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Diminished value help

 
Old 03-31-2017, 01:38 PM
  #1  
maxpowers
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Default 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?
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Old 03-31-2017, 01:51 PM
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Ronak Gorajia
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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
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Old 03-31-2017, 02:21 PM
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Cayman7
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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.
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Old 03-31-2017, 02:35 PM
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mikeearly
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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....
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Old 03-31-2017, 02:42 PM
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STG
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Theoretically, wouldn't any car with an accident on its record have somewhat less of a resale value??
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Old 03-31-2017, 02:57 PM
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kayjh
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Originally Posted by STG View Post
Theoretically, wouldn't any car with an accident on its record have somewhat less of a resale value??
That is what creates a diminished value. If you take 2 exact cars with the same options and mileage in the same market with one having been in a $10,000 accident, park them on the same lot, the one with the accident history is going to sell for less. Its value is diminished by the accident. Most insurance companies like to pretend it doesn't exist. that is where the lawyer comes in. But what you might get from the insurance company, you pay a portion of to the lawyer.

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.
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Old 03-31-2017, 03:10 PM
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HK G36C
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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.
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Old 03-31-2017, 03:26 PM
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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.
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Old 03-31-2017, 04:50 PM
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maxpowers
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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?
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Old 03-31-2017, 11:41 PM
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rcusick
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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.
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Old 04-01-2017, 12:03 AM
  #11  
tampaukfan
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Originally Posted by rcusick View Post
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.
rcusick is correct, forgot to mention the appraiser. No need to worry about the leg work if you use one.. I think the one my folks used was $100.00..
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Old 04-01-2017, 10:13 AM
  #12  
DIMINISHEDVALUE
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Default Diminished Value Answer

Originally Posted by rcusick View Post
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.
Bingo! The preferred way to proceed is to find a licensed independent auto appraiser who prepares diminished value reports. But there is as wide a spectrum of quality within that field as there is in the collision repair business. Most independent appraisers don't provide much more than either their "expert" opinion based on experience or a formula (look up Rule 17-C) which are also referred to as algorithms. They have no relation to the reality of selling or trading a car with a bad Carfax but more importantly, when the insurance company recognizes the lack of evidentiary credibility they can confidently say "Go ahead and sue us." I mentioned hiring a licensed appraiser. One need not be licensed to write diminished value reports but someone with an auto appraisers license from any state is a valuable credential. And as far as the best method for determining the existence and amount of value your car has lost as a result of being wrecked and repaired, look for an appraiser that picks up the phone and makes inquiries to sales managers at multiple dealerships because they are the experts in the business of buying, selling, trading and auctioning bad Carfax cars. That would be a real deal diminished value report.
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Old 04-01-2017, 04:52 PM
  #13  
raaizin
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I am not affiliated with them and have never used there service..this link might be helpful

http://www.diminishedvaluereport.org/faqs/
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Old 04-01-2017, 07:09 PM
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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.
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Old 04-01-2017, 08:57 PM
  #15  
Homeles
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Hire an attorney. You'll be able to get the diminished value as well as the attorneys fees.
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