Diminished Value

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airahcaz
Posts: 1523
Joined: Sat Oct 31, 2009 3:37 pm

Diminished Value

Post by airahcaz »

A car that was accident and repaired back to new still incurs several thousands of dollars of Diminished Value. How does one get better trade-in values? And has anyone successfully processed a Diminished Value Claim?
https://www.thebalance.com/diminished-c ... nt-2645571
1) Invest you must 2) Time is your friend 3) Impulse is your enemy 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course. (Plagiarized, but worth stealing)
smitcat
Posts: 7370
Joined: Mon Nov 07, 2016 10:51 am

Re: Diminished Value

Post by smitcat »

airahcaz wrote: Tue Apr 14, 2020 8:30 pm A car that was accident and repaired back to new still incurs several thousands of dollars of Diminished Value. How does one get better trade-in values? And has anyone successfully processed a Diminished Value Claim?
https://www.thebalance.com/diminished-c ... nt-2645571
We had one about a year ago. Our 2014 CRV was hit from behind by a vehicle where the driver was not paying attention.
After the car was completely repaired we claimed additional diminished value - the other insurance company sent out an adjuster and we settled on an additional $1,100 after full repairs. We are in NY if that matters ….
Topic Author
airahcaz
Posts: 1523
Joined: Sat Oct 31, 2009 3:37 pm

Re: Diminished Value

Post by airahcaz »

smitcat wrote: Wed Apr 15, 2020 7:49 am
airahcaz wrote: Tue Apr 14, 2020 8:30 pm A car that was accident and repaired back to new still incurs several thousands of dollars of Diminished Value. How does one get better trade-in values? And has anyone successfully processed a Diminished Value Claim?
https://www.thebalance.com/diminished-c ... nt-2645571
We had one about a year ago. Our 2014 CRV was hit from behind by a vehicle where the driver was not paying attention.
After the car was completely repaired we claimed additional diminished value - the other insurance company sent out an adjuster and we settled on an additional $1,100 after full repairs. We are in NY if that matters ….
Helpful. What was your process?
1) Invest you must 2) Time is your friend 3) Impulse is your enemy 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course. (Plagiarized, but worth stealing)
smitcat
Posts: 7370
Joined: Mon Nov 07, 2016 10:51 am

Re: Diminished Value

Post by smitcat »

airahcaz wrote: Wed Apr 15, 2020 7:57 am
smitcat wrote: Wed Apr 15, 2020 7:49 am
airahcaz wrote: Tue Apr 14, 2020 8:30 pm A car that was accident and repaired back to new still incurs several thousands of dollars of Diminished Value. How does one get better trade-in values? And has anyone successfully processed a Diminished Value Claim?
https://www.thebalance.com/diminished-c ... nt-2645571
We had one about a year ago. Our 2014 CRV was hit from behind by a vehicle where the driver was not paying attention.
After the car was completely repaired we claimed additional diminished value - the other insurance company sent out an adjuster and we settled on an additional $1,100 after full repairs. We are in NY if that matters ….
Helpful. What was your process?
Not sure what you mean by process...
- we called our insurance company and they were helpfull with walking us through the claim with the other driver
- we called the other insurance company
- claimed that the car had less trade value due to the accident
- we estimated $1,500 less on the 2014 CRV with 55K miles in July 2019
- eventually they said they would send out an estimator who came to our place of work one day
- the estimator was there less than 10 minutes, mostly confirmed we owned that same CRV (paperwork and # match) and it was in great shape
- about a week later we got a letter saying they would give us $1,100 if we signed a release for future damages from this occurrence
The decision point with the $1,100 offer on the table was to accept it or refute it with further adjuster and estimators claims that we would need to procure and pay for.
Overall we feel the value of the CRV last year was about $13,000 before the accident - so we had about an 8.5% adjustment on that value.
There was no frame damage, no roof or structural damage, it was drivable, no airbags released etc.
Damage was a new liftgate, some trim around the liftgate, rear bumper and supports for all of this , one taillight , ect.
Hope this helps
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Nate79
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Location: Delaware

Re: Diminished Value

Post by Nate79 »

Whether Diminished value is allowed or not is state dependant. Does your state allow diminished value?
NBKCF
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Joined: Wed Aug 01, 2018 6:14 pm

Re: Diminished Value

Post by NBKCF »

airahcaz wrote: Tue Apr 14, 2020 8:30 pm A car that was accident and repaired back to new still incurs several thousands of dollars of Diminished Value. How does one get better trade-in values? And has anyone successfully processed a Diminished Value Claim?
https://www.thebalance.com/diminished-c ... nt-2645571
Here's my experience. My truck was t-boned and fixed to whole at a shop cost of ~$6,000. The resale of my truck is extremely high and sought after in my area. Now that I had a tick mark on my vehicle report I got Carmax to quote their price on my truck, knowing this accident occurred, and they came back with a price almost right at $6,000 below market value. I took this quote to the at-fault insurance company with auto trader quotes of like-for-like trucks in the area. I received a check for $3,500 in diminished value. A little bit of leg work up front but the proof, I feel, helped build my case.
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SmallCityDave
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Re: Diminished Value

Post by SmallCityDave »

I'd say you get diminished value by trading the car in.
Topic Author
airahcaz
Posts: 1523
Joined: Sat Oct 31, 2009 3:37 pm

Re: Diminished Value

Post by airahcaz »

“Hello,

I am going to relay this information to our diminished value team, they will contact you for further information.

If you need to contact me or have any questions, please respond to this email. You can also attach and send me any documents in regards to your claim. You may also view your claim at geico.com or the GEICO Mobile App. “
1) Invest you must 2) Time is your friend 3) Impulse is your enemy 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course. (Plagiarized, but worth stealing)
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