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Message
OT Insurance Agents - Question
Posted on 8/17/21 at 10:44 am
Posted on 8/17/21 at 10:44 am
My wife was rear ended in her 2020 Honda Odyssey. We are working with the other driver's insurance and they have come back with an estimate that appears to be in line with a local body shop's opinion (without removing the bumper, etc.).
However, there's no doubt that even after repairs, the car will be worth less than it is now as it has an accident on it's Carfax.
I have read of the 17c diminished value method, but it seems to be much more favorable to the insurance company and would only add ~$300 to the claim, which seems low.
Is there a rule of thumb that can be used based on a % of the car before and after the accident. For instance, KBB values the car at around $30k now, I would think it's worth 5-10% less even after repairs, am I wrong here?
I'm not trying to screw anyone, just want to be made whole.
TIA
However, there's no doubt that even after repairs, the car will be worth less than it is now as it has an accident on it's Carfax.
I have read of the 17c diminished value method, but it seems to be much more favorable to the insurance company and would only add ~$300 to the claim, which seems low.
Is there a rule of thumb that can be used based on a % of the car before and after the accident. For instance, KBB values the car at around $30k now, I would think it's worth 5-10% less even after repairs, am I wrong here?
I'm not trying to screw anyone, just want to be made whole.
TIA
11
Posted on 8/17/21 at 10:45 am to CidCock
quote:
My wife was rear ended
Posted on 8/17/21 at 10:46 am to CidCock
Can't help, but TDsnGumbo or whatever makes 3k a day working from home
Posted on 8/17/21 at 10:47 am to CidCock
Your wife needs to just skip the diminished value claims process headache and get her sore neck documented by a doctor. She’ll get a couple thousand dollars with very little negotiating whereas a diminished value claim will be difficult.
Edit: Mingo you’re a douche
Edit: Mingo you’re a douche
This post was edited on 8/17/21 at 10:48 am
Posted on 8/17/21 at 10:48 am to Mingo Was His NameO
quote:
Can't help, but TDsnGumbo or whatever makes 3k a day working from home
And he doesn't have to sit on a booster seat while doing so
Posted on 8/17/21 at 10:48 am to TDsngumbo
quote:
Your wife needs to just skip the diminished value claims process headache and gether sore neck documented by a doctor. She’ll get a couple thousand dollars with very little negotiating whereas a diminished value claim will be difficult.
Ugh, I'd rather not embellish the truth.
Posted on 8/17/21 at 10:50 am to CidCock
You can push for diminished value, but the insurance companies know exactly what they can offer you, so that it’s more expensive for you to hire a lawyer and isn’t worth the difference you can get
Posted on 8/17/21 at 10:50 am to cubsfan5150
quote:
And he doesn't have to sit on a booster seat while doing so
I don't either but my feet dangle off the chair
Posted on 8/17/21 at 11:07 am to ehidal1
Diminution of Value. If there is not frame damage it won't be much.
The sore neck is the easy way to go.
The sore neck is the easy way to go.
Posted on 8/17/21 at 11:08 am to TDsngumbo
quote:
get her sore neck documented by a doctor. She’ll get a couple thousand dollars with very little negotiating whereas a diminished value claim will be difficult.
And that is a perfect example as to one of the many reasons car insurance rates/premiums are increasing..
Not a bad idea though. I would probably do the same
Posted on 8/17/21 at 11:08 am to CidCock
Your pain and suffering payments should make up for your diminished value worry.
Posted on 8/17/21 at 11:10 am to CidCock
quote:
My wife was rear ended
Again ?
Posted on 8/17/21 at 11:10 am to CidCock
$2000 per month with medical treatment for soft tissue injuries. I understand your reluctance, but issues from being rear ended often do not show up for months.
Posted on 8/17/21 at 11:13 am to EasternShoreTider
quote:
And that is a perfect example as to one of the many reasons car insurance rates/premiums are increasing..
Oh I completely agree but unfortunately it’s the easiest and fastest way to get a back door diminished value settlement.
Posted on 8/17/21 at 11:14 am to Turnaroundtiger
quote:
but issues from being rear ended often do not show up for months.
I can personally attest to this. I was rear ended by someone pulling a trailer full of heavy shite once. Wasn’t going fast but the impact was enough for me to be in pain every night in my back years later. It didn’t start until a month after the accident happened.
Posted on 8/17/21 at 11:15 am to CidCock
Diminished value is harder to prove. You could get a letter from a Honda dealership stating the amount of diminished value vs going through a body shop. Just went through that process for a customer with an older Porsche. Vehicle ended up being totaled by Geico so we didn’t finish out that process
Posted on 8/17/21 at 11:53 am to DCtiger1
quote:
Diminished value is harder to prove.
Why? Just go to Medine's they will do a work up on DV.
Posted on 8/17/21 at 12:51 pm to CidCock
Diminished Value is a pretty well established calculation. Some states use one based on a lawsuit in Georgia. The only way to really get more out of that is to find out how much they valued the car for before the accident. If you can find the same vehicle with similar mileage selling for a lot more in your area you can submit it to your insurance company for review and possibly increase the payout - but you won't increase it much.
Posted on 8/17/21 at 1:00 pm to TDsngumbo
quote:
Edit: Mingo you’re a douche
Says the guy who posts this:
quote:
Your wife needs to just skip the diminished value claims process headache and get her sore neck documented by a doctor. She’ll get a couple thousand dollars with very little negotiating whereas a diminished value claim will be difficult.
Posted on 8/17/21 at 1:02 pm to TDsngumbo
quote:As an old PI lawyer (sorry about that BTW), this is the sad truth. I've extracted a few hundreds of dollars on diminished value claims, and it's definitely a compensable interest, but the path of least resistance is to pursue a semi-legit PI claim to recover that loss.
skip the diminished value claims process headache and get her sore neck documented by a doctor.
To be clear: I'm not advocating fraud or anything like that--just making an observation that the process for recovering diminished value is a headache, and, even though the insurance company is supposed to pay it, they will cough up minimal PI damages much more easily. At day's end, they are compensating you for a legitimate loss.
I will add that I would sometimes use the diminished value claim to extract more from PI cases. The adjusters know what's going on, and they will settle PI above their target just so they don't have to deal with it.
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