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Diminished Value Claim
Posted on 1/9/19 at 12:38 pm
Posted on 1/9/19 at 12:38 pm
My car that is a week old was hit by an 18 wheeler.... Insurance says we will sue for diminished value. Anyone actually got a decent sum for this? I'm not holding my breath over it, but would like to be fairly compensated when it was not our fault
9
Posted on 1/9/19 at 12:46 pm to greenwave
yes I have, it is worth going after, educate yourself before talking to the adjuster
Posted on 1/9/19 at 12:57 pm to Tigerpaw123
Did your insurance co just handle it? Sounds like thats the path forward and no need to lawyer up.
My wife is pregnant too that was driving if that makes any difference, she is fine. Cop said to go get checked out just in case.
My wife is pregnant too that was driving if that makes any difference, she is fine. Cop said to go get checked out just in case.
Posted on 1/9/19 at 1:30 pm to greenwave
quote:
Did your insurance co just handle it
no I handled it on my own, got a little more than 4K
Posted on 1/9/19 at 3:36 pm to greenwave
How much you get depends on the type of car, age of the car, and extent of damage. You can definitely get a few K for it . When I do it for work, I pay a company that does a report for me. I think the report is $300.
Glad to hear your wife and unborn child are ok. If I was you, I'd wait a few weeks before you sign any insurance paperwork though. Injuries sometimes don't present themselves until a couple weeks later.
Glad to hear your wife and unborn child are ok. If I was you, I'd wait a few weeks before you sign any insurance paperwork though. Injuries sometimes don't present themselves until a couple weeks later.
This post was edited on 1/9/19 at 3:38 pm
Posted on 1/9/19 at 4:09 pm to Neauxla
quote:My son was hit in his year-old 6000 mi accord. He was actually hit a block away from his school by one of his current teachers. $5000 damage. Other driver had USAA. I contacted them about diminished value and the most they would go was $550 which to me was ridiculous. I contacted one of the diminished value agencies about having them write the report but they told me upfront that all of USAAs offers are final. I would have to sue them to get anymore which would also involve suing the young catholic school teacher with a family. I didn't want to do that. i wrote USAA a scathing letter and left it at that.
How much you get depends on the type of car, age of the car, and extent of damage. You can definitely get a few K for it . When I do it for work, I pay a company that does a report for me. I think the report is $300.
Glad to hear your wife and unborn child are ok. If I was you, I'd wait a few weeks before you sign any insurance paperwork though. Injuries sometimes don't present themselves until a couple weeks later.
Posted on 1/9/19 at 5:01 pm to achenator
quote:Just because you are suing a young catholic school teacher with a kid doesn't mean anything. You're not going after them personally. You're going after their insurance. It's why you pay for insurance.
I would have to sue them to get anymore which would also involve suing the young catholic school teacher with a family. I didn't want to do that. i wrote USAA a scathing letter and left it at that.
ETA: The problem you would run into is that you'll be hard pressed to find an attorney to do a DV claim by itself. It's just not worth most attorneys' time. I only do them when I'm also representing clients for injuries.
This post was edited on 1/9/19 at 5:04 pm
Posted on 1/9/19 at 7:44 pm to greenwave
I had a brand new Yukon Denali and was hit by a commercial vehicle. I hired a dv law firm they prepared a report showing what my diminished value is and they paid it. I'm not sure if they would or not paid with out the firm. Cost 500 to get over 7500.
This post was edited on 1/9/19 at 9:38 pm
Posted on 1/9/19 at 9:32 pm to greenwave
I’ve worked as an adjuster for one of the big insurance companies. Each state has different laws regarding DOV claims. In LA you can present one as a claimant. Vehicle can’t be involved in a prior accident and can’t be a leased vehicle you have to own it.
They will most likely come at you with a range. He will start at the bottom and wait for a demand from you. Then it’s just all negotiating from there. Be reasonable and any good adjuster would meet you somewhere in the middle.
Also, your not suing for a DOV claim. As least I hope you wouldn’t waste your time. People need to learn the different of a claim and a law suit. Most attorneys won’t bother with anything to do with property damage. Their expertise is being total pieces of shite and running up Injury claims
They will most likely come at you with a range. He will start at the bottom and wait for a demand from you. Then it’s just all negotiating from there. Be reasonable and any good adjuster would meet you somewhere in the middle.
Also, your not suing for a DOV claim. As least I hope you wouldn’t waste your time. People need to learn the different of a claim and a law suit. Most attorneys won’t bother with anything to do with property damage. Their expertise is being total pieces of shite and running up Injury claims
Posted on 1/9/19 at 10:02 pm to greenwave
Simple Calculation
Here is a quick rundown:
Basically, the calculation is pretty simple.
Take the KBB (Kelly Blue Book Value) of the vehicle, "X", and multiply by:
.75 for major structural damage
.5 for moderate structural damage
.25 for minor
Say, the vehicle is worth $20,000. There is a fender-bender, and the damage is $4,000.
