diminished value claim?

[cerbomark]

Looking for any advise not knowing the insurance business as well as some may.
2024 BTS, hit while parked. Cosmetic only (bumper, grill, and apparently everything in the bumper for no reason as far as I see). $3500 estimate went to almost $10K . aurtbody and insurance worked together. Paid $500 deductible only to find out a hit and run can go under uninsured motorist. They sent me $300 out of the $500 due to that. Truck fixed, perfect. Now I ll have a diminished value vehicle. Called a company that files these claims for people for a small fee. They said they are looking at $8-10K payback to me. They said it s all part of the same claim. I have 3 cars and a home insured. Clean driving and accident record . Is this wise and will this cause more light to be shed on my rates or likelihood of being dropped? What else am I missing? That s a lot of money even if it was negotiated down a little. This was such a minor hit that has got out of hand with the crazy auto body bill. I posted a thread when it originally got hit. Trying to decide. Thanks all.
before and after pics

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[luc]

Looking for any advise not knowing the insurance business as well as some may.
2024 BTS, hit while parked. Cosmetic only (bumper, grill, and apparently everything in the bumper for no reason as far as I see). $3500 estimate went to almost $10K . aurtbody and insurance worked together. Paid $500 deductible only to find out a hit and run can go under uninsured motorist. They sent me $300 out of the $500 due to that. Truck fixed, perfect. Now I ll have a diminished value vehicle. Called a company that files these claims for people for a small fee. They said they are looking at $8-10K payback to me. They said it s all part of the same claim. I have 3 cars and a home insured. Clean driving and accident record . Is this wise and will this cause more light to be shed on my rates or likelihood of being dropped? What else am I missing? That s a lot of money even if it was negotiated down a little. This was such a minor hit that has got out of hand with the crazy auto body bill. I posted a thread when it originally got hit. Trying to decide. Thanks all.
before and after pics

If I’m understanding correctly and this company told you that you have a $8 to $10 claim for diminished value….. run, that is 100% bs
Here is the way that insurance calculate it
Maximum cap is 10% of vehicle value
Let say your truck is $70k
That would be $7k
Now there is a damage multiplier
For moderate damage to structures and panels it is .50
So in your case a max of $3.5k
And that is the best scenario
For minor damage , it’s 1/2 of it

 

[cerbomark]

If I’m understanding correctly and this company told you that you have a $8 to $10 claim for diminished value….. run, that is 100% bs
Here is the way that insurance calculate it
Maximum cap is 10% of vehicle value
Let say your truck is $70k
That would be $7k
Now there is a damage multiplier
For moderate damage to structures and panels it is .50
So in your case a max of $3.5k
And that is the best scenario
For minor damage , it’s 1/2 of it

Vehicle Info Vehicle Make Ram Truck Vehicle Model 1500 4x4 built to serve Vehicle Year 2024 Vehicle Assessment Approximate Pre-Accident Value $40,000.00 Select Severity of Damage Moderate Damage Total Repair Cost $9,700.00 Your Estimated Diminished Value $ $10,000.00

I threw up the $40K number , I have no idea the current value. above is what they sent me. Truck on had 8700 miles... thanks.

 

[cerbomark]

https://autoloss.com/

here s the company.

 

[sk47]

This was such a minor hit that has got out of hand with the crazy auto body bill. I posted a thread when it originally got hit. Trying to decide. Thanks all.

Hello; Thanks to all the stuff now added to modern vehicles the cost of minor bumper hits can be very expensive. There may be sensors and cameras and more inside the structure of the bumper. Some of these features are government mandated. Regardless, it does cost to fix some bumpers.

A collision claim on a vehicle will show up on vehicle reports and will affect trade in and resale values. An example is a Bullitt Mustang I was about to buy a few years back. One model year old and less than 3000 miles on the car. The negotiated price was what i thought to be reasonable for the dealer. I asked for a Carfax report and the car had been in a collision. Thing is they had a nearly identical Bullitt with similar miles (maybe 4500) and no collision history at the same time on the lot. I asked if i could get that collision free car for a similar price. The answer was no. They wanted more money. May not have much to do with your situation.

