New car hit accident - loss of dimished value

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core4portfolio
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New car hit accident - loss of dimished value

Post by core4portfolio »

Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
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Alexa9
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Re: New car hit accident - loss of dimished value

Post by Alexa9 »

I would get a trade in value from the dealer or Carmax in writing and maybe add 10% for private party value.
If you're going to drive it until it dies any way, I wouldn't even worry about it.
I believe states have different laws for diminished value. Getting a lawyer involved may not be worth your time/money.
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flossy21
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Re: New car hit accident - loss of dimished value

Post by flossy21 »

Call your insurance company or go to their website and ask/look for a diminished value claim form. You will have to fill it out and return it and you will need to provide some sort of detail as to why you think there is a diminished value claim. The insurer will approve or decline. If they approve then they will determine an amount and issue you a check. If you cash the check then you are essentially agreeing to their offer and the issue is settled. If they decline the claim then you will have to decide whether or not to get a lawyer involved.
cherijoh
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Re: New car hit accident - loss of dimished value

Post by cherijoh »

core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
What type of damage was there to your car? (It really doesn't matter that the other car got totaled). Anything structural to the body of the car or do you just need to replace the sacrificial parts that absorbed the impact?
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dm200
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Re: New car hit accident - loss of dimished value

Post by dm200 »

core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
Give it a try - but I doubt you will get it.
02nz
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Re: New car hit accident - loss of dimished value

Post by 02nz »

This reminds me a bit an earlier thread, where somebody contemplated pursuing potential damages because his (high-mileage) car was totaled and he was compensated, but he felt he could've gotten even more miles out of the car. I would advise instead being thankful that you're ok, and moving on. Sometimes life sucks, and you could deal with a lot worse than this.
barnaclebob
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Re: New car hit accident - loss of dimished value

Post by barnaclebob »

Anyone claiming diminished value isn't real is completely wrong. With two identical cars for sale at the same price, one with and one without an accident, not a single person would choose the one with the accident.

Put in a claim for 15% of the value of the car just prior to the accident and settle for 10%. Tell the insurance company that's based on advice from the dealer. They may push back harder and want an appraisal or something like that but I don't know what to do for that.
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dm200
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Re: New car hit accident - loss of dimished value

Post by dm200 »

barnaclebob wrote: Fri Apr 20, 2018 12:18 pm Anyone claiming diminished value isn't real is completely wrong. With two identical cars for sale at the same price, one with and one without an accident. Not a single person would choose the one with the accident. Put in a claim for 15% of the value of the car and settle for 10%.
I agree "not completely wrong". The challenge, in all fairness, is determining both what that is and just how/when it is paid. If the repaired damage is 100% complete and causes zero problems of any kind - and you keep the car for many years - you have zero diminished value. On the other hand, if you sell soon after the repaired damage, it will be more significant.

I also wonder how this is evaluated when trading in a car at a dealer??

Then (think this happened to me) where the repair seems 100% good, but a few years later the car has problems that might be related to the repaired damage.
barnaclebob
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Re: New car hit accident - loss of dimished value

Post by barnaclebob »

dm200 wrote: Fri Apr 20, 2018 12:22 pm I agree "not completely wrong". The challenge, in all fairness, is determining both what that is and just how/when it is paid. If the repaired damage is 100% complete and causes zero problems of any kind - and you keep the car for many years - you have zero diminished value. On the other hand, if you sell soon after the repaired damage, it will be more significant.

I also wonder how this is evaluated when trading in a car at a dealer??

Then (think this happened to me) where the repair seems 100% good, but a few years later the car has problems that might be related to the repaired damage.
You need to be made whole at the time of the accident. Whether you plan to keep the car for a month or until the wheels fall off doesn't matter. It also really depends on how much of a fight the insurance company puts up and how much you value your time and feelings in pursuing it. In my diminished value claim, the process was very easy, took 3 or 4 email exchanges, signing a release, and depositing a check. I probably could have fought harder for another $500 but it wasn't worth it.
Last edited by barnaclebob on Fri Apr 20, 2018 12:27 pm, edited 1 time in total.
FireSekr
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Re: New car hit accident - loss of dimished value

Post by FireSekr »

Since its a new car, you should push hard for diminished value.

Even if you don't plan on selling the vehicle for many years, life happens and you never know if you'll have to get rid of it for whatever reason. Bottom line is that the person who hit you caused you financial loss. Your car is now worth less even though it is fixed. You should be made whole and compensated for that difference.
Beach
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Re: New car hit accident - loss of dimished value

Post by Beach »

If I see a wreck on Carfax, I move on. Its real, you will lose alot of potential buyers for your vehicle and when you do get somebody they will lowball you no matter how minor it was. I'd fight to get anything extra.
Dottie57
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Re: New car hit accident - loss of dimished value

Post by Dottie57 »

core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
I thought that is what GAP insurance is for.
9liner
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Joined: Wed Jan 18, 2017 12:03 pm

Re: New car hit accident - loss of dimished value

Post by 9liner »

Dottie57 wrote: Fri Apr 20, 2018 4:05 pm
core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
I thought that is what GAP insurance is for.
GAP insurance will cover the difference between current market value (reimbursable amount) and the remaining amount owed on a loan should your vehicle be deemed a total loss - Nothing to do with diminished value.
nhdean
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Re: New car hit accident - loss of dimished value

Post by nhdean »

