QuestionThere I was three days before Christmas, stopped at a light in my 2005 Honda Civic Hybrid, and waiting to make a turn into my fave Raleigh NC shopping mecca, minding my own business and WHAMO! I was hit by the car behind me, who was hit by the car behind her, it was all very dizzying and we all wound up in the median, in the rain, happy holiday!
After almost $9000 of repair, the car is finally fixed (mostly), and the repair cost was covered by the insurance company of the driver at fault, but I expect that its resale value is not what it would have been had the accident never occurred. My question is, how do I establish for insurance purposes what the "inherent" diminished value actually is? The insurance company is (stalling? and)asking for documentation. I've researched the fair market value of the car, it was in excellent condition and had only 16,600 miles prior to the wreck, but where do I go from there? Any advice would be most appreciated.
Best regards,
Rear-ended in Raleigh
AnswerHi Ellen,
You are entitled to receive compensation for the diminished value of your vehicle, however, it is your responsibility to prove your loss. The way you do that is by hiring a professional diminished value appraiser.
For more information, please visit www.collisionclaims.com .
I hope this helps
Richard Hixenbauh
