Auto Accident Claim Question

[magnumrtawd]

My neighbor has a 2013 ford explorer. He was rear ended and had 18,000$ in damage. The insurance co. is repairing it.
My question is, After the repair, the value of the car will be greatly reduced because of the large amount of repaired damage!ETC. carfax enquirers.
How can he collect the total damage he has incurred?
I can see him trying to trade it in in a year and being told the trade in value has been reduced by 5 grand because of the accident!

 

[NYCINSURANCE]

They will only cover the damage to the vehicle minus the deductible. Insurance company is not responsible for deprecation, even if it from a accident.

 

[Gooner]

They will only cover the damage to the vehicle minus the deductible. Insurance company is not responsible for deprecation, even if it from a accident.

I've never had a problem collecting finished value from an insurer.

Just ask for it.

 

[AZDave]

My neighbor has a 2013 ford explorer. He was rear ended and had 18,000$ in damage. The insurance co. is repairing it.
My question is, After the repair, the value of the car will be greatly reduced because of the large amount of repaired damage!ETC. carfax enquirers.
How can he collect the total damage he has incurred?
I can see him trying to trade it in in a year and being told the trade in value has been reduced by 5 grand because of the accident!

Its called 'diminished value' and as a claimant he can ask for it. He won't get it unless it is proven to the insurance company, a tough battle. Maybe try to obtain a couple certified trade in letters from a dealership or an appraisal to support the claim. There are also companies that will do it for a fee.

Dave

 

[Gooner]

I've never had a problem collecting finished value from an insurer. Just ask for it.

Yup. Auto correct got me..was trying to say diminished value...not finished value.