Diminished Value

Thread Tools
 
Search this Thread
 
Old 11-01-2006, 03:26 PM
  #1  
New Member
Thread Starter
 
romac's Avatar
 
Join Date: Nov 2003
Posts: 14
Likes: 0
Received 0 Likes on 0 Posts
Default Diminished Value

My wifes vehicle (not the Audi)was recently rear ended, resulting in significant damage to the frame, both rear quarter panels, roof and who knows what else. Estimates are forthcoming, but the age of the van (2.5 years) is such that a write off is not likely. The concern now is that when we do go to sell, the carfax report will show extensive restoration and thus reduce the resale value as compared to an equivalent vehicle w/o the repairs (thus the term diminished value). One example may well be that CarMax would not consider purchase due to the frame damage. This is highly sensitive topic in the insurance industry, as the current cost model is based on repair and does not consider diminished value. I have an opening to get a claim in, but need to provide documentation supporting my claim. Specifics on the documentation requirements are not offered.
Im looking for anyone with experience in this area, or suggestions on how to get an assessment of "dimished value".

-- Edit --
Searched the forum after this was posted and did find a relevant thread. The key seems to be getting the right minded appraiser. Any one have a contact?

TIA
Romac
Old 11-01-2006, 05:45 PM
  #2  
AudiWorld Member
 
deliboy's Avatar
 
Join Date: Nov 2005
Posts: 312
Likes: 0
Received 0 Likes on 0 Posts
Default sounds like you have very extensive dmgs to your car.. what kind of veh is this and what ins company

are you dealing with ?.. yes i have extensive insurance background..
Old 11-01-2006, 07:15 PM
  #3  
Guest
 
Another Drew's Avatar
 
Join Date: Mar 2000
Posts: 5,425
Likes: 0
Received 0 Likes on 0 Posts
Default

IIRC, if you're in Md., you can't recoup for diminished value.
Old 11-02-2006, 02:05 AM
  #4  
New Member
Thread Starter
 
romac's Avatar
 
Join Date: Nov 2003
Posts: 14
Likes: 0
Received 0 Likes on 0 Posts
Default

04 Sienna Van w/AWD State Farm is the insuror
Old 11-02-2006, 04:30 AM
  #5  
AudiWorld Super User
 
TwinTurboTerror's Avatar
 
Join Date: Apr 2000
Posts: 13,290
Received 12 Likes on 7 Posts
Default If it's in VA, you can get it. I did some legal research for Mat Reid on that. He pursued it.

Hopefully he'll chime in, since he never told me how it was resolved.
Old 11-02-2006, 04:45 AM
  #6  
New Member
Thread Starter
 
romac's Avatar
 
Join Date: Nov 2003
Posts: 14
Likes: 0
Received 0 Likes on 0 Posts
Default

Better put, is that they are not required by law. They may however honor individual requests
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Corey
A4 (B5 Platform) Discussion
6
02-07-2005 10:47 AM
SameerP
A4 (B5 Platform) Discussion
4
03-17-2003 04:20 PM
Bill In SoCal
A4 (B5 Platform) Discussion
4
02-19-2002 10:12 AM
VWtoAudi
A4 (B5 Platform) Discussion
0
12-17-2001 10:19 AM
Brian-PA
Wheels & Tires Discussion
0
01-21-2001 06:29 AM



Quick Reply: Diminished Value



All times are GMT -8. The time now is 08:44 PM.