The values for 2018 vehicles are not out yet for KBB. Where I live there is no diminished value until you sell it. Then you can realize the loss. I guess if you were to run it into the ground you are not losing any value compared to when you trade it in and you lose trade in value due to a loss.
Topic Author
core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

cherijoh wrote: Fri Apr 20, 2018 11:18 am
core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
What type of damage was there to your car? (It really doesn't matter that the other car got totaled). Anything structural to the body of the car or do you just need to replace the sacrificial parts that absorbed the impact?
No structual damage as per Auto body shop which repaired.
It got rear ended - parts comes close to 3k and 4k for labor charges
They replaced all OEM honda parts
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Topic Author
core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

Beach wrote: Fri Apr 20, 2018 4:02 pm If I see a wreck on Carfax, I move on. Its real, you will lose alot of potential buyers for your vehicle and when you do get somebody they will lowball you no matter how minor it was. I'd fight to get anything extra.
I check the Autocheck - its mentioned as accident happened .
I think same for carfax as well.
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Topic Author
core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

9liner wrote: Fri Apr 20, 2018 4:21 pm
Dottie57 wrote: Fri Apr 20, 2018 4:05 pm
core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
I thought that is what GAP insurance is for.
GAP insurance will cover the difference between current market value (reimbursable amount) and the remaining amount owed on a loan should your vehicle be deemed a total loss - Nothing to do with diminished value.
I used all cash for this purchase, no loan taken - thinking thats boglehead way. so no GAP insurance was taken at the time of purchase
Been invested in market might be different topic.
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Topic Author
core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

nhdean wrote: Fri Apr 20, 2018 5:27 pm The values for 2018 vehicles are not out yet for KBB. Where I live there is no diminished value until you sell it. Then you can realize the loss. I guess if you were to run it into the ground you are not losing any value compared to when you trade it in and you lose trade in value due to a loss.
I prefer to drive it to ground for car but dont know if unseen circumstance made me to sell.
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munemaker
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Re: New car hit accident - loss of dimished value

Post by munemaker »

dm200 wrote: Fri Apr 20, 2018 11:22 am
core4portfolio wrote: Thu Apr 19, 2018 9:50 pm Hi

Thanks for looking out and giving suggestion.
My one month old 2018 CRV EX AWD with just 1000 miles got rear ended by another car. No air bag deployed and other car got totalled.
Since we both are in same insurance, fixing my car is not much pain and insurance/body shop gave life time warranty for their fix done.
i got carfax entry :(
So Iam thinking on claiming the loss of diminished value but i dont see any KBB value for used car of 2018 CRV EX.
I have habit of driving the car until its worth is less than repairs. So in reality, I dont prefer selling but there are chances always if needed

how do I claim the loss of diminished value in the state of VA ?
If I just go to carmax or any honda dealer to evaluate the car ???
This is the first time I hit with accident and so I got no idea on how to negotiate if insurance try to lowball offer ?
Give it a try - but I doubt you will get it.
I thought diminished value was just something rental companies invented for their own benefit. Has any individual ever received diminished value compensation?
steadyhand
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Re: New car hit accident - loss of dimished value

Post by steadyhand »

I would pursue the diminished value claim if it is not too much of a hassle. It is a fact that past incidents on your carfax auto check etc. are used against you later when you try to sell the car. I am curious to see if anyone has published a study on the impact of accidents and nature of them on car values. It is a complex topic but given the huge market, I would bet appraisers have some estimates.

I got hail damage on a new car 6 years back and decided not to have it fixed due to perceived diminished value to the next buyer. I didn't know at the time I could have pursued a diminished value claim and felt the only other way to not lose money on the car when selling was to keep driving it with the cosmetic damage till it was so old that hail damage would be the least of its problems when a prospective buyer looked at it. Of course this was because damage was only cosmetic. Looking back, fixing the hail damage and pursuing diminished value would have been better. This is because, for a later claim, the insurance company still subtracts off any earlier claims they paid out.
Last edited by steadyhand on Sat Apr 21, 2018 12:32 pm, edited 1 time in total.
criticalmass
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Re: New car hit accident - loss of dimished value

Post by criticalmass »

I'm not sure why folks here are skeptical of diminished value. You suffered a loss, and you can (should) be compensated for your loss. That's exactly what I did when my almost new car was sideswiped. I sent the at fault's insurance a DV claim, received a DV check, and then negotiated for the rest which they eventually sent in a second DV check before I filed the civil suit. This has nothing to do with whether you or I sell the car or drive it for 50 years, that's our business.

Step 1: Get the vehicle repaired.
Step 2: Assess the lost value on the repaired vehicle. Get estimates of your vehicle's worth vs the worth it had the hour before the crash. Note their are websites that do this, however they don't offer anything you can't do for free. I used an online DV assessment website, but after seeing their product I wouldn't again. Decide on a reasonable loss claim amount that you are looking for.
Step 3: Prepare a claim. Lots of examples are available. Send at-fault's insurance demand letter for claim plus your data. ALL COMMUNICATION WITH OTHER PARTY/INSURANCE SHOULD BE IN WRITING. REFUSE ALL ATTEMPTS FOR PHONE CALLS ETC AND INSTRUCT THEM TO WRITE.
Step 4: Assume the insurance will balk. Sometimes they will just pay you and be done, but you may hear nonsense like, there's no value lost after the vehicle is repaired, some formula [e.g. "17(c)"] used in some case in some other state that's not relevant to you, etc. Let them inspect your vehicle if they wish, but do not engage in oral conversation. Do not fall for low ball formula schemes, although be very aware of what a reasonable DV payment should be. If you get close to that, you're done.
Step 5: Prepare to file a small claim suit against at fault driver for your actual loss. It is okay to inform your steps to the at-fault and their insurance company, however do not "threaten" them with a suit.
Step 6: Let insurance give you a number, preferably written on a signed check. Don't cash check if you want more toward your reasonable loss claim amount AND there are liability releases on the check.
Step 7: Repeat previous step as necessary or until you've had it.
Step 8: If number received in Step 6 is unsatisfactory, file a civil / small claims suit, usually costs about $30 or so. Assume it will go to a trial, although that is extremely unlikely.
Step 9: Receive money. Deposit check. Drop civil claim.
Step 10: Drive vehicle as long as you like. Or sell it whenever. Its future is unrelated to Step 9.

