Ever Claimed for Depreciation?

FuzzyZoeller

Have recently just been in an accident in a car 5 months old. Other person admitted liability and his insurance company is footing the bill (€10,000 or so!)Just wondering if anyone has ever sucessfully claimed for depreciation???

unkel

Not quite sure what you mean. Is it that the car was off the road for a lengthy period?

FuzzyZoeller

No, resale value of the car has been adversly effected through no fault of my own.

Lawdie

FuzzyZoeller wrote:

No, resale value of the car has been adversly effected through no fault of my own.

There is an insurance product called GAP which covers this event, two types one that pays the difference between the insurance settlement and finance company settlement, the other type replaces the car to original purchase price.

There also may be other varients to the product.

To the best of my knowledge there is no goverment clay back loophole for depreciation in this example. Sorry.

P.S. you need to take the GAP product out before the accident

unkel

FuzzyZoeller wrote:

No, resale value of the car has been adversly effected through no fault of my own.

Oh right. I think there is nothing you can do about it now unfortunately. You did nothing wrong and when you come to sell it and the interested party asks you if it has been in an accident, you have to confirm

You'd been better off if the car had been totalled :eek:

In that case on a fairly new car (less than a year old?), you'll get a brand new car

Disclaimer: I'm not 100% certain of this

FX Meister

Get a higher quote for the repair of your car. That's what I did when a moron ran a red light and smashed into me.

pedro ferio-vti

FX Meister wrote:

Get a higher quote for the repair of your car. That's what I did when a moron ran a red light and smashed into me.

Yes do that, contribute some more to the high cost of insurance. You're only fooling yourself, let's see what happens when you're involved in an accident where you're at fault and the other guy does the same thing you done.

Regarding the Depreciation, you owe me €50 for this since i'm about to earn you about 2 grand but basically on a 2005 model car you would be entitled to depreciation representing 20% of the repair costs Ex VAT. So in the example you gave of 10k's worth of damage being done, if it was Ex VAT then you would be owed 2 grand.

I'll pm you my address for postage of said €50

unkel

pedro ferio-vti wrote:

basically on a 2005 model car you would be entitled to depreciation representing 20% of the repair costs Ex VAT. So in the example you gave of 10k's worth of damage being done, if it was Ex VAT then you would be owed 2 grand

It's a 5 month old car, so NOT a 2005 reg. Anyway it would be good to know about that entitlement. Could you provide any backup / links?

pedro ferio-vti

unkel wrote:

It's a 5 month old car, so NOT a 2005 reg. Anyway it would be good to know about that entitlement. Could you provide any backup / links?

Hmm, magic word for today is....... pedantic! Err anyway, no links let's just say it's an accepted rule when figuring depreciation for cars that are less than 4 years old. 1 year or less say is 20%, 2-3 is 15% and 3-4 is 10%.

Maybe the guy who started the thread could do what I told him and let us know of the outcome since I know most people are skeptical without evidence but let's just say I deal with this crap every day.

unkel

pedro ferio-vti wrote:

Hmm, magic word for today is....... pedantic!

Er, no. You are still being vague and you claim you should be financially rewarded for your advice? :rolleyes:

Anyway I'm sure FuzzyZoeller would be delighted if he got two grand

pedro ferio-vti wrote:

let's just say it's an accepted rule when figuring depreciation for cars that are less than 4 years old. 1 year or less say is 20%, 2-3 is 15% and 3-4 is 10%

That depends totally on the car. A three year old car could very well typically be worth half its new price (100%-20%-15%-15%) as per your rule, but this varies wildly and can be anyware in the 30%-70% range

pedro ferio-vti

unkel wrote:

Er, no. You are still being vague and you claim you should be financially rewarded for your advice? :rolleyes:

Anyway I'm sure FuzzyZoeller would be delighted if he got two grand

Ok that was a joke, jeez.

unkel wrote:

That depends totally on the car. A three year old car could very well typically be worth half its new price (100%-20%-15%-15%) as per your rule, but this varies wildly and can be anyware in the 30%-70% range

I'm not saying there won't be exceptions and it's not a hard and fast rule either, it's just a figure used to help some people who don't have a clue about cars who would be dealing with claims like this.

Look, the chap can do wtf he wants. Tbh I hate posting anything on this stupid forum because no matter what I type, no matter how TRUE it is you always get your head wrecked after reading the replies to it unless you have it backed up with scientific evidence.

All just IMO btw, let the flaming begin.

PS This is not aimed squarely at you unkel so don't take it personal. Just something i've noticed from posting on here.

