Any diminished value experts?
10-05-2023, 09:54 AM
#31
Three Wheelin'
It sounds like you don’t understand diminished value: it doesn’t matter what type of insurance you personally have, as you don’t place that claim via your insurance company. The claim is placed on the other (at fault) driver’s insurance company. As long as his liability coverage is adequate his insurance company pays out. And if they refuse to pay, you can sue for diminished value and legal fees which the other insurance company will have to pay, so by fighting a valid diminished value claim, they are only increasing their pay out.
10-05-2023, 10:57 AM
#32
I got $8,500 on diminished value on a 2017 4Runner which had $9K of damage in 2021. Did file in small claims court, but never went to court. Filed against individual who hit car but they immediately turned over to their insurance as they pay their insurance company to cover their liability. Personally I wouldn't take money from an individual but love taking from companies. Their insurance initially offered $1100 and stopped at $1300 for diminished value. Oh yea attorney's didn't care didn't think enough money in it for them. Total effort took about 2 hours. I am happy at $4250/hr.
Due to vehicle history companies programming the public that an accident equals damage then even minor accident results in substantial diminished value.
Diminished value is perfect for small claims court. No big attorney required. Small claims in my state $20K. $55 to petition the court. Learn the process in your state and use it. If over $20K some attorney will be hungry enough to take it. I am 99.9999999% sure insurance company will not go to court they will settle within a week of courtdate. They loathe court, afraid of court, and for the most part not competent. Sure they have attorney for the million dollar cases not a clown $5K-$75K diminished value case....
For generic cars get a Carvana offer as soon as wreck occurs, then after wreck shows up (Difference is dimished value). Wreck usually shows up within a day!!!. Police reports is what generates the accident designation. Yep, a hearsay document not allowed in court is the basis to devalue your property which you didn't pay anyone to represent. There are also companies such as Autoloss that calculate diminished value. That is who I used. When I saw $9,200 as diminished value from Autoloss I did everything to prove the Autoloss report wrong, INSTEAD I proved their analysis right!!.
Lawyers are week useless cowards for the most part, leaches, most are scared ****less to go to court themselves. They are the ones not willing to put in the effort, not willing to understand the case. If you dont own it nobody else will.....
Due to vehicle history companies programming the public that an accident equals damage then even minor accident results in substantial diminished value.
Diminished value is perfect for small claims court. No big attorney required. Small claims in my state $20K. $55 to petition the court. Learn the process in your state and use it. If over $20K some attorney will be hungry enough to take it. I am 99.9999999% sure insurance company will not go to court they will settle within a week of courtdate. They loathe court, afraid of court, and for the most part not competent. Sure they have attorney for the million dollar cases not a clown $5K-$75K diminished value case....
For generic cars get a Carvana offer as soon as wreck occurs, then after wreck shows up (Difference is dimished value). Wreck usually shows up within a day!!!. Police reports is what generates the accident designation. Yep, a hearsay document not allowed in court is the basis to devalue your property which you didn't pay anyone to represent. There are also companies such as Autoloss that calculate diminished value. That is who I used. When I saw $9,200 as diminished value from Autoloss I did everything to prove the Autoloss report wrong, INSTEAD I proved their analysis right!!.
Lawyers are week useless cowards for the most part, leaches, most are scared ****less to go to court themselves. They are the ones not willing to put in the effort, not willing to understand the case. If you dont own it nobody else will.....
Last edited by HardRider; 10-05-2023 at 11:22 AM.
The following 3 users liked this post by HardRider:
10-05-2023, 05:06 PM
#33
Rennlist Member
Thread Starter
I got $8,500 on diminished value on a 2017 4Runner which had $9K of damage in 2021. Did file in small claims court, but never went to court. Filed against individual who hit car but they immediately turned over to their insurance as they pay their insurance company to cover their liability. Personally I wouldn't take money from an individual but love taking from companies. Their insurance initially offered $1100 and stopped at $1300 for diminished value. Oh yea attorney's didn't care didn't think enough money in it for them. Total effort took about 2 hours. I am happy at $4250/hr.
Due to vehicle history companies programming the public that an accident equals damage then even minor accident results in substantial diminished value.
Diminished value is perfect for small claims court. No big attorney required. Small claims in my state $20K. $55 to petition the court. Learn the process in your state and use it. If over $20K some attorney will be hungry enough to take it. I am 99.9999999% sure insurance company will not go to court they will settle within a week of courtdate. They loathe court, afraid of court, and for the most part not competent. Sure they have attorney for the million dollar cases not a clown $5K-$75K diminished value case....