 

[ORRadtech]

A few thoughts:
* It costs you, yourself, nothing to ask for and file a diminished value claim. Check what your insurance company requires. It should be in your policy. Or look it up online. I would only call and ask them as a last resort until you're ready to proceed.
* A simple way to get a ballpark of what a DV claim might pay is to use some of the online valuation services and enter your truck with the accident and without.
* Insurance companies can be vindictive bastards.
* Being leary of companies that charge for something that I can do for free, I'd investigate them some before I hired them. Here's a BBB listing for the one you posted. Even understanding that happy customers don't generally contact the BBB their reviews would give me pause.
https://www.bbb.org/us/or/happy-valley/profile/auto-appraiser/autolosscom-1296-22026487/complaints

 

[SnowFox]

Had similar happen last year on the wife's car. The second it left the shop I sold it.

Like you the estimate went from $4000 to $10,000 a nice chunk of that went to bringing in a "special tech" to re calibrate front end sensors. But the cost gives the impression of a major accident 10k was like 25% of the cost of the car new (and the car was new with only 2k miles)

Before anything hit the books I cut my losses.

 

[cerbomark]

A few thoughts:
* It costs you, yourself, nothing to ask for and file a diminished value claim. Check what your insurance company requires. It should be in your policy. Or look it up online. I would only call and ask them as a last resort until you're ready to proceed.
* A simple way to get a ballpark of what a DV claim might pay is to use some of the online valuation services and enter your truck with the accident and without.
* Insurance companies can be vindictive bastards.
* Being leary of companies that charge for something that I can do for free, I'd investigate them some before I hired them. Here's a BBB listing for the one you posted. Even understanding that happy customers don't generally contact the BBB their reviews would give me pause.
https://www.bbb.org/us/or/happy-valley/profile/auto-appraiser/autolosscom-1296-22026487/complaints

thanks, very helpful reading their bbb complaints.

 

[cerbomark]

Had similar happen last year on the wife's car. The second it left the shop I sold it.

Like you the estimate went from $4000 to $10,000 a nice chunk of that went to bringing in a "special tech" to re calibrate front end sensors. But the cost gives the impression of a major accident 10k was like 25% of the cost of the car new (and the car was new with only 2k miles)

Before anything hit the books I cut my losses.

no I can t do that, first I love the truck and second it s such a minor hit and it was fixed perfect.

 

[luc]

no I can t do that, first I love the truck and second it s such a minor hit and it was fixed perfect.

So if it was such a minor hit, it stands to reason that the diminished value is also minor

 

[SnowFox]

no I can t do that, first I love the truck and second it s such a minor hit and it was fixed perfect.

Sure, it's not what everyone would do, or needs to do. We just knew my wife would probably be moving on to something different in 3 or 4 years. And we didn't want to take a hit on resale with the 1 accident reported. We knew we could break even now, so we took it and basically hit reset. Now she has a truck she loves even more

 

[cerbomark]

So if it was such a minor hit, it stands to reason that the diminished value is also minor

not with a $10K repair bill. waiting to see how it comes out in carfax.

 

[luc]

not with a $10K repair bill. waiting to see how it comes out in carfax.

Sure, but in real life, the diminished value is not the difference between the same vehicle without an accident and one with but rather the formula, that i was mentioning earlier, the the insurance company use
And you can be sure that the insurance is a lot less

 

[GrabberBargeCaptain]

Had similar happen last year on the wife's car. The second it left the shop I sold it.

Like you the estimate went from $4000 to $10,000 a nice chunk of that went to bringing in a "special tech" to re calibrate front end sensors. But the cost gives the impression of a major accident 10k was like 25% of the cost of the car new (and the car was new with only 2k miles)

Before anything hit the books I cut my losses.

Damn, remember when they forced everyone to build cars with ugly, big bumpers to keep insurance costs down in the 1970s?

 

[SnowFox]

Damn, remember when they forced everyone to build cars with ugly, big bumpers to keep insurance costs down in the 1970s?

Gawd awful lol everything looked sorta like bumper cars at a cheap carnival.

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