QuestionI live in Chicago Illinois. Back in 2006, I purchased a MINI Cooper S brand new for $25,000. 2 months later, I was in an accident that wasn't my fault. The other driver's insurance was through a car rental company. My car was repaired for $9,000 back in late 2006. Fast forward to May 2008, and I am looking to sell my car. Current Kelley Blue Book value is $23,000 to $21,000. The original dealer offered $16,500, and Carmax offered $14,000, because of the 2006 accident. I had no idea the value would go down so much because of the accident. Am I too late to file a diminished value claim? I have Travelers for my auto insurance. Thank you.
AnswerHi Roy,
Yes. You can still make a claim for diminished value. Your claim would be against the at-fault driver or his insurance. Since it was the rental car insurance that paid for the repairs, they should also pay for the diminsihed value.
You will need to hire a professional diminished value appraiser to inspect your car and write an appraisal report. The quotes from the car dealers will not be sufficient. It must be from an independent source with no interest in the purchase or sale of your car.
For more information on diminished value visit www.collisionclaims.com .
I hope this helps
Richard Hixenbaugh
