Auto Insurance Claims: Diminished Value check coming, hyundai sonata, definitive measure

Question
Hi Charlie what is your best guess if possible on a 08 Hyundai Sonata ,that has front end damage valued at $8,000 the car has 34,000 miles on it and is in repair right now however my insurance said it is sending me a check for the DV and I do not have anything to gauge if they sent me enough I know this would be a guess for you but it may help me out thanks

Answer
Mike,

Diminished value losses are based on the value and nature of the car that was damaged, factored by the nature and severity of the damage. For example, a new 7 series BMW that had severe structural (frame) damage would have a greater DV loss than a 7 year old Ford which suffered cosmetic damage. The only definitive measure of the loss is an actual sale of the vehicle with full disclosure of the damage history, at which point one deducts the net proceeds of the sale from the pre-loss book value.

Without a physical inspection of your car and a review of the repair documents, it would be impossible for me to venture a guess. However, you can get a feel for the loss your car sustained by taking it to the dealer and getting a trade in valuation on it from their used car manager. Let them know what happened to the car and tell them you want to trade it in on a new model.

Charlie