Folks with Crashed Mustangs .. please post your Diminished Value payout - MustangForums.com



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Old 07-16-2007, 08:05 PM   #1
dmhines
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Default Folks with Crashed Mustangs .. please post your Diminished Value payout

The insurance company wrote me a check for $845 for Diminished Value on my car. I called several diminished value appraisers and they say it should be more like $4000. Could you please post the total cost of your repairs and the amount of your Diminished Value settlement?

My Repairs: $10,500 DV: $845


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Old 07-16-2007, 08:48 PM   #2
marcuskeeler
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

$4000 seems a lot. If the repair shop get the vehicle looking like new again, seems like the diminished value wouldn't be tht significant.
Aninsurance company would be cutting their own throats giving out that kind of dough over and above the $10k costs. But then what do I know? LOL
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Old 07-17-2007, 12:18 AM   #3
07BLACKGT
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

Mine was $845 also.
But the only damage I had was the rear bumper and parts behind it...
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Old 07-17-2007, 12:27 AM   #4
zep06
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

diminished value???
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Old 07-17-2007, 12:40 AM   #5
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

Wow, that seems kind of low. What people do not realize is that the accident will show up on a Carfax if you ever go to sell it or trade it. Now honestly, wouldn't most of you guys shy away from a car that has had over 10,000 dollars in damage whether it looked good or not. I know I for one would. Four grand seems reasonable.
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Old 07-17-2007, 01:12 AM   #6
Rdot9
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

Cost is $1200 to fix, insurance pays zippo cuz im not doing it through insurance, i dont need a higher insurance bill at 16 years old
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Old 07-17-2007, 01:16 AM   #7
LegallyTorchRED
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

DM, you spent and built a beautiful "tribute retro STANG". The damn insurance companies don't care. They see it as a 6 cyl Coupe, that's it..... they don't understand, it's your baby, your PRIDE.
Let me tell you, I had a '98 Explorer, that got smashed in a mall parking lot in Jan of '99. I bought it in Nov of '98, it had 1700 mi on it. By the time the insurance companygot done, they paid me $1200 less than what I bought it for, and ignored my complaints about diminished value.
You see, I didn't have "gap", and I had 1.9% interest. After they were done, they gave me $250 for my DV. I had to go buy a '99 Explorer, basically the same SUV for $2699 more @ 5.9%. It ended up costing me over $9K more, to replace the loss, given the added interest rate, and low ball total cost.
I wish you well[sm=bounceybounce.gif][sm=devilangel.gif][sm=signs003.gif][sm=signs003.gif][sm=icon_cheers.gif], BUT, trying to fight these insurance companies is like PI**IN' in the WIND.
It's a real shame, because you spent, and cared about your "retro baby", and did a DAMN GOOD job.
JMO
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Old 07-18-2007, 01:10 AM   #8
Orion_240
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

Jeez!
I'm going to look into self insuring!
Anyone ever dome that?
Having to pay $1800/year and then getting that kind of outcome is too scary!
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Old 07-18-2007, 08:02 AM   #9
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout




that little dent costs like freakin 1200 at a body shop. It is like 400 at a plastic bumper repairshop though
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Old 07-18-2007, 08:25 AM   #10
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Default RE: Folks with Crashed Mustangs .. please post your Diminished Value payout

I’m not sure how it works in other states but in Georgia it works like this:
1. Establish NADA book value.
2. Determine base value = NADA X 10%.
3. Determine damage severity. This runs from 0 to 1.0 for severe damage.
4. Determine mileage modifier. This runs from 1.0 (0 miles to 19k) to 0 for 100 K.
5. Use number from 2 X 3 andresult X 4, e.g. a car listed as $26,440 NADA, with minor damage and low miles comes out to $661.


So with this calculation the most you would receive with major damage and low miles would be 10% of the NADA value.
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