Anyone made a diminished value claim on a vehicle?

your car is worth 7$

You will have much better luck having a "sore neck", going to the doctor a few times, getting an attorney, then claiming pain and suffering. You'll get more money and have a smoother process than trying to successfully claim diminished value.

For some fricked up reason, insurance companies would rather pay out $10,000 for pain and suffering after the "victim" goes to the doctor a few times than to pay out $2,000 in diminished value.

They also refuse to pay any doctor's bills at all until the "case" is settled. This only forces people to get an attorney. It's so fricking stupid the way insurance companies operate and they shoot themselves in the foot with their own policies. This only causes the cost of our insurance to skyrocket as a result.

You need to find an independent adjuster to calculate the loss of value. State Farm is just like the other insurance companies, good at cashing checks bad at writing them.

Copy and paste. Link to pdf is screwing up from my phone.

www.mwl-law.com/wp-content/uploads/2013/03/diminution-of-value-in-all-50-states.pdf

What retard is downvoting everything? We have some seriously stupid people visiting the OT at times.

quote:

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Your truck is a used with 15k and depreciated in value as soon as you drove of the lot.

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Thanks captain obvious. I didn't say it was brand new and could be sold as one. I was stating that it was a newer truck as in low miles and less than a year old.

Get an appraisal from your dealership as if you were trading it in. Then ask if you would not have been in an accident, what would be the cost. Subtract the difference and present that to State Farm

I bought a used car back in 2011 for 28k here in Houston. Got rear ended then pushed into the car in front of me. Had frame damage and total repairs were around 8K. State Farm sent me a check for 3.5K for DV.

Driver who caused the wreck was uninsured.

Diminished value seems to be as misunderstood now as it was a few years back when nobody even knew what it was. A few comments to set everyone straight.

A letter from your dealership (if you can get them to write one) is free but insurance companies tend not to recognize them, referring to them as non-disinterested parties.

In Texas, as in all states except GA, KS and WA, you can only claim diminished value against the insurer of the responsible party, not your own insurance company. It may be possible in cases where the responsible party is either uninsured or underinsured that you can claim against your own insurer under the UM portion of your policy.

Keep in mind that State Farm, as well as most other insurance companies, will make a very low initial offer. The only way to persuade them to fork over a fair settlement amount for your cars loss in value is to serve them with the best independent appraisal you can find. Not one that uses a formula or simply expresses an "expert's" opinion but one that contains real-world facts such as multiple unbiased dealer opinions from recognized dealerships or, at least, automobile auction results. When the insurance company attorney advises the claims manager that your appraisal will stand up to legal scrutiny - more so than anything they can provide - you are on your way to winning.

Definitely get DV if you can. My brand new car was hit by a 16 year old who just got her license two days before. Sucked.