Dimished Value Secrets

Diminished value inquiry?

admin — Mon, 20 Feb 2012 19:19:11 +0000

I bought a new 2011 Malibu on Feb 1. On Feb 21, I was rear ended by a minivan. The driver was cited for failure to control speed. I filed a claim with his insurance company (Allstate). I would like to get a diminished value estimate on my car, but don’t know where to start. Well, I know Allstate can give me the diminished value. But is it ok to get that info from the insurance co I’m filing the claim with. The damage to my car was a lil’ over $3500. I know my new car will never be the same.

Allstate will be the one to pay out the diminished value claim. I don’t think you can get an estimate from anyone else that they will pay any attention to. Everyone uses the same formula anyway,

Don’t expect much. These claims never pay out what you believe you deserve and they aren’t anywhere close to the reality of what you’ll lose when it comes time to sell the car.

My only experience with a DV claim was very disappointing. I had an older Volvo that got hit hard in the rear end. There was about $2700 damage and I think my DV check was less that $150. You car is brand new, hopefully your experience will be better than mine but don’t be surprised if it isn’t.

Missouri Auto Claim Diminished Value?

admin — Tue, 17 Jan 2012 00:14:28 +0000

In November I purchased a used 2010 Dodge Grand Caravan. 3 days later I was struck by another vehicle. The other driver had American Family Insurance and they accepted liability. They have opened a diminished value claim for me. Im trying to figure what amount they may offer. The vehicle had $7263.00 worth of front end damage. I paid $17977 with a $4000 trade in when purchased. Again I only had the vehicle 3 days. We have had the repairs done and just traded the vehicle in. The trade value was $14000. Anyone have any ideas?

get the car appraised in writing/do the math/contact the insurance company

Diminished Value claim in Florida for a leased vehicle?

admin — Tue, 03 Jan 2012 05:01:14 +0000

Hi Guys, I will try to keep this short and to the point.

A few weeks back my wife was hit in the back by someone not paying attention. We filed the police report and the we were found not at fault for the accident. I am trying to file a claim for diminished value on my vehicle, it was only 2 weeks old. I went to 3 dealerships, 2 honda and car max and got around the same figure on each appraisal, 17-18k. I went to sources such as NADA, Edmunds, KBB, Black Book, and other sources and the perfect condition of the vehicles value was around 20,500.

I am trying to collect the diminished value on my vehicle but Progressive is saying that since I am leasing I am not entitled because I am not an owner. I responded to how ludicrous I found that because even if I am financing I am not in possession of the title and even though I am leasing I am responsible for the vehicle and all damages to it and are able to collect for any lost value on it as well. And now because of the bad car fax any chance at any positive equity situation is now all but vanished.

Does anyone have any experience with this to help me proceed? I am trying to just do it myself without having to get my attorney involved but it seems to be heading down that route.

Thanks!

As they told you. You do not own the car. You are only borrowing it (lease). Once the lease is up you need to return the car. So you get nothing.

Has anyone ever been compensated for a diminished value claim?

admin — Sun, 18 Dec 2011 04:32:18 +0000

My 2009 pontiac G6 with 35,000 miles was damaged the other weekend in an accident. Another driver was found to be at fault as they crossed into my lane. State Farm is their insurance. State Farm is paying for the damages. However, I have been told to file a diminshed value claim with them. My autobody guy said my car pre accident was at a trade-in value of $12,000 to $13,000. ( not retail value) He estimates trade in value on it now post accident and repair would be only $5,000 to $6,000. This is a significant difference. He told me their insurance should cover the loss of value. However, when talking to state farm they say there is no such thing as diminished value claims. My research online says there have been several successful claims iwth state farm in MN (where I live) and other states as well. I found several consulting companies but am hesitant to put money into this until I find out more. So..Has anyone out there ever gotten anything out of a diminished value claim? If so…what route did you take to achieve your settlement? Thanks!

