Expert: Richard Hixenbaugh - 10/30/2009

Question
I have 2 ? for you.My son got T-bone the other guy ran a stop singn.After the truck is fix and win I sell it I haft to tell buyer that was  wrecked %26 show pic.I will not get as much out of the truck as if it was never wrecked.Older trailer was total loss but I can't replace it with what they want to give me for it?
Why do I feel like I'm at a lost with this ?
Thanks Jim

Answer
Hi James,

Depending on the type and extent of the damage to the truck and the age and mileage on the truck you may be entitled to be paid for the loss of value know as diminished value of the truck. In order to pursue a diminished value claim you will need to hire a professional independent vehicle appraiser to inspect the truck and write an appraisal repoprt that will show the amount of diminished value. You will then submit that appraisal along with a claim demand letter to the at-fault persons insurance company. That will start the process of a negotiated settlement. For more information on diminished value visit www.collisionclaims.com .

As far as the trailer, you will need to research the value. Perhaps you could go to a few places that sell trailers and get them to put in writing what the value of your trailer was. Keep in mind that the insurance company does not owe you to purchase a new trailer, but what you could have sold your trailer for on the used market. Once you have some documentation of the value of the trailer you can submit it to the insurance company to negotiate a better settlement.

I hope  this helps
Richard Hixenbaugh