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Thread: does insurance co. compensate on the de-value of my car due to car accident

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    Default does insurance co. compensate on the de-value of my car due to car accident

    so my car was stationary while a 15 yr. old punk go reverse and damage the front of the car. Currently, I have 2 issues:

    1) after the repair, there is a record that locks the history of my car. And when I try to sell it in the future, there is a record showing this accident. As such, that de-value the selling price of my car. Since the other side is 100% at fault, does the other insurance co. automatically write me a cheque on that de-value cost of this car accident? or do I have to sue to get it?

    2) the accident happened 2 months ago. There is still no repair done. Because that teenager has been avoided phone calls from HIS own adjuster of HIS OWN insurance co. So they can't assign fault until he contacts. Now is the system builds so poorly? what if he never call? My adjuster said there is a "No contact" letter that can be send by the other adjuster and have the other side at fault due to lack of communication.

    But how long does this take? I ask my own adjuster and she won't reply.

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    1) For all intents & purposes, no. Accelerated depreciation, diminished value or whatever you want to call it isn't generally a thing in Alberta.

    2) Eventually the other side will have to give up and just accept liability but I've seen this take up to six months. Is it shitty? Yep. Is there anything you can really do about it? Nope.
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    Quote Originally Posted by happy hopping View Post
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    so my car was stationary while a 15 yr. old punk go reverse and damage the front of the car. Currently, I have 2 issues:

    1) after the repair, there is a record that locks the history of my car. And when I try to sell it in the future, there is a record showing this accident. As such, that de-value the selling price of my car. Since the other side is 100% at fault, does the other insurance co. automatically write me a cheque on that de-value cost of this car accident? or do I have to sue to get it?

    2) the accident happened 2 months ago. There is still no repair done. Because that teenager has been avoided phone calls from HIS own adjuster of HIS OWN insurance co. So they can't assign fault until he contacts. Now is the system builds so poorly? what if he never call? My adjuster said there is a "No contact" letter that can be send by the other adjuster and have the other side at fault due to lack of communication.

    But how long does this take? I ask my own adjuster and she won't reply.
    Not sure about numero 1, but as for 2, what type of insurance do you have? If you have full coverage, contact your provider, explain what happened. Someone correct me if I'm wrong, but they should fix your stuff, and then go after the kids insurance company for you.
    Sig was pwned by Moderator!

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    You'll need to prove the value was deminished and you'll likely need to realize the loss. And you'll need to sue. And it's still no slam dunk
    They are considered special damages and can be awarded, but the burden of proof is high, and the requirements are not established.
    https://www.canadianunderwriter.ca/f...inished-value/

    You're much better off with suing due to your 'TMJ'
    Last edited by dirtsniffer; 06-25-2019 at 08:27 AM.
    Quote Originally Posted by Gestalt View Post
    Im the one with a learning disability....

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    Quote Originally Posted by Masked Bandit View Post
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    1) For all intents & purposes, no. Accelerated depreciation, diminished value or whatever you want to call it isn't generally a thing in Alberta.

    2) Eventually the other side will have to give up and just accept liability but I've seen this take up to six months. Is it shitty? Yep. Is there anything you can really do about it? Nope.
    What happens if you sell your vehicle for less after an accident? Is that not a loss that can be recouped?

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    You can buy special add on for insurance that covers loss of value due to (not at fault?) collision. Too late for you unfortunately.

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    Quote Originally Posted by gwill View Post
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    What happens if you sell your vehicle for less after an accident? Is that not a loss that can be recouped?
    prove less and you have case
    Quote Originally Posted by Gestalt View Post
    Im the one with a learning disability....

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    Quote Originally Posted by gwill View Post
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    What happens if you sell your vehicle for less after an accident? Is that not a loss that can be recouped?
    Prove exactly how much more you would have got without the accident and you have the beginning of a case, not the finish line by any means. There will always be rare exceptions but for the most part it's a waste of time & effort.

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    Quote Originally Posted by revelations View Post
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    You can buy special add on for insurance that covers loss of value due to (not at fault?) collision. Too late for you unfortunately.
    Moreso in the US, I haven't come across it yet in Canada. At some point maybe but it's not mainstream if available at all here.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Quote Originally Posted by Zhariak View Post
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    Not sure about numero 1, but as for 2, what type of insurance do you have? If you have full coverage, contact your provider, explain what happened. Someone correct me if I'm wrong, but they should fix your stuff, and then go after the kids insurance company for you.
    That's what I thought too. Your insurance covers the cost of repairs, rental car etc. and then they go after the at-fault parties insurance company for reimbursement.

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    Moreso in the US, I haven't come across it yet in Canada. At some point maybe but it's not mainstream if available at all here.
    Its apparently known as GAP INSURANCE (I was getting it mixed up with depreciation insurance) .... and done at the time of purchase : "Gap insurance is only available from car dealerships or financing companies - not insurance companies."


    https://www.thinkinsure.ca/insurance...insurance.html


    Nothing worse than buying a vehicle for 60k, writing it off in a year - owing 55k and getting a cheque for 40k.

    __________________________________________________________________________________________________

    A decent article covering dimished vehicle value after collision. Apparently : "successful cases typically involve newer or higher end vehicles, where the vehicle owner is "100 per cent blameless" for the accident."

    https://www.cbc.ca/news/business/veh...alue-1.4675414
    Last edited by revelations; 06-25-2019 at 04:01 PM.

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    I have gap insurance on 2 of my cars?