Reference and some state case law citations on third party DV claims:
https://www.mwl-law.com/wp-content/uplo ... states.pdf

Note that some states have explicit case law upholding third party DV claims. Some don't. But you don't need the state or case law to tell you it is allowable to pursue a reasonable DV claim for your loss in a civil matter.
Last edited by criticalmass on Sat Apr 21, 2018 12:50 pm, edited 9 times in total.
criticalmass
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Re: New car hit accident - loss of dimished value

Post by criticalmass »

steadyhand wrote: Sat Apr 21, 2018 9:34 am I would pursue the diminished value claim if it is not too much of a hassle. It is a fact that past incidents on your carfax auto check etc. are used against you later when you try to sell the car. I am curious to see if anyone has published a study on the impact of accidents and nature of them on car values. It is a complex topic but given the huge market, I would bet appraisers have some estimates.

I got hail damage on a new car 6 years back and decided not to have it fixed due to diminished value. I didn't know at the time I could have pursued diminished value and felt the only other way to not lose money on the car when selling was to keep driving it with the cosmetic damage till it was so old that hail damage would be the least of its problems when a prospective buyer looked at it. Of course this was because damage was only cosmetic. Looking back, fixing the hail damage and pursuing diminished value would have been better. This is because, for a later claim, the insurance company still subtracts off any earlier claims they paid out.
Unless you are insured in certain states like Georgia, it is unlikely you would have gotten anything for diminished value from your OWN insurance policy, such as a first party comprehensive claim for weather damage. Typically, DV claims need to be made against an at-fault driver/their policy, as YOUR insurance only needs to pay YOU what is included in your policy. Georgia laws allow for claims against your own policy for certain DV claims.
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Watty
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Re: New car hit accident - loss of dimished value

Post by Watty »

I looked into this a while back after an accident. The rules vary a lot from state to state and you will likely need to get an appraisal to prove the diminished value. If you google your state name and "diminished value appraisal" you will see lots of companies that do that

In my case the state I was in allowed the insurance company to use some sort of lowball formula as a default that only give you a small amount compared to what your loss would be if you had to sell the car tomorrow.

In my case it was not worth getting the appraisal so I just took the couple of hundred dollars that the insurance company offered even though I am pretty sure that I would have lost a lot more if I had to sell the car.

After the car was repaired it seemed to drive OK but I would be doing good to get 20,000 miles on a set of tires even though the alignment was supposedly OK.

One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
Last edited by Watty on Sat Apr 21, 2018 12:43 pm, edited 1 time in total.
pshonore
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Re: New car hit accident - loss of dimished value

Post by pshonore »

steadyhand wrote: Sat Apr 21, 2018 9:34 am I would pursue the diminished value claim if it is not too much of a hassle. It is a fact that past incidents on your carfax auto check etc. are used against you later when you try to sell the car. I am curious to see if anyone has published a study on the impact of accidents and nature of them on car values. It is a complex topic but given the huge market, I would bet appraisers have some estimates.

I got hail damage on a new car 6 years back and decided not to have it fixed due to perceived diminished value to the next buyer. I didn't know at the time I could have pursued a diminished value claim and felt the only other way to not lose money on the car when selling was to keep driving it with the cosmetic damage till it was so old that hail damage would be the least of its problems when a prospective buyer looked at it. Of course this was because damage was only cosmetic. Looking back, fixing the hail damage and pursuing diminished value would have been better. This is because, for a later claim, the insurance company still subtracts off any earlier claims they paid out.
Be aware that while some states allow third party claims for diminished value, (someone hits your car), fewer allow it for your own claim against your company on coillision, etc.
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core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

criticalmass wrote: Sat Apr 21, 2018 12:18 pm I'm not sure why folks here are skeptical of diminished value. You suffered a loss, and you can (should) be compensated for your loss. That's exactly what I did when my almost new car was sideswiped. I sent the at fault's insurance a DV claim, received a DV check, and then negotiated for the rest which they eventually sent in a second DV check before I filed the civil suit. This has nothing to do with whether you or I sell the car or drive it for 50 years, that's our business.

