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Six weeks ago my wife was involved in an accident in her 2008 BMW 128i. She was stopped at a red light, and another driver ran the light, causing the wreck. The other driver was completely at fault. Neither my wife nor the other driver were injured, though her car did suffer about $4500 in damage.

The insurance company (my wife and the at-fault driver were both insured by Allstate) has offered $2200 over and above the actual repair cost as reimbursement for "diminished value". Obviously, a previously spotless, low mileage car which now has an accident history is worth substantially less than it was before the wreck.

We have not accepted the offer, as it seems very low to me. Are there reputable companies out there which will prepare a more realistic estimate of value, which we can take as a counter-offer to Allstate?

Any suggestions and help will be appreciated.
 

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Six weeks ago my wife was involved in an accident in her 2008 BMW 128i. She was stopped at a red light, and another driver ran the light, causing the wreck. The other driver was completely at fault. Neither my wife nor the other driver were injured, though her car did suffer about $4500 in damage.

The insurance company (my wife and the at-fault driver were both insured by Allstate) has offered $2200 over and above the actual repair cost as reimbursement for "diminished value". Obviously, a previously spotless, low mileage car which now has an accident history is worth substantially less than it was before the wreck.

We have not accepted the offer, as it seems very low to me. Are there reputable companies out there which will prepare a more realistic estimate of value, which we can take as a counter-offer to Allstate?

Any suggestions and help will be appreciated.
could you maybe try carfax? I mean lots of times when looking at used cars online they have a carfax report listed for free.I have seen many where the report shows "x amount over book value based on this report" or something like that. Perhaps they have a formula to calculate that?? idk...good luck. I have ALL STATE . My Chrysler 300c was ran into by a deer and caved the door in...the adjuster would not agree to a new door only a skin....I wasn't thrilled about that but figured it was out of my hands. The body shop,however, put on a brand new door shell anyway. Not sure how that works....I thought they had to do what adjuster said.
 

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So let me get this straight, Your wife was in an accident and not hurt. The Insurance company is willing to pay to fix the car and give you $2200.00 over and above on a 5 year old car? And you want to hold out for more? The day it was driven off the lot it lost 25% of its value
 

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So let me get this straight, Your wife was in an accident and not hurt. The Insurance company is willing to pay to fix the car and give you $2200.00 over and above on a 5 year old car? And you want to hold out for more? The day it was driven off the lot it lost 25% of its value
I think what he is saying is....If he were to sell it the day before this clown hit her,he could get XX amount of money. If he sells it the day after it is repaired,he will get less than xx amount due to the accident history.He thinks the difference in those amounts is more than $2200,therefore the insurance settlement does not make him "whole"

In my opinion it's a valid argument.
 

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Honestly on the age of the car, I dont think $2200 is all that far off. In 2009 I was in a head-on accident in my 2007 Trailblazer SS. At the time it had 21,000 miles on it. The damage was about $10,000. I settled with the insurance company for a number I wont disclose because I was injured and in physical therapy for 7 months and not able to work. Anyways, when I sold it, the value compared to nearly identical Trailblazer SS's with clean histories was only about $3000 less.

Jeff
 

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Before Carfax ... they wouldn't even offer you a diminished value.

I don't know where the formula comes from, but couldn't image $2200 is far off. KBB in my zone says $15,028 in very good condition, and $13,234 in fair/poor condition.

Again ... sorry, can't help with the exact formula to use, but I don't think $2200 is too bad.
Thanks, Neal
 

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If you want to really know how much less itis worth take it to a dealer and tell them it has been in accident. Sow them estimate and they will give you a number. IMO 2200 is more then fair for amount of estimate. On a BMW $4500 can be reached just by replacing bumper cover, absorbers, moldings, impact bar, taillights and deck lid. All bolt on parts. Just my 2 cents.
 

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We went thru a minor accident. I inquired about deminished value with the insurance co. Basically i was told i had to do all tbe legwork. The toyota dealership we got the tacoma from doesnt do deminished value because we had them do the repair and they told me if its thier work, its got a 100% gaurantee so it doesnt affect the trade in thru them. But they did give us $350 for the hassle.
 
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