Quote:
Originally Posted by Jim Werth
My son was in an accident when driving a 2008 Ford Focus. The other driver admitted 100% fault. Car has $6700 in damages. Question is after the repair, what percent value is the car depreciated? Having a war with the other guys insurance not calling or paying bills already incured. I am a co-owner of this car because I co-signed a loan for him. Asking for loss of wages for him and bills owed. Giving the insurance company till friday before I call a lawyer. Any idea what I should ask for in depreciation? Thanks Jim
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Its called "diminished value,"
read here. I have managed to get compensated on both of the two accidents I have had where I was not at fault. You have to badger and demand they pay, because their standard policy is to not pay it. But as the article says, the courts have said otherwise in many states. They make you jump through some hoops and make you get some appraisals, but in my case it was worth another $1000+ in both instances. You gotta get your argument down, and timing is key. Reference how people are going to react when they pull a CarFax and learn your car has been wrecked. Point out that this fact alone will lessen the number of people who will even want to consider buying it. And its a well-known fact that dealers bid less for cars that have been repaired and painted on. Then, right as you are about to settle, introduce the DV argument, so that whatever you get is above and beyond the agreed settlement for repairs.
Good luck.
Jim