Diminished value payment | TigerDroppings.com

Posted byMessage
lsufisherman
LSU Fan
Baton Rouge
Member since Oct 2006
160 posts
 Online 

Diminished value payment



Has anybody ever filed for a diminished value claim for a wrecked vehicle?

Looking to sell my vehicle which is under a year old but was rear ended last October. And now I'm running up against depreciated values due to that accident. I had never heard of this and figured that the money board would know the most about it.







Back to top
Share:
OTIS2
LSU Fan
NoLA
Member since Jul 2008
27260 posts
 Online 

re: Diminished value payment


Have you already settled your property damage claim and signed a release?





Back to top
lsufisherman
LSU Fan
Baton Rouge
Member since Oct 2006
160 posts
 Online 

re: Diminished value payment


The property damage has been settled but I don't remember signing a release. Even so, isn't there opportunity to reopen/ask for recompense?

From what I'm reading, insurance companies don't advertise this when dealing with claims and you have to almost force it. I had never heard of it before and now that I'm dealing with it I am trying to weigh it my options



This post was edited on 4/9 at 10:27 pm


Back to top
OTIS2
LSU Fan
NoLA
Member since Jul 2008
27260 posts
 Online 

re: Diminished value payment


The claim may still be available, but compare it's value to the cost of litigation.


This post was edited on 4/9 at 10:53 pm


Back to top
  Replies (0)
LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
652 posts

re: Diminished value payment


I thought you had a year to make the claim.

I'm made a DV claim before, but it was during the repair process. I wasn't thrilled about the number, but didn't want to fight too much since I had little to go off of. It was never mentioned and I had to ask for it.






Back to top
barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
38399 posts
 Online 

re: Diminished value payment


I got rear ended in a brand new 27k car 10 years ago. 12k worth of damage and they would t total it. I asked for loss of resale value and they offered 700 buck. It was a joke. Their counter was to have an inspector of THEIR choice to come review the car and his decision was final. Good luck.





Back to top
  Replies (0)
Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
9285 posts
 Online 

re: Diminished value payment


I had reasonable success with it recently, wife's car had gotten rear ended twice within 45 days, both of the other drivers had state farm, the vehicle was fixed each time, shortly after, we traded it in, it obviously had carfax dings so they deducted 1200 on the trade in price, I called state farm, explained what was going on, they transferred me to the diminished value department, the guy was very easy to deal with, asked what I thought was fair and I said 1200...he agreed and a week later i got 2 600 checks......makes me think they would of gone higher????





Back to top
DIMINISHED
Fort Pierce, FL
Member since Feb 2014
3 posts

re: Diminished value payment


Unless there have been changes I'm unaware of, you have one year from the date of accident to file a diminished value claim. Your best bet is to have a licensed independent appraiser prepare a diminished value report for you. YOU choose which appraiser you want to hire, not the insurance company.





Back to top
  Replies (0)
lsufisherman
LSU Fan
Baton Rouge
Member since Oct 2006
160 posts
 Online 

re: Diminished value payment


I'm hoping it goes that easy, I'm gonna give my agent a call in a few to sort through it





Back to top
  Replies (0)


Back to top