Has anyone been able to gain compensation for diminished value after an accident?
 

Car: 2015 mustang GT.

Mirror was torn off in a hit and run that I posted earlier. It was about a year ago, but it was repaired twice because they missed a spot. Most recent repair was about 2-3 months ago. New mirror, repainted left side and dents had to be pulled out from debris of the mirror denting the car.

As I'm sure you're all aware, a car that's been repaired is worth less than a similar car without any accidents, known as diminished value. Apparently, some people have tried to seek compensation, and even been successful

More on ICBC Claims and Accelerated Vehicle Depreciation | ICBC Personal Injury Claims Lawyer Erik Magraken | Victoria & Vancouver Island BC
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Question is, does anyone have any experience and what to expect? Work done on my car was about $1500-2000. No it's not like an sl65 in the first link, but I'd imagine the resale value would be about $2000 less for a $45000 car. Could go to original ford dealership, or any really, and see what the resale value is for my car as is, vs exact same car but without accidents.

I doubt a mirror replacement and minor paint work would change your car's value. Not worth the effort to pursue, imo.

My co-worker went through this process after he was t-boned by another driver. Accelerated Depriciation is what they called it. 100% other drivers fault. The hit was big though. Like $10K on a new Civic at the time. He had to sue her(the other driver) personally in small claims court. They settled out of court and he only got a portion of the proceeds he was going for though.

For such a small peice of damage I think the court would look at you as a time waster. Seriously. I believe you would need to sell your car to realize the loss so that there is a "real" number to base your case off of.

A friend was hit while driving his 09 Audi A4 on the rear driver door and rear quarter. Instead of compensating for diminished value, ICBC added on money for injuries. ICBC did not want to set a precedent.

I don't think $2000 is a significant enough variance on a $45,000 car to worry about, you're talking about a 4.5% decrease in value which is basically nothing.

A mirror??? Bruh, people on this site have worse damage in door dings than replacing a mirror. If it were front end bumper, hood, fenders, rad support, headlights etc totalling to 15k, then yes you have a diminished value

Nothing to worry about at all, it's a fricken mirror and as long as all the paint matches don't take that into the price at all

If you let someone talk you down on price over a mirror replacement you shouldn't be selling cars, let a real man sell it for you.

i think Ontario is the only province in Canada that pays you out for diminished value, ICBC would lose out on so much capital if they do that

they would probably pay you a few thousand more if comparing to buysell/craigslist ad if you are lucky

I think it's crazy that any insurance company would payout. That is one can of worms that any smart insurance company would avoid.

This potential value is only a hypothetical number, this number only becomes a real value once the car is sold (as stated by white rocket).

If the victim receives this money and never sells the vehicle, this is potentially a free payout to anyone that is not found at fault in an accident.

$2000 diminished value for a $1500-$2000 repair? :fuckthatshit:

ICBC would be like: here is a $2 cheque for your diminished value, now fuck off.

Honestly $2,000 is such minor damage no one should be worried about it. I have seen $5,000 decorations because someone backed into a person's car that had back up sensors. Had to replace bumper, tail light, back up sensors, and repaint the bumper. Really depends on the car. Also if the vehicle was hit before it's three year anniversary they have to use OEM parts which are more expensive.

I've successfully received fair compensation for loss in value from ICBC. It's not easy but it is possible. But in your case, you are wasting your time given the minimal amount of the claim. Over the next few years, your car is going to depreciate anyways, no matter what.

If you had let's say $10k - $15k damage, and along with an injury claim, to a relatively rare car with a lots of track record to show how much a mint one sells over a damaged one, verified by an independent 3rd party credible source, then you will have better odds at receiving compensation. If not, just chalk this one up to the ups and downs of car ownership.

I was able to get it but my car had a 10 grand repair bill and I had a kick ass lawyer.

This is an old thread, but I've just found it.

I've been doing work for people in BC looking for accelerated depreciation for over 9 years.

As of this year, you now just have to ask for it.

The car has to be yours, so no leases and you have to be 100% not at fault.

Ask your adjuster for it. if you were injured it becomes a bit more difficult because bodily injury adjusters seem to lagging behind. I write about 2 of these reports per day and they are getting paid.

Some may also be thinking "oh great, another thing for insurance to pay out, our rates are going to sky rocket". Oh contrare mo frere :)

Applied properly, we believe that this can help reduce litigation drastically. A lot people are pushed to law suits because they are pissed by how they are being treated for their car. Once a lawyer becomes involved a claim that may have cost $3000 now can jump to $30,000.

There are over 32,000 litigated files per year in BC. If we can help reduce that by 10 - 15%, at $10000 per file, you do them math.

$2000 dec wont make a difference.

I thought claims under $2k don't even show up on an ICBC report?

That's the story I hear as well, Under 2k you don't have to declare it.
Besides its a mustang, We all know how that usually goes :Popcorn

You don't have to declare it if under 2k, but it will still show on the cars history if it is reported and repaired through ICBC.