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Automobile Depreciation After an Accident

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Old Nov 9, 2011 | 06:42 AM
  #1  
jazket's Avatar
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From: Somewhere in Florida
Automobile Depreciation After an Accident

Sigh...

8,400 miles... not a single scratch... and some a**hole was street racing last night (stupid kid on a Red Ford Lightning SVT on West Flagler St in Miami... in case you are here and reading this now...) racing his friend's mustang apparently, lost control of the truck and ran over the median, his truck coming straight for us and no way for me to move since we were at a red light and although the light had just changed the cars had barely began moving

He destroyed an old lady's Toyota Collora which he hit straight forward, bounced off with the impact, truck spinning around, then landed its rear on my driver side fender

Well here's the picture of my poor lil whip... all destroyed (well not really "destroyed", but still)... (see picture below)

Now my question is, for those of you guys with as much luck as me and who've had some dumbass ruin your beautiful Evo... has any of you dealt with recovering the loss or depreciation after an accident? if so, can you please advice whats the best way to go about this? would I really need to get a lawyer involved?

thanks guys... this blows btw

*PS: what's the best way to look for drivetrain or internal damages? so far the car drives the same way it did before, except that I can now hear the hood rattle a lot more than before (you know, that rattle when you shift and the rpms dropp to the low 2000s)... however I think he missed my wheel entirely, there's no scratch, no bubble, car drives just fine

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Old Nov 9, 2011 | 07:26 AM
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From: COLORADO
Depending on state, some insurance companies allow an extra value be added to what you're compensated for on the damages to account for the cars depreciation in value from being in an accident. I would ask them about it.

Aaron
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Old Nov 9, 2011 | 07:48 AM
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Sev
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From: SoCal
Oh my gosh...this sucks so bad. I can't answer your question about depreciation, but my Evo was messed up too. :'(

I don't wanna scare you, but living re-painted panels is tough. :'(

I hope it works out, dude!
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Old Nov 9, 2011 | 07:54 AM
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From: Somewhere in Florida
Originally Posted by Sev
Oh my gosh...this sucks so bad. I can't answer your question about depreciation, but my Evo was messed up too. :'(

I don't wanna scare you, but living re-painted panels is tough. :'(

I hope it works out, dude!
Don't even mention it I know what awaits me...

I do however want a brand new fender so lets see when I go to the body shop and put on the gloves with these people

Thanks WHTEVO, I will ask my insurance people regarding these laws to see if they're in my favor down here in FL
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Old Nov 9, 2011 | 06:18 PM
  #5  
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From: Dallas
Your damage is relatively small. At most the a pillar fender support maybe dented in.
Only thing that maybe hidden is a bent strut or lower control arm from the impact.
A new door skin, fender, fender grill, side marker and you should be good as new.

The depreciation you are wondering about is called diminished value. You will need to file a claim for D.V. with the insurance company after the repairs are made. You will need to get various appraisals to show the lost in value from the damage.
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