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Message
Anyone made a diminished value claim on a vehicle?
Posted on 10/6/15 at 10:07 am
Posted on 10/6/15 at 10:07 am
I'm filing a diminished value claim from a wreck a few months ago. Had an illegal mexican towards me make a left turn in front of me without ever checking up. He had no license, no insurance, nothing. My truck was still new, only had 15K miles on it. Repairs totaled just over $16k.
I want to find out what the diminished value of the truck is and compare that to what the insurance company comes back with. Any idea how I would go about finding that number out?
Anyone have experience dealing with a diminished value claim and how that worked out for you?
Not sure if it matters or not, but my insurance is State Farm.
I want to find out what the diminished value of the truck is and compare that to what the insurance company comes back with. Any idea how I would go about finding that number out?
Anyone have experience dealing with a diminished value claim and how that worked out for you?
Not sure if it matters or not, but my insurance is State Farm.
Posted on 10/6/15 at 10:11 am to Austin Cajun
In the process of going through one now. Basically the same amount in repair costs on a 2014 car with 17k miles, so far my research has said around $1500 to $2000 would be appropriate. Waiting to hear back from the DV person on what they're offering.
If you're going through your insurance, you won't get DV.
quote:
Not sure if it matters or not, but my insurance is State Farm.
If you're going through your insurance, you won't get DV.
Posted on 10/6/15 at 10:17 am to Austin Cajun
quote:
Anyone have experience dealing with a diminished value claim and how that worked out for you?
Not sure if it matters or not, but my insurance is State Farm.
I successfully had my commuter car's value diminished for bankruptcy. They had it at KBB and I simply paid a mechanic $70 to write up all the shite wrong with it. Cut the value in half(you have to pay to keep a second car in Ch 7).
I would assume you could do the same by going to a body shop and getting a legit estimate on repairs. Then, give that to the State Farm rep.
Posted on 10/6/15 at 10:17 am to Austin Cajun
You will have much better luck having a "sore neck", going to the doctor a few times, getting an attorney, then claiming pain and suffering. You'll get more money and have a smoother process than trying to successfully claim diminished value.
For some fricked up reason, insurance companies would rather pay out $10,000 for pain and suffering after the "victim" goes to the doctor a few times than to pay out $2,000 in diminished value.
They also refuse to pay any doctor's bills at all until the "case" is settled. This only forces people to get an attorney. It's so fricking stupid the way insurance companies operate and they shoot themselves in the foot with their own policies. This only causes the cost of our insurance to skyrocket as a result.
For some fricked up reason, insurance companies would rather pay out $10,000 for pain and suffering after the "victim" goes to the doctor a few times than to pay out $2,000 in diminished value.
They also refuse to pay any doctor's bills at all until the "case" is settled. This only forces people to get an attorney. It's so fricking stupid the way insurance companies operate and they shoot themselves in the foot with their own policies. This only causes the cost of our insurance to skyrocket as a result.
Posted on 10/6/15 at 10:18 am to LNCHBOX
quote:
If you're going through your insurance, you won't get DV.
Why not? Obviously the value of the truck is diminished and I wasn't the at fault driver. I'm not going to be out a few grand for something I didn't cause.
Posted on 10/6/15 at 10:19 am to Austin Cajun
You need to find an independent adjuster to calculate the loss of value. State Farm is just like the other insurance companies, good at cashing checks bad at writing them.
Copy and paste. Link to pdf is screwing up from my phone.
www.mwl-law.com/wp-content/uploads/2013/03/diminution-of-value-in-all-50-states.pdf
Copy and paste. Link to pdf is screwing up from my phone.
www.mwl-law.com/wp-content/uploads/2013/03/diminution-of-value-in-all-50-states.pdf
This post was edited on 10/6/15 at 10:29 am
Posted on 10/6/15 at 10:20 am to Austin Cajun
quote:
Why not? Obviously the value of the truck is diminished and I wasn't the at fault driver. I'm not going to be out a few grand for something I didn't cause.
That's what I had read, but it may not be correct. There is lots of conflicting info. Ask your agent.
Posted on 10/6/15 at 10:20 am to Austin Cajun
What retard is downvoting everything? We have some seriously stupid people visiting the OT at times.
Posted on 10/6/15 at 10:30 am to Austin Cajun
quote:
My truck was still new, only had 15K miles on it.
Your truck is a used with 15k and depreciated in value as soon as you drove of the lot.
Posted on 10/6/15 at 10:31 am to weadjust
quote:
Your truck is a used with 15k and depreciated in value as soon as you drove of the lot.