For generic cars get a Carvana offer as soon as wreck occurs, then after wreck shows up (Difference is dimished value). Wreck usually shows up within a day!!!. Police reports is what generates the accident designation. Yep, a hearsay document not allowed in court is the basis to devalue your property which you didn't pay anyone to represent. There are also companies such as Autoloss that calculate diminished value. That is who I used. When I saw $9,200 as diminished value from Autoloss I did everything to prove the Autoloss report wrong, INSTEAD I proved their analysis right!!.
Lawyers are week useless cowards for the most part, leaches, most are scared ****less to go to court themselves. They are the ones not willing to put in the effort, not willing to understand the case. If you dont own it nobody else will.....
Due to vehicle history companies programming the public that an accident equals damage then even minor accident results in substantial diminished value.
Diminished value is perfect for small claims court. No big attorney required. Small claims in my state $20K. $55 to petition the court. Learn the process in your state and use it. If over $20K some attorney will be hungry enough to take it. I am 99.9999999% sure insurance company will not go to court they will settle within a week of courtdate. They loathe court, afraid of court, and for the most part not competent. Sure they have attorney for the million dollar cases not a clown $5K-$75K diminished value case....
For generic cars get a Carvana offer as soon as wreck occurs, then after wreck shows up (Difference is dimished value). Wreck usually shows up within a day!!!. Police reports is what generates the accident designation. Yep, a hearsay document not allowed in court is the basis to devalue your property which you didn't pay anyone to represent. There are also companies such as Autoloss that calculate diminished value. That is who I used. When I saw $9,200 as diminished value from Autoloss I did everything to prove the Autoloss report wrong, INSTEAD I proved their analysis right!!.
Lawyers are week useless cowards for the most part, leaches, most are scared ****less to go to court themselves. They are the ones not willing to put in the effort, not willing to understand the case. If you dont own it nobody else will.....
10-06-2023, 03:01 AM
#34
Rennlist Member
It sounds like you don’t understand diminished value: it doesn’t matter what type of insurance you personally have, as you don’t place that claim via your insurance company. The claim is placed on the other (at fault) driver’s insurance company. As long as his liability coverage is adequate his insurance company pays out. And if they refuse to pay, you can sue for diminished value and legal fees which the other insurance company will have to pay, so by fighting a valid diminished value claim, they are only increasing their pay out.
Last edited by mikescayenne; 10-06-2023 at 03:02 AM.
10-06-2023, 02:27 PM
#35
Rennlist Member
Thread Starter
Update:
So the at-fault driver's insurance company (by the way, it's commercial insurance, as it was a business jeep that hit me) wants to simply patch over the damage, and paint over that, which I would imagine would leave a rather obvious repair on the surface.
The Porsche Certified Collision Center says a new bumper is needed. . . .
But I think that will just be peanuts compared to the upcoming diminished value claim, which I have hired a professional appraisal company to prepare an official diminished value report for me.
So the at-fault driver's insurance company (by the way, it's commercial insurance, as it was a business jeep that hit me) wants to simply patch over the damage, and paint over that, which I would imagine would leave a rather obvious repair on the surface.
The Porsche Certified Collision Center says a new bumper is needed. . . .
But I think that will just be peanuts compared to the upcoming diminished value claim, which I have hired a professional appraisal company to prepare an official diminished value report for me.
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dak911 (10-06-2023)
10-06-2023, 07:00 PM
#36
No worries WPO. Get the car repaired at PCCC and then hire Autoloss for diminished value. Pay for it. Take receipts and take owner of company to court. Easy win. I could only guess but diminished value has to be approaching $30K. Again 2021 Tundra it was $8,500. Your insurance company in bed with theirs, they jack each other off all the time and convince you what great deal your getting.
Last edited by HardRider; 10-06-2023 at 07:01 PM.
10-06-2023, 07:11 PM
#37
Three Wheelin'
Either you keep the car for a LONG time , or when you sell it, you'll find someone who will look at the damage pix and the repair order, have the car inspected and will buy it at a reduced price, since you have received the Diminished Value already you are fine !!
10-06-2023, 08:07 PM
#39
Three Wheelin'
@dak911 No fault only refers to the medical / injury side of the liability in a car accident. The vehicle damage is not resolved in a no fault manner: the at fault driver’s insurance pays everything.
10-06-2023, 11:07 PM
#40
Rennlist Member
In case I missed it above, another suggestion: make sure you get photos of the body structure with the bumper cover off. It might matter to the right buyer.
10-07-2023, 01:46 AM
#41
I love diminshed value. With my check I had $24K into a 4 runner with 20K miles. I love it. I'll happily tell the next person it was wrecked. I am whole with the diminished value payement. With this case if you could get a Porsche dealer to tell you what they would have offered before and after wreck that would be GOLDEN. Again no mention of Police report. If none filed it will not show up on auto history reports. Case in point an ahole was blocking the lane before it necked down to one a couple years ago. My buddy mirror clips his, buddy car an old beater, other guys who wanted to act like traffic cop had brand new F250. both pull over, guys call police because he felt my buddy was not taking his turn, police show up document accident, tell other person he is at fault. I laugh my *** off, as he gets in his truck I tell him you just lost $10K, just wait. Guarantee his truck shows as being in accident now.....