Step 1: Get the vehicle repaired.
Step 2: Assess the lost value on the repaired vehicle. Get estimates of your vehicle's worth vs the worth it had the hour before the crash. Note their are websites that do this, however they don't offer anything you can't do for free. I used an online DV assessment website, but after seeing their product I wouldn't again. Decide on a reasonable loss claim amount that you are looking for.
Step 3: Prepare a claim. Lots of examples are available. Send at-fault's insurance demand letter for claim plus your data. ALL COMMUNICATION WITH OTHER PARTY/INSURANCE SHOULD BE IN WRITING. REFUSE ALL ATTEMPTS FOR PHONE CALLS ETC AND INSTRUCT THEM TO WRITE.
Step 4: Assume the insurance will balk. Sometimes they will just pay you and be done, but you may hear nonsense like, there's no value lost after the vehicle is repaired, some formula [e.g. "17(c)"] used in some case in some other state that's not relevant to you, etc. Let them inspect your vehicle if they wish, but do not engage in oral conversation. Do not fall for low ball formula schemes, although be very aware of what a reasonable DV payment should be. If you get close to that, you're done.
Step 5: Prepare to file a small claim suit against at fault driver for your actual loss. It is okay to inform your steps to the at-fault and their insurance company, however do not "threaten" them with a suit.
Step 6: Let insurance give you a number, preferably written on a signed check. Don't cash check if you want more toward your reasonable loss claim amount AND there are liability releases on the check.
Step 7: Repeat previous step as necessary or until you've had it.
Step 8: If number received in Step 6 is unsatisfactory, file a civil / small claims suit, usually costs about $30 or so. Assume it will go to a trial, although that is extremely unlikely.
Step 9: Receive money. Deposit check. Drop civil claim.
Step 10: Drive vehicle as long as you like. Or sell it whenever. Its future is unrelated to Step 9.

Reference and some state case law citations on third party DV claims:
https://www.mwl-law.com/wp-content/uplo ... states.pdf

Note that some states have explicit case law upholding third party DV claims. Some don't. But you don't need the state or case law to tell you it is allowable to pursue a reasonable DV claim for your loss in a civil matter.
Thanks for the detailed information. My car still in car shop as they missed few few fixes.
myself and whoever hit my car are also from same insurance company. Now need to talk to my own insurance company but still will follow what you advised.
I will also update the thread what happened.
So far claim adjuster is very cooperative but he is onsite person. Need to call customer support to establish DV claim.
Thanks and update you all
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dm200
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Re: New car hit accident - loss of dimished value

Post by dm200 »

No experience - BUT I see a lot of advertising by some car insurance company (cannot recall which one) that for damages - they claim they give you the value of a similar car with a lot fewer miles or, perhaps, a later model year.

Sounds too good to be true OR (maybe) that is an added cost "option" ;)
vested1
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Re: New car hit accident - loss of dimished value

Post by vested1 »

Watty wrote: Sat Apr 21, 2018 12:40 pm
One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
+1
My 2000 GMC truck was 1 month old and parked legally when a drunk wiped out the entire driver's side on his way to demolishing several others. I live in California and asked the insurance companies involved, as well as the judge presiding over the case for diminished value. My request was denied, with the judge exhibiting scorn at what he considered a frivolous claim. However, DV claims have been given more credence in recent years.

My truck had all new parts installed on the driver's side, as well as the hood. I even got the new spray-on bed liner redone as the damage extended into the bed of the truck. The body shop that did the work was the best in the county.

Fast forward to 2016, and the clear coat paint on the repaired portion of the truck was peeling off everywhere, whereas the factory paint was intact. The estimate to repaint the damaged area was around $4,000 at the same shop. If I didn't fix the problem oxidation and eventual rust would have destroyed the newer paint and the underlying metal. I took the truck to another shop for an additional estimate and was told that the shop which did the original work was required to repaint the truck at no cost, per State law. I checked with the company who I had insurance with at the time of the incident, AAA, and they confirmed this.

When I went back to the original shop I pressed the issue and was backed up by AAA, who even though I was no longer a client required the shop to repaint the truck on the areas which had been replaced. They fought this decision and lost, reluctantly doing the job, which turned out great. I posted this event on another thread here when a similar circumstance was posted, and was lambasted for demanding a repair on a 16 year old paint job.

Know your rights. Damage done to your vehicle which is not your fault should be repaired at no cost to you, both now and in the future. Diminished Value is real, and although in my case, still driving the truck that looks new 18 years later, I stuck to my guns and got justice, albeit delayed. I didn't know at the time that I would still be driving my truck 18 years later, and neither did anyone else.

BTW, I'm back with AAA now, mainly because of their dogged persistence to a current non-client who they covered on the original damage.
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Re: New car hit accident - loss of dimished value

Post by dm200 »

vested1 wrote: Mon Apr 23, 2018 7:13 am
Watty wrote: Sat Apr 21, 2018 12:40 pm One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
+1
My 2000 GMC truck was 1 month old and parked legally when a drunk wiped out the entire driver's side on his way to demolishing several others. I live in California and asked the insurance companies involved, as well as the judge presiding over the case for diminished value. My request was denied, with the judge exhibiting scorn at what he considered a frivolous claim. However, DV claims have been given more credence in recent years.
My truck had all new parts installed on the driver's side, as well as the hood. I even got the new spray-on bed liner redone as the damage extended into the bed of the truck. The body shop that did the work was the best in the county.
Fast forward to 2016, and the clear coat paint on the repaired portion of the truck was peeling off everywhere, whereas the factory paint was intact. The estimate to repaint the damaged area was around $4,000 at the same shop. If I didn't fix the problem oxidation and eventual rust would have destroyed the newer paint and the underlying metal. I took the truck to another shop for an additional estimate and was told that the shop which did the original work was required to repaint the truck at no cost, per State law. I checked with the company who I had insurance with at the time of the incident, AAA, and they confirmed this.
When I went back to the original shop I pressed the issue and was backed up by AAA, who even though I was no longer a client required the shop to repaint the truck on the areas which had been replaced. They fought this decision and lost, reluctantly doing the job, which turned out great. I posted this event on another thread here when a similar circumstance was posted, and was lambasted for demanding a repair on a 16 year old paint job.
Know your rights. Damage done to your vehicle which is not your fault should be repaired at no cost to you, both now and in the future. Diminished Value is real, and although in my case, still driving the truck that looks new 18 years later, I stuck to my guns and got justice, albeit delayed. I didn't know at the time that I would still be driving my truck 18 years later, and neither did anyone else.
BTW, I'm back with AAA now, mainly because of their dogged persistence to a current non-client who they covered on the original damage.
Wow - did not know this. I suspect such later paint problems are not that rare in damage situations. Good to know. Thanks :)
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Re: New car hit accident - loss of dimished value

