R50/53 Received "diminished value" check after damage repaired on 03 MC
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6th Gear
Joined: Jul 2003
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Received "diminished value" check after damage repaired on 03 MC
An occasional point of discussion on NAM has been diminished value insurance payments. After an 01-03-06 parking lot incident I asked for and received a diminished value payment from the owner of the other cars insurance company.
The incident was an unoccupied 1988 or so Eagle Talon rolling into the drivers side of my MINI. At the time of the incident I was sitting in my Dr's waiting area awaiting a prostrate exam. As if that wasn't bad enough, I received a page to the receptionist desk where the person on the phone informed me that their car, also unoccupied at the time, had rolled into my MINI.
In my first conversation with their insurance company I mentioned diminished value. After the car was repaired, $1900 and a beautiful repair job, they had their adjuster reappraise the car. According to their appraisal the amount for diminished value came to $735.
I accepted the money and now have a new MyMini touring exhaust, an ITG foam air filter and a couple of hundred extra bucks.
In retrospect I believe if I had given them a value that I expected, rather than letting them determine the amount for diminished value, I could have probably negotiated more money, maybe as much as $1200. Still, the car looks great, runs better than ever with the new exhaust, and a bad experience was taken care of very well. At no time was the insurance company anything but helpful during the entire experience.
I probably should consider myself very lucky. A more likely scenario would have been hit and run.
The incident was an unoccupied 1988 or so Eagle Talon rolling into the drivers side of my MINI. At the time of the incident I was sitting in my Dr's waiting area awaiting a prostrate exam. As if that wasn't bad enough, I received a page to the receptionist desk where the person on the phone informed me that their car, also unoccupied at the time, had rolled into my MINI.
In my first conversation with their insurance company I mentioned diminished value. After the car was repaired, $1900 and a beautiful repair job, they had their adjuster reappraise the car. According to their appraisal the amount for diminished value came to $735.
I accepted the money and now have a new MyMini touring exhaust, an ITG foam air filter and a couple of hundred extra bucks.
In retrospect I believe if I had given them a value that I expected, rather than letting them determine the amount for diminished value, I could have probably negotiated more money, maybe as much as $1200. Still, the car looks great, runs better than ever with the new exhaust, and a bad experience was taken care of very well. At no time was the insurance company anything but helpful during the entire experience.
I probably should consider myself very lucky. A more likely scenario would have been hit and run.
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