Leased leaf and Diminished value compensation

My leased leaf was recently involved in an accident and I got it all fixed up.
Here's are my questions
Question #1 - Am I entitled to the Diminished value compensation from my insurance even if I don't own the vehicle (since its leased)?
Question #2 - Will the leasing company try to get my Diminished value compensation when I try to turn in my car at the end of the lease?

Thanks in Anticipation!
Sid.

smartsid said:

My leased leaf was recently involved in an accident and I got it all fixed up.
Here's are my questions
Question #1 - Am I entitled to the Diminished value compensation from my insurance even if I don't own the vehicle (since its leased)?

Click to expand...

probably not, what loss have YOU suffered?

smartsid said:

Question #2 - Will the leasing company try to get my Diminished value compensation when I try to turn in my car at the end of the lease?

Click to expand...

as long as the repairs were completed using acceptable parts and workmanship you should be ok.
FWIW: years ago I was leasing a Volvo which was involved in a serious wreck, the insurance company tried to steer me to one of their repair shops, I insisted on having the dealership make the repairs just so I wouldn't have any problems like that upon the end of the lease.

Front drivers side was severely damaged. I got it fixed from the dealer.

Question #1 - Am I entitled to the Diminished value compensation from my insurance even if I don't own the vehicle (since its leased)?

Click to expand...

probably not, what loss have YOU suffered?

Click to expand...

But here's the thing- Geico has already offered me a check for DV that's way below what it should be.
So is it a miss on their part to offer me a DV compensation even if I am not the owner? And if so would they realize their mistake if they scrutinize my case closely, when I try to challenge their estimate?

So that's my dilemma- Should I just pocket what they are giving me and keep mum or try to hire a private appraiser and challenge their CV estimate?

the insurance you are required to have along with coverage contained in your lease covers that.

I am sorry I am confused by this part of the last comment

along with coverage contained in your lease covers that

Click to expand...

Are you referring to the GAP insurance that the Nissan Finance Company has on the car?
The DV is being offered by my personal auto insurance and not the GAP insurance that Nissan has.

smartsid said:

Front drivers side was severely damaged. I got it fixed from the dealer.

Question #1 - Am I entitled to the Diminished value compensation from my insurance even if I don't own the vehicle (since its leased)?

Click to expand...

probably not, what loss have YOU suffered?

Click to expand...

But here's the thing- Geico has already offered me a check for DV that's way below what it should be.
So is it a miss on their part to offer me a DV compensation even if I am not the owner? And if so would they realize their mistake if they scrutinize my case closely, when I try to challenge their estimate?

So that's my dilemma- Should I just pocket what they are giving me and keep mum or try to hire a private appraiser and challenge their CV estimate?

Click to expand...

what is DV compensation? is that what they deemed the repairs should cost? if the money they gave you didn't cover proper repairs you should not have settled the claim and should have worked other avenues of resolution

No diminished Value compensation is not the money they give to fix your car.
Its the hit in resale value your car takes due to the accident even if the car was fixed to match the state it was prior to the accident.

smartsid said:

No diminished Value compensation is not the money they give to fix your car.
Its the hit in resale value your car takes due to the accident even if the car was fixed to match the state it was prior to the accident.

Click to expand...

which goes back to why should the lessee get any compensation for diminished value?

which goes back to why should the lessee get any compensation for diminished value?

Click to expand...

And that's exactly what I am trying to find out on this forum- Did Geico send me that check by mistake or is there some clause that makes lessees eligible for this compensation?
BTW I did not ask them for DV, they just told me "here's the amount we'll be sending you as a DV compensation"

apvbguy said:

smartsid said:

No diminished Value compensation is not the money they give to fix your car.
Its the hit in resale value your car takes due to the accident even if the car was fixed to match the state it was prior to the accident.

Click to expand...

which goes back to why should the lessee get any compensation for diminished value?

Click to expand...

One could argue that the lessee has potentially suffered a loss from diminished value in that they could buy the car out at the end of the lease, but now they're getting a car that has been in an accident. To account for it properly, whatever the reduction in value was should be paid to NMAC, then the residual value reduced by that amount.

smartsid said:

I am sorry I am confused by this part of the last comment

along with coverage contained in your lease covers that

Click to expand...

Are you referring to the GAP insurance that the Nissan Finance Company has on the car?
The DV is being offered by my personal auto insurance and not the GAP insurance that Nissan has.

Click to expand...

your terminology may be correct but your impressions of liability are not. As long as you use a Certified LEAF repair facility and certified LEAF parts, there is NO diminished value. now if you wreck it multiple times, I would not consider purchasing at your lease termination.

**edit** Just saw that you have received a check from your insurance for compensation. this is something I would think twice before accepting. You accept the check you are essentially assuming responsibility from your insurance company to the leasing agent. you are not the owner and like any car that a financial institution owns, you have NO right to compensation.

imm, there is nothing preventing the leasing company from coming after you for any additional costs since you state you felt the check was insufficient.

there is a lot of red flags here. how much was the check?