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Discussion Starter #1
Does anyone know how this works. The back of my IS got hit in late October. There was about $4,000 worth of damage. According to North Carolina law, if the car is 5 years old or newer, you could be eligible for a degraded value compensation from the insurance company. I've been to my local Lexus dealership and they refuse to get involved. All I want from them is to know how much difference the repaired damage will make when I trade in the car. What I tried to get from them was an appraisal of the car as if it hasn't been damaged... and one where the damage was considered. They won't help. I don't want to eat this loss next year when I trade it in. The only appraisal that the insurance company will honor is one from the Lexus dealership. What to do? If I could offer just one piece of advise to all of you, It would be this... carry a loaded gun.

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Mike
2001 Spectra Blue IS300
2000 Dodge Dakota R/T
1999 Yamaha YZF R1
 

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What you are referring to is a claim for diminished value due to the damage to your auto.

I have no clue on how you would prsent that or what the laws are in your state. I do know in Florida dimished value is excluded on first party claims. But we would honor and investigate any third party claims.

Basically in Florida you would have to prove 1. The damage to the vehcile was structural damage and not cosmetic.

2. The repairs were completed properly and there is a loss of the structural intergrity of the vehicle.

You can not make a claim for dimished value base soley on the fact the repairs were done incorrectly by the body shop. There are also in Florida a lot of hoops that you must go through with inspections etc...

I would recommend you contact your States Department of Insurance and request documentation on diminished value claims. That should be a start. I would also contact your insurance company and discuss with the adjuster what your legal rights are in presenting this claim. If your state allows first party diminished value, then your insurance company has a duty and obligation to advise you if that coverage is available.
 

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Discussion Starter #3
ISFAN

There was structural damage, though not too substantial. About 1/3 of the damage was repaired, not replaced. I am extremely happy with the work performed by the body shop.

If I were to trade the car in before it was damaged, I'd have gotten "x" dollars for my trade. If I go to trade the car in now (after the collision) the value that the dealership would allow me for my trade would be substantially less because the car has been repaired. I just want to be compensated for the difference. The insured hit me... I just want to be in the same situation that I was in before the collision.

Does this make sense? Do I have a case?
Thanks

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Mike
2001 Spectra Blue IS300
2000 Dodge Dakota R/T
1999 Yamaha YZF R1
 

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I have no idea if you have a case. You have to see what the laws are in your state as to diminshed value.

Also, when I state structural damage I am referring to the frame and any welded parts that were needed to repair.
 

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Discussion Starter #6
AccordV6

Do you have any problems getting it?

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Mike
2001 Spectra Blue IS300
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1999 Yamaha YZF R1
 

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Some insurance company's like to pay and others don't. I would suggest asking the for 10% of the damage. Because if you were to sell the car it would not have as much value since body work has had to be done.

Think about it this way. You go to a used car lot. You see two IS300's and one has been in an accident and the other hasn't. Which one would you want?

Good luck.
 

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Discussion Starter #8
AccordV6
I'm just afraid it's not going to be that easy. The insurance co. wants an estimate from the dealership and the dealership won't help me. That kinda pisses me off... I bought a $35,000 car from the jerks and now they won't do something as simple as appraising a car for a possible repeat customer. I'm waiting for a claims rep to call me... could be weeks. :)

Thanks


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Mike
2001 Spectra Blue IS300
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1999 Yamaha YZF R1
 

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Discussion Starter #10
State Farm

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Mike
2001 Spectra Blue IS300
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I work at an Insurance company for Enterprise. I just spoke with an adjustor who said that there is no formula for diminshed value. That they do it case by case here. She said that you will have to argue your point with them.

Make sure you explain to them as good as the body shop is it will never be as good as it was the day you took it off the lot.

Keep me posted.
 

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I will say this one more time. Contact your department of Insurance for your state. They will provide to you the information you need to perfect a diminished value claim.

It is not as easy as just an arbitrary figure of 10%. You have the burden of proving you vehicle is diminished in value. Your insurance company is not screwing with you.

I will tell you why Lexus does not want to get involved. It is most likely because your car has not diminished in value at all. Lexus can not provide to you an appraisal of the worth of your vehicle, because to do so, they would have to provide proof on where they have taken in cars that have been in accidents before and sold them for less then the Book Value. A dealer ship will never be able to prove that, why? Here is why. You go to trade your car in. You tell the dealership it was hit in the rear ( but the repairs were completed perfectly and there is no problem to the car) the dealership still screws you on your value and you as the consumer buy their argument and let them take the car for less then what they should have paid you. The dealership then does what? They put the car on their lot and sell it for full book value. That is why they will not get involved. They will not be able to show in court and prove that they have taken cars with prior damage and sold them for less because of the diminished value.

Your car was not diminished in value and this concept has been raised by plaintiff lawyer scum bags who are just trying to screw attorney fees out of the insurance company.
 
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