning skills", the form is filled out and will be in the mail tomorrow.
Thank you all.
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Post by Scrapbrat on Jul 13, 2014 15:06:05 GMT
I guess this doesn't make a lot of sense to me. If they are completely covering all repairs, shy would you also be getting compensated for diminution in value? Once everything is repaired, how is diminished in value? To me, this sounds like an either/or. I don't get claiming both. With car fax and other services people know when a car has been repaired for things when a used car is sold. It doesn't matter that it's been repaired, in the eyes of a buyer it will have less value than a car who hasn't. There's always the thought of unseen or unknown damage. Yhst makes sense. I didn't think about that. I am positive we gong have a benefit like this on our auto insurance. |
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Time to get off the internet!
