2/15/2005

Advice from Nashville's leading Financial Aid Advisor Dave Ramsey

 
Dave Says
By Dave Ramsey
Author of:
Financial Peace and
The Total Money Makeover

"How do you get loss of value appraised?"

Dear Dave,

I was in a car accident that wasn’t my fault. Everything is going smoothly so far with their insurance paying everything. However, I know my 2001 Honda Accord is going to lose value – since it has been wrecked with $6,000 in damage – are they responsible for paying for that lost value as well? If so, how do I determine how much value has been lost due to this wreck? 

Tiffany in Johnson City, TN



Dear Tiffany,

The person who hit you, and their insurance company, is also responsible for reimbursing you for that lost value. If I were you, I’d go to the used car manager at your local Honda dealership, give him all of the details on your car as well as the damage being repaired, and ask him to write you a letter stating how much value was lost on the car – even though it has been repaired. It may cost you a little bit of money, like $20, because he’s providing you with an appraisal service, but it will be worth it. Wrecked cars have lost value, even if they’ve been fully repaired. Take that letter to the insurance adjuster and explain that you’d like to be repaid for that lost value as well. It’s their job to make you whole again.

-Dave

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