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Diminished value / Accelerated depreciation

Discussion in '2nd Gen. Tacomas (2005-2015)' started by terrman, Nov 19, 2011.

  1. Nov 19, 2011 at 12:13 PM
    #1
    terrman

    terrman [OP] Active Member

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    Osoyoos B.C. Canada
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    This is going to be a hot topic.

    The insurance company's in Canada do not recognize this, nor do the governments. There are a few states in the US that have diminished value and compensate drivers involved in an accident.

    My question is has anyone on this site dealt with insurance company's on this matter? Any advice you could give me with respect dealing with insurance company's.

    http://www.tacomaworld.com/forum/2nd-gen-tacomas/187596-my-trd-right-off.html
     
  2. Nov 19, 2011 at 1:34 PM
    #2
    chaotichoax

    chaotichoax Well-Known Member

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    I was in an accident a few months ago. New Jersey does not recognize it and my insurance company basically told me don't even bring it up. They said the other company wouldn't even entertain the idea since the state doesn't recognize it.
     
  3. Nov 19, 2011 at 2:01 PM
    #3
    platinumb

    platinumb Well-Known Member

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    I got rear ended in Colorado and the other guys insurance company paid me about 6k for depreciation in the end. They told me over and over they don't do that and can't talk about it I had to push hard many many times probably talked to 15 different people at the insurance company and wasn't until I asked them what they thought a lawyer would think about it that they finally started talking about it.
     
  4. Nov 19, 2011 at 2:05 PM
    #4
    TinyBauman

    TinyBauman Well-Known Member

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    im not sure what you are reffering to.?.
     
  5. Nov 19, 2011 at 2:08 PM
    #5
    zul

    zul Professional Goofball

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    When you get into an accident, and your car has a branded title, it is worth less. What they are talking about is getting the insurance company to not only pay for your repairs, but also pay you for the amount of value lost to your vehicle as a result of having a branded title. It should be a legal obligation in every state (and Canuckistan!) of the insurer to pay that, but unfortunately it is not.
     
  6. Nov 19, 2011 at 7:01 PM
    #6
    platinumb

    platinumb Well-Known Member

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    Mine didn't have a branded title if the title is branded the car is totaled and the insurance. Ompany pays for it what we are talking about is once a car has had any amount of damage it is worth a little less depending on he amount of damage. Sometimes you can get the insurance company to pay you for the lost value in the vehicle.
     
  7. Nov 19, 2011 at 7:43 PM
    #7
    terrman

    terrman [OP] Active Member

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    HID Headlights Sylvania Silver Stars Nerf Bars XM Radio
    ZUL thanks for insight but do you really need to insult Canada and your fellow Canadian tacoma members??:rolleyes:
     
  8. Nov 28, 2011 at 9:36 PM
    #8
    nelly.hartley

    nelly.hartley Member

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    I don’t know how it works in Canada, but my baby got totaled, my car insurance company, The Hartford did take it into account and compensate me for it without creating a fuss.
     
  9. Nov 28, 2011 at 9:46 PM
    #9
    platinumb

    platinumb Well-Known Member

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    Diminished value is different than being paid for a totaled car, they pay for diminished value when your car is in a wreck and not totaled but still it has now been in an accident so it is worth a little less, how much less is determined by the extent of the damage because your car is being fixed you will be selling it later probably for a few dollars less because it has been damaged and fixed. In most cases you can get the insurance company to pay you for this loss you are expecting to take in the future.
     
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