    It’s not that uncommon, just really expensive. My understanding is it’s only available for 5 years after purchase, keeps going up in price over time, and once you cancel it you can’t ever get it again.

    Ie, my C63 disappears tomorrow. I get a new C63 (technically the lower of what I paid for my C63 or MSRP of a new C63) not some lowball cheque.

    Called SEF43 or something or other.
    Last edited by killramos; 06-25-2019 at 04:07 PM.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

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    Quote Originally Posted by revelations View Post
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    Its apparently known as GAP INSURANCE (I was getting it mixed up with depreciation insurance) .... and done at the time of purchase : "Gap insurance is only available from car dealerships or financing companies - not insurance companies."


    https://www.thinkinsure.ca/insurance...insurance.html


    Nothing worse than buying a vehicle for 60k, writing it off in a year - owing 55k and getting a cheque for 40k.

    __________________________________________________________________________________________________

    A decent article covering dimished vehicle value after collision. Apparently : "successful cases typically involve newer or higher end vehicles, where the vehicle owner is "100 per cent blameless" for the accident."

    https://www.cbc.ca/news/business/veh...alue-1.4675414
    Gap insurance is typically built in to a lot of lease and finance programs offered by manufacturers.

    The reason it works in these cases is because the loss can be quantified as the difference between the buyout or balloon payment (a firm figure) and the adjusted, depreciated (i.e. disposal) value after an accident.

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    Gap insurance isn't what the OP was talking about because the car wasn't written off. In fact he wants to keep it.

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    Quote Originally Posted by revelations View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Its apparently known as GAP INSURANCE (I was getting it mixed up with depreciation insurance) .... and done at the time of purchase : "Gap insurance is only available from car dealerships or financing companies - not insurance companies."


    https://www.thinkinsure.ca/insurance...insurance.html


    Nothing worse than buying a vehicle for 60k, writing it off in a year - owing 55k and getting a cheque for 40k.

    __________________________________________________________________________________________________

    A decent article covering dimished vehicle value after collision. Apparently : "successful cases typically involve newer or higher end vehicles, where the vehicle owner is "100 per cent blameless" for the accident."

    https://www.cbc.ca/news/business/veh...alue-1.4675414
    GAP insurance is different, it's more of a bastardized SEF 43r Waiver of Depreciation. It would have value after the first 30 months but up until that point it's a waste of money...and doesn't deal with diminished value.
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Quote Originally Posted by ExtraSlow View Post
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    Gap insurance isn't what the OP was talking about because the car wasn't written off. In fact he wants to keep it.
    He doesn't have a choice. It wasn't written off so yes, he's stuck with a vehicle that's theoretically worth less on the market. That said, if he was stationary and someone backed into him, I can't imagine the damage (price is a whole other matter depending on vehicle) is too bad.

    Might run into some issues where buyers only want accident-free vehicles but keeping good records should alleviate those concerns to some degree.

    Like Bill says, it's an uphill battle. There's no proving that you'll have to sell the car for X dollars less because of this accident.

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    Quote Originally Posted by happy hopping View Post
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    so my car was stationary while a 15 yr. old punk go reverse and damage the front of the car. Currently, I have 2 issues:


    2) the accident happened 2 months ago. There is still no repair done. Because that teenager has been avoided phone calls from HIS own adjuster of HIS OWN insurance co. So they can't assign fault until he contacts. Now is the system builds so poorly? what if he never call? My adjuster said there is a "No contact" letter that can be send by the other adjuster and have the other side at fault due to lack of communication.

    But how long does this take? I ask my own adjuster and she won't reply.
    Do you not have Collision coverage? Pay the deductible, get the repairs done, and then your insurer can possibly reimburse you for it afterwards. Have you gotten an estimate yet? At least your insurer can approve for repairs, and then once liability is settled, you can book in right away. Insurers usually attempt to contact multiple times by phone and email, send out letters and registered letters, and then eventually hold their insured at fault for not contacting back.

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    Looks like you can get it, but it seems that it is very rare indeed and you would need to sue. Couple articles out of BC for the same thing:

    https://bc-injury-law.com/20700-acce...-damage-crash/ funny how a $80k Benz is considered low to mid level luxury....

    https://www.cbc.ca/news/business/veh...alue-1.4675414

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    Quote Originally Posted by triplep View Post
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    https://bc-injury-law.com/20700-acce...-damage-crash/ funny how a $80k Benz is considered low to mid level luxury....
    Well, a BMW 3 series in Vancouver is the equivelant of a Civic anywhere else.

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    In response to item #2 from the OP, i went through the exact same thing with our Jeep Wrangler. kid down the street drifting his civic in the winter came around the corner and promptly met the big steel aftermarket bumper on our Wrangler. I took lots of pics, all sorts of proof he was there, accident report/sticker from the cops. He started out saying he'd pay out of pocket, then took 6 weeks to finally admit we need to go thru insurance.
    I get estimates, book it in, and MY insurance company says the other insurance company can't get ahold of the kid (exactly like your situation). I sent the pics to my adjuster and the other insurance company told us to proceed with claim at their expense. Seemed like a lame step but it all got sorted out as per the system and it was obvious the kid (new driver) was trying to avoid having his insurance rates hiked. drive like an ass, pay up....

    Edit - did i read that correctly? a 15 year old driver? who else was in the car as the responsible license holder because that driver is on a learner's permit.

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    So how bad is the damage and what kind of car is it?

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