Older vehicle depreciation?

by Marcia
(Florida)

I was rear ended by a careless driver. After 2 months of trying to find a used bumper for a 10 year old truck in excellent condition, the adjuster agreed on a new one, but has depreciated the value by 45% leaving me with a cost of $200 out of pocket expense. Am I being taken? Is this the norm?


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Answer:
It depends, technically speaking if you are given back a new bumper, that should add value to your truck. Most courts and insurance companies will drive that point home.


However, if the damages are more than just a bumper, you can have a Diminished value claim .

In your question you state that you have a depreciation value 45% leaving you with a $200 out of pocket expense. We are not sure if you mean that the 45% represents only $200. If your $200 is an out of pocket expense for fixing the truck, then you need to be paid for that.


Note that a diminished value claim is a very hard claim to argue. Adjusters hated and it takes some time to get settle. Depending how much damage there was on the truck, this might not be the best way to go. In the other hand, if there was a lot of damage and the truck was worth more because of its age and condition, then a diminished value claim is the way to go.

Good luck,
Héctor.