QuestionA tree fell on my 2001 Dakota. The body estimate is $5500. I have not yet been given an estimate on mechanical and stuctural damage, if any. My question is this. Can I have a repair shop fix any mechanical damage and then use the $5500 to pay off the $4700 lien. I'm assuming that my insurance company will pay for mechanical damage as well. I know you don't recommend this, but the thought of having a good running truck with no payment is enticing. I live in Ohio. I also have a friend who can help me 'pound' out any dents for a minimal fee.
AnswerDear Drew,
I believe that you will be able to work with your lienholder and the insurance company to use your check to pay off the lien.
Be sure to involve both in your plan inasmuch as the adjuster will make out the check to you and your lienholder. Thus, the lienholder will accept the payout and surrender its lien and the balance will go to the autobody shop.
You could possibly make it easier if the adjsuter would cooperate and cut two checks: one being the exact amount of the lien.
Also let the autobody shop owner know your plan. Tell him that you can live with rough repairs and used and/or non-original manufacturer's equipment (NON-OEM) parts. I will bet that for a few hundred dollars, you can get some fairly satisfactory work done if he will just cooperate with you.
New Topic: DIMINISHED VALUE CLAIM
Should you Consider Making a Diminished Value Claim for the Loss in Value to Your Vehicle?
It pays to learn about diminished value claims, EVEN IF you believe that a claim will not be paid in your circumstances. Why? Three reasons:
• First, your research may reveal ways in which you could get a cash award, even though you have been told "No Way" by the insurance adjuster;
• Second, it may be possible for you to deduct the amount of your loss on your income tax return;
• Third, even if no award will be paid to you, it could be valuable to have an insurance adjuster's opinion when you prepare to sell the vehicle. Let's say that you can get the adjuster to respond in writing to the effect that your vehicle was properly restored to original condition in his professional opinion and that no value was lost. That kind of document could relieve you of some responsibility for disclosure upon resale of your vehicle. At the least, it would put the prospective buyer more at ease about the damage done to the vehicle.
Take some time and research diminished value on these pages:
Diminished Value—What it is and How to Make an Insurance Claim for a Cash Insurance Settlement
http://www.settlementcentral.com/page0455.htm
FAQ: Diminished Value Insurance Claims Explained in Answers by Doctor Settlement, J.D.—Auto Accident Insurance Claim Expert
http://www.settlementcentral.com/page0454.htm
Here is a page from 1998 that seems to go against a DV claim in Ohio, BUT that should NEVER STOP YOU FROM MAKING ONE.
http://www.ohioadjusters.com/diminished.htm
I trust that my extra topic here has produced some information that has been of value to you, and thus I would respectfully request that you locate the feedback form on this site and leave some feedback for me.
Best Wishes,
Dr. Settlement, J.D. (Juris Doctor)
http://www.SettlementCentral.Com
