car faq history

[whkt]

What is the name of your state? sc

First let me apologize for asking this question earlier on someone else's post. I am new to this.

When a brand new car is in an accident it will show up on its history faqs report correct? If the accident was clearly not your fault, is there any way to get compensated for the decrease in resale value in the future?


Thank you in advance for your help.

 

[You Are Guilty]

What is the name of your state? sc

First let me apologize for asking this question earlier on someone else's post. I am new to this.

When a brand new car is in an accident it will show up on its history faqs report correct? If the accident was clearly not your fault, is there any way to get compensated for the decrease in resale value in the future?


Thank you in advance for your help.

Unfortunately, no.

 

[JETX]

When a brand new car is in an accident it will show up on its history faqs report correct?

Depends entirely on what 'report' you are referring to. For example, CarFAX only reports those accidents that are reported to the state DMV (not all are).

If the accident was clearly not your fault, is there any way to get compensated for the decrease in resale value in the future?

Possibly. Though you will not get 'diminished value' from another drivers coverage, outh Carolina is one of the states that allows their insurance companies to EXCLUDE 'diminished value' claims on YOUR policy. Simply, if your insurance company offers it and you purchase 'diminished value coverage', you can get it.

In Schulmeyer v. State Farm Fire and Casualty Co., No. 25612 (S.C. 03/24/2003)
Albert Schulmeyer ("Schulmeyer") sustained damages to his automobile as the result of an accident. A State Farm Fire and Casualty Company ("State Farm") adjustor estimated the loss at $3,268.02. State Farm paid the amount of the loss minus the deductible. Schulmeyer admits his vehicle was fully and properly repaired. However, Schulmeyer asserts State Farm failed to compensate him for an additional $1,000 in "diminished value" to the vehicle, which occurred as a result of the accident.
The South Carolina Supreme Court ruled that to “read value into the repair clause would arbitrarily read out of the policy the insurer's right to determine whether to repair the vehicle or to pay for its loss". Bickel, 143 S.E.2d at 906. The language provision in the present case expressly limits coverage to the lesser of the actual value or the cost of repair. These are alternatives, which do not include an additional obligation to pay for diminished value when the cost of repair is chosen.” In South Carolina the court would not read into the cost of repair a requirement an additional requirement to also pay for diminished value since, to do so, would render the limitation provision meaningless, as the insurer would essentially always pay for the value of the car.

For more, go to: http://www.zalma.com/no-right.htm

 

[You Are Guilty]

Why, if he had purchased the coverage, would he be asking that question in the first place?

Besides, how much diminished value can there really be to a rusted 1976 Ford F150?