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Loss of Value - Diminished Value

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Courtney_911

Junior Member
What is the name of your state? Kentucky

My accident was less than four years ago. Other than a muscle strain, I was not injured and the at fault drivers semi-truck insurance company reimbursed by insurance company for the repairs of my vehicle and a rental car. What I didn't take care of at the time of the accident was the depreciation of my vehicle's value following the accident. I just found out this weekend when trying to purchase a new vehicle just how much that loss in value is. It is now almost 4 years after the accident and the loss of value in my vehicle is estimated to be between $5,000 and $10,000. Do I have any recourse at this time?
 


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alnorth

Member
Even assuming for a moment that you could get diminished value in Kentucky (I dont have that info handy at the moment), you probably have a problem with the statute of limitations, and when the insurance company sent you the check they probably asked you to sign an agreement saying you were satisfied with the amount and would not sue.
 
H

HomeGuru

Senior Member
Courtney_911 said:
What is the name of your state? Kentucky

My accident was less than four years ago. Other than a muscle strain, I was not injured and the at fault drivers semi-truck insurance company reimbursed by insurance company for the repairs of my vehicle and a rental car. What I didn't take care of at the time of the accident was the depreciation of my vehicle's value following the accident. I just found out this weekend when trying to purchase a new vehicle just how much that loss in value is. It is now almost 4 years after the accident and the loss of value in my vehicle is estimated to be between $5,000 and $10,000. Do I have any recourse at this time?
Click to expand...

**A: it's too late. Read what you signed 4 years ago.
 
C

Courtney_911

Junior Member
I didn't sign anything. First, my insurace company paid for everything then went after the at-fault drivers insurance company. When my insurance company did pay out my claim, they paid it directly to the dealership and Avis Rent-a-Car, not me. I figure the statue of limitations has run out, but I have read conflicting information while reseaching on the internet.
 
J

JennyP410

Member
I wouldn't worry too much about it because after fighting for about 4 months with an insurance company, we got $500. The truck damage was nearly $4000 if I remember correctly. (School bus side swiped it. Guess she wasn't awake yet since she was on the wrong side of the road!)

Not sure how they figure the diminished value, but they started out at $11 after using the "formula". Seriously - $11 after the entire side of the truck had to be fixed and/or painted.

Obviously, since Carfax is now so prevalent, you know that your vehicle is worth several thousand less, but unless you were extrememly lucky, you probably wouldn't have gotten a fair amount anyway. But that's just my opinion.
 
M

moburkes

Senior Member
JennyP410 said:
I wouldn't worry too much about it because after fighting for about 4 months with an insurance company, we got $500. The truck damage was nearly $4000 if I remember correctly. (School bus side swiped it. Guess she wasn't awake yet since she was on the wrong side of the road!)

Not sure how they figure the diminished value, but they started out at $11 after using the "formula". Seriously - $11 after the entire side of the truck had to be fixed and/or painted.

Obviously, since Carfax is now so prevalent, you know that your vehicle is worth several thousand less, but unless you were extrememly lucky, you probably wouldn't have gotten a fair amount anyway. But that's just my opinion.
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Are you in KY?
 
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