Diminished value help
04-09-2017, 01:32 AM
#31
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tnx! I'll check into Billy. I have three claims: 1) repairs...that's conceded as the responsibility of the 2nd party already....no negotiation of any significance on this; 2) diminished value - tnx for the addition lead...I have two wizards already with proven results, but a third wizard might be good to explore as well since it's still early; and 3) loss of use...larger dollars...that might take an attorney. Too early to know. I owe this thread some reports once I actually know something. tnx unkie
04-09-2017, 01:39 AM
#32
tnx! I'll check into Billy. I have three claims: 1) repairs...that's conceded as the responsibility of the 2nd party already....no negotiation of any significance on this; 2) diminished value - tnx for the addition lead...I have two wizards already with proven results, but a third wizard might be good to explore as well since it's still early; and 3) loss of use...larger dollars...that might take an attorney. Too early to know. I owe this thread some reports once I actually know something. tnx unkie
04-09-2017, 02:25 AM
#33
Instructor
I was T-boned by a red-light running, speeding, texting 18 year old idiot in a Prius in August 2016 in my week old '16 C4S. Two airbags deployed and the repair cost was ~$24k. I had an appraiser come out, they took photos (post-repair) and came up with some diminished value quote of only $10k. I am still in the midst of hounding the responsible party's insurance company about receiving a diminished value settlement. The insurance agent has been stalling and claiming it has taken so long because they cannot find any comparable vehicles that have been in an accident, which isn't surprising. Will update you guys on what the final resolution is...
04-09-2017, 05:52 PM
#35
Three Wheelin'
I have a 2014 C4S that someone backed into while I was parked.
I brought it in and had it fixed perfectly, but obviously now it has an accident history so I should be compensated by the insurance company for this loss in value.
After getting it repaired at a bodyshop their insurance company (All State) recommended we went to a 3rd party appraisal company we found from my insurance company and he gave me an amount of around $5,000.
The agent for the insurance company responded that they did not feel the change in market value was established, but failed to give any details and made a settlement offer of a small fraction of the initial amount.
We requested additional information as to what was missing and received a curt response saying that they will not budge from their offer and we can take any action we want.
Has anyone had any experience dealing with insurance companies in this situation? There is no way the 991.1 is worth the same after the accident as before it, but that's what they're claiming. I know insurance companies like to pretend diminished value doesn't exist when common sense and all the data says otherwise, but what can I do?
I brought it in and had it fixed perfectly, but obviously now it has an accident history so I should be compensated by the insurance company for this loss in value.
After getting it repaired at a bodyshop their insurance company (All State) recommended we went to a 3rd party appraisal company we found from my insurance company and he gave me an amount of around $5,000.
The agent for the insurance company responded that they did not feel the change in market value was established, but failed to give any details and made a settlement offer of a small fraction of the initial amount.
We requested additional information as to what was missing and received a curt response saying that they will not budge from their offer and we can take any action we want.
Has anyone had any experience dealing with insurance companies in this situation? There is no way the 991.1 is worth the same after the accident as before it, but that's what they're claiming. I know insurance companies like to pretend diminished value doesn't exist when common sense and all the data says otherwise, but what can I do?
04-09-2017, 06:07 PM
#36
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Interesting thread. My Cayman S was sideswiped in 2015 and repairs were around $6k. At the time I didn't pursue a diminished value claim, but apparently I can still do so in CA (up until the 3 year mark). My car was recently hit AGAIN on the other side (someone backed out of her parking spot without noticing that I was behind her). Looks like repairs on this one are going to be around $4-5k once I finally get the car back.
04-10-2017, 01:02 PM
#37
Drifting
I've had to make this type of claim twice on non Porsche cars. Most recently on my 2014 M5 which was rear-ended and needed a new bumper. I got about $6500 in diminished value out of GEICO. It was pretty easy. First I called a couple of diminished value experts. I then hired the one who gave me the higher estimate. He then did a detailed appraisal and drafted a letter to send GEICO. GEICO then said they disagreed with the estimate, and in these instances their policy is to hire another expert to refute my estimate. The expert they hired was the guy who gave me the other estimate (which played well into my favor). So I had my expert negotiate with their expert and I got something in between. I was very happy with the outcome. I also had a similar case with my wife's car. Both instances were identical. If the experts don't agree then the case gets sent to a third expert which is chosen mutually and who makes a binding decision. The process isn't perfect but the outcomes were satisfactory. I am happy to remain with GEICO for this reason. Plus the fact that they pay diminished value means they are very generous with the repair. They went with a BMW OEM-certified dealer owned body shop who uses only new original parts and paint.
04-10-2017, 01:56 PM
#38
Three Wheelin'
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OK, diminished value experts, handle this one for me.
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
04-10-2017, 07:01 PM
#39
Drifting
OK, diminished value experts, handle this one for me.
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
04-10-2017, 07:03 PM
#40
OK, diminished value experts, handle this one for me.
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
1957 Speedster, immaculate, unrestored with all original perfect factory applied silver paint, beehive tail lights, complete original bumpers with uprights and overriders. Rear ended by an idiot text reader in a Cayenne. How do the destroyed bumpers, tail lights, body damage high and into the engine compartment, broken grille, damaged silver paint, untouched ever, now touched badly factor into its $450,000 value? What is the insurance company going to do?
04-11-2017, 09:54 AM
#41
Go to an appraiser that specializes in diminished value. Also get a good plaintiffs attorney. This is specialized law and insurance companies really don't want to pay
THIS+. I did it years ago with State Farm and finally got the money and then some. I also went to a magazine called "Changing Times" and a local news station.
State Farm is not a nice company.
06-09-2017, 10:12 AM
#42
Drifting
How did you find the one you used and how were they compensated?
Thoughts from anyone are appreciated.
06-09-2017, 10:15 AM
#43
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After Googling DM Appraisers, I can't find anyone really local. They all are 800 number places. There are so many it's hard to choose. And it's not clear, at least on their websites, what they charge for this service.
How did you find the one you used and how were they compensated?
Thoughts from anyone are appreciated.
How did you find the one you used and how were they compensated?
Thoughts from anyone are appreciated.
06-09-2017, 10:53 AM
#44
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All this talk is the reason I'm leaning towards leasing. I have a guy here in South Florida that specializes in appraisals and diminished value reports. Very professional and provides comps all in a binder. Then you would get a letter from your local Porsche dealer for trade in with and without accident. Then cross your fingers. His name is Tom Willhite (561) 213-5237.
If it's an honest claim and the insurance company still fights then likely you can get all of your costs to pursue back. Most states this is the case but really you need to talk to an attorney.
I'd suggest finding an appraiser that can give you the right "package" to make it neat and ask him for advice on approaching insurance and an attorney recommendation. They do this all day everyday and know how to play the game.
06-09-2017, 10:53 AM
#45
Drifting
Thanks for the quick reply! I will check that out.