EcoDiesel got rear-ended this afternoon.... - Page 6 - Jeep Garage - Jeep Forum

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  #61  
Old 04-02-2015, 02:36 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by Roadkill View Post
If diminished value doesn't exist, then no doubt the insurance company would be happy to buy the vehicle for the same trade-in book value price as a vehicle that wasn't damaged. That should allay any of their concerns about someone "profiting" down the line, and the insurance company doesn't stand to lose any money because the vehicle is now worth book value just like an undamaged car! Right?

You can argue theory all you want. In theory a properly repaired vehicle is the same as a vehicle that has never been in an accident and is therefore worth the same amount. Furthermore, in theory, theory is the same as practice. In practice, however...

How many people have traded in a vehicle that has been in an accident? You got book value immediately after informing the dealer that the vehicle was worth just as much because it was properly repaired, right?
I never say all, but I will say that most insurance policies (your contract) allow for a car to be repaired to its pre-accident condition (not pre-accident value) unless it is deemed a total loss. Some states recognise 75% of pre-accident retail value as the damage limit to total a car. They then pay (or should be paying) the retail value of the car.

The problem is coming up with a true retail value. The same person who would insist on KBB value when settling a claim, wouldn't even consider paying that for a used car exactly like they totalled. Most forget that they may have purchased a new car, but they are driving a used car.

One other fact. When you put in a claim against the other party's carrier, the claim isn't against the company, it is against their customer. The insurance company is obligated to pay what their customer would be required to pay, under the state law. If the state law says the other driver or car owner cannot be held liable for diminished value, the insurance company can't pay it without violating the policy. Now, if you go to court and some judge, in spite of the law, make a judgement in favor of the plaintiff, and it is not appealled, the insurance company will have to pay. The reason these claims are sometimes paid is to avoid an unsatisfactory result in appeals court which would set precedent that could be admitted in future cases in lower courts.

If you have ever sat through a trial, no matter what kind of case, you know there is more to it than meets the eye.


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  #62  
Old 04-02-2015, 03:09 PM
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Ultimately the point is that the vehicle is worth less with the accident indelibly placed on its record. This is a harm and it was not his fault. He is talking about a $10k hit in his vehicle's trade in value as it stands (once repaired) when compared with the same vehicle that had not been in an accident. If he took the vehicle as it exited from the shop and traded it in, that $10k worth of unrealized "virtual" damage would instantly be converted to actual damage.

The fact that laws have been purchased to preclude him from being made whole is notwithstanding. Well, notwithstanding except precluding his ability to obtain justice.
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Old 04-02-2015, 03:12 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by bill_de View Post
. Now, if you go to court and some judge, in spite of the law, make a judgement in favor of the plaintiff, and it is not appealled, the insurance company will have to pay. The reason these claims are sometimes paid is to avoid an unsatisfactory result in appeals court which would set precedent that could be admitted in future cases in lower courts.

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  #64  
Old 04-02-2015, 04:00 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by bill_de View Post
. . . Now, if you go to court and some judge, in spite of the law, make a judgement in favor of the plaintiff, and it is not appealled, the insurance company will have to pay. The reason these claims are sometimes paid is to avoid an unsatisfactory result in appeals court which would set precedent that could be admitted in future cases in lower courts.
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  #65  
Old 04-02-2015, 04:40 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by Jason911 View Post
I can't go after diminished value here in WI anymore - the state legislature changed the wording in the state laws, so the projected 30% value loss is mine to absorb. And by my math that going to be just shy of $10,000.00......she gets a $185.67 ticket and I lose $10k in value - win/win?
Jason,

I never worked in a state that recognized diminished value so it was a non-issue ... at least up until 10 years ago when I retired. I'm wondering where the 30% figure comes from.


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Old 04-02-2015, 07:15 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by bill_de View Post
Jason,

I never worked in a state that recognized diminished value so it was a non-issue ... at least up until 10 years ago when I retired. I'm wondering where the 30% figure comes from.


---

I use the 30% number based upon the information I received from a national wholesale buyer that showed me through recent car auctions that a vehicle of my caliber would've brought pre-accident approximately $34,000 - real actual auction prices, the last 5 EcoDiesels that sold at auction. As he is a buyer - his statement to me was that he would never pay more than $27,000 for the same vehicle knowing that it had been in that type of accident.


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  #67  
Old 04-02-2015, 07:25 PM
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Re: EcoDiesel got rear-ended this afternoon....

Jason911 - are you still feeling okay after a few days now?
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Old 04-02-2015, 07:38 PM
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Re: EcoDiesel got rear-ended this afternoon....

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Jason911 - are you still feeling okay after a few days now?

As of this writing I am ok physically. Mentally, this is a tough one.


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Old 04-03-2015, 08:49 AM
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Re: EcoDiesel got rear-ended this afternoon....

I will say that the anemic 4 cylinder Chevy Equinox I drove yesterday was deplorable. How GM can classify that as a CUV is beyond me. I stepped on the gas to try accelerate to highway speeds - basically it got louder, downshifted from 6th to 4th and fuel economy dropped from 22 to 12. Speed didn't really change until I started going down a hill....jeez.
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Old 04-03-2015, 09:03 AM
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Re: EcoDiesel got rear-ended this afternoon....

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Originally Posted by Jason911 View Post
I will say that the anemic 4 cylinder Chevy Equinox I drove yesterday was deplorable. How GM can classify that as a CUV is beyond me. I stepped on the gas to try accelerate to highway speeds - basically it got louder, downshifted from 6th to 4th and fuel economy dropped from 22 to 12. Speed didn't really change until I started going down a hill....jeez.
Yikes.... Are you looking at a new car already? I'm not sure what your plan was pre-accident but your best way to avoid the loss of value is to just drive the thing until it's dead and have the pre accident and post accident values meet - at 0... Probably not what you had in mind though so I wish you all the best of luck man.
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Old 04-03-2015, 10:41 AM
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Re: EcoDiesel got rear-ended this afternoon....

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Yikes.... Are you looking at a new car already? I'm not sure what your plan was pre-accident but your best way to avoid the loss of value is to just drive the thing until it's dead and have the pre accident and post accident values meet - at 0... Probably not what you had in mind though so I wish you all the best of luck man.
Progressive is dragging their feet at this point. I had intended to drive my Jeep for 6 years at least - I really liked it, and was very happy with it. That being said - now I will have no choice to to drive it into the ground, because I can't absorb that kind of loss.
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Old 04-03-2015, 10:45 AM
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Re: EcoDiesel got rear-ended this afternoon....

New twist - as I was typing the last post, I talked with Progressive - seems the the driver that hit me was not on her mothers policy - even though she stated she was @ the accident scene. So although the car had insurance, the driver may not of....yes I carry uninsured/underinsured on my policy for those who ask.
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