Diminished value claims

[Doinworqson]

Anyone have any knowledge on diminished value claims and how to know how much i should be getting back in diminshed value from my insurance company? is there a percentage to cars trade in i should get? I own a 2015 gt PP was rear ended by a drunk driver and the damages were a lil more than 3k and the insurance company is offering $450 in diminished value. Any advice would be appreciated by you guys

Sponsored

 

['Merica]

Yeah I got 10% of repairs so you are getting a little more at 15%. My repairs were only $600 though so not really worried about diminished value anyways.

 

[Stripes]

I didn't even know there was such a thing as "diminished value", and I'm an auto claims adjuster..

In Canada, we have a waiver of depreciation if your car is a total loss, but nothing that protects the diminished value when it comes to resale of a car with a claim on it.

 

[MurderPony]

Anyone have any knowledge on diminished value claims and how to know how much i should be getting back in diminshed value from my insurance company? is there a percentage to cars trade in i should get? I own a 2015 gt PP was rear ended by a drunk driver and the damages were a lil more than 3k and the insurance company is offering $450 in diminished value. Any advice would be appreciated by you guys

Your Insurance Company is offering you money or the Insurance Co of the car that hit you? Most Ins policies prevent their own customers from collecting diminished value claims. Some states have set guidelines and charts to determine how much you are owed while states like CA don't officially recognize it. It's very difficult to prove how much repairs diminish value because in some cases a repair/paint can increase the value of a vehicle. Yes it's possible.

Technically until you attempt to sell the vehicle and field several reasonable offers you will never know the true amount of diminishment. Just because one guy or one salesman at trade in says its worth X amount less doesn't make it fact. You get offers all over the place when selling any car so it's tough to prove.

One tip for you. Find out what the requirement is from your local dealer for a vehicle to qualify as a "Certified Pre-Owned" and see if yours still qualifies. Most have some very basic rules like no more than 2 panels can have been repainted which would probably disqualify yours. You can then get something in writing that says it would no longer qualify which helps support your claim.

Good luck!

 

[combustor]

I haven't gone through this myself but that 450 seems awfully low. You are owed the fully depreciated amount that having the accident on record causes. Would you buy the $30,500 used mustang with a clean record or a $30,000 one that's had extensive collision repairs? I'd say they easily owe you a few grand. This is a case where you could probably get your insurance company to go to bat for you against the other guy's insurance.

edit: I'll ask a buddy of mine who recently tore the side off of his new truck (In GA the insurance company has to pay diminished value even if you're at fault which is kinda crazy IMO)

 

[mswift5]

I had a diminished value claim on my 2008 Shelby GT500. They did about $2,500.00 in damage. I received about $1,200 for diminished value. That was when the car's value was about 30K. There is a guy local here that strictly deals in that. He helped me get what was fair. I think the insurance offered me 300 bucks, and then I contacted him and he does a report that will justify the diminished value. He charges 300 bucks I think, so it was well worth the cost. I can send you his resume tomorrow and you can e-mail him if you like?

 

[stanand23]

I am wondering about this too because I was recently rear ended also. My car had a total of 14K in damages so I am wondering what I should be looking at getting. any info is appreciated.

 

[combustor]

I had a diminished value claim on my 2008 Shelby GT500. They did about $2,500.00 in damage. I received about $1,200 for diminished value. That was when the car's value was about 30K. There is a guy local here that strictly deals in that. He helped me get what was fair. I think the insurance offered me 300 bucks, and then I contacted him and he does a report that will justify the diminished value. He charges 300 bucks I think, so it was well worth the cost. I can send you his resume tomorrow and you can e-mail him if you like?

What sources are cited in the report? This maybe something the OP can do himself. Usually the ins. company will capitulate when you come up with a real number because they know that first offer is a lowball that 95% of people just accept.

 

[mswift5]

Here is a link to his website.

http://www.futureforensics.com/profiles/MarkOlsonProfile.htm

Let me see if I can find the report.

 

[mswift5]

Here is the report. As you can see, he is good at what he does.

 

[krahooligan]

wait. ive been rear ended twice. in a 7 day period. total damages for 3500.
I can file a diminished value claim with my insurance and get a check?
awesome. how do I do this.

 

[mswift5]

You should be able to. You can ask the insurance company directly, or if you need help, hit the link above and ask for Mark.

 

[bvdawg13]

Good info Mike. My wife's brand new fusion got hit 2 weeks ago while parked in her carport. I'm going to look into Mark for a claim.

 

[MurderPony]

That report won't help you. It doesn't really say anything it's just a canned letter with arbitrary information based on theory and speculation. Never once have I seen an insurance company increase their offer enough to offset the cost. Maybe those work in WA but not in CA.

 

[Doinworqson]

I had a diminished value claim on my 2008 Shelby GT500. They did about $2,500.00 in damage. I received about $1,200 for diminished value. That was when the car's value was about 30K. There is a guy local here that strictly deals in that. He helped me get what was fair. I think the insurance offered me 300 bucks, and then I contacted him and he does a report that will justify the diminished value. He charges 300 bucks I think, so it was well worth the cost. I can send you his resume tomorrow and you can e-mail him if you like?

i went to some one similar, they told me to ask for 1200 but that it wasn't worth perusing Geico. Was told its is and uphill battle with them and in worst case just take the $450 they offered. Shoulda stayed with USAA tbh. geico's whole claims service was horrible in comparison.

Sponsored