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Diminished Value Claim
Posted on 10/26/14 at 9:25 am
Posted on 10/26/14 at 9:25 am
A lady hit my car. She accepted responsibility to the police officer. Damaged my door and front quater panel. My vehicle is a 2013 with 13000 miles and a nada value of 24k. Should I claim diminished value? Any advice on how to do that? She has Allstate insurance.
Posted on 10/26/14 at 9:38 am to Shaun176
The only way I think you'd have a chance would be to make the claim under your collision coverage and have your insurance carrier attempt to subrogate back in the event you'd have new vehicle replacement coverage which some carriers do based on their tv commercials.
Not an attorney, but the court rulings have been pretty much uniform in that your insurer's obligation is a contractual one, and not necessarily a tort obligation. It is precisely why you wouldn't have loss of use/income coverage if you damaged a rental car and why you should check your credit card company's CDW before renting a car.
Not an attorney, but the court rulings have been pretty much uniform in that your insurer's obligation is a contractual one, and not necessarily a tort obligation. It is precisely why you wouldn't have loss of use/income coverage if you damaged a rental car and why you should check your credit card company's CDW before renting a car.
Posted on 10/26/14 at 9:56 am to Shaun176
So taking the legal mumbojumbo out of it, I claimed DV with Allstate before. All I did was simply ask them for a claim. I think they avoid it, but know they are responsible. You just have to ask for it.
The issues arise when you have problems with their value.
Otherwise, good luck. Depending on amount of damage, don't expect a whole lot. I had about $18k in damage and got a DV claim of $1500.
The issues arise when you have problems with their value.
Otherwise, good luck. Depending on amount of damage, don't expect a whole lot. I had about $18k in damage and got a DV claim of $1500.
Posted on 10/26/14 at 12:11 pm to Shaun176
Lots of bad advice in here. Get the body shop to write up a dv report for you. Send to Allstate. Negotiate if necessary. Allstate sucks so good luck.
Posted on 10/26/14 at 1:10 pm to Motorboat
I have USAA. Would it be better for me to go through my insurance instead of Allstate?
Posted on 10/26/14 at 1:31 pm to Shaun176
Your insurance probably does not cover. Read your policy.
Posted on 10/26/14 at 1:47 pm to Motorboat
I know I cant get DV from my insurance, but should I just do the repairs through my ins. Then submit the claim for DV to Allstate. I don't have time to fight over repairs.
Posted on 10/26/14 at 2:22 pm to Shaun176
I'm just going thru my ins on mine and it's been easy. Truck totaled so no DV claim.
Posted on 10/26/14 at 2:40 pm to Motorboat
quote:
Allstate sucks so good luck.
Posted on 10/26/14 at 5:54 pm to Shaun176
Yes do repairs thru your insurance and collect the deductible from Allstate. Your insurance is more likely to treat you fair.
Posted on 10/27/14 at 9:43 am to Shaun176
Since this isn't an automobile forum, I'm not surprised at all of the misleading replies.
1) You can not claim diminished value through your own insurance company.
2) Presenting a letter from a body shop or dealer doesn't work. First, it tells Allstate that you are too cheap to hire an appraiser and, therefore, aren't any threat to sue them. Also, they will tell you that your dealer is interested in buying your car as cheaply as possible so they will ignore that letter altogether.
3) The poster who only got $1,500.00 in diminished value probably accepted the insurance company's first offer. If you want to receive a fair settlement amount, you need to be a fighter. Persistence pays when it comes to dealing with insurers. Complaints to the insurance department for unfair claim practices work well as do letters from your attorney. A sympathetic magistrate may very well award the full diminished value (if you've hired a good appraiser,) and require the insurer to pay your appraiser's and legal fees as well.
1) You can not claim diminished value through your own insurance company.
2) Presenting a letter from a body shop or dealer doesn't work. First, it tells Allstate that you are too cheap to hire an appraiser and, therefore, aren't any threat to sue them. Also, they will tell you that your dealer is interested in buying your car as cheaply as possible so they will ignore that letter altogether.
3) The poster who only got $1,500.00 in diminished value probably accepted the insurance company's first offer. If you want to receive a fair settlement amount, you need to be a fighter. Persistence pays when it comes to dealing with insurers. Complaints to the insurance department for unfair claim practices work well as do letters from your attorney. A sympathetic magistrate may very well award the full diminished value (if you've hired a good appraiser,) and require the insurer to pay your appraiser's and legal fees as well.
This post was edited on 10/27/14 at 9:45 am
Posted on 10/27/14 at 10:06 am to DIMINISHED
Presenting a letter does sometimes work. I could have told the op to hire an appraiser but that's another $2-300 he doesn't want to spend on this.
There is no set acceptable formula for dv in Louisiana, so it's a fight between allsrate's evaluation and whatever evaluation you present them.
There is no set acceptable formula for dv in Louisiana, so it's a fight between allsrate's evaluation and whatever evaluation you present them.
Posted on 10/27/14 at 12:14 pm to Shaun176
[link=(www.fatwallet.com/forums/finance/880666/)]Sent my demand letter almost 10 days ago to State Farm.[/link]
I can post LA case law on this later.
