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Claiming Depreciation after accident.

  • 03-07-2008 2:12pm
    #1
    Wibbler
    Registered Users, Registered Users 2 Posts: 411 ✭✭


    Hi,

    My 02 registered Golf was hit by a truck (the other driver's fault) on the M1/M50 southbound slip recently and suffered quite a bit of damage to most of the panels on the driver's side. There was no structural damage and it was repaired quickly and now looks as good as new.

    However, I want to replace the car and trade up to a new model. I know that the accident will affect the trade-in value, but I have no idea by how much and would like to claim the depreciation from the other party.

    My own insurance company has said that I'd need something in writing from a dealer, which they would then claim from the other insurance company, but it all sounds messy and time consuming. With the current glut of used cars in dealerships, I can't see a dealer being all that interested. :-(

    Does anyone have any experience of claiming depreciation and is it actually worth it? Any tips? I'm only looking for fair compensation for the loss in value and am not looking to screw anyone over.

    Thanks.


Comments

  • #2
    f22
    Registered Users, Registered Users 2 Posts: 2,361 ✭✭✭f22


    I know that the guilty parties insurance will only pay 10% of repairs (15% if a new car.

    Went through tha same myself and when I came clean about the damage I was given 3k less of a trade in, after some hard bargaining. I left it up to a solicitor to deal with it all. Im not on to advocate claiming but if my car is worth less because of someone elses negligence, they can pay for it.

    No dealer is going to accept a damaged or repaired car at the moment because they can't even shift the spotless ones.

    I wish you luck as I'd say you will need it.


  • #3
    Wibbler
    Registered Users, Registered Users 2 Posts: 411 ✭✭Wibbler


    f22 wrote: »
    I know that the guilty parties insurance will only pay 10% of repairs (15% if a new car.

    Is that just a standard amount that can be negotiated with supporting documentation?

    The repairs to my car were estimated at €5k and so if you are right, I'd see €500 for depreciation. As with your experiencem I can't see a dealer being that conservative on depreciation. :-(

    That really sucks, not to mention limits my options for my next car :-(


  • #4
    f22
    Registered Users, Registered Users 2 Posts: 2,361 ✭✭✭f22


    Yeah, it's an industry standard unfortunately.

    You are also correct in assuming that dealers and the buying public don't see it that way. If you had the choice of 2 cars, one that had 5k worth of repairs and the other that was untarnished for e500 more, which would you choose?

    It's a disgrace that the innocent party is the one to have to lose money.


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