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Article: Hidden Cost of a Crash.(Ahead)(lawsuits involving diminished value of automobile )(Brief Article)
- Article from:
- Kiplinger's Personal Finance Magazine
- Article date:
- January 1, 2003
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Copyright informationCOPYRIGHT 2003 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline:Catherine Siskos
Wrecking your car deals you two financial blows: the cost of repairs and a decrease in the car's resale value--typically between $1,200 and $1,500, according to ClaimCoach, a firm that helps policyholders recoup losses from insurers. "No matter how well it's fixed, consumers don't want a car that was in an accident," says ClaimCoach president Bill Geen. And more car dealers are checking into the accident history of a vehicle that's being traded in.
Despite insurers' reluctance to compensate owners for the "diminished value" of their cars, Geen's company has successfully gone to bat for clients in the case of third-party claims--those that ...
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