Diminished Value

[ktapia]

Hey all,

I thought this would be the best place to post my question but if I'm in the wrong section please advise

I got rear ended and the total amount of damages is close to $6,000.00
I am filing a DV claim against the insurance of the person that hit me, and upon speaking with the representative assigned to my case I get an email in return from the person stating this:

For the diminished value claim: I will assign an appraiser to inspect the repairs to your vehicle. (once all repairs are completed).. Once that appraiser inspects the vehicle, they will send us a report as to what they find. A true dim value is not really known until such time that you go to trade in the vehicle or sell it. If repairs are done correctly, in some instances, there is no loss in value.

Has anyone actually filed a successful DV claim and can say a few words on what I'm going to deal with here? This insurance has already been hard to work with, and I don't know if this person thinks I'm an idiot or if this is really true. As far as I know if there were two of the exact same car at a dealership and the only difference would be a collision history on one and a clean record on the other, there is no way they would be able to sell it for an equal price, or am I wrong?

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[Falcon01]

Hey all,

I thought this would be the best place to post my question but if I'm in the wrong section please advise

I got rear ended and the total amount of damages is close to $6,000.00
I am filing a DV claim against the insurance of the person that hit me, and upon speaking with the representative assigned to my case I get an email in return from the person stating this:

For the diminished value claim: I will assign an appraiser to inspect the repairs to your vehicle. (once all repairs are completed).. Once that appraiser inspects the vehicle, they will send us a report as to what they find. A true dim value is not really known until such time that you go to trade in the vehicle or sell it. If repairs are done correctly, in some instances, there is no loss in value.

Has anyone actually filed a successful DV claim and can say a few words on what I'm going to deal with here? This insurance has already been hard to work with, and I don't know if this person thinks I'm an idiot or if this is really true. As far as I know if there were two of the exact same car at a dealership and the only difference would be a collision history on one and a clean record on the other, there is no way they would be able to sell it for an equal price, or am I wrong?

They are full of shit. there is an estimation and insurance pays out soon after. No inspection is needed. The value always gos down with an accident, it's stupid but it happens.

 

[Finally]

...
Once that appraiser inspects the vehicle, they will send us a report as to what they find. A true dim value is not really known until such time that you go to trade in the vehicle or sell it. If repairs are done correctly, in some instances, there is no loss in value. ...

I call BS on that statement by the insurance company. Maybe it's an outright lie to get you to settle. Get them to name ONE instance that has happened where the damage was that severe. It is highly unlikely that their claim is true, as your repairs will most likely be reported to Carfax. Dealerships (stealerships, if you prefer) and car buyers always use this as a bargaining tool to negotiate a lower price. Don't believe their insurance company. Hire a lawyer, and be prepared to sue the crap out of the insured. I lost a bunch when I sold my MINI Cooper that had been rear ended, even though it was at a very low speed (probably did $1,500 worth of damage).

P.S. Sorry about your accident.

 

[Jake 87]

I'm actually going through this as we speak (or type? lol). I've hired the people who specialize in diminished value claims to type up a comprehensive report about why there is diminished value and what that value is. I had nearly 11K in repairs back in June/July and they're is saying my car devalued $13K! The report is still being created so it hasn't been sent to insurance yet but they will help you negotiate what they think you deserve. It's a little pricy for the report and services ($275) but if they get me $10K+ back then it's worth it x10.

Just my opinion and what I'm using with my diminished value claim. I'd certainly hire someone like I'm using or similar to handle the bulk of this claim.

They also gave me a list of "tricks" insurance will try to use to lowball you and ways to counter them. There is ALWAYS loss in value so that's BS right there what that rep said.

PM me if you want to know the specific company I'm using since my claim is still open and I don't want to share too many details.

 

[Wblv17]

281-741-1670 is the number for the company I'm using for diminished value

a negative car fax = 4000 less value at least

 

[ktapia]

Thank you guys. I really do appreciate all the input. I'm definitely going to do more research on this and give some people a call.

 

[trustyrusty436]

Show that BS to your insurance agent!

 

[BCWatty]

I am glad to see this thread. I picked up 2016 GT Convertible one week ago (perhaps the first delivered) and was rear-ended by a 25 year old Honda this evening. My experience with repaired cars is that they are seldom repaired well enough for me, so I was lamenting the huge trade-in hit I was going to take to get back to a new car. Realizing I am able to collect for the diminished value takes some of the sting out of the wreck. Fortunately, no one was seriously injured.

 

[ktapia]

I am glad to see this thread. I picked up 2016 GT Convertible one week ago (perhaps the first delivered) and was rear-ended by a 25 year old Honda this evening. My experience with repaired cars is that they are seldom repaired well enough for me, so I was lamenting the huge trade-in hit I was going to take to get back to a new car. Realizing I am able to collect for the diminished value takes some of the sting out of the wreck. Fortunately, no one was seriously injured.

Glad to know everything was okay brotha. As for the diminished value claim definitely look into it. If you want more information definitely shoot me a message and I will relay all the information that I've gathered (I'm working with a company for diminished value claim as we speak) as well as the information a person on this thread was kind enough to give to me.

 

[bvdawg13]

I just went through this on my wife's 2015 Fusion. The girl who parks next to her (from what we can assume) decided to reverse with her door open. Damage was around $3k I believe, can't remember off the top of my head. I called Geico (the neighbor's) insurance company, not mine, and told them I wanted to put in a DV claim. It was a lot easier than I expected because I heard Geico is tough to deal with, but I didn't have to do anything at all, they do all the appraising and called back within a day to say I'd be receiving $1,200 within a week. Which from what I read, I was only expecting to get an offer of $300 and to have to go through a third party investigator which charges a fee of $300.

But what you can do on your own is call a Ford dealership and ask what they give you on trade and then what they would give you on trade with with a clearn carfax to give you a good estimate of what the claim value is worth.

 

[4to8]

I'm actually going through this as we speak (or type? lol). I've hired the people who specialize in diminished value claims to type up a comprehensive report about why there is diminished value and what that value is. I had nearly 11K in repairs back in June/July and they're is saying my car devalued $13K! The report is still being created so it hasn't been sent to insurance yet but they will help you negotiate what they think you deserve. It's a little pricy for the report and services ($275) but if they get me $10K+ back then it's worth it x10.

Just my opinion and what I'm using with my diminished value claim. I'd certainly hire someone like I'm using or similar to handle the bulk of this claim.

They also gave me a list of "tricks" insurance will try to use to lowball you and ways to counter them. There is ALWAYS loss in value so that's BS right there what that rep said.

PM me if you want to know the specific company I'm using since my claim is still open and I don't want to share too many details.

Who are you using for your diminished value claim? My car got hit about a month ago. It was over 16k in damage and the car is still in the shop getting fixed. Thanks in advance:cheers:

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