Dimunition of Value

[RegularGuy]

COLORADO

I was hit from behind while stopped on a highway off-ramp in July. This pushed me into the vehicle ahead of mine, them into the vehicle in front.

The at fault's insurance company has accepted 100% liability.

My vehicle was less than 1yr old, perfect condition, and less than 12,000 miles.
Repairs totaled more than $20K, including 8 hours of Unibody Frame Labor.

They have agreed they should pay for the diminished value of the vehicle, yet have offered only $2100. MSRP was ~$40K. Any advice on how to persuade them to make a reasonable offer for dimished value is sincerely appreciated.

I'm not looking for an unreasonable payout, just a means of "acquiring a vehicle substantially similar in function and value"

"the insurer must provide the insured, through repair, replacement, and/or compensation, the means of acquiring a vehicle substantially similar in function and value to that which the insured had prior to his or her accident."

[url]http://72.14.203.104/search?q=cache:cQmF4nsGhBUJ:www.vehicleinfo.com/AutoMuse/archives/www/docs/www.vehicleinfo.com/AutoMuse/archives/Allgood_v_Meridian.doc+hyden+v.+Farmers+Insurance+Exchange&hl=en&gl=us&ct=clnk&cd=2[/url]

Thanks

[moburkes]

Your vehicle is not worth the MSRP, so why are you using that figure?

[RegularGuy]

Only used MSRP to give the reader an means of approximating dininished value.

To clerify, the vehicle's MSRP WAS $39,835

KBB says the Retail Value, before damage was $30,085
KBB says the Private Party Value, post accident is $22,235
KBB says the trade-in value, post accident is $17,935

Also, 11 were sold in similar configuration at auction, week ending 10-13-06 for $17,600-$22,968

This tells me that when I trade in the vehicle, it will cost me ~$12,150 to replace it with one that hasn't been wrecked. Not this year's model, the same exact vehicle sans damage.

I've also been told that DMV should be ~20% of the MSRP on a vehicle <1yr old, <12Kmiles, frame labor, and >50% of the MSRP in repairs. I have no way to tell if this is reliable info.

Please help.

[moburkes]

Originally Posted by RegularGuy

Only used MSRP to give the reader an means of approximating dininished value.

To clerify, the vehicle's MSRP WAS $39,835

KBB says the Retail Value, before damage was $30,085
KBB says the Private Party Value, post accident is $22,235
KBB says the trade-in value, post accident is $17,935

Also, 11 were sold in similar configuration at auction, week ending 10-13-06 for $17,600-$22,968

This tells me that when I trade in the vehicle, it will cost me ~$12,150 to replace it with one that hasn't been wrecked. Not this year's model, the same exact vehicle sans damage.

I've also been told that DMV should be ~20% of the MSRP on a vehicle <1yr old, <12Kmiles, frame labor, and >50% of the MSRP in repairs. I have no way to tell if this is reliable info.

Please help.

What the heck did you do, to get this post to widen the screen?
$20k in repairs, plus $2100 in DMV=$22100. You're back where you started. Nobody pays retail.

[RegularGuy]

The vehicle had extensive damage to the front, rear, roof, both sides, unibody frame, and floor.

Would you buy a vehicle with this damage, for $2100 less than one in perfect condition?

Do you know anybody who would (or will)?

[moburkes]

I can't answer that. I've never bought a vehicle that cost even $20k.

[ecmst12]

Originally Posted by moburkes

What the heck did you do, to get this post to widen the screen?

He posted that long URL in the first post.