Diminished Value

[Shabooty]

My car was involved in a hit and run on the interstate a couple of months ago. I just got my car back this past weekend. I am insured through State Farm. They valued my car at $74k and it had $31k in damages. I had an independent third party company value my car and they came up w/ $12k in diminished value where as State Farm offered my $700.... After arguing w/ the claims agent for a few minutes, I told her my brain is bleeding and I need to get off the phone w/ her b/c I was afraid I would die of a brain hemorrhage if we talked any longer. So my question, do any of you use State Farm or been in a similar situation and did it need to go as far as suing them? That's what I'm hearing from some people and the third party guy which coincidentally, he valued a wrecked GT3 and that owner is suing State Farm as well for the same reason.

Sponsored

 

[THX 138]

You don't necessarily need to sue State Farm, but you definitely need to get an attorney involved to do the negotiating for you and raise the spectre of a lawsuit. State Farm isn't going to raise their offer unless they feel like they need to do so.

 

[straightliner1]

What a shame. I've been with SF since I started driving at age 16. Their level of customer service has noticeably tanked over the last several years. Best of luck with this ordeal OP, truly sucks!

 

[Zitrosounds]

My car was involved in a hit and run on the interstate a couple of months ago. I just got my car back this past weekend. I am insured through State Farm. They valued my car at $74k and it had $31k in damages. I had an independent third party company value my car and they came up w/ $12k in diminished value where as State Farm offered my $700.... After arguing w/ the claims agent for a few minutes, I told her my brain is bleeding and I need to get off the phone w/ her b/c I was afraid I would die of a brain hemorrhage if we talked any longer. So my question, do any of you use State Farm or been in a similar situation and did it need to go as far as suing them? That's what I'm hearing from some people and the third party guy which coincidentally, he valued a wrecked GT3 and that owner is suing State Farm as well for the same reason.

Sad that you have to go to these length but it is an insurance company. I have USAA and they are very helpful and would have accepted your third party results. I had someone rear end me in my 16 Track pack. I had the dealer I bought the car from appraise the car after repair and known accident. USAA honored the diminished value which was less than their initial offer.

 

[5.Oh Crush]

My car was involved in a hit and run on the interstate a couple of months ago. I just got my car back this past weekend. I am insured through State Farm. They valued my car at $74k and it had $31k in damages. I had an independent third party company value my car and they came up w/ $12k in diminished value where as State Farm offered my $700.... After arguing w/ the claims agent for a few minutes, I told her my brain is bleeding and I need to get off the phone w/ her b/c I was afraid I would die of a brain hemorrhage if we talked any longer. So my question, do any of you use State Farm or been in a similar situation and did it need to go as far as suing them? That's what I'm hearing from some people and the third party guy which coincidentally, he valued a wrecked GT3 and that owner is suing State Farm as well for the same reason.

An old Lady hit my mustang about 10 years ago and she had State Farm...they refused to pay diminished value. Will have to take them to small claims court. Good luck.

 

[tdzee]

Once you bring in lawyers, you polarize everyone's positions. I have used SF for many years and found them to be reasonable, and negotiable. I would gather actual data and present it to them to support your valuation and see what they do.

I had a similar situation with them, altho not as large a gap, but reversed it by showing them actual ads for the replacement car. (In my case, I totaled the car.) They took that and upped their offer to an acceptable value. You might try to get new valuations of your repaired car, or better yet, valuations of cars with similar damage.

Hate it for you, but I have found you have to push back (start easy before you call up lawyers) and not just take what they offer. Good luck.

 

[Shabooty]

Thanks guys. The suit was going to be a last ditch thing. I'm sending the report from the appraiser and hopefully that will do something. I love my agent and have been using them for years and never really had any issues so this sucks but it is what it is. We'll see what happens.

 

[SVTinAR]

Diminished value claims are often governed by State laws. You probably need to involve an attorney if you think that much could really be at stake.

 

[Schredder]

My 17 got wrecked. Not my fault 33k in damage. I have to file diminished value claim against the at fault party. Still waiting to get my car back 5 months now. My ins. co. has an arbitration this week to see who is going to pay for repairs. The guy who hit me or the guy that cut him off. I will know soon. Looked at trading it in 30k offer with 2,300 miles on it. That shit ain't right

 

[Houston Kid]

Our 2013 SHO got hit by a big rig when the car was less than a year old with 3k miles on it. $6K in damage. The insurance company settled for $1,200 in diminished value. They advised that they did not have to settle until the car actually sold because that is when you realize the loss.


So my understanding is until you sell the car and realize a loss, they don't have to pay. I took the $1,200.

 

[Shabooty]

Well here's the thing. I know I'm upside down. I paid way over what I should have but whatever, that's in the past. The difference in what I owe and what they claim the vehicle is worth is only $3k. I told them to just total it and pay off my car (I have gap). If not, then buy my car for the 74k and I'll take the 3k hit if they really think it's only $700 in diminished value lol. Of course they didn't go for it. They said they can only pay out based on their 17C formula. We'll see how it goes. I'm going to send them the appraisal when I get it and look into finding an attorney. I don't expect the full $12k that I got from the appraiser, but $700 is stupid.

 

[Vincz]

In Florida, you can't sue your own insurance for diminished value. My M3 was rear ended for 17k in damage, I'm sure I had at least 5-6k in diminished value, but the person who hit me had FL minimal insurance...10k total...basically I got screwed

 

[Shabooty]

In Florida, you can't sue your own insurance for diminished value. My M3 was rear ended for 17k in damage, I'm sure I had at least 5-6k in diminished value, but the person who hit me had FL minimal insurance...10k total...basically I got screwed

Man, that sucks to hear. Hopefully that's not the case here.

 

[Helmet]

Get a second appraisal from an independent company to help your case.

 

[Tw00sh]

In Florida, you can't sue your own insurance for diminished value. My M3 was rear ended for 17k in damage, I'm sure I had at least 5-6k in diminished value, but the person who hit me had FL minimal insurance...10k total...basically I got screwed

Seems like you could sue the person for the difference and not the Ins company?

Sponsored