A car insurance question
 (we do have our priorities, don't we?!) We were all unhurt, thankfully. Anyway, I know that after your car has been in an accident, even though it is repaired, that the resale and/or trade-in value goes down. A friend told me that you can take your car to a dealer and get an estimate on how much you would get for a trade-in and then find the "blue book" price for your car and that you can then claim the difference from the other person's car insurance company. Has anyone ever heard anything like this? I wouldn't normally follow up on anything like this but the difference is more than $1,000.....  |
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| I am sure that the laws differ from state to state but that is not the case in NY. In NY if the insurance company pays for the damage to your car they consider that you have been compensated for your damage and trade in value is of no concern. If you go to kellyblueblook.com ( I think that is the site) there is no question there that asks if your car has ever been in an accident so I'm not sure how that figures into the trade in value.
With Car Fax and such I know it's not to difficult to find out if a car has been in an accident but I have never had a dealer tell me that it affected trade in, but again it may differ from state to state. |
| I thought it sounded kinda hinky! My husband says we should trade off the car since it will "never be the same" but I don't care. I like my car and there's plenty of room for Truman in the cargo area! |
| Yeah, what Ginny said is what I would say. It's kind of like, yep your car has been in an accident, sorry, but that's all we can do. I mean, can you imagine if you were in an accident in your brand new 1990 car (in 1990) and got compensated by the other person's insurance, and then in 2005 you go to sell your car--I don't think that it would be possible to track that other person down 15 years later--they might have different insurance by then, etc... (I know, extreme example...) |
| I don't know the reg's for all the states, but as a claims adjuster I can tell you that the insurance company will pay for the cost to repair your car only. They do not pay any compensation for "loss of value" other than the repairs. Just be sure you have a good auto body repairman do the repairs. The company I worked for would allow you to choose your own shop and our appraiser would get an "agreed price" with this shop to complete the repairs. |
| From experience, and as an insurance broker, the only way to get compensated for a "loss" is if you insure for that loss.
For example, collectors cars. For this special insurance, you must have the car appraised and there is limited driving allowed - to and from shows and the occasional Sunday drive. There is no insurance against resale for an everyday driver. I had a 1984 Porsche and was in a small accident. I did not have collector car insurance. The car was fixed, to my specifications - it's your insurance company that pays for the repairs, then goes after the other company if they are found to be at fault. When I went to sell the car, I had documented the accident and the repairs, was able to prove where the repair occured (remember, I chose the facility) and was still able to get top dollar for the car when I sold it. Well, as top dollar as the car was worth. My 2 cents. |
| Thanks for all the info! I'd never heard anything about being compensated for lowered trade-in value before. I don't plan on selling or trading in my car 'cause I really like it. It's a Subaru Outback and has plenty of room for both people and dogs! My last car was a Toyota and I kept it 11 years and it was still running great. I told my husband I'm going to keep this car until I'm sitting on the ground with just a steering wheel in my hands! I'm not really into having a new car (obviously!) I just want to get from point A to point B. Besides, Truman would just scratch up a new car when he spotted someone on a motorcycle. He goes bananas jumping and barking his lungs out! |
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