Diminished value claim?

[shahram72]

Has anyone done this? Unfortunately I am in this position now. I'm sure the shop it's at now will do a great job. They have great reviews and will be using all new Ford parts. It's a V6 Foundry package. Sticker for about $27K new. Mine is about 5 months old and has just over 6000 miles on it. So how much is correct for diminished value? I'm thinking since it's basically a new car the amount will be a larger percentage. Who would buy my car when there are unwrecked examples around? Need help! I also need to get paid for missing 2 days of work, plus maybe 2 more coming up. I have to show up to court and then to pick up my car. I'm a UPS driver so if you're not available at 9am you don't work. And we make about $330 a day.

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[Cardude99]

Sorry to see the wreck hope you were not injured. As far as the lost wages go unless you missed work due to an injury and the inability to work due to your injuries you will not get your lost wages reimbursed.

As far as diminished value, hire an independent appraiser that specializes in DV claims and they will inspection the car after repairs and present a report to you that you can provide the insurance company. At that point you will have a baseline then it is a negotiation. The appraiser will charge you about $400 or so and the insurance company is not responsible to reimburse you that so keep it in mind.

If you can not reach an agreement save all your pics and everything that can be used as evidence and take it to small claims court.

 

[shahram72]

Well my neck hurt so I got a doctors note from the local hospital to take a couple days off.

 

[Cardude99]

Then there you go, just get supporting docs for the wages and they will be part of your bodily injury settlement.

 

[Bullitt]

Sorry to see this but glad you're mostly ok. Saw your post in my thread but figured I'd respond here. Diminished value will have to be assessed by an expert once the repairs are finished. The estimate on my car is 5-6k but it's a GT. They've give me a finalized number after they do their inspection post-fix. I've been working through collisionclaims.com and they've been very helpful. It's not free but cheaper than hiring a lawyer if it works. I'll keep my thread updated on how it goes for me.

 

[HoosierDaddy]

Has anyone done this? Unfortunately I am in this position now.

Did someone else hit you or did you hit something?

I ask because if your insurance is paying for the repairs, your policy might not include diminished value. Only if its spelled out in the policy or there is some law where you are insured. And I think its pretty rare for a company to include that coverage as a default simply because most people wouldn't think about it or want to pay the higher premium. If another party is at fault, different story because they caused a loss for you and they don't have a contract (policy) with you that excludes DV.

 

[wildsailor]

Has anyone actually been successful in a diminished value (DV) claim? Damage is easy to estimate and so is medical bills. It seems, however, that DV is only invoked when you want to sell the vehicle. So, the DV for a 2016 now is greater than the DV 2 years, 5 years, or 12 years from now. So, to truly be able to estimate and file a claim one may have to actually sell the car after the damage is fixed. Very interesting and confusing....

 

[Tatum337]

In GA., they pay you a portion of the vehicles damage. My wife's new Yukon was hit by a deer and the damage was 2300 and they sent us a check for 1100. By the way, I'm in good hands. Allstate lol

 

[DRKHORS]

Did someone else hit you or did you hit something?

I would say judging by the other person's front bumper cover still being caught under the rear of his poor 'stang that someone did indeed hit him. But you are correct, many policies exclude DV from first party Collision or Comprehensive settlements.

Has anyone actually been successful in a diminished value (DV) claim? Damage is easy to estimate and so is medical bills. It seems, however, that DV is only invoked when you want to sell the vehicle. So, the DV for a 2016 now is greater than the DV 2 years, 5 years, or 12 years from now. So, to truly be able to estimate and file a claim one may have to actually sell the car after the damage is fixed. Very interesting and confusing....

You are correct, in a sense. There truly isn't any DV until you sell your vehicle. However, from an insurance perspective, these claims are handled all of the time AFTER repairs are completed to the vehicle.

There's quite a bit that goes into a DV appraisal - cost of repairs, any structural or suspension damage, cash value's of vehicle pre-loss, year/make/model of vehicle, vehicle condition pre-loss, quality of repair, quality of replacement parts used, etc. There is no exact science and no set formula...

 

[shahram72]

Yes, it was the other cars fault. I was hit by 2 in the 4 car collision!

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