Has absolutely nothing to do with diminished value after a collision.
Posted on 10/6/15 at 10:32 am to weadjust
quote:
Your truck is a used with 15k and depreciated in value as soon as you drove of the lot.
Thanks captain obvious. I didn't say it was brand new and could be sold as one. I was stating that it was a newer truck as in low miles and less than a year old.
Posted on 10/6/15 at 1:24 pm to Austin Cajun
quote:
Why not? Obviously the value of the truck is diminished and I wasn't the at fault driver. I'm not going to be out a few grand for something I didn't cause.
read your policy. Often first party policies exclude DV.
Posted on 10/6/15 at 1:27 pm to Austin Cajun
Get an appraisal from your dealership as if you were trading it in. Then ask if you would not have been in an accident, what would be the cost. Subtract the difference and present that to State Farm
Posted on 10/6/15 at 1:27 pm to Austin Cajun
If its through your insurer, I don't believe you can file a DV claim. I don't believe your policy covers DV on your own vehicle.
Posted on 10/6/15 at 1:56 pm to Austin Cajun
I bought a used car back in 2011 for 28k here in Houston. Got rear ended then pushed into the car in front of me. Had frame damage and total repairs were around 8K. State Farm sent me a check for 3.5K for DV.
Driver who caused the wreck was uninsured.
Driver who caused the wreck was uninsured.
This post was edited on 10/6/15 at 1:57 pm
Posted on 10/6/15 at 2:03 pm to Austin Cajun
You will need to find out what a dealership would buy it for before and after damage. Get a few quotes and there is you diminished value.
Posted on 10/7/15 at 8:53 am to Austin Cajun
Diminished value seems to be as misunderstood now as it was a few years back when nobody even knew what it was. A few comments to set everyone straight.
A letter from your dealership (if you can get them to write one) is free but insurance companies tend not to recognize them, referring to them as non-disinterested parties.
In Texas, as in all states except GA, KS and WA, you can only claim diminished value against the insurer of the responsible party, not your own insurance company. It may be possible in cases where the responsible party is either uninsured or underinsured that you can claim against your own insurer under the UM portion of your policy.
Keep in mind that State Farm, as well as most other insurance companies, will make a very low initial offer. The only way to persuade them to fork over a fair settlement amount for your cars loss in value is to serve them with the best independent appraisal you can find. Not one that uses a formula or simply expresses an "expert's" opinion but one that contains real-world facts such as multiple unbiased dealer opinions from recognized dealerships or, at least, automobile auction results. When the insurance company attorney advises the claims manager that your appraisal will stand up to legal scrutiny - more so than anything they can provide - you are on your way to winning.
A letter from your dealership (if you can get them to write one) is free but insurance companies tend not to recognize them, referring to them as non-disinterested parties.
In Texas, as in all states except GA, KS and WA, you can only claim diminished value against the insurer of the responsible party, not your own insurance company. It may be possible in cases where the responsible party is either uninsured or underinsured that you can claim against your own insurer under the UM portion of your policy.
Keep in mind that State Farm, as well as most other insurance companies, will make a very low initial offer. The only way to persuade them to fork over a fair settlement amount for your cars loss in value is to serve them with the best independent appraisal you can find. Not one that uses a formula or simply expresses an "expert's" opinion but one that contains real-world facts such as multiple unbiased dealer opinions from recognized dealerships or, at least, automobile auction results. When the insurance company attorney advises the claims manager that your appraisal will stand up to legal scrutiny - more so than anything they can provide - you are on your way to winning.
Posted on 10/7/15 at 8:58 am to DIMINISHED
Why'd you motherfrickers give me 4 downvotes for sharing how I had my little car's value diminished. Gahhh Damn. What I do? I needed that car after divorce to deliver pizzas as a second job b/c my SUV got 14mpg.
Was legitimately a piece of shite. Cracked flywheel, blown control arms, shocks , struts. It wasn't worth $2400 and I had that proven with a well-respected auto shop(Adams on North Street in BR). Meanies.
Was legitimately a piece of shite. Cracked flywheel, blown control arms, shocks , struts. It wasn't worth $2400 and I had that proven with a well-respected auto shop(Adams on North Street in BR). Meanies.
This post was edited on 10/7/15 at 8:59 am
Posted on 10/7/15 at 9:04 am to Austin Cajun
Definitely get DV if you can. My brand new car was hit by a 16 year old who just got her license two days before. Sucked.
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