Post by criticalmass »

vested1 wrote: Mon Apr 23, 2018 7:13 am
Watty wrote: Sat Apr 21, 2018 12:40 pm
One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
+1
My 2000 GMC truck was 1 month old and parked legally when a drunk wiped out the entire driver's side on his way to demolishing several others. I live in California and asked the insurance companies involved, as well as the judge presiding over the case for diminished value. My request was denied, with the judge exhibiting scorn at what he considered a frivolous claim. However, DV claims have been given more credence in recent years.

My truck had all new parts installed on the driver's side, as well as the hood. I even got the new spray-on bed liner redone as the damage extended into the bed of the truck. The body shop that did the work was the best in the county.

Fast forward to 2016, and the clear coat paint on the repaired portion of the truck was peeling off everywhere, whereas the factory paint was intact. The estimate to repaint the damaged area was around $4,000 at the same shop. If I didn't fix the problem oxidation and eventual rust would have destroyed the newer paint and the underlying metal. I took the truck to another shop for an additional estimate and was told that the shop which did the original work was required to repaint the truck at no cost, per State law. I checked with the company who I had insurance with at the time of the incident, AAA, and they confirmed this.

When I went back to the original shop I pressed the issue and was backed up by AAA, who even though I was no longer a client required the shop to repaint the truck on the areas which had been replaced. They fought this decision and lost, reluctantly doing the job, which turned out great. I posted this event on another thread here when a similar circumstance was posted, and was lambasted for demanding a repair on a 16 year old paint job.

Know your rights. Damage done to your vehicle which is not your fault should be repaired at no cost to you, both now and in the future. Diminished Value is real, and although in my case, still driving the truck that looks new 18 years later, I stuck to my guns and got justice, albeit delayed. I didn't know at the time that I would still be driving my truck 18 years later, and neither did anyone else.

BTW, I'm back with AAA now, mainly because of their dogged persistence to a current non-client who they covered on the original damage.
That's a great story. How did the original shop fight the decision? Were they are arguing with AAA insurance, or did it go to court or arbitration?
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Re: New car hit accident - loss of dimished value

Post by rockonhumblepie »

Wife was hit on both driver side doors of her 2016 SUV a month after purchase.Geico has their own dimished value agent to compare loss.

Repair was $6K and we received $3.5K in dimished value.

Used Geico body shop.Excellent work and easy to work with. 8-) rockon'
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Re: New car hit accident - loss of dimished value

Post by vested1 »

Duplicate deleted
Last edited by vested1 on Thu Apr 26, 2018 9:20 am, edited 1 time in total.
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Re: New car hit accident - loss of dimished value

Post by vested1 »

vested1 wrote: Thu Apr 26, 2018 9:14 am
criticalmass wrote: Wed Apr 25, 2018 3:52 pm
vested1 wrote: Mon Apr 23, 2018 7:13 am
Watty wrote: Sat Apr 21, 2018 12:40 pm
One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
+1
My 2000 GMC truck was 1 month old and parked legally when a drunk wiped out the entire driver's side on his way to demolishing several others. I live in California and asked the insurance companies involved, as well as the judge presiding over the case for diminished value. My request was denied, with the judge exhibiting scorn at what he considered a frivolous claim. However, DV claims have been given more credence in recent years.

My truck had all new parts installed on the driver's side, as well as the hood. I even got the new spray-on bed liner redone as the damage extended into the bed of the truck. The body shop that did the work was the best in the county.

Fast forward to 2016, and the clear coat paint on the repaired portion of the truck was peeling off everywhere, whereas the factory paint was intact. The estimate to repaint the damaged area was around $4,000 at the same shop. If I didn't fix the problem oxidation and eventual rust would have destroyed the newer paint and the underlying metal. I took the truck to another shop for an additional estimate and was told that the shop which did the original work was required to repaint the truck at no cost, per State law. I checked with the company who I had insurance with at the time of the incident, AAA, and they confirmed this.

When I went back to the original shop I pressed the issue and was backed up by AAA, who even though I was no longer a client required the shop to repaint the truck on the areas which had been replaced. They fought this decision and lost, reluctantly doing the job, which turned out great. I posted this event on another thread here when a similar circumstance was posted, and was lambasted for demanding a repair on a 16 year old paint job.

Know your rights. Damage done to your vehicle which is not your fault should be repaired at no cost to you, both now and in the future. Diminished Value is real, and although in my case, still driving the truck that looks new 18 years later, I stuck to my guns and got justice, albeit delayed. I didn't know at the time that I would still be driving my truck 18 years later, and neither did anyone else.

