Diminished Value

[hallion]

Does anyone have any experience claiming for diminished value from a 3rd party's insurance company? The third party t-boned my car causing £4k damage.

As I am not at fault I feel I am entitled to compensation as my car will be worth less when I go to sell it in the next few months. The car is a 2007 STI so the accident will knock quite a lot off the asking price.

What is the procedure for making a claim like this and how successful am I likely to be?

I've also ran a few insurance quotes to have an idea what my renewal will be - I'll be paying at least £300 more even though I'm not at fault. Can this be claimed against as well - I'm guessing not.

Thanks folks

[skodamanpat]

More chance of the pope (oooops nearly another pope joke) errr no fking chance hth

[8400rpm]

From what I know, insurance companies specifically state in the policy schedules that they do not cover for diminished value in light of a repair. I know mine does.

[CrammyJay]

claim for personal injury which will offset any loss in value of your car

[Biker's Nemesis]

CrammyJay said:

claim for personal injury which will offset any loss in value of your car

That will be a fraudulent claim if the OP doesn't have an injury.

[MarsellusWallace]

I looked into this a few years back when someone in a Freelander hit me from behind doing about 40mph on the m6 when I was stationary due to a traffic jam.
I was told that I had to prove the ammount of loss of value by selling my repaired car and stating that it was being sold as damaged repaired on the invoice.I could then persue the other parties insurance company for the difference between this price and the expected price of an undamaged car.
As I remember there was no certainty
that I would be successful and my car was reaired to a very high standard and I wasn't ready to get rid so I left it
in the end.

[R1 Loon]

You can claim for diminution and I have done this successfully, although you're dreaming if you think you'll get anywhere near £4,000 for a 2007 car.

The start process is simple

• you spend money, getting an engineers report from a recognised firm eg Hoopers (cost c£300)
• send it to other sides insurers
• they reject it
• you write again
• they reject
• you instruct solicitor (cost c£500)
• they say "see you in court" and provdie a copy of a report they've done based on the detai in your report refuting the diminution
• you call their bluff and go to court
• they offer to settle and you accept a much reduced figure, as the chances of you winning in court are negiligble

Meanwhile, you've sold your car for £4000 less than you could've got on the off chance they'll pay you £4000.

Waste of time for you IMO - I only did it, because I've got ready access to all the necessary people at zero cost and wanted to be a stubborn bugger

To give you a feel for what to expect if you're lucy enough to get a payout. I got £2000 on a £55,000 6 month old car. I also sold it without declaring the accident, as it wasn't structural.

As for claiming for a non-existent injury, that will be just as much fun and insurance fraud is a criminal offence.

[bazking69]

CrammyJay said:

claim for personal injury which will offset any loss in value of your car

Clever Toby.

Edited by bazking69 on Saturday 18th September 18:44

[MoonMonkey]

R1 Loon said:

You can claim for diminution and I have done this successfully, although you're dreaming if you think you'll get anywhere near £4,000 for a 2007 car.

The OP said the damage cost £4k to repair not that he's looking to recover £4k

[R1 Loon]

MoonMonkey said:

R1 Loon said:

You can claim for diminution and I have done this successfully, although you're dreaming if you think you'll get anywhere near £4,000 for a 2007 car.

The OP said the damage cost £4k to repair not that he's looking to recover £4k

OK, misread by me.

In terms of what damage was caused unless it needs welded panels replacing and rewelding then it's purely cosmetic and as the work will probably be carried out by a professional company either on insurance approved list or a Subaru (guess on STI?) dealers (or appointed agent) with associated "nn" year garantee, then he's got no chance.

Smacks to me of a chancer trying to get some extra dosh then flogging his car without declaring the accident anyway. There's no compulsion to declare accident repair unless a Cat C or D.