Compensation for diminished value of 2010 crashed car

kanuseeme

Hi all,

Rear ended with damaged done to my 2010 Honda insight to the value of 3000 euro.
Insurance company has offered to pay this and I believe its a fair offer.
I asked about compensation for the reduced value of the car because it is crashed and the guy said No because its 6 years old, a newer car maybe.

Now my questions are;
Am I entitled to compensation for the loss in value for the car because it is now crashed?
If so, how much?
Any one with similar experiences, your advice would be very much appreciated.

Thanks in advance.

corglass

Most of this comes down to how assertive you are and how genuine your claim is.

If you believe the company are paying you about the right amount, let it sit and avoid the hassle. If not, threaten to get your own insurance company involved to assert your claim. That may encourage the third party insurance company to cough up more.

If you do end up getting your own company to pursue the claim on your behalf, remember even though you were not a fault you'll still have an open claim on your account until it's settled so may makes switching providers difficult.

In summary, best take the offer if it's reasonable and minimise any dealings with insurance companies. You never win with them when your time / stress is included (unless your a crook)

Toyotafanboi

Can't see you getting depreciation costs on a 6 year old car unfortunately.

biko

The point of the repair is to put the car back to as-was condition so I doubt you'll get money for reduced value.
But keep trying and see if they budge.

Bigus

Go into a Honda dealer and ask how much less a damaged repaired 10 insight is vs a stright original one . Offer to pay an admin charge for their opinion in writing as use this as ammo, don't forget if they get stroppy they risk a personal injuries claim too unless the car was parked .

Drummerboy08

If its repaired correctly it's worth no less.

colm_mcm

Yep, it's not as if it's a write off put back on the road.

kanuseeme

corglass wrote: »

Most of this comes down to how assertive you are and how genuine your claim is.

If you believe the company are paying you about the right amount, let it sit and avoid the hassle. If not, threaten to get your own insurance company involved to assert your claim. That may encourage the third party insurance company to cough up more.

If you do end up getting your own company to pursue the claim on your behalf, remember even though you were not a fault you'll still have an open claim on your account until it's settled so may makes switching providers difficult.

In summary, best take the offer if it's reasonable and minimise any dealings with insurance companies. You never win with them when your time / stress is included (unless your a crook)

The repairs would be covered by their offer, the guy was adamant no compensation for loss of value for cars 6 years old, it is true that going grey over it is not worth the effort unless I am a crook, but then i would be wearing a neck brace, which i am not.

biko wrote: »

The point of the repair is to put the car back to as-was condition so I doubt you'll get money for reduced value.

But keep trying and see if they budge.

A crashed car would not be as easy to sell and to make it so would require a price drop.

Bigus wrote: »

Go into a Honda dealer and ask how much less a damaged repaired 10 insight is vs a stright original one . Offer to pay an admin charge for their opinion in writing as use this as ammo, don't forget if they get stroppy they risk a personal injuries claim too unless the car was parked .

Would it make a difference if the car was parked, i did not suffer any injuries but i do understand what whiplash is, after being involved in that accident and believe some people do suffer from it, while others pretend.

Drummerboy08 wrote: »

If its repaired correctly it's worth no less.

So you would buy a crashed then repaired car for the same money as identical model with no damage and then try and sell it later saying its repaired correctly so i want market price for it.

Thanks for the replies everyone. i would love to know if anyone did any one get money for loss of value on a oldish car.

kanuseeme

corglass wrote: »

Most of this comes down to how assertive you are and how genuine your claim is.

If you believe the company are paying you about the right amount, let it sit and avoid the hassle. If not, threaten to get your own insurance company involved to assert your claim. That may encourage the third party insurance company to cough up more.

If you do end up getting your own company to pursue the claim on your behalf, remember even though you were not a fault you'll still have an open claim on your account until it's settled so may makes switching providers difficult.