Since it is minor, you would take 4000 and times it by .25, resulting in a diminished value claim of $1,000. Not a ton of money, but more than you would have received had you not read this blog. And, if your agent never mentioned this to you, give us a call!
Here is a quick rundown:
Basically, the calculation is pretty simple.
Take the KBB (Kelly Blue Book Value) of the vehicle, "X", and multiply by:
.75 for major structural damage
.5 for moderate structural damage
.25 for minor
Say, the vehicle is worth $20,000. There is a fender-bender, and the damage is $4,000.
Since it is minor, you would take 4000 and times it by .25, resulting in a diminished value claim of $1,000. Not a ton of money, but more than you would have received had you not read this blog. And, if your agent never mentioned this to you, give us a call!
Posted on 1/10/19 at 8:44 am to HarveyBanger
This is in AL
basically we can either handle it on our own and contact their insurance or State Farm said they will handle it for us. Not sure what the best path is.
Also the guy was not "on the job" while driving. He was taking his wife to a doctors appointment in his big rig. Could this have any affect on how he would be covered?
basically we can either handle it on our own and contact their insurance or State Farm said they will handle it for us. Not sure what the best path is.
Also the guy was not "on the job" while driving. He was taking his wife to a doctors appointment in his big rig. Could this have any affect on how he would be covered?
This post was edited on 1/10/19 at 8:44 am
Posted on 1/10/19 at 10:41 am to greenwave
Vinwiki has an interesting video on youtube about having this issue with supercars in GA.
Posted on 1/10/19 at 7:54 pm to greenwave
It may affect which carrier would be primary for the accident.
For example he may have a commercial policy when he has a load or is on his way to pickup a load. If he was using it for personal use it may fall under a different coverage or different carrier all together.
Chances are it’s the same carrier whether he was working or not. You shouldn’t have any coverage issues. Truck drivers are pretty good about being covered. With so much liability with these trucks the risk is too high to go uninsured.
For example he may have a commercial policy when he has a load or is on his way to pickup a load. If he was using it for personal use it may fall under a different coverage or different carrier all together.
Chances are it’s the same carrier whether he was working or not. You shouldn’t have any coverage issues. Truck drivers are pretty good about being covered. With so much liability with these trucks the risk is too high to go uninsured.
Posted on 1/10/19 at 8:34 pm to achenator
quote:Unless you were attempting to sue for more than the policy limits (which you shouldnt have been anywhere close to in this case), then that teacher wouldn’t have come out of pocket with anything. The insurance would have paid it, assuming you won the case in court or they agreed to settle.
I would have to sue them to get anymore which would also involve suing the young catholic school teacher with a family. I didn't want to do that.
Posted on 1/11/19 at 6:11 pm to Tiger Prawn
quote:
Unless you were attempting to sue for more than the policy limits (which you shouldnt have been anywhere close to in this case), then that teacher wouldn’t have come out of pocket with anything. The insurance would have paid it, assuming you won the case in court or they agreed to settle.
Yes true but it really wasn’t worth the time or effort for me to chase $1 or $2k. Finding a lawyer to handle it woukd have also been a problem. My son is probably going to college up north and the car will get beat to hell anyway so it may not be a big difference by the time he gets rid of it anyway.
Posted on 1/12/19 at 4:25 pm to achenator
To add more drama. The door is messed up and now rain is getting in the car. We have put a tarp on it but is this something I can claim on the insurance as well?
Posted on 1/12/19 at 5:57 pm to greenwave
get wreck check to run your DV- don't settle for insurance companies adjuster they will low ball you with a flawed formula. Insurance companies like to use the 17C formula which is flawed e.g. They look up value of car adjusted for mileage then turn around and adjust the settlement for mileage again.
Posted on 8/28/20 at 9:06 am to tigersnipen
Do you mind sharing who you used as a dv law firm? I need to file a dv claim. thanks
Posted on 8/28/20 at 2:41 pm to HarveyBanger
quote:
I’ve worked as an adjuster for one of the big insurance companies. Each state has different laws regarding DOV claims. In LA you can present one as a claimant. Vehicle can’t be involved in a prior accident and can’t be a leased vehicle you have to own it.
They will most likely come at you with a range. He will start at the bottom and wait for a demand from you. Then it’s just all negotiating from there. Be reasonable and any good adjuster would meet you somewhere in the middle.
Also, your not suing for a DOV claim. As least I hope you wouldn’t waste your time. People need to learn the different of a claim and a law suit. Most attorneys won’t bother with anything to do with property damage. Their expertise is being total pieces of shite and running up Injury claims
Great advice.
There is never anything wrong with pushing back on diminished value. Just be respectful (and thoughtful).
Posted on 8/29/20 at 5:47 pm to greenwave
Diminished value is hard to win. Just have a sore neck for a couple weeks. You’ll get more for that than you would for a diminished value claim and it’ll be much easier, sadly.
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