Posted by
Message
greenwave
USA Fan
Member since Oct 2011
2468 posts

Diminished Value Claim
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


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
13301 posts

re: Diminished Value Claim
yes I have, it is worth going after, educate yourself before talking to the adjuster


greenwave
USA Fan
Member since Oct 2011
2468 posts

re: Diminished Value Claim
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.


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
13301 posts

re: Diminished Value Claim
quote:

Did your insurance co just handle it


no I handled it on my own, got a little more than 4K


Replies (0)
Replies (0)
00
Neauxla
New Orleans Saints Fan
New Orleans
Member since Feb 2008
32470 posts

re: Diminished Value Claim
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.

This post was edited on 1/9 at 3:38 pm


achenator
Member since Oct 2014
1789 posts

re: Diminished Value Claim
quote:

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.

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.


Neauxla
New Orleans Saints Fan
New Orleans
Member since Feb 2008
32470 posts

re: Diminished Value Claim
quote:

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.

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.

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 at 5:04 pm


Replies (0)
Replies (0)
51
tigersnipen
LSU Fan
Member since Dec 2006
1926 posts

re: Diminished Value Claim
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 at 9:38 pm


Replies (0)
Replies (0)
01
TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
HarveyBanger
Member since Mar 2018
222 posts

re: Diminished Value Claim
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


BamaCoaster
LSU Fan
God's Gulf
Member since Apr 2016
1651 posts

re: Diminished Value Claim
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!




Replies (0)
Replies (0)
00
greenwave
USA Fan
Member since Oct 2011
2468 posts

re: Diminished Value Claim
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?
This post was edited on 1/10 at 8:44 am


BearsFan
Baylor Fan
Member since Mar 2016
582 posts

re: Diminished Value Claim
Vinwiki has an interesting video on youtube about having this issue with supercars in GA.


Replies (0)
Replies (0)
00
HarveyBanger
Member since Mar 2018
222 posts

re: Diminished Value Claim
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.


Replies (0)
Replies (0)
00
Tiger Prawn
LSU Fan
Member since Dec 2016
10424 posts

re: Diminished Value Claim
quote:

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.
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.


achenator
Member since Oct 2014
1789 posts

re: Diminished Value Claim
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.


greenwave
USA Fan
Member since Oct 2011
2468 posts

re: Diminished Value Claim
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?


Replies (0)
Replies (0)
00
756
LSU Fan
Member since Sep 2004
13671 posts

re: Diminished Value Claim
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.



Replies (0)
Replies (0)
10
first pageprev pagePage 1 of 1next pagelast page
refresh

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram