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File a claim for diminished value
- Thread starter newrednsx
- Start date
It's not easy, insurance companies usually fight these. You'll need at least two estimates from reputable dealers stating that the car has lost value due to the damage and they'll need to be specific as to how much and why. Most shops won't do it because they would rather be on the good side of an insurance company than your good side.
In order to demonstrate "diminished value", you would need to prove that the car is worth a specific market value if it had not been damaged, and a specific, lower market value if it had been damaged and repaired properly.
The fact of the matter is, a car that has been in a minor fender bender and repaired properly really isn't worth any less than a car that hasn't. Thus there is no diminished value.
Just make sure you get the car fixed at a top-notch body shop that is qualified to work on the NSX. Once it's fixed, don't agonize over it; it will be good as new.
The fact of the matter is, a car that has been in a minor fender bender and repaired properly really isn't worth any less than a car that hasn't. Thus there is no diminished value.
Just make sure you get the car fixed at a top-notch body shop that is qualified to work on the NSX. Once it's fixed, don't agonize over it; it will be good as new.
I disagree with this statement, if I had a chance to buy two cars with similiar mileage, condition and price, but one of them has been in an accident that required repainting it would be an easy call on which car I would buy. If the previously damaged car was significantly cheaper, I would consider it, but only if the price difference was enough.
Why would anyone pay the same amount for a car that had been in an accident? It is common sense that the car is worth less after an accident (even if the car is repaired properly) than a car that has never been hit.
I think the car's value is most definitely diminished! If it were a Ford Taurus, then maybe not, but an NSX's value is compromised anytime there has been bodywork or painting involved. Many people on this forum won't even buy a car with this kind of history no matter what the price, but most would want to buy it at a lesser cost. I would be as thorough as possible and try to get as many documents as you can and go after the insurance company on these grounds. Let us know how it comes along -Good luck!
Sorry for the double post.
[This message has been edited by Rococo (edited 17 September 2002).]
[This message has been edited by Rococo (edited 17 September 2002).]
I'd pay $2k more for factory paint, which I believe will last longer and be far less subject to cracking or other problems. On ordinary cars that you're not planning to keep for more than 5 years, this is not an issue.
YOU might pay more for factory paint, but a dealer wouldn't. And a seller can get pretty much the same price for a car that's been in a minor fender bender and properly repaired, as for one that hasn't been in one.
Of course, repair history is part of the total picture of a car. But the fact remains that (a) a car that has been well maintained and is otherwise "perfect" and has had, say, a fender repaired properly and cannot be seen by most observers, will fetch just as much money as one that has not had such a repair; and (b) a car that has not been well maintained and is in generally mediocre condition won't get top dollar regardless of whether or not it has had slight body damage that has been properly repaired.
Keep in mind that we're talking about a minor fender bender here, not major structural damage. And again, maybe some of you wouldn't buy such a car - but that doesn't mean it would sell for less.
I've done a lot of shopping around for NSXs and seen a lot of prices on NSXs and this is what I have observed.
[This message has been edited by nsxtasy (edited 17 September 2002).]
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