Auto Insurance Claims: Auto Insurance Claim, auto insurance claim, rapid reply

Question

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The text above is a follow-up to ...

-----Question-----
My truck was hit while parked on the street in front of my house and suffered extensive damage to the rear wheel and axle.  There was insufficient damage to "total" the vehicle.  I filed a third party claim with the insurance company of the party that hit me.  It is clear that they were at fault, supported by witnesses, police report, and so forth. It's worth mentioning that fault is not being contested.

My truck is only two months old, however, and I asked the insurance company to purchase the truck from me at fair market value and I would purchase a replacement vehicle.  I explained that I do not want to own a tuck that has suffered extensive collision damages because unknown future mechanical problems associated with the damages are likely and also the fact that the truck has decreased future resale value because of the collision.

The insurance company refuses to purchase the truck from me at market value and is only offering repair as a remedy.  What recourses do I have?
-----Answer-----
Hi Robert,

Unfortunately, unless the cost of repairs is 75% of the value of the vehicle, the insurance company will not total the vehicle.

You are however entitled to be paid for the loss of market value of the vehicle. It's called diminished value.  You will need to hire a professional diminished value appraiser to inspect the vehicle, review the repair documentation and prepair a diminished value appraisel report. You can learn more about the process at www.collisionclaims.com .

I hope this helps
Richard Hixenbaugh

Richard,

Thanks for the rapid reply.  Just have a follow up question to your response.  I am not asking the insurance company to "total" the vehicle, but simply to purchase the vehicle from me at market value.  If I understand correctly, I am to be made whole after the settlement.  In other words, I should be in the same position after the accident as I was before the accident.  The only way to do this, in my opinion, is to provide a truck that is free from any accident or collision history.  Is that not a reaonable request?  Can I accomplish this through litigation?

Thanks for your assistance,
Robert

Answer
Hi Robert,

Unfortunately no. The insurance company can not be forced to purchase a vehicle unless it is declared a total loss. Yes you are entitled to be made whole, however the only way to do that is by haveing the vehicle repaired, then by pursuing payment for the diminished value of the vehicle.

Richard Hixenbaugh