What is the name of your state? Iowa
I was recently in an accident where I was rear ended by a drunk driver. He has insurance and the insurance company has claimed fault in the accident. My truck is a 2005 Nissan Frontier. The average of the Avg. Retail Values using KKBB, NADA, Edmund’s is $22,850. In Iowa, a damage disclaimer is required at 50% damage cost. They say that they do not Total a vehicle till 80% cost in damages. The estimate for repairs is $10,600, without taking into consideration that the sun roof would not close and perceived problems with the drive train. Either and both would put repair cost over 50% ARV. I have a letter and numerous verbal statements that say a title with this damage disclaimer will result in a 40% - 50% reduction in value upon resale. Which if these damages, or new damages were to be found and assessed, can I stop repairs and get the money for diminished value? How do I demonstrate that the extra 40% - 50% added on would be the same as totaling my truck from the start. And if they did not go over the 50% cost to repair, this damage will still show up on Carfax, and I will not get the full trade in value, (25% - 30%). The other drivers minivan is surely totaled, it was his fault, and he's going to get a new vehicle, (other vehicle was a 2005 Windstar). How is this fair, and do I have any recourse or options?
Thank you,
T9singer
I was recently in an accident where I was rear ended by a drunk driver. He has insurance and the insurance company has claimed fault in the accident. My truck is a 2005 Nissan Frontier. The average of the Avg. Retail Values using KKBB, NADA, Edmund’s is $22,850. In Iowa, a damage disclaimer is required at 50% damage cost. They say that they do not Total a vehicle till 80% cost in damages. The estimate for repairs is $10,600, without taking into consideration that the sun roof would not close and perceived problems with the drive train. Either and both would put repair cost over 50% ARV. I have a letter and numerous verbal statements that say a title with this damage disclaimer will result in a 40% - 50% reduction in value upon resale. Which if these damages, or new damages were to be found and assessed, can I stop repairs and get the money for diminished value? How do I demonstrate that the extra 40% - 50% added on would be the same as totaling my truck from the start. And if they did not go over the 50% cost to repair, this damage will still show up on Carfax, and I will not get the full trade in value, (25% - 30%). The other drivers minivan is surely totaled, it was his fault, and he's going to get a new vehicle, (other vehicle was a 2005 Windstar). How is this fair, and do I have any recourse or options?
Thank you,
T9singer