In summary, best take the offer if it's reasonable and minimise any dealings with insurance companies. You never win with them when your time / stress is included (unless your a crook)

The repairs would be covered by their offer, the guy was adamant no compensation for loss of value for cars 6 years old, it is true that going grey over it is not worth the effort unless I am a crook, but then i would be wearing a neck brace, which i am not.

biko wrote: »

The point of the repair is to put the car back to as-was condition so I doubt you'll get money for reduced value.

But keep trying and see if they budge.

A crashed car would not be as easy to sell and to make it so would require a price drop.

Bigus wrote: »

Go into a Honda dealer and ask how much less a damaged repaired 10 insight is vs a stright original one . Offer to pay an admin charge for their opinion in writing as use this as ammo, don't forget if they get stroppy they risk a personal injuries claim too unless the car was parked .

Would it make a difference if the car was parked, i did not suffer any injuries but i do understand what whiplash is, after being involved in that accident and believe some people do suffer from it, while others pretend.

Drummerboy08 wrote: »

If its repaired correctly it's worth no less.

So you would buy a crashed then repaired car for the same money as identical model with no damage and then try and sell it later saying its repaired correctly so i want market price for it.

Thanks for the replies everyone. i would love to know if anyone did get money for loss of value on a oldish car.

kanuseeme

Sorry for double post . i was trying to correct the last sentence

kanuseeme

colm_mcm wrote: »

Yep, it's not as if it's a write off put back on the road.

Interesting you say that, i was only a day ago trying to work out a price for a cat. d car and other less interesting forums said 12 to 20 % less for a cat. d car and it does not take much to put a car into that category.

colm_mcm

You're talking about the uk I assume though.

kanuseeme

colm_mcm wrote: »

You're talking about the uk I assume though.

yes uk cars damaged and repaired are worth less

Drummerboy08

If you're trading the car in then it's worth no less if it's repaired correctly.

If you're selling it privately then I don't think it's worth any less either. Less than what? Another mint 6 year old Accord? Show me one that the owner claims is on original paint and I'll show u a liar.

It's worth no less.

Depreciation is normall offered on vehicles up to 4 years old. 10% of the total repair cost is the usual figure in my experience.

kanuseeme

i see 4 years but not 5 years or more. the insurance company gave me the impression of only a new car e.g 1 or maybe a 2 year old

grogi

biko wrote: »

The point of the repair is to put the car back to as-was condition so I doubt you'll get money for reduced value.
But keep trying and see if they budge.

You need to remember that the market is not always objective/sensible.

No matter how good the repair was, it is still a crashed car - and because some people will not buy one, there's smaller demand hence lower value as well.

Bravobabe

Hi,
A simple question, you go into your local dealership/garage and he has 2 x 2011 cars of the same model available - similar mileage and spec.
The salesman is very honest and he tells you the black one is perfect and the silver one is too, but it got a bit of a knock and has been repaired to a very high standard by a main dealer. He is looking for the same money for each of them
WHICH ONE ARE YOU INTERESTED IN?

How much cheaper would the repaired one have to be for you to be interested in it?
The point is a car with damage (repaired) is perceived to be less valuable than a car that has not been in an accident.
The owner should be due compensation for the loss of value to the car.
10% of the repair Bill
Why 10% of the repair bill is seen as a reasonable guidance for calculating the loss is beyond me.
In reality it should be based on the current market value of the car and a percentage of that value should be allowed. (The way depreciation normally works)
VTR tables could be used to ascertain the current Market value.
I purchased a 2012 car in March. 6 weeks later it got hit from behind. €5000 to repair damage. Liberty settled and have offered me €500 (after I asked) to cover the loss in value.
Value for VRT is circa €12000, prices on DoneDeal are between 11k - 13k. So
Then it might be reasonable to say that the loss might be €1100 (10%)
A formula might be 90% of Value for VRT x 10%
But Insurance companies always win.
Anyway - I will argue it with Liberty (but have a feeling I will be accepting the €500)