Diminished Value Auto Claim

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Soundguy7
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Diminished Value Auto Claim

Post by Soundguy7 » Sun Apr 17, 2016 7:50 am

I am asserting a diminished value (DV) auto claim against an at fault driver (through his insurance company, Commerce/MAPFRE):

1. Any general tips?

2. Any experience bringing a DV claim against Commerce/MAPFRE?

3. Any experience with supporting appraisals through DVAssess.com or collisionclaims.com?

Thank you.

ddunca1944
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Re: Diminished Value Auto Claim

Post by ddunca1944 » Sun Apr 17, 2016 9:56 am

I did this last year with another company. After the car was repaired, I took it to a dealer and asked for a written appraisal for the car's value. I told them what it was for. Their written appraisal clearly stated that the reason for the low appraisal was the accident.

I sent a copy of tne letter with my claim, received a telephone dall and we negotiated an amount. It probably helped that they were worried about possible medical claims (we did not have any though) and wanted to settle.

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JonnyDVM
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Re: Diminished Value Auto Claim

Post by JonnyDVM » Sun Apr 17, 2016 10:07 am

Soundguy7 wrote:I am asserting a diminished value (DV) auto claim against an at fault driver (through his insurance company, Commerce/MAPFRE):

1. Any general tips?

2. Any experience bringing a DV claim against Commerce/MAPFRE?

3. Any experience with supporting appraisals through DVAssess.com or collisionclaims.com?

Thank you.


We were able to get DV when my wife's new car was rear ended. I called the dealership and spoke with the GM to get a feel for what the damage to the cars value was. I then called the at fault parties insurance with said number and we were able to get the additional DV paid easily. I think they were probably glad we didn't sue with some bogus medical claim and were happy to pay it. One piece of advice I got was to make sure to keep all the records of the repair so when selling the car you can show it was fixed correctly by a reputable shop. The accident will show up attached to the VIN and questions will likely be asked about how it was repaired.
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

clipso1
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Location: California

Re: Diminished Value Auto Claim

Post by clipso1 » Sun Jul 16, 2017 6:14 pm

does anyone have Diminished Value sample letter ?

Thanks

clipso1
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car Diminished Value

Post by clipso1 » Sun Jul 16, 2017 6:35 pm

[Thread merged into here, see below. --admin LadyGeek]

Hello,

Does anyone have a Diminished Value claim sample letter ?

My car was damaged in an accident that wasn't my fault . The other party insurance company is fixing my car but i would like to get reimbursed for Diminished Value. I will not be able to sell my car for same price I could have prior to the accident.

Thanks

nhdean
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Re: car Diminished Value

Post by nhdean » Sun Jul 16, 2017 7:46 pm

Unfortunately you have to sell or trade in your car to claim diminished value. It sucks that an accident has happened. If the car is fixed there and you keep it there is not any diminished value. Yes the value is lower but you have to actually sell it to realize the loss. Think of tax loss harvesting in a way. Until you sell the equity you have only lost it on paper.

dwickenh
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Re: Diminished Value Auto Claim

Post by dwickenh » Sun Jul 16, 2017 7:54 pm

Some states have legislated specific formulas for Diminished Value claims. Those formulas are often used in states without specific legislation. Georgia is a state that my former Ins company often mimicked for Diminished value in Missouri(which has no current legislative formula).

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

Nate79
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Re: car Diminished Value

Post by Nate79 » Sun Jul 16, 2017 7:58 pm

nhdean wrote:Unfortunately you have to sell or trade in your car to claim diminished value. It sucks that an accident has happened. If the car is fixed there and you keep it there is not any diminished value. Yes the value is lower but you have to actually sell it to realize the loss. Think of tax loss harvesting in a way. Until you sell the equity you have only lost it on paper.
What? None of this is true.

dwickenh
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Re: car Diminished Value

Post by dwickenh » Sun Jul 16, 2017 8:23 pm

This is a good article on Diminished value claims with tips on what to ask for in your letter to the insurance company.

http://www.carinsurance.com/Articles/di ... claim.aspx

Hope this helps,

Dan
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett

miamivice
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Re: Diminished Value Auto Claim

Post by miamivice » Sun Jul 16, 2017 9:48 pm

Diminished Value is tricky. I didn't really know how to establish value, but read online that sometimes they figure dimished value to be 1/2 of the cost of repair. The insurance company made an offer of 1/2 of the repair for my vehicle, and I accepted. We both walked away happy.

I have no idea if that was less than, equal to, or above the actual diminished value of our car but it was a number we both were happy with. I plan on driving my vehicle for another 7 years and figure that by the time I sell it for $1000 nobody will care about the accident, so we made out ahead.

Rupert
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Re: car Diminished Value

Post by Rupert » Mon Jul 17, 2017 7:50 am

Nate79 wrote:
nhdean wrote:Unfortunately you have to sell or trade in your car to claim diminished value. It sucks that an accident has happened. If the car is fixed there and you keep it there is not any diminished value. Yes the value is lower but you have to actually sell it to realize the loss. Think of tax loss harvesting in a way. Until you sell the equity you have only lost it on paper.
What? None of this is true.
+1. You do not have to sell or trade in your car to claim diminished value. I've collected on a diminished value claim myself, although I don't have a sample letter for you, and I'm still driving that car today. An insurance defense attorney friend walked me through it. There are websites that can do the same for you. Note that some states do not permit diminished value claims at all, and very few states require insurance companies to cover it under a collision policy. In most places, you have to file a claim directly with the at-fault driver's insurance company. Again, varies by state. There are good websites that explain it, usually attorney websites.

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LadyGeek
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Re: Diminished Value Auto Claim

Post by LadyGeek » Mon Jul 17, 2017 12:22 pm

FYI - I merged clipso1's thread into here, which is a similar discussion.
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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djpeteski
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Re: Diminished Value Auto Claim

Post by djpeteski » Mon Jul 17, 2017 12:30 pm

I used CarMax to provide the estimate. The ones locally were reluctant to give appraisals as they did not want to be sued by the insurance company.

I used this to get a bit, but not as much as I wanted. I could have taken them to small claims court for more but was very busy at the time. Ship about 1600 on what should have been more like 2800.

Of course I was dealing with State Farm, and getting [them --admin LadyGeek] to pay a claim is very hard.

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