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gr8smiles

"diminished Value" Claim Help

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Last month, I was rear ended at a light by another driver. His insurance is fixing my 06GX470 with 7000 miles. They have put a new frame under it! Close to 12-13k in damage. I don't think that I want this lovely truck anymore and am going to trade it...possibly for a IS250-350.

I have been todl by my attorney and others that I can collect 'diminished value' from his insurance since my car is not worth near what it was 6 weeks ago. Any advice? I have spoken with my attorney and have spoken with my Lexus dealer who says that they do that all the time. I have not spoken with the other insurance company. My attorney said to wait til the car was back in my possession.

Thanks

Rick

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I believe all thats involved is getting some appraisals and comparing them to the value of the vehicle before the accident.

Your insurance company should handle that.

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Take a look at this... http://info.insure.com/auto/collision/diminishedvalue.html diminished value claims are a little complicated depending on which state you are in but Steve is right...let your insurance company or since you have a lawyer let him take care of it for you, or at least tell what you should do.

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