BTW, I'm back with AAA now, mainly because of their dogged persistence to a current non-client who they covered on the original damage.
That's a great story. How did the original shop fight the decision? Were they are arguing with AAA insurance, or did it go to court or arbitration?
They tried to say that no paint job would be guaranteed for 16 years, even though I pointed out that the factory paint on the undamaged portion seemed to be fine. When they refused to budge I called AAA back and informed them. AAA then reminded them of the law, and that if they refused to repaint the truck their business would be de-certified as a AAA approved shop. As an aside, AAA said that if they still refused to repaint it AAA would pay to have the truck repainted at a shop of my choice at no charge to me.

AAA even provided me with a rental car, even though I was no longer a customer. I used it to transport my wife and I to a family wedding over 300 miles away while my truck was being repainted. BTW, I didn't ask for the rental, they offered it.
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

rockonhumblepie wrote: Thu Apr 26, 2018 1:17 am Wife was hit on both driver side doors of her 2016 SUV a month after purchase.Geico has their own dimished value agent to compare loss.

Repair was $6K and we received $3.5K in dimished value.

Used Geico body shop.Excellent work and easy to work with. 8-) rockon'
In case of geico, did you called customer service and requested for Diminished value ?
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Re: New car hit accident - loss of dimished value

Post by dwickenh »

vested1 wrote: Thu Apr 26, 2018 9:17 am
vested1 wrote: Thu Apr 26, 2018 9:14 am
criticalmass wrote: Wed Apr 25, 2018 3:52 pm
vested1 wrote: Mon Apr 23, 2018 7:13 am
Watty wrote: Sat Apr 21, 2018 12:40 pm
One potential is that the paint may look like a good match now but in five years you will be able to see the difference. Find out how your insurance company and body shop will handle that.
+1
My 2000 GMC truck was 1 month old and parked legally when a drunk wiped out the entire driver's side on his way to demolishing several others. I live in California and asked the insurance companies involved, as well as the judge presiding over the case for diminished value. My request was denied, with the judge exhibiting scorn at what he considered a frivolous claim. However, DV claims have been given more credence in recent years.

My truck had all new parts installed on the driver's side, as well as the hood. I even got the new spray-on bed liner redone as the damage extended into the bed of the truck. The body shop that did the work was the best in the county.

Fast forward to 2016, and the clear coat paint on the repaired portion of the truck was peeling off everywhere, whereas the factory paint was intact. The estimate to repaint the damaged area was around $4,000 at the same shop. If I didn't fix the problem oxidation and eventual rust would have destroyed the newer paint and the underlying metal. I took the truck to another shop for an additional estimate and was told that the shop which did the original work was required to repaint the truck at no cost, per State law. I checked with the company who I had insurance with at the time of the incident, AAA, and they confirmed this.

When I went back to the original shop I pressed the issue and was backed up by AAA, who even though I was no longer a client required the shop to repaint the truck on the areas which had been replaced. They fought this decision and lost, reluctantly doing the job, which turned out great. I posted this event on another thread here when a similar circumstance was posted, and was lambasted for demanding a repair on a 16 year old paint job.

Know your rights. Damage done to your vehicle which is not your fault should be repaired at no cost to you, both now and in the future. Diminished Value is real, and although in my case, still driving the truck that looks new 18 years later, I stuck to my guns and got justice, albeit delayed. I didn't know at the time that I would still be driving my truck 18 years later, and neither did anyone else.

BTW, I'm back with AAA now, mainly because of their dogged persistence to a current non-client who they covered on the original damage.
That's a great story. How did the original shop fight the decision? Were they are arguing with AAA insurance, or did it go to court or arbitration?
They tried to say that no paint job would be guaranteed for 16 years, even though I pointed out that the factory paint on the undamaged portion seemed to be fine. When they refused to budge I called AAA back and informed them. AAA then reminded them of the law, and that if they refused to repaint the truck their business would be de-certified as a AAA approved shop. As an aside, AAA said that if they still refused to repaint it AAA would pay to have the truck repainted at a shop of my choice at no charge to me.

AAA even provided me with a rental car, even though I was no longer a customer. I used it to transport my wife and I to a family wedding over 300 miles away while my truck was being repainted. BTW, I didn't ask for the rental, they offered it.
The current average warranty for Auto Body Repairs is a lifetime warranty on both body and paint. If a shop will not provide you with a written lifetime warranty, move on and find a shop that will give you the warranty.

Good job Watty of standing up to the Body shop and enlisting the help of your Insurance company. Most body shops would take care of this type of problem knowing it was their paint peeling off. I am a former Independent Body shop owner and retired from an Insurance company so I have seen this from both sides.
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Re: New car hit accident - loss of dimished value

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (insurance).
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Re: New car hit accident - loss of dimished value

Post by rockonhumblepie »

Core4

My Wife had a minor medical claim as a result of accident.I talked to Geico medical claims agent about diminished value.He had Geico agent who handles this process call me.

Sent a demand letter to agent handling DV (diminished value).Google how to write demand letter.

My Ford dealer(sales manager) wrote me a letter comparing before value and diminished resale value.Dealer stated $4,476.00 reduced value.Sent copy of letter to DV agent.

Geico agent came out to my house and inspected vehicle.Of course told me what a great job Geico Express Body shop did.Using Geico approved body shop gets you life time coverage of body work.They put new Ford doors on (OEM) and did excellent work.

Geico claimed dealer prices are higher then private party sales,and we agreed on $3,500.Wife loves her 16' Edge and we have no plans on selling,but with carfax the history on this accident is written.

With a little work and patience you will get what is owed you.

If you have any more ? let me know 8-) rockon'
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

rockonhumblepie wrote: Sun Apr 29, 2018 10:58 am Core4

My Wife had a minor medical claim as a result of accident.I talked to Geico medical claims agent about diminished value.He had Geico agent who handles this process call me.

