Insurance and loss of value

[blueslite]

Hi everyone,

I was involved in an Hit and Run (I was the Victim) with a front bumper, camera, sensors damage etc with a total cost of about $6k so far (might go a bit higher if they need to do any other recalibrations).
Luckily I saw the car that hit me and the cops helped me and I got the report and the insurance from the other car.

We both have Progressive and my policy covered the costs so far given I just found out the other guy insurance.

At the initial call, Progressive told me they will help me with their lawyers to receive a loss of value check but now given it's the same insurance they said they cannot give me any guidance (why would they?) and I need to provide evidence but refuse to tell me what docs they need.

Anyone can give me some guidance/help what should I ask the Porsche Dealer to give me? A car quote with and without the impact?

Other than that Progressive has been great, they took care of everything, made sure I got weekly updates, hands down great service just that they changed the plate once they found out the other guy also had progressive.

Thank you!

Sponsored

 

[Tucson_Jim]

I ran into this when someone hit my prior Cayenne. Also Progressive. Went to KBB and did an estimate on the car saying no accidents, then repriced with an accident. Do it with one or two other sites and look at the differences. Then, depending on what those numbers show, present the most advantageous data to the adjuster and ask for the at amount.

 

[blueslite]

I ran into this when someone hit my prior Cayenne. Also Progressive. Went to KBB and did an estimate on the car saying no accidents, then repriced with an accident. Do it with one or two other sites and look at the differences. Then, depending on what those numbers show, present the most advantageous data to the adjuster and ask for the at amount.

Thank you!

 

[Gino]

I have AARP The Hartford when my 2000 Porsche Boxster got t-boned in 2021 by a drunk driver who got away.
There was never any questions by my adjuster about any “loss of value” check.
They simply checked what the value was for a fully loaded 2000 Boxster with 41K miles on it and wrote me a check for $21,500 which I thought was more than fair for a vehicle which had a sticker price of $58K 21 years earlier.

 

[Tucson_Jim]

I have AARP The Hartford when my 2000 Porsche Boxster got t-boned in 2021 by a drunk driver who got away.
There was never any questions by my adjuster about any “loss of value” check.
They simply checked what the value was for a fully loaded 2000 Boxster with 41K miles on it and wrote me a check for $21,500 which I thought was more than fair for a vehicle which had a sticker price of $58K 21 years earlier.

In the event of a total loss, you're correct. Loss of value comes into play when they repair the vehicle. When you try to sell it, the previous accident shows up in the Carfax or another search and the value of your car is discounted accordingly. Loss of value is a common component of a collision claim settlement when the vehicle is repaired.

 

[blueslite]

In the event of a total loss, you're correct. Loss of value comes into play when they repair the vehicle. When you try to sell it, the previous accident shows up in the Carfax or another search and the value of your car is discounted accordingly. Loss of value is a common component of a collision claim settlement when the vehicle is repaired.

Yes. This is my situation. I hole to get a check for a few thousands

 

[Gino]

In the event of a total loss, you're correct. Loss of value comes into play when they repair the vehicle. When you try to sell it, the previous accident shows up in the Carfax or another search and the value of your car is discounted accordingly. Loss of value is a common component of a collision claim settlement when the vehicle is repaired.

Well you learn something every day! Thanks for the education. I never heard that term before.

 

[FlyingPoint]

Assuming that you are going to a reputable shop, they will give you a loss of value estimate. Unfortunately, I was the victim of a hit and run and could not get the tag number, hence I am out the loss of value and it is substantial.

 

[blueslite]

Assuming that you are going to a reputable shop, they will give you a loss of value estimate. Unfortunately, I was the victim of a hit and run and could not get the tag number, hence I am out the loss of value and it is substantial.

Yes I went to the dealership

 

[FlyingPoint]

Yes I went to the dealership

That should be all you require to substantiate a loss of value claim, assuming they gave you an estimate of the loss of value. In my experience, the loss of value for a minor collision is 15% to 20%. I experienced a minor collision at less than 5mph. Unfortunately, drivers door, pax door, rear quarter and bumper cover were impacted. The cost to repair was $24k at a PCCC. Granted, an educated buyer would discount the damage, but these days they are few and far between. They see a Carfax hit, and its an instant 15%-20%.

 

[Maelstrom]

Assuming that you are going to a reputable shop, they will give you a loss of value estimate. Unfortunately, I was the victim of a hit and run and could not get the tag number, hence I am out the loss of value and it is substantial.

It is - looking at $93k for a clean sale of a 21 Turbo S and about $72k for a 'rough' one - $21k is very very significant and is also what I'm pushing for

 

[Gino]

Does this Loss of Value apply in California?

 

[987fanatic]

I have a quick question for you.

Let's assume that there is a comprehensive insurance issue, like a broken screen or windshield.

Does it show on the carfax? Is the carfax not "clean" anymore? Does it impact value and should I try to get a loss of value adjustment?

Dealing with a potential $11k fix from a broken screen in the car (yes, that's how much our screens cost to fix. the parts are very expensive). Trying to get it fixed under comprehensive. There was no accident at all, but the screen is super sensitive and I accidentally cracked it.

Thanks.

 

[blueslite]

I have a quick question for you.

Let's assume that there is a comprehensive insurance issue, like a broken screen or windshield.

Does it show on the carfax? Is the carfax not "clean" anymore? Does it impact value and should I try to get a loss of value adjustment?

Dealing with a potential $11k fix from a broken screen in the car (yes, that's how much our screens cost to fix. the parts are very expensive). Trying to get it fixed under comprehensive. There was no accident at all, but the screen is super sensitive and I accidentally cracked it.

Thanks.

TBH I don't know. I'm still working with Progressive on this. In my case it appears on Carfax as a minor accident (and I had to get the carfax to update the report as it showed damage also in the back when there was non, that is another story.

 

[987fanatic]

Thank you OP

Sponsored