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Diminished value payment

Posted on 4/9/14 at 10:05 pm
Posted by lsufisherman
Baton Rouge
Member since Oct 2006
247 posts
Posted on 4/9/14 at 10:05 pm
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.
Posted by OTIS2
NoLA
Member since Jul 2008
50085 posts
Posted on 4/9/14 at 10:17 pm to
Have you already settled your property damage claim and signed a release?
Posted by lsufisherman
Baton Rouge
Member since Oct 2006
247 posts
Posted on 4/9/14 at 10:24 pm to
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 4/9/14 at 10:27 pm
Posted by OTIS2
NoLA
Member since Jul 2008
50085 posts
Posted on 4/9/14 at 10:52 pm to
The claim may still be available, but compare it's value to the cost of litigation.
This post was edited on 4/9/14 at 10:53 pm
Posted by LSUtigerME
Walker, LA
Member since Oct 2012
3789 posts
Posted on 4/9/14 at 11:40 pm to
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.
Posted by barry
Location, Location, Location
Member since Aug 2006
50337 posts
Posted on 4/10/14 at 7:07 am to
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.
Posted by Tigerpaw123
Louisiana
Member since Mar 2007
17251 posts
Posted on 4/10/14 at 8:36 am to
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????
Posted by DIMINISHED
Fort Pierce, FL
Member since Feb 2014
6 posts
Posted on 4/10/14 at 8:40 am to
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.
Posted by lsufisherman
Baton Rouge
Member since Oct 2006
247 posts
Posted on 4/10/14 at 10:15 am to
I'm hoping it goes that easy, I'm gonna give my agent a call in a few to sort through it
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