by jhat17 » Fri Aug 17, 2012 12:36 am
I'm in Oklahoma and was rear-ended last year. The at fault driver was uninsured, so my uninsured motorist coverage took care of it. I've already settled the medical with State Farm (they paid my full uninsured motorist coverage of $25k for medical, loss of pay, etc) and they paid for the repair. At first they estimated about $2k in damage to our 2007 Chevy Uplander. When I took it to the repair shop, he said he'd guarantee there would be much more than $2k when he got it apart, and there was. Total repair bill was $8665. We were surprised it wasn't a total loss and so was the shop owner, because the value at the time was coming up at right around $8600. I understand that certain types of damages don't count though. I took it to Carmax recently to get a fair market value and they appraised it at $2500, when less than a year ago before the accident NADA and Edmunds had it around $8600-$9000. The odd thing is Carmax said there is nothing on Autochek, which they use instead of Carfax. I don't know how to proceed or if its worth it to look into a diminished value claim. IF the Carmax number and the NADA number from pre-accident is accurate, that is a big difference in value. Is the Carmax appraisal enough, or do I need to pay for a diminished value appraisal? is it worth it to do that with an older car? If yes, then do I just send State Farm the Carmax appraisal?
I appreciate any advice, I've searched the forums here and that's how I knew to take it to Carmax, but I'm not sure how to move forward or if I should. Thanks!
I appreciate any advice, I've searched the forums here and that's how I knew to take it to Carmax, but I'm not sure how to move forward or if I should. Thanks!
Posted: Fri Aug 17, 2012 05:19 am Post Subject:
You are comparing apples to oranges. A Carmax "value" means nothing. I'd give you $1 for the vehicle... this does not mean it's worth $1. What is NADA now, as compared to a year ago? There is no reason it should be incorrect. But none of that matters anyway. The _real- question is how much value did the vehicle loose because it's been in an accident. NADA is not going to show you this.
Posted: Fri Aug 17, 2012 10:32 am Post Subject:
Thanks for the reply. NADA shows it as $8275 now. I guess my next question is, if Carmax value means nothing, how do I determine diminished value, if any? I don't mind paying for a diminished value appraisal, I just wanted to find out if it was even worth it on an older vehicle and if it was even possible to claim it against my own insurance when I wasn't at fault.
Thanks again.
Posted: Fri Aug 17, 2012 01:08 pm Post Subject:
"Oklahoma: In National Farmers Union Property & Casualty Co. v. Watson, 298 P.2d 762 (Okla. 1956), the
court held that the proper “measure of recovery, under a policy provision is in no material respect different
from paragraph 13, supra, as to an automobile that can be repaired, is the cost of putting it in as good
condition as it was before the collision.”"
You need to show that the repairs did not bring the vehicle back to its same condition.
You may want to start with asking the insurance company what documentation they would consider. My guess is that they will be of little help. There are people/companies who specialize in providing this documentation.
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