Dminished Value

[Mustangtk]

Hey guys
So I got rear ended pretty good the other week which caused me to hit the person in front of me as well. At the moment the cars in the shop getting fixed and the guy at the body shop said I should look into sueing for diminished value. Has anyone had any experience with this and did you try to ask the at fault insurance agency first or just go straight to a lawyer? Any insight would be appreciated.

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[jasonstang]

Depending on how bad the damage is probably not worth the hassle.

 

[Mustangtk]

They hit me pretty good, rear end estimates are around 6k front end around 1.

 

[ElAviator72]

It's gonna be on a state by state basis.

If you're going to do it, you need to contact someone who's familiar with the process in Florida (in your case).

I'm glad I contacted someone up here when my car was totaled, he saved me from the insurance lowball and I ended up getting $1000 more than what I paid for the car (which ended up going to him, and independent vehicle appraiser, but overall I came out $2,000 ahead and didn't have to use my gap insurance to cover the rest of the loan, and now I have some money in the bank when my '16 Stang shows up on the lot!). ;)

Try googling "Florida Dimished Value claim", and stay away from scumbag sites (usually the first two hits or so...from lawyers!). You want to deal with an independent vehicle adjuster, and only involve a lawyer if it actually goes to trial

 

[coopdro]

As long as the liable party's insurance is handling the repairs, you can most definitely make a claim for diminished value, especially on a brand new car.

When I used to be a claims adjuster, the thing that worked most often is the party that was damaged would get trade in value from a couple dealers and then ask for trade value with the repaired damage. Based on the damages, I wouldn't be looking to get much more than 1k for a diminished value claim.

On a side note, 99% of insurance companies won't cover this in a 1st party loss (specifically excluded in most insurance policies). If you are the 3rd party (i.e. you were hit from behind and claiming on their insurance coverage), you have every right to pursue this in your efforts for indemnification.

 

[m6pwr]

I'm just starting the process myself. I've found that unless there's personal injury as part of the accident, most lawyers won't get into dv claims. There are outfits like this one that will guide you and assist in filing a dv claim against the at-fault driver's ins co. - http://www.autoloss.com. From there on, it will be a negotiation. The last resort may be taking the claim to your State's small claims court. Limits and procedures vary by State (e.g. I'm in CA and the dollar limit in small claims court is $10k and no lawyers allowed on either side). Some on this forum have done that successfully. It's worth a try, because if you show up on carfax, you can pretty much kiss goodbye selling/advertising the car to a private party, unless you significantly discount the car; same with a dealer trade; and getting a check from a dv claim can take some of the burn out of that discount.

I've found out that some insurance companies will not report an accident to carfax; they treat your accident info as if it were privacy information. Others actually have a practice of selling accident info to carfax. Either way, it may not make much of a difference. I've sold a lot cars over the years to private parties and the first question usually is, "Why are you selling the car?" The second is, "Has the car ever been in an accident?" Let your conscience be your guide here. And if your trading the car to a dealer, and it's not on carfax, the dealer will usually spot the repair, anyway.

You should also know that if your car is repaired at a Ford repair center/dealer, Ford will guarantee you get pre-accident trade-in value when and if you trade your car at a Ford dealer in the future.

 

[Mustangtk]

Thanks guys great info really appreciate the insight. So should I wait until the car is finished getting repairs and then get some trade in values and then claim diminished value? Or should I start the process with the at faults insurance company now?

On a side note I didn't take it to a Ford dealer don't really trust them with serious repairs.

 

[shahram72]

You won't get any additional money after you get your repairs. You have to stall and not take what they pay. Like the other poster said, if you are not hurt, no lawyer will take the case, it will not be worth it for either of you.

 

[activeGT]

You won't get any additional money after you get your repairs. You have to stall and not take what they pay. Like the other poster said, if you are not hurt, no lawyer will take the case, it will not be worth it for either of you.

That is not true at all.

First get a a copy of your Carfax. Make sure your car is showing an accident. Then go to CarMax and get a written value. Don't tell them anymore than you want to sell the car.

Then contacted the inside adjuster handling your claim. If you are not trying to get injury money, remind them of this fact.

You should be able to get 2-5k based on an NADA print out of the value of your car and what Carmax said your car is worth.

 

[s550_kratos]

Hey guys im interested in more information on this if you all dont mind

I was also in a rear end collision, repairs being covered by other driver's insurance. I live in New jersey, repairs as of right now are about 2500-3000 and i was about to cash the check should i wait and look into this diminished value thing?

 

[shahram72]

You have to ASK for diminished value. I am looking at used Mustangs right now and anything with ANY collision or paintwork is a PASS for me unless it's thousands cheaper. Not saying they can't fix yours almost or imperceptible perfect, so don't take it that way. It happens, I've been there before and it came out beautiful. Car was years old tho so I had them repaint the entire car, but it needed front facia, fender, hood, driver's door, rear fender and hatch repainted so at that point you might as well repaint the entire car. Shop didn't charge me any more cause they already got $8000 to fix it.

 

[hemistar1]

I've found out that some insurance companies will not report an accident to carfax; they treat your accident info as if it were privacy information. Others actually have a practice of selling accident info to carfax.

You are so correct. My 2007 GT/CS was hit and over 11000 in damage. I sold it to my local dealer on a trade and they resold it used with a carfax certification that listed 0 accidents.

In any case once these things are hit especially in the front, they just have so many problems with struts and ball joints. I loved that car but I had to take it in to the dealer no less than 7 times for front issue issues and premature tire wear.

 

[s550_kratos]

I'm debating that dvassess.com for $70 and see what paperwork they provide me with to take to the 3rd party insurance company

 

[15DIBGT]

I just went through this. http://www.mustang6g.com/forums/showthread.php?t=35645

I ended up getting 600.00 for personal injury and missed work (I didn't get hurt) and 1600.00 in diminished value. Total repair bill was just under 7000.00.

You have to wait until the vehicle is fully repaired to your satisfaction before filling the DV calim. At least thats the way I had to do it.

 

[s550_kratos]

Does me accepting their check for repairs affect anything? They've cut me a check already for primary repairs, and the shop has requested supplemental money for secondary repairs. Only issue in running into is they only want to accept 80% liability so my lawyer said its up to me if we want to argue the extra 20%

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