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I was in a rear ended collission was not my fault, and I want to claim diminished value. ?
I need to know the process to do so. The repairs on the vehicle were 13,000 and the retail value of the vehicle is 20,000, the frame had to be replaced since it was broken, plus the rest of the repairs, this vehicle is a pickup truck, and I live in Florida.
There is a mathematical equation that can be used to figure diminished value. You will also need to take into consideration the mileage of the vehicle. If you have over 100k you will not generally get diminished value.
Another thing to keep in mind regarding dimished value. If you are trying to get your diminished value from the at fault carrier, keep in mind the policy limit they have for property damage. Florida’s minimum PD limit is $10k and this is what most people carry. Let’s say the at fault carrier has $25k PD limits. You have already exhausted $13k in repairs plus whatever it cost in rental or loss of use. Let’s say roughly $15k. That would leave $10k available. That is if you are the only claimant. If there are more than one or if the PD limits exhausted or were in excess of the policy limit, the at fault carrier would not be able to extend any diminished value to you. In that respect you may have to seek those damages directly from the driver/owner of the at fault party.
The best thing to do, if you filed with the at fault carrier, is first find out thier PD limits. You should know how may vehicles were involved in the loss. Ask the adjuster if there are limits remaining and for their procedure for diminished value. Do they use a formula? Do you need to supply them with something from a dealership quoting the lost value? The adjuster will be able to help you with what you need to make that claim as well as the information to determine if making a diminished value claim will be worth the work (depending on the funds available).
You are only going to get what insurance allows.
References :
I work for a paint & body shop.
Yes you can claim DIV. The process varies from company to company but you need to let your adjuster know that you itnend to file a claim for this. They will explain to you the process.
Sorry can’t be more assistance but again most insurance companies handle this different.
Good Luck
References :
There is a mathematical equation that can be used to figure diminished value. You will also need to take into consideration the mileage of the vehicle. If you have over 100k you will not generally get diminished value.
Another thing to keep in mind regarding dimished value. If you are trying to get your diminished value from the at fault carrier, keep in mind the policy limit they have for property damage. Florida’s minimum PD limit is $10k and this is what most people carry. Let’s say the at fault carrier has $25k PD limits. You have already exhausted $13k in repairs plus whatever it cost in rental or loss of use. Let’s say roughly $15k. That would leave $10k available. That is if you are the only claimant. If there are more than one or if the PD limits exhausted or were in excess of the policy limit, the at fault carrier would not be able to extend any diminished value to you. In that respect you may have to seek those damages directly from the driver/owner of the at fault party.
The best thing to do, if you filed with the at fault carrier, is first find out thier PD limits. You should know how may vehicles were involved in the loss. Ask the adjuster if there are limits remaining and for their procedure for diminished value. Do they use a formula? Do you need to supply them with something from a dealership quoting the lost value? The adjuster will be able to help you with what you need to make that claim as well as the information to determine if making a diminished value claim will be worth the work (depending on the funds available).
References :
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