Diminished value help
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'm in the same boat. I hired an appraiser and even had the dealer I purchased the vehicle from offer me a buy-back which is substantially less than KBB due to the rear-ending.
All state is refusing to offer anything and are making erroneous claims about previous damage to the car. At this point I'm acquiring Declarations under penalty of perjury from myself, previous owner, and the repair shop stating their was no damage. Let me know if have any other suggestions - very intersted how we all deal with the crooked All state reps and their hired counsels |
My Cayman S was rear-ended back in 2015. Minor damage to the bumper cover. A support (I'll call it a crash bar) under the bumper cover was also bent and needed to be replaced. Total cost was about $1,100. When I spoke to the insurance company of the guy who hit me about diminished value, their first response was they had no idea what I was talking about. After further explanation on my part they called me back and said something along the lines of "we don't pay for that".
My guess is in almost all cases you'll end up needing a lawyer and possibly a trip to court to get most companies to pay. Wasn't worth it to me for this minor hit, but I'm sure it'll cost me some if/when I sell or trade the car. |
I hate to hear things like this but given how hard it is to get "fixing" money out of the other insurance company, I guess I should not be too surprised that this is the way it goes....
|
Theoretically, wouldn't any car with an accident on its record have somewhat less of a resale value??
|
Originally Posted by STG
(Post 14076484)
Theoretically, wouldn't any car with an accident on its record have somewhat less of a resale value??
Its one of the reasons I consider leasing in some circumstances. No matter how many accidents you have with your leased Porsche, as long as you have the car repaired to Porsche's standard, you just drop off the car and keys at the end of the lease and its not your problem. |
DDD defend deny delay! Most states have a statute where if a claim is not paid when made and you prevail at the end the individual at fault will have to pay your attorney fees. Hire a lawyer and that might wake them up. If not your lawyer will made 10k for a 6k damage.
|
My mother who drives a CLS550 was rear ended, her car need the whole bumper cover replaced, I think the repair was in the 3-4k range. Anyway she requested diminished value from the at fault parties insurance company and got the blown off. All it took was a letter from my brother (an attorney) and instantly the tune changed. She had requested 15,000 but ended up settling for 9k.
As long as you are not at fault you can collect diminished value, it will take persistence and a letter from an attorney to get it settled. Id shoot for 15k and go from there... I had a accident on one of my vehicles and the difference in price with a similar car was $10k. |
He is asking for "VIN specific properly repaired vehicles to establish what the appraiser alleges to be the post-repair value"
What in the world does that mean? How would I get the VIN for properly repaired 2014 991 sales values vs. 991 that haven't been in an accident? |
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.
|
Originally Posted by rcusick
(Post 14077773)
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.
|
Diminished Value Answer
Originally Posted by rcusick
(Post 14077773)
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.
|
I am not affiliated with them and have never used there service..this link might be helpful
http://www.diminishedvaluereport.org/faqs/ |
I have been down this road and sued the insurance company for diminished value at the magistrates office. I did not hire an attorney which was my mistake, had appraisals and dealer statements verifying the diminished value. Insurance companies will fight this tooth and nail because once precedence is set that claimants are entitled to it they will pay out more frequently. I could have won if I had a lawyer but in my case I had Judge Judy in a bad mood. Decided not to pursue.
|
Hire an attorney. You'll be able to get the diminished value as well as the attorneys fees.
|
All times are GMT -3. The time now is 11:39 PM. |
© 2024 MH Sub I, LLC dba Internet Brands