Dminished Value

[Mustangtk]

Well that's the estimate of MMI now it's a matter of paying them $180 for the supporting documents and seeing what the insurance pays out.

Oh ok gotcha

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[Mustangtk]

OK I'm not understanding this whole DV thing....what are you doing? And what is the benefit? Are you getting some kind of extra money after your car is repaired somehow? I don't understand

DV is when you go to sell the car the value is diminished because it was involved in an accident. I'm filing a claim to counter the loss (because I was hit), so I will have my car valued after the accident then see how much value I've lost and in theory the insurance pays the difference.

 

[Mustangtk]

Hey guys so after delay after delay I finally got my car got my car back this week took 6+ weeks. So I Brought my car to carmax today..they offered 29k. At the moment I thought that was so low, but then I looked at KBB and my car in perfect condition on KBB was like 32.8.. What should be my next steps for DV claim? Screenshot the KBB and give her the Carmax sheet? Or look to hire some diminished value company to provide more documentation? Is this even worth the hassle at this point? Appreciate the input.

PS repairs came out to just around 10k

 

[Cardude99]

div is a hard one, it really depends on the state the accident happened in, if your state is favorable to it best to hire an independent appraiser which is like 300 to 400, give the insurance company a chance to offer an amount based on their report, and if you get 50% take it. If not take it to small claims court and you have a good chance. Keep in mind if your state is conservative toward this hope for 500 to 1000. You don't need an attorney. I work as an adjuster so I see it a lot, and I deny it a lot. It has to be presented the right way

 

[quresh95]

Hi All- Apologies if this is not the ideal way to share this info but I am new to the forums. I just wanted to share my recent experience with filing a DV claim for my 2015 Mustang GT Premium PP w/ 35k miles.

I had found the general info on this thread helpful & wanted to share specifics of my experience in case it can help anyone in the future.

In late August, I got hit by a careless driver resulting in ~$11k of damage to my car. The other driver admitted fault and the claim was entirely processed through their insurance (State Farm). The accident occurred in New Jersey.

After repairs were finished, I worked with an auto DV appraisal company (MMI Consulting, previously mentioned here) to obtain a documented report estimating my DV. The DV appraisal came out to ~$4,100. The report cost $350.

The process of submitting/negotiating the DV was very painless surprisingly: I sent an email to State Farm claims requesting that I be made whole for the DV of my vehicle which occurred due to the negligence of their insured & attached the appraisal from MMI consulting. The next day I received a call from the DV claim handler assigned to my case letting me know he was reviewing the documents.

A day after that, he called to negotiate a settlement. He started at $2,000 and after some back and forth we settled at $2,900 which was an amount I was happy with (was ideally looking for $3k). For a five year old used car with multiple owners, it's generally tough to get any DV settlement so i was content with this amount which to me represents ~10% of my car's value.

Tl;Dr: Paid for $350 DV auto appraisal report, submitted to other driver's insurance (State Farm) as part of a DV claim, insurance settled with me 70% of the appraised amount two days after I submitted the claim

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