Sent a demand letter to agent handling DV (diminished value).Google how to write demand letter.

My Ford dealer(sales manager) wrote me a letter comparing before value and diminished resale value.Dealer stated $4,476.00 reduced value.Sent copy of letter to DV agent.

Geico agent came out to my house and inspected vehicle.Of course told me what a great job Geico Express Body shop did.Using Geico approved body shop gets you life time coverage of body work.They put new Ford doors on (OEM) and did excellent work.

Geico claimed dealer prices are higher then private party sales,and we agreed on $3,500.Wife loves her 16' Edge and we have no plans on selling,but with carfax the history on this accident is written.

With a little work and patience you will get what is owed you.

If you have any more ? let me know 8-) rockon'
I like to know the order to be sent.

1. I havent talked to DV agent yet but I guess he will be different from claim adjuster who fixed the car.
2. I googled and got the demand letter. Now I need to send the demand letter along with dealer appraisal letter ?
Or we send the demand letter first and if they ask for proof then we send the dealer letter.
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Re: New car hit accident - loss of dimished value

Post by rockonhumblepie »

core4

I sent both at same time. Registered mail or not,your choice. There was never a doubt about Geico paying DV, just of course the amount.

DV agent was pretty firm on what she thought the dollar figure was.

You might want to get 2 appraisal letters from 2 different dealers,just to hone in on your figure.

Takes a few months to complete so ya call Geico and start the process when you are ready.

Keep us posted and for good measure keep 8-) rockinon'
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

rockonhumblepie wrote: Tue May 01, 2018 11:29 pm core4

I sent both at same time. Registered mail or not,your choice. There was never a doubt about Geico paying DV, just of course the amount.

DV agent was pretty firm on what she thought the dollar figure was.

You might want to get 2 appraisal letters from 2 different dealers,just to hone in on your figure.

Takes a few months to complete so ya call Geico and start the process when you are ready.

Keep us posted and for good measure keep 8-) rockinon'
I have sent the quote from 2 dealers and carmax , compared with various online similar cars and sent my number with demand letter around 30 May.
I got call today that they are evaluating the diminished value and will be known by next week.
Iam waiting for their numbers now. I will share how it progress by next week
Thanks for guiding me
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Re: New car hit accident - loss of dimished value

Post by rockonhumblepie »

I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

rockonhumblepie wrote: Sun Jun 17, 2018 11:17 am I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
Thanks for the wishes.
They valued my car as 24820 and offered 2400 dollars however all local dealers are giving me around 21.5k.
So I rejected the offer.
Iam planning to go for external help like some auto property adjusters.
Any recommendations for external property examiners for geico claims ?
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Re: New car hit accident - loss of dimished value

Post by 2m2037 »

core4portfolio wrote: Tue Jun 26, 2018 9:59 am
rockonhumblepie wrote: Sun Jun 17, 2018 11:17 am I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
Thanks for the wishes.
They valued my car as 24820 and offered 2400 dollars however all local dealers are giving me around 21.5k.
So I rejected the offer.
Iam planning to go for external help like some auto property adjusters.
Any recommendations for external property examiners for geico claims ?
So they are saying your car is worth 22.4k but you are only able to get dealer quotes for 21.5k, a difference of $900?

I might take it if I were you. Otherwise, sell the car to a dealer for $21.5k and send the documentation to them, asking for the full difference (since you have an actual diminished value).

Then buy the same 2018 car (you can probably buy one cheaper now).
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Re: New car hit accident - loss of dimished value

Post by Rupert »

The insurance company is going to use the 17c formula (or a formula very similar to it) to determine diminished value and aren't going to give you a penny more. They divide the value of your car by 10 to determine a base value. Then they multiply the base value by a damage multiplier and a mileage multiplier. The damage multiplier will either be 1, .75, or .50, depending on the extent of damage to your car. If you Google "17c formula," you'll find several calculators online. Enter your information in one of those, as opposed to hiring your own adjuster (whom I assume you will have to compensate in some way?).
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

2m2037 wrote: Tue Jun 26, 2018 12:00 pm
core4portfolio wrote: Tue Jun 26, 2018 9:59 am
rockonhumblepie wrote: Sun Jun 17, 2018 11:17 am I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
Thanks for the wishes.
They valued my car as 24820 and offered 2400 dollars however all local dealers are giving me around 21.5k.
So I rejected the offer.
Iam planning to go for external help like some auto property adjusters.
Any recommendations for external property examiners for geico claims ?
So they are saying your car is worth 22.4k but you are only able to get dealer quotes for 21.5k, a difference of $900?

I might take it if I were you. Otherwise, sell the car to a dealer for $21.5k and send the documentation to them, asking for the full difference (since you have an actual diminished value).

Then buy the same 2018 car (you can probably buy one cheaper now).
Mine is 2018 but no KBB puublished yet. Per KBB, 2017 model is 25k for private party and trade in is 22k. However local dealers offered me 21.5k.
Geico is telling my car worth 24800 and giving 2400.
Iam losing close to 2500 if i accept the deal and sell the car to dealer
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Re: New car hit accident - loss of dimished value

Post by Rupert »

core4portfolio wrote: Tue Jun 26, 2018 12:39 pm
2m2037 wrote: Tue Jun 26, 2018 12:00 pm
core4portfolio wrote: Tue Jun 26, 2018 9:59 am
rockonhumblepie wrote: Sun Jun 17, 2018 11:17 am I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
Thanks for the wishes.
They valued my car as 24820 and offered 2400 dollars however all local dealers are giving me around 21.5k.
So I rejected the offer.
Iam planning to go for external help like some auto property adjusters.
Any recommendations for external property examiners for geico claims ?
So they are saying your car is worth 22.4k but you are only able to get dealer quotes for 21.5k, a difference of $900?

