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Old 03-01-2013, 03:56 PM   #26
SatinWhitePearl
Scooby Specialist
 
Member#: 170780
Join Date: Feb 2008
Chapter/Region: SCIC
Location: Huntington Beach, CA
Vehicle:
2007 STi
Satin White Pearl

Default

Here's an idea:

Once your car is repaired, take your car in to Subaru of (insert Subaru dealer) and ask them to prepare a trade in evaluation.

They'll most likley inquire as to whether your car has been previously involved in an accident, as a matter of procedure, but the process may differ from dealer to dealer.

Now two different potential outcomes here:

1. They evaluate your car and don't inquire as to its "accident history," proceed to outcome 2.

2. They evaluate your car and inquire as to its prior "accident history."

The idea is to simply contrast the trade-in values based on an "accident free" car versus a car with an "accident."

It's essentially a simple, cost effective, way to prove that there's a tangible difference in "value" of your car, from a third party.

Again, this is simply an idea and by no means a "professional" appraisal, but it's an idea.

I'm an insurance broker in California and have had to "prove" diminished value before, it's a challenge.

Dimished Value is a challenging "loss" to prove; this is largely because cars are continuously depreciating and it's difficult to "accurately" demonstrate the "true" depreciation of a vehicle, post an accident, in relation to a car's perceived "normal" depreciation.

It's also important to know that, unless otherwise specifically stated, cars are covered on an "actual cash value (ACV)," not AGREED value (AGV).

ACV = Your car is subject to depreciation
AGV = Your car is essentially insured for "replacement cost," or the cost to replace your vehicle with like kind and quality, without a "hit" for depreciation.

The principle of indemnification is to return an "insured" to the same "state" as they were prior to the "loss." Indemnification is something that some of you have been hinting towards, so i thought I'd clarify it a little.

It's important to be congnizant of this principle not being aimed towards "bettering" the insured's "state," think of it as a "reset."

/class dismissed
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Old 03-03-2013, 07:54 PM   #27
katie785
Scooby Newbie
 
Member#: 321782
Join Date: May 2012
Chapter/Region: MAIC
Location: Washington, D.C.
Vehicle:
2008 WRX
White

Default

The ONLY state that recognizes DOV is GA. And the insurance company/state regs have a specific formula for calculating it. I was an adjuster in PA/NJ/MD for a major corp for 5 years. I had a lot of people ask this. Yea, it sucks, but it's state regulations. And any insurance company isnt going to pay for something they are not legally responsible for (DOV). They'll pay for the repair & rental, that's it.
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Old 03-03-2013, 10:07 PM   #28
auskip07
Scooby Specialist
 
Member#: 315643
Join Date: Apr 2012
Chapter/Region: South East
Location: Atlanta Ga
Vehicle:
2012 Impreza Sedan
DGM 5mt

Default

Through the first link above i was able to find this diminshed value calculator. But you have to pay

https://www.automallnetwork.com/dv_c...php?aid=&pr=39


So yes it was a smart response but it worked.
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Old 03-11-2013, 03:43 PM   #29
thehollowrift
Scooby Specialist
 
Member#: 86788
Join Date: May 2005
Chapter/Region: MAIC
Location: MoCo
Vehicle:
04 STi
PSM

Default

Such a small world...

I love this forum.

Thank you guys for the opinions --- I'm still taking names for independent individuals to assess.

Preparing for a pitchfork fight, might hire a ninja, and a eye patched monkey too.
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Old 03-11-2013, 05:41 PM   #30
MD04WRX
Scooby Guru
 
Member#: 72891
Join Date: Oct 2004
Chapter/Region: MAIC
Location: In the blue & hating it!
Vehicle:
2014 Molten ST
98 2.5GT -2014 XV

Default

Quote:
Originally Posted by thehollowrift View Post
Such a small world...
Oh well.
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Old 03-11-2013, 06:29 PM   #31
warpath
Scooby Specialist
 
Member#: 84622
Join Date: Apr 2005
Chapter/Region: MWSOC
Location: -=OT B-Lister=-
Vehicle:
2010 EVO X GSR
1992 MKIII Supra

Default

Quote:
Originally Posted by SatinWhitePearl View Post
Here's an idea:

Once your car is repaired, take your car in to Subaru of (insert Subaru dealer) and ask them to prepare a trade in evaluation.

They'll most likley inquire as to whether your car has been previously involved in an accident, as a matter of procedure, but the process may differ from dealer to dealer.

Now two different potential outcomes here:

1. They evaluate your car and don't inquire as to its "accident history," proceed to outcome 2.

2. They evaluate your car and inquire as to its prior "accident history."

The idea is to simply contrast the trade-in values based on an "accident free" car versus a car with an "accident."

It's essentially a simple, cost effective, way to prove that there's a tangible difference in "value" of your car, from a third party.

Again, this is simply an idea and by no means a "professional" appraisal, but it's an idea.

I'm an insurance broker in California and have had to "prove" diminished value before, it's a challenge.

Dimished Value is a challenging "loss" to prove; this is largely because cars are continuously depreciating and it's difficult to "accurately" demonstrate the "true" depreciation of a vehicle, post an accident, in relation to a car's perceived "normal" depreciation.

It's also important to know that, unless otherwise specifically stated, cars are covered on an "actual cash value (ACV)," not AGREED value (AGV).

ACV = Your car is subject to depreciation
AGV = Your car is essentially insured for "replacement cost," or the cost to replace your vehicle with like kind and quality, without a "hit" for depreciation.

The principle of indemnification is to return an "insured" to the same "state" as they were prior to the "loss." Indemnification is something that some of you have been hinting towards, so i thought I'd clarify it a little.

It's important to be congnizant of this principle not being aimed towards "bettering" the insured's "state," think of it as a "reset."

/class dismissed
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