I can post LA case law on this later.
This post was edited on 10/27/14 at 12:16 pm
Posted on 10/27/14 at 9:04 pm to Five0
Case Law for LA:
The Louisiana Court of Appeals has held that “the insurer’s obligation is satisfied once payment is made for the full and adequate physical repair of a damaged vehicle…”
Campbell v. Markel American Ins. Co., 822 So.2d 617 (La. App. 2001).
Another Court of Appeals case required proof of diminution: “diminution in value of a vehicle involved in an accident is an element of recoverable damages if sufficiently established… where the measure of damages is the cost of repair, additional damages for depreciation may be recovered for the diminution of value due to the vehicle’s involvement in an accident.”
Defraites v. State Farm Mut. Auto. Ins. Co., 864 So.2d 254 (La. App. 2004).
Regarding third-party recovery, Louisiana courts have held that “[i]n a case involving damages to an automobile where the measure of damages is the cost of repair, additional depreciation damages may be recovered for diminution in value attributable to the vehicle's involvement in the accident.” Orillac v. Solomon, 765 So.2d 1185 (2000).
The Louisiana Court of Appeals has held that “the insurer’s obligation is satisfied once payment is made for the full and adequate physical repair of a damaged vehicle…”
Campbell v. Markel American Ins. Co., 822 So.2d 617 (La. App. 2001).
Another Court of Appeals case required proof of diminution: “diminution in value of a vehicle involved in an accident is an element of recoverable damages if sufficiently established… where the measure of damages is the cost of repair, additional damages for depreciation may be recovered for the diminution of value due to the vehicle’s involvement in an accident.”
Defraites v. State Farm Mut. Auto. Ins. Co., 864 So.2d 254 (La. App. 2004).
Regarding third-party recovery, Louisiana courts have held that “[i]n a case involving damages to an automobile where the measure of damages is the cost of repair, additional depreciation damages may be recovered for diminution in value attributable to the vehicle's involvement in the accident.” Orillac v. Solomon, 765 So.2d 1185 (2000).
Posted on 10/28/14 at 5:24 am to Motorboat
I brought my car in to the repair shop. I just need a new fender, 2 new front tires and rims. Total 2k in damages. The parts will all be new oem.
Should I still go after the dv from the other party's ins?
Should I still go after the dv from the other party's ins?
Posted on 10/28/14 at 6:52 am to Motorboat
quote:
Allstate sucks so good luck.
Posted on 10/28/14 at 7:35 am to Shaun176
Should you? Sure, why not. If they say no, or want further documentation, how much do you want to fight it?
Removing the money grab aspect of it, how much do you TRULY think your vehicle is devalued by being in this accident? How much less would you pay for this vehicle? A minor collision with $2k in damage may affect resale by $500 or so, today. Are you selling today? Probably not. It's not a collectors item or something that will have a stable value anyway, it's a normally depreciating asset. After 3 years it'll be worth half what you paid for it.
My $18k worth of damage had absolutely zero effect on resale of my car 18 months later. It was repaired properly, with OEM parts. They covered all costs, including premium rental car for 6 weeks.
You can fight and bring legal jargon all you want for your $500. When I dealt with Allstate I just called and asked for Diminished Value (they do actually call it diminution, I had forgotten that word). It went to another department, and they called and made an offer. It was free money and I didn't have to fight them whatsoever.
Removing the money grab aspect of it, how much do you TRULY think your vehicle is devalued by being in this accident? How much less would you pay for this vehicle? A minor collision with $2k in damage may affect resale by $500 or so, today. Are you selling today? Probably not. It's not a collectors item or something that will have a stable value anyway, it's a normally depreciating asset. After 3 years it'll be worth half what you paid for it.
My $18k worth of damage had absolutely zero effect on resale of my car 18 months later. It was repaired properly, with OEM parts. They covered all costs, including premium rental car for 6 weeks.
You can fight and bring legal jargon all you want for your $500. When I dealt with Allstate I just called and asked for Diminished Value (they do actually call it diminution, I had forgotten that word). It went to another department, and they called and made an offer. It was free money and I didn't have to fight them whatsoever.
This post was edited on 10/28/14 at 7:37 am
Posted on 10/28/14 at 8:39 am to LSUtigerME
If you do this and the insurance company denies you, get an independent devaluation adjustment here: LINK
Just add the cost of the assessment to your demand letter. Step by step go by in the link.
Just add the cost of the assessment to your demand letter. Step by step go by in the link.
Posted on 10/28/14 at 8:48 am to Five0
Just got off the phone with State Farm. Don't let an insurance company try to negotiate over the phone. IN WRITING ONLY. They will try to act like they are the ones that decide the finished value. THEY ARE NOT.
Posted on 10/28/14 at 8:59 am to Five0
quote:
They will try to act like they are the ones that decide the finished value. THEY ARE NOT.
Um yeah--they sort of are at this point since they hold the money. As anything, it is negotiable, but if you don't accept, the only way to get them higher is to sue them.
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