Diminished value appraisal
11-22-2019, 06:50 PM
#1
Rennlist Member
Thread Starter
Diminished value appraisal
Now I know why I dread driving my gt3on RI roads. My MA registered 2018 Macan S got rear ended today at least 10k damage. Going for DV claim so appreciate any suggestions as to a reputable RI SE MA adjuster
thanks
thanks
11-22-2019, 07:11 PM
#2
Rennlist Member
Was this a hit and run?
I would think you just hand over all the information to your insurance agent and let the ball roll.
Who is your insurance company?
Are you a PCNA member? I would just start by asking someone in your club for recommended body shops and start getting two or three estimates.
I would think you just hand over all the information to your insurance agent and let the ball roll.
Who is your insurance company?
Are you a PCNA member? I would just start by asking someone in your club for recommended body shops and start getting two or three estimates.
11-22-2019, 08:41 PM
#3
Rennlist Member
Thread Starter
No hit and run, guy has insurance, CNA. Is my insurer. Yes. Will ask in my PCA club for any names
11-23-2019, 12:44 AM
#5
Rennlist Member
If I'm reading it right, the guy who hit you has the same insurance. Yes?
That's the most difficult situation. A few years ago my 1,300 mile new Carrera S was rear ended while I was stopped at a crosswalk at 40 mph. After waiving off the ambulance you don't know how pissed I was when the guy pulled out his insurance and sure enough it was Allstate. My insurance. I fought with an attorney for over a year and never got diminished value. Pushed the motor into the firewall, broke both dynamic motor mounts and a PDK that was never the same. Perhaps a different state other than being in Kalifornia will help you. I will pray.
That's the most difficult situation. A few years ago my 1,300 mile new Carrera S was rear ended while I was stopped at a crosswalk at 40 mph. After waiving off the ambulance you don't know how pissed I was when the guy pulled out his insurance and sure enough it was Allstate. My insurance. I fought with an attorney for over a year and never got diminished value. Pushed the motor into the firewall, broke both dynamic motor mounts and a PDK that was never the same. Perhaps a different state other than being in Kalifornia will help you. I will pray.
11-23-2019, 12:55 AM
#6
Rennlist Member
insurance up here that will pay dv use a new formula (half of repair) so for you 10k repair and 5k diminished value. I would say more like 10% of value of vehicle for a 10k on a Macan.
BTW I am an appraiser.
BTW I am an appraiser.
11-23-2019, 11:00 AM
#7
Find a diminished value attorney if you want to try and get all the money that you can. Otherwise I would probably just start talks with the other guys insurance and see what you can get. But I am guessing $5-7k sounds reasonable on a Macan S. Maybe a bit more since I am sure it is going to be a $5-10k hit when you go to trade it in or sell it privately.
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11-23-2019, 11:59 AM
#8
If I'm reading it right, the guy who hit you has the same insurance. Yes?
That's the most difficult situation. A few years ago my 1,300 mile new Carrera S was rear ended while I was stopped at a crosswalk at 40 mph. After waiving off the ambulance you don't know how pissed I was when the guy pulled out his insurance and sure enough it was Allstate. My insurance. I fought with an attorney for over a year and never got diminished value. Pushed the motor into the firewall, broke both dynamic motor mounts and a PDK that was never the same. Perhaps a different state other than being in Kalifornia will help you. I will pray.
That's the most difficult situation. A few years ago my 1,300 mile new Carrera S was rear ended while I was stopped at a crosswalk at 40 mph. After waiving off the ambulance you don't know how pissed I was when the guy pulled out his insurance and sure enough it was Allstate. My insurance. I fought with an attorney for over a year and never got diminished value. Pushed the motor into the firewall, broke both dynamic motor mounts and a PDK that was never the same. Perhaps a different state other than being in Kalifornia will help you. I will pray.
11-23-2019, 04:57 PM
#10
There was in 2018 at least. I haven't seen anything new that indicates otherwise. Almost always will require initiating a lawsuit. Counterparty's insurance will cut you and your attorney a check if you and your attorney decide to settle, of which your attorney takes a nice cut.
11-23-2019, 06:34 PM
#11
I had some one run into the back of my 2015 C2S when it was a year old. Ten thousand in damages and I got $10,000 diminished value from their Nationwide insurance. The agent had never done a DV claim, didn’t know what to do, called my dealer and asked them and they said it was worth $10,000 less now with the repair history. I traded it in on a newTurbo S and they gave me the current wholesale trade in value without any DV. When they ran the carfax rear bumper damage was all that showed up...? Good luck.
11-23-2019, 10:07 PM
#12
There was in 2018 at least. I haven't seen anything new that indicates otherwise. Almost always will require initiating a lawsuit. Counterparty's insurance will cut you and your attorney a check if you and your attorney decide to settle, of which your attorney takes a nice cut.
11-24-2019, 11:55 AM
#13
Sorry to hear it. Hope everyone is okay. Diminished value is state specific because insurance is regulated at that level so check around with local appraisers and lawyers. I've found what goes in some states (like caps or damage multipliers) is completely irrelevant in others.
Diminished value has been upheld in the california courts but some typically reasonable insurance companies like State Farm will fight tooth and nail not to pay a DV claim. Loss of use is also allowed and can exceed DV in some cases. It really depends on the insurer and in my experience very few attorneys have handled enough DV cases to give relevant advice. I'm not a lawyer but have settled 2 satisfactorily without initiating lawsuits.
Diminished value has been upheld in the california courts but some typically reasonable insurance companies like State Farm will fight tooth and nail not to pay a DV claim. Loss of use is also allowed and can exceed DV in some cases. It really depends on the insurer and in my experience very few attorneys have handled enough DV cases to give relevant advice. I'm not a lawyer but have settled 2 satisfactorily without initiating lawsuits.
Add AAA to the list of tooth to nail fighters.
+1 Loss of use exceeding DV: sometimes you need to wait weeks for parts to show up, not to mention the cost of renting a comparable automobile (check Enterprise exotics, e.g.). Insurance companies will also fight tooth to nail and say that your car is "basic transportation" and will try to get away with compensating you for ~$100/day.