Yes there is such a claim and it is possible to get a "diminished value" award. You need to present written proof to the liable insurance company from a legitimate knowledgeable source that testifies that you car is now worth less than it was before the collision damage. The insurance company will do their own investigation and You will almost certainly have to haggle with them to get anything. They, by law, must make you whole which means that you must come out afterward as good as you were before the collision.

Good luck….don’t let then run over you.

what’s diminished value of home with residential sprinkler flooding damage?

admin — Mon, 21 Nov 2011 03:22:23 +0000

two identical houses of size, shape, value & land. One flooded, one not. when selling flooding has to be reported in CA. How much value depreciated because of flooding even though fully restored?
CA law states that flooding has to be reported to potential buyers which usually affects the value and sale of property, although repaired. Looking for expert insurance answers from reputable sources or case laws or any articles written from experts.

None.

Dimunition of value doesn’t happen with houses like it does with cars. If it’s fully, completely repaired, then the damage doesn’t affect the resale.

The DIFFERENCE is, the landscape and water flows – once the house has flooded once, it’s MUCH MUCH more likely to flood a second time, and the other one is less likely, since it didn’t flood the first time. The land elevations have shown that water is MORE LIKELY to run through the first house, therefore, THAT makes the value less. Not the fact that it was once damaged.

how do i calculate the diminished value of my car after an accident?

admin — Mon, 14 Nov 2011 04:14:06 +0000

my new car was recently in… to the car , (tinted …

It is not how you do the calculations, it is how the insurance company does it. You have no choice.

Diminished value claim for a brand new 2011 Jeep Compass?

admin — Fri, 21 Oct 2011 04:50:05 +0000

My 2011 Jeep Compass was parked and someone backed into it. The bumper needs to be replaced, as well as the headlight (possibly) and the fog light (possibly). Can I collect damages for the diminished value of this vehicle? If so, what is a fair amount?

You can try. But since none of those are structural and will be replaced with new OEM parts – there really is no loss in value.

A bumper is held on by bolts. Take one off – put one on. Head lights are just car light bulbs. The are made to come out. They wear out and burn out all the time. No biggie or loss of value for that.

You can ask for diminished value and the insurance company may give you a couple hundred dollars for nuisance value just to make you go away.

Can I make a Diminished Value claim after I sold my car in California?

admin — Fri, 22 Jul 2011 07:23:12 +0000

My car was repaired after the accident. I sold it right after it was fixed. However, I sold it less than it was worth before the accident.

Of course not. Can’t make a claim anyway, you no longer have an insurable interest in the vehicle. Besides, if it was sold for more than what it was worth before the accident because it had a nice new paint job, would you give the extra to your insurance company? I think maybe you wouldn’t.

Diminished value claim?

admin — Mon, 09 May 2011 16:04:16 +0000

I was rear ended and my car, even after being fixed, will obviously have a salvage title and suffer a significant decline in value. Can I file diminished value claim with my insurance or the other driver’s? Can my insurance company pay for it then pursue the other driver’s insurance company for the money? If yes then how would I do it?
I live in California, by the way. Thanks in advance for all your help!

Only if your car is totaled will it have a salvage title. You cannot make a diminished value claim against your own insurance in California. You will have to pursue that directly with the other insurance company. Your own insurance cannot have anything to do with it.

How hard is it to recover diminished value after a car accident?

admin — Fri, 04 Mar 2011 07:02:52 +0000

I was in an accident that was not my fault. I drive a 2009 Mercedes Benz, and his insurance company has accepted liability, but I want to recover for diminished value, because my car can not be sold on the retail market anymore. Is this something that I can do on my own, or should I hire a firm? I do not want to incur a lot of expense. How long does it normally take to collect after something like this?

The car will either be repaired or considered a total loss. They are not going to give you extra for "diminished value" unless you had GAP insurance. If you were to sue, it would cost more than the loss in value.