Diminished Value

Go to the manager of the place you bought the truck from and ask him to write a letter detailing the value of a 2 week-old truck that has a Carfax.

I received about $2k for a 2 year old Infiniti G37 that was hit ($16k damages). Just for a reference point.

There's some companies that specialize in these evaluations. Have you contacted State Farm regarding the claim? Maybe get their initial estimate and work from that.

Let them make the first offer.
Reject it. have your own letter from a dealership (or 2).

There is not a hard/fast formula in most states.
I wouldn't tell you to refuse their numbers until you get what you want.
But it is pointless to accept their first offer without pushing back on it.

I've seen 10% of damages. I've seen 20% of value.
I've seen numbers pulled out of the sky.

Good luck. Let us know their offer and what you actually get.

Answers and some thought about the previous messages.

First, State Farm is being nice to you about the repair, a car rental, etc. because they have to accept responsibility by law. Diminished value is another matter altogether. Expect State Farm to start playing hardball. Diminished Value is a relatively new loss category and insurance companies are fighting tooth and nail to keep people in the dark. Notice that your own insurance agent, who had nothing to lose, didn't advise you of your right to claim diminished value against the other carrier.

booziebadazz' advice, "Go to the manager of the place you bought the truck from and ask him to write a letter," nine out of ten times a dealer quote will not fly because the insurer will claim that the dealer gave a high DV amount because they have a vested interest in buying the car cheap.

Motorboat's advice to ask a body shop to write up a report will simply result in State Farm telling you that body shops aren't experts in loss of value, that they simply repair cars. In any event, I doubt if many body shops would even consider writing such a letter.

meansonny's comments were right on the money except for your obtaining letters from dealers. State Farm will surmise that you went to numerous dealers and cherry-picked the highest quotes.

You should obtain a diminished value appraisal from an independent appraiser who holds an appraisers license in any state. Stay away from "certified" or "accredited" types who simply pay a yearly fee for their designation. State Farm will disqualify them as non-experts. A licensed appraiser has much to lose by preparing a fraudulent or overinflated report.

Hire an independent appraiser (and not a $39 special) who obtains at least six verifiable dealer quotes from dealers in your area. There are appraisers that simply use formulas or "algorithms" to establish DV and yet others that use auction results. State Farm has it's own formula and you can bet that it is at odds with whatever formula your appraiser used. As for auction results - better, but State Farm can wiggle off the hook by saying that the auction cars don't have the same options, mileage, etc. as yours nor did they suffer the same damages.

Last, if your report is comprehensive and can't be refuted, State Farm's defense attorneys will advise the adjuster to pay up but not before stringing you along with BS low ball offers. Hang in there. The last place State Farm wants to go with this is small claims court.

quote:

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Hire an independent appraiser (and not a $39 special) who obtains at least six verifiable dealer quotes from dealers in your area.

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By the time you end up paying this guy, you won't receive a dime.

Update: my truck has damage estimated at 28k so it will be totaled.