Tips $ for Vehicle Depreciation

pieremont

New member
This year I learned if you are in an accident (at least in US) the insurance company can write you a check for depreciation on your vehicle. It’s not volunteered but you can request it following repairs.

My new vehicle was hit in a parking lot only 6 months off the lot. Driver left a note (and restored my faith in humanity). Insurance was great.

Random guy at my office advised me to ask for depreciation on my vehicle. What??? Got back over $1000.

Now if I was someone who gets a new car every couple of years it would just be a break even. But I’m a drive it till it’s dead kind of person, so it’s pretty much found money.

Hope you don’t ever need to know this, but if you do, at least you get something out of being hit.
 
@pieremont FWIW, I recently got into an accident in NY and Geico basically told me to go fuck myself after repairing the vehicle and having me submit a formal request for diminished value.

In essence: "Mr. Reboot, after the repair of your vehicle (around 15k) we have deemed that the value is essentially the same as it was and will not be giving you money"
 
@biblescholar1976 Progressive basically told me this once I got rear-ended and totalled my Jeep about 4 years back. They're like here's a thousand bucks... I know it's a jeep But I know it's worth more than a thousand dollars I had to get it Appraised by a third party appraisal Eventually ended up getting 12k out of it After six months of battling.
 
@biblescholar1976 I had a similar experience when I was in a not at fault collision. I had about $4k or so in damage and 0% fault. Progressive took care of repairs but told me to kick rocks on a diminished value claim. This was about 3 years ago….wondering if I can revisit that and see about trying again.
 
@aryanpour Had a similar experience. 8k or so in repairs due to a rear ending, they told me the diminished value comes out of a max payout for repairs and they only sent me around $800 I think.
 
@biblescholar1976 If your own insurance is covering the repair, you’re not likely to get depreciation paid out however, if the other Party had insurance and their insurance took care of the repair process, you can usually get get it after some grumbling from their end.
 
@biblescholar1976 Yeah, I've had similar experiences with GEICO. Go figure that the company that basically said "haha screw you we're petitioning NJ to allow us to raise your rates more than we're technically allowed to" also denies people what their insurance is SUPPOSED to be there for.
 
@biblescholar1976 Never trust the person/entity that owes you to tell you how much (if anything) they should owe you.

Simply put, you have to go through a certain process. I ended up getting an appraiser to appraise my vehicle specifically for diminished value.

Submitted it, they denied it at a much lower amount (like 5%). Told them I'm happy to go to court, and reached out to a lawyer. Reached out to him that morning, that afternoon they had already reached out and proposed a fair settlement that I took.

State farm if you're curious which insurance.
 
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