Loss Value Due To Accident - 2017 SV

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eruby
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Joined: Thu Sep 28, 2017 8:42 pm
Location: Upstate SC

Loss Value Due To Accident - 2017 SV

Postby eruby » Wed Feb 21, 2018 9:51 am

Hoping I can get so guidance here. Situation: I was parked in a clear parking space. A person back out of a space directly behind me and hit my driver's side rear bumper and tail light. Luckily they didn't drive away so I have her info. I called the police and have the accident report indicating I was legally parked and have no fault in the accident and that the other driver is at fault. So because I am opening an insurance claim, I'm guessing there will be a Carfax report of an accident. Per my insurance company, I am entitled to Loss Value Depreciation and, due to having less than 15,000 miles, new OEM parts. So I am sure their insurance company will try to lowball all of this. Does anyone know how much value is lost due to an accident repair? I would think a couple thousand and I'm sure the insurance company thinks a couple hundred. I would like so sort of documentation with true loss values. Anyone have any ideas?


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smj999smj
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Postby smj999smj » Wed Feb 21, 2018 11:37 am

Their insurance company may not necessarily "low ball" you; it all depends on what insurance they have. Insurance companies like All-state and State Farm are usually pretty fair. That said, I would think that your insurance agent should be able to answer your question in regards to loss value depreciation.

I found this link that may be helpful to you:

https://www.wikihow.com/Calculate-Diminished-Value

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eruby
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Joined: Thu Sep 28, 2017 8:42 pm
Location: Upstate SC

Postby eruby » Thu Feb 22, 2018 5:41 am

smj999smj wrote:Their insurance company may not necessarily "low ball" you; it all depends on what insurance they have. Insurance companies like All-state and State Farm are usually pretty fair. That said, I would think that your insurance agent should be able to answer your question in regards to loss value depreciation.

I found this link that may be helpful to you:

https://www.wikihow.com/Calculate-Diminished-Value
Thanks for the info. Did some Googling and found the same that most insurance companies use a calculation known as “17c†to arrive at a monetary value for your car in post-wreck condition. You can read about this calculation https://www.yourmechanic.com/article/ho ... lan-mcafee. I've seen this 17c in a couple of sites.


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