I might take it if I were you. Otherwise, sell the car to a dealer for $21.5k and send the documentation to them, asking for the full difference (since you have an actual diminished value).

Then buy the same 2018 car (you can probably buy one cheaper now).
Mine is 2018 but no KBB puublished yet. Per KBB, 2017 model is 25k for private party and trade in is 22k. However local dealers offered me 21.5k.
Geico is telling my car worth 24800 and giving 2400.
Iam losing close to 2500 if i accept the deal and sell the car to dealer
Applying the 17c formula, the $2400 offer is very generous. It's more than the number I arrived at using the formula, which you can find here: https://www.wikihow.com/Calculate-Diminished-Value. They're not going to deviate from their formula.
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Re: New car hit accident - loss of dimished value

Post by 2m2037 »

core4portfolio wrote: Tue Jun 26, 2018 12:39 pm
2m2037 wrote: Tue Jun 26, 2018 12:00 pm
core4portfolio wrote: Tue Jun 26, 2018 9:59 am
rockonhumblepie wrote: Sun Jun 17, 2018 11:17 am I've gotten so much help here. It really is a fine group of folks sharing there day to day stumbles thru life.

Hope they make a fair offer.If not counter and start the back and forth.They dug there heels in with us,but I though it was a good offer and did not waste any more time. rockon' 8-)

Happy Fathers Day fellas!
Thanks for the wishes.
They valued my car as 24820 and offered 2400 dollars however all local dealers are giving me around 21.5k.
So I rejected the offer.
Iam planning to go for external help like some auto property adjusters.
Any recommendations for external property examiners for geico claims ?
So they are saying your car is worth 22.4k but you are only able to get dealer quotes for 21.5k, a difference of $900?

I might take it if I were you. Otherwise, sell the car to a dealer for $21.5k and send the documentation to them, asking for the full difference (since you have an actual diminished value).

Then buy the same 2018 car (you can probably buy one cheaper now).
Mine is 2018 but no KBB puublished yet. Per KBB, 2017 model is 25k for private party and trade in is 22k. However local dealers offered me 21.5k.
Geico is telling my car worth 24800 and giving 2400.
Iam losing close to 2500 if i accept the deal and sell the car to dealer
Well, how about selling privately?
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

I really not plan to sell the vechile as I drive to ground.
But some unforseen comes in future then loss currently by accepting this deal is 2500.
You are correct.. i need to test this by placing in craiglist to see what offer iam getting from private sellers
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Re: New car hit accident - loss of dimished value

Post by rockonhumblepie »

Core4,

If you feel strongly enough there is small claims court.

I would counteroffer 3400 and take around 3 large.

Drive the ride for 10yrs and it won't be a factor,that is our plan.

Good Luck! 8-)
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core4portfolio
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Re: New car hit accident - loss of dimished value

Post by core4portfolio »

rockonhumblepie wrote: Wed Jul 11, 2018 1:45 am Core4,

If you feel strongly enough there is small claims court.

I would counteroffer 3400 and take around 3 large.

Drive the ride for 10yrs and it won't be a factor,that is our plan.

Good Luck! 8-)
Thanks for suggestion and I did counter offer.
We closed the deal at 3300
Allocation : 80/20 (90% TSM, 10% on ARKK,XBI,XLK/individual stocks and 20% TBM) | | Need to learn fishing sooner
Topic Author
core4portfolio
Posts: 666
Joined: Thu Dec 26, 2013 1:12 pm

Re: New car hit accident - loss of dimished value

Post by core4portfolio »

Yes I did counter offer using KBB value and we closed the deal at 3300 finally.
I started learning how to sue in small claims court but havent need to use this time.
Iam going to keep the car as much as i can....

Here is how it went for anyone referring this thread for future reference:

1. Created a demand letter and uploaded the documents along with the couple of dealers appraisal report along with carmax report, online car
sellers site advertisements. Carmax confirmed me there is no structural damage to my car.
2. Got the counter offer from insurance company close to 1/3 value of my claim amount
I havent used any 3rd party examiners to access the damage to give diminished value report.
3. One of the dealer advised me when KBB doesnt exists for current year model then use the previous year model with slight top off.
So 2017 KBB's excellent value instead.
(I can see the 2018 model came out now but not much difference between these 2 models since both are new design models in a row)
4. I did counter with 15% of KBB value of 2017 KBB model. Insurance company countered that offer for 12%
Closed the deal at 13% of 2017 KBB excellent private party value of car.
(if I used KBB of 2018 model then its still 12%).
5. It's is just few dollars above 50% of original claim amount in my step 1 demand letter.
6. Signed the release form. Entire process took 2 months approximately. Received cheque after 17 days of signed release form

I never been in hurry and been patience for about 2 weeks for step 3 and 4 to happen.
I felt if I might push harder to get little more but decided to end this... and done with that claim.

Invested the received money to see how it grows.... good part of this process :)

Thanks criticalmass, rockonhumblepie and everyone for guiding me on this.

Closing the thread !!!!
Allocation : 80/20 (90% TSM, 10% on ARKK,XBI,XLK/individual stocks and 20% TBM) | | Need to learn fishing sooner
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