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Message
Diminshed Value on Wrecked Vehicle
Posted on 10/2/15 at 10:46 am
Posted on 10/2/15 at 10:46 am
Wife was side swiped recently. How can I figure out the diminished value of the vehicle so I can have an educated discussion with State Farm regarding that?
2011 GMC Acadia
Front bumper needs replacement
Possible front grill needs replacement
Front Driver side panel needs buffing and painting
2011 GMC Acadia
Front bumper needs replacement
Possible front grill needs replacement
Front Driver side panel needs buffing and painting
Posted on 10/2/15 at 11:01 am to ThatsAFactJack
Go to the body shop and get a quote from them. That is the diminished value.
Posted on 10/2/15 at 11:09 am to JamalSanders
quote:
Go to the body shop and get a quote from them. That is the diminished value.
No. Diminished value is the difference in value of the vehicle when compared to before the accident (i.e. car was worth $30,000 with no accident history, now it's worth $30,000-x. DV is the $x). From research I've done (my car just got hit a couple months ago, working on the DV claim now), $1500 is good number to start with.
Posted on 10/2/15 at 11:22 am to LNCHBOX
quote:
LNCHBOX
quote:
No. Diminished value is the difference in value of the vehicle when compared to before the accident (i.e. car was worth $30,000 with no accident history, now it's worth $30,000-x. DV is the $x). From research I've done (my car just got hit a couple months ago, working on the DV claim now), $1500 is good number to start with.
Everything I am reading points to what you stated above. I am going to throw out $2500 but would take $1500 in a heartbeat.
Posted on 10/2/15 at 12:02 pm to ThatsAFactJack
I just went through this with esurance (I have State Farm) and got a quote online at DiminishedValueAssessment.com . It was $14.95 but gave me a number instead of just a guess. You'll need all the info on the vehicle and the wreck to plug in. Wife drives a 2014 Nissan Pathfinder, was only 1 yr old, 19k miles, guys hits her in the back, $2500 in damage. Online quote came back at $1,591 and esurance offered $1800. Just settled on Wednesday.
Posted on 10/2/15 at 12:53 pm to LSUnGA
I'm going to guess on a 2011 your DV is going to be much less than $2,500, even much less than $1,500, based on the damage you listed.
Posted on 10/2/15 at 1:24 pm to LSUnGA
quote:
LSUnGA
quote:
I'm going to guess on a 2011 your DV is going to be much less than $2,500, even much less than $1,500, based on the damage you listed.
I am just guessing on damage. I am neither an adjuster or bodyshop guy. Strictly guessing by what I can see. You may be spot on but I sure as hell will push for something around $1500. I may splurge the $15 and try out the website listed in the post above yours.
Posted on 10/2/15 at 1:45 pm to ThatsAFactJack
In my mind the best way to handle it to get the vehicle repaired first and then address the DV. Until you know the exact numbers on the final repair cost I don't think it's possible to calculate DV.
Posted on 10/2/15 at 1:59 pm to LSUnGA
quote:
Until you know the exact numbers on the final repair cost I don't think it's possible to calculate DV.
An accident history is an accident history. Anything more than a fender bender is going to show up as a collision, and will negatively affect the value. No one will care if it was $3k in damage or $15k, once it has a history it's all the same.
That assumes that the repair work was done correctly of course. Shitty work will lead to it being worth even less, but DV wouldn't cover that.
Posted on 10/2/15 at 2:17 pm to LNCHBOX
Ahh, didn't realize he was dealing with his insurance.
Posted on 10/2/15 at 3:33 pm to ThatsAFactJack
Posted on 10/2/15 at 6:03 pm to LNCHBOX
quote:
An accident history is an accident history. Anything more than a fender bender is going to show up as a collision, and will negatively affect the value. No one will care if it was $3k in damage or $15k, once it has a history it's all the same.
While I somewhat agree with your point, there is clearly a difference depending on amount of damage, or area of damage. A vehicle that's had frame damage/repair, an engine replaced, axles repaired, etc. will certainly be valued differently by an informed buyer than one that hasn't been extensively repaired. Body work is easy to repair, frame/unibody, mechanical work, not so much.
Posted on 10/3/15 at 11:54 am to LSUtigerME
quote:
While I somewhat agree with your point, there is clearly a difference depending on amount of damage, or area of damage. A vehicle that's had frame damage/repair, an engine replaced, axles repaired, etc. will certainly be valued differently by an informed buyer than one that hasn't been extensively repaired. Body work is easy to repair, frame/unibody, mechanical work, not so much.
This.
I helped a friend of mine deal with a situation like this last year. You can't just throw out a blanket number without going into specifics. As you've correctly pointed out, the extent and type of damage, as well as the age and type of car, also play into it. One of the big things (that I didn realize prior to her situation) is whether or not the airbag deploys. Apparently having that happen really hits the value, as would frame damage. The driver that hit her two year old 3 series BMW had All State. At first, they were resistant, since the car wasn't totaled. But the fact that her airbag deployed added to the diminished value, and once my mechanic pal and an old classmate (an attorney now) got involved, a rather nice check came her way. If she'd been driving a 1998 Nissan Pathfinder, she certainly wouldn't have gotten as much.
Posted on 10/5/15 at 10:57 am to ThatsAFactJack
there was a very interesting thread not long ago where a law student posted some interesting tidbits. May want to search for it.
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