FuzzyZoeller

Ok, here's the story. when I collected the car from the dealer after the repairs, I was told that there should be a possblity of claiming for depreciation, but I hadn't heard it from him!! So, not being able to find any info on such a claim, I posted here, before contacting the insurance company, so I could be ready to fight!!

No fighting required. Car is less the a year old, so 20% of final repair bill (ex VAT) winging it's way to me. 2 min phone call.

FX Meister

pedro ferio-vti wrote:

Yes do that, contribute some more to the high cost of insurance.

The prick didn't have insurance anyway. I've no problem doing it, I was without a car for a week and I was expected to pay €444 excess myself aswell as having to now drive a car that has been crashed and repaired.

unkel

pedro ferio-vti wrote:

Look, the chap can do wtf he wants. Tbh I hate posting anything on this stupid forum because no matter what I type, no matter how TRUE it is you always get your head wrecked after reading the replies to it unless you have it backed up with scientific evidence.

Calm down mate

I wasn't demanding scientific proof. I have never heard about this and I'm interested in it. It could be useful for all of us to know. If we have some backup we would be well prepared for our claim should we need to, like FuzzyZoeller

Let us know the outcome, FuzzyZoeller!

pedro ferio-vti

FX Meister wrote:

The prick didn't have insurance anyway. I've no problem doing it, I was without a car for a week and I was expected to pay €444 excess myself aswell as having to now drive a car that has been crashed and repaired.

Ah right, I didn't know it was an MIB case. Everybody who is hit by an uninsured driver has to do this and pay the €444 excess in order for the MIB to process the claim.

I can understand why you feel angry about it since it seems like the innocent party gets a bad deal but it was worse years ago when there was no MIB. People like you didn't have the option to claim through their own insurance and were left with crashed heaps in their driveways for months while the case was processed

At the end of the day, every person has a common law duty to mitigate their loss and you didn't do it in this case so I feel that when you get your renewal in the door and start moaning then you don't really have a leg to stand on. You're not alone though the majority of people think they deserve to exaggerate their claims for whatever reason and it's a vicious circle.

FX Meister

I don't think my policy is too bad to be honest.

unkel

FX Meister wrote:

I was expected to pay €444 excess myself aswell as having to now drive a car that has been crashed and repaired.

pedro ferio-vti wrote:

Ah right, I didn't know it was an MIB case. Everybody who is hit by an uninsured driver has to do this and pay the €444 excess in order for the MIB to process the claim

Another thing I did not know. It is totally unjust imho that any innocent party involved in an accident would suffer financially :mad:

I feel a claim against an uninsured driver should be paid by the state. The state then, as the only player that can, should forcefully recover the money from the guilty party, as a last resort as a deduction to social welfare payments or what not

BTW I live in an area where there are more and more people from groups described by a judge in a politically incorrect manner in a case about an uninsured driver

I don't care what size or colour pants or what not an uninsured driver has - he / she will have to pay every cent back!!!!

Sorry, could not disable rant mode...

unkel

What that sig, pedro ferio-vti?

Something about moving and drifting?

pedro ferio-vti

unkel wrote:

Another thing I did not know. It is totally unjust imho that any innocent party involved in an accident would suffer financially :mad:

Well it's either that or sue the fecker yourself, what would you choose? The system isn't perfect but it's better than nothing.

unkel wrote:

I feel a claim against an uninsured driver should be paid by the state. The state then, as the only player that can, should forcefully recover the money from the guilty party, as a last resort as a deduction to social welfare payments or what not

You have to remember the insurance/legal system as with everything in this country is setup to protect scumbags and scroungers like these, no amount of ranting will probably change it....... perhaps the systems design is indicative of the society we live in here in Ireland, where we have more uninsured drivers going around than many other countries for whatever reason or justification they can come up with.

Maybe they use the same logic as our friend Fx?


PS I just done an install of Win2k and don't have the Asian fonts installed so I can't remember what sig is...... something to do with drifting though!

FX Meister

unkel wrote:

I feel a claim against an uninsured driver should be paid by the state. The state then, as the only player that can, should forcefully recover the money from the guilty party, as a last resort as a deduction to social welfare payments or what not

The MIB do try to recover the money from the guilty party. The guy who hit me was a Roma gypo so I don't think they will get their money out of him. Two weeks later he was in another banger driving with no insurance again. He parked up on Dominick St and I called the cops. Who proceeded to do nothing about the situation and just decided that when he came back to his car all they could do was ask him to produce his license and insurance within ten days.
Another guy I know had an accident when he was driving his uncles car, he thought he had open insurace but didn't as he only had a provisional license. The MIB paid out and he has had to pay back them back IR£78,000.