10-11-2023, 08:58 PM
#42
Rennlist Member
Thread Starter
No worries WPO. Get the car repaired at PCCC and then hire Autoloss for diminished value. Pay for it. Take receipts and take owner of company to court. Easy win. I could only guess but diminished value has to be approaching $30K. Again 2021 Tundra it was $8,500. Your insurance company in bed with theirs, they jack each other off all the time and convince you what great deal your getting.
It looks like this recommendation was spot on, I spoke with some automobile lawyers and auto dealers, and they both agreed that I can take the vehicle to a Porsche Certified Collision Center, get the car repaired properly, and sent Progressive Express the bill, in addition to the bill for the diminished value. If they don’t pay out, the you can pursue the business, but everyone commented how unusual it was for the commercial insurance not to just pay out to get it repaired properly, because businesses don’t want to deal with this stuff. When I told the insurance representative that we were contacting the business to notify them of a potential pending lawsuit, he told me to tell my lawyer to contact only him directly.
02-15-2024, 04:23 PM
#43
Rennlist Member
Thread Starter
Just in the middle innings of my insurance claim: I've had lots of "issues" dealing with a standard insurance carrier on both ends. This probably would have been MUCH easier if I had Porsche Auto Insurance instead of Progressive through this, as I could've probably filed a subrogation claim with my carrier for reimbursement. However, at this stage, I would like to highly recommend Franklin Colletta's diminished value work at www.autodiminishedvalue.com
His diminished value reports seem the most valid to me among the sources I contacted. Not only that, but he backed up his report by directly discussing the diminished value aspect of my claim with the claim supervisor and myself in a conference call. He has been very helpful through this process!
His diminished value reports seem the most valid to me among the sources I contacted. Not only that, but he backed up his report by directly discussing the diminished value aspect of my claim with the claim supervisor and myself in a conference call. He has been very helpful through this process!
The following users liked this post:
shammerman (02-15-2024)
02-15-2024, 06:26 PM
#44
Burning Brakes
Just in the middle innings of my insurance claim: I've had lots of "issues" dealing with a standard insurance carrier on both ends. This probably would have been MUCH easier if I had Porsche Auto Insurance instead of Progressive through this, as I could've probably filed a subrogation claim with my carrier for reimbursement. However, at this stage, I would like to highly recommend Franklin Colletta's diminished value work at www.autodiminishedvalue.com
His diminished value reports seem the most valid to me among the sources I contacted. Not only that, but he backed up his report by directly discussing the diminished value aspect of my claim with the claim supervisor and myself in a conference call. He has been very helpful through this process!
His diminished value reports seem the most valid to me among the sources I contacted. Not only that, but he backed up his report by directly discussing the diminished value aspect of my claim with the claim supervisor and myself in a conference call. He has been very helpful through this process!
02-15-2024, 08:58 PM
#45
Advanced
Porsche Diminished Value
https://rennlist.com/forums/members/...escayenne.html
i do not know one person that has had a successful DV claim
FYI, hundreds of car owners are adequately compensated for diminished value every day in every state Just obtain a comprehensive DV appraisal that is not based on a formula, algorithm, book value comparisons, online ad comparisons or other short cut.
BTW, When i spoke to an attorney about this, it was back in 2012, and in NY state
New York is currently the only state with case law on the books that says insurers are obligated to pay for repairs or diminished value but not both. Don't laugh, California had this same case law on the books until just a few years ago when an appeals court overturned an insurer's claim denial. Also, Massachusetts had the same law, then repealed it, now I'm not sure where its at but we are seeing more DV appraisal requests from attorneys in MA as of late. [/QUOTE]
i do not know one person that has had a successful DV claim
FYI, hundreds of car owners are adequately compensated for diminished value every day in every state Just obtain a comprehensive DV appraisal that is not based on a formula, algorithm, book value comparisons, online ad comparisons or other short cut.
BTW, When i spoke to an attorney about this, it was back in 2012, and in NY state
New York is currently the only state with case law on the books that says insurers are obligated to pay for repairs or diminished value but not both. Don't laugh, California had this same case law on the books until just a few years ago when an appeals court overturned an insurer's claim denial. Also, Massachusetts had the same law, then repealed it, now I'm not sure where its at but we are seeing more DV appraisal requests from attorneys in MA as of late. [/QUOTE]
Last edited by DIMINISHEDVALUE; 02-15-2024 at 08:59 PM. Reason: Added text