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Diminished value claim Diminished value claim
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Old 10-05-2009, 09:54 PM   #1
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Diminished value claim
so long story short.. was driving my bmw x5 and got rearended.. dunno how much repairs gonna cost yet but probably in the 4-5k range. so now the trade in value for the car is gonna worth sh!t.. so wondering can you make a diminished value claim on your vehicle? if so what are the steps required?
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Old 10-05-2009, 10:16 PM   #2
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there is a special policy you can buy direct from your insurance broker... but I've seldom ever seen one or heard of anyone coming out a head of this scenario

I recently did a $20,000 repair on an older guys brand new Camry - literally - it had 1200k on it and he was rear ended by a cop car. He got nothing.
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Old 10-06-2009, 01:15 AM   #3
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If it's a new car, in the first three years of it's insured life, you can get replacement value insurance from ICBC. But you have to write the car off...

Claim for future depreciation from an accident that didn't write it off? ICBC won't touch it. You'd have to sue them, and the cost of that ain't worth the fuck-all you'll get out of ICBC.
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Old 10-06-2009, 08:30 AM   #4
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awhile back my dad's old car was rear ended, causing almost $8-10k in damage. it was less than 1 year new at the time. he had the new car/limited depreciation/whatever they call it coverage from icbc. icbc would not write it off, but would pay for new oem parts, no jobber or used parts. but when it came time to trade it in, the dealer knocked off $2k from the value the second they saw the damage on the history check
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Old 10-06-2009, 10:06 AM   #5
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Quote:
Originally Posted by shantz View Post
there is a special policy you can buy direct from your insurance broker... but I've seldom ever seen one or heard of anyone coming out a head of this scenario

I recently did a $20,000 repair on an older guys brand new Camry - literally - it had 1200k on it and he was rear ended by a cop car. He got nothing.
Rear ended by a COP?!
WOW, way to enforce road safety guiz
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Old 10-07-2009, 09:30 AM   #6
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nothing you can do
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Old 10-07-2009, 11:59 AM   #7
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99% chance of you getting nothing if u claim for that, even with the help of a lawyer. so dont waste ur time
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