Help with Diminished Value with insurance carrier
09-09-2002, 05:43 PM
#1
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Help with Diminished Value with insurance carrier
Thanks to those who helped with earlier post regarding value after a crash. I have another, more specific question.
Has anyone had recent experience in obtaining Diminished Value after a crash? Some bonehead pulled a Uturn in front and to the right of me...car is in the shop now, but as we all know, most of us would pay less for a car that had been injured, even if repaired by Dr. Porsche himself.
Therefore, my understanding is that Diminished Value is a claim that allows you to claim the difference in pre-crash and post-crash value, above and beyond the repair cost. My understanding is also that insurance companies are likely to be very loathe to actually pay it.
Therefore, my question is...has anyone had any experience in this, and could recommend key phrases or actions that will put this process on rails? I'm not looking to make a dime on the claim, but I'm not looking to lose a penny, either.
Thoughts?
As always, thanks in advance for your input.
Has anyone had recent experience in obtaining Diminished Value after a crash? Some bonehead pulled a Uturn in front and to the right of me...car is in the shop now, but as we all know, most of us would pay less for a car that had been injured, even if repaired by Dr. Porsche himself.
Therefore, my understanding is that Diminished Value is a claim that allows you to claim the difference in pre-crash and post-crash value, above and beyond the repair cost. My understanding is also that insurance companies are likely to be very loathe to actually pay it.
Therefore, my question is...has anyone had any experience in this, and could recommend key phrases or actions that will put this process on rails? I'm not looking to make a dime on the claim, but I'm not looking to lose a penny, either.
Thoughts?
As always, thanks in advance for your input.
09-09-2002, 07:47 PM
#2
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To recover you will have to establish the diminished value through your efforts. The insurance company of the at fault party is not going to help you in any meaningful way. One of the best ways to make your case is to get someone who actually sells cars like your car to write an appraisal stating his opinion regarding the diminished value of your car. I would offer to pay him for his time in reseaching and computing the diminished value. I would explain to him so he understands that you just want to be treated fairly and compensated for the very real diminished value. He should also understand that he may have to go to court should the insurance company want to rip you off. Frequently the adjusters who deal with these property damage claims have no basis for their offer to compensate you some small sum for diminished value. Do your homework.
Remember insurance companies do not make money by paying claims.
Remember insurance companies do not make money by paying claims.
09-09-2002, 08:04 PM
#3
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I had $11,500 paid to me for Diminished value from this accident. I was sitting still, waiting to make a turn, when the White SUV ran the yellow, turned into the white car as he spedthrough intersetion (after switching lanes quickly, to avoid the car ahead of him which was stopping for the yellow) . Actually it was the White car's fault, but he had the right of way in his lane, into which she turned. He he had stopped for the yellow all would have been fine.
Now to DV: You have to make the claim in writing to the person's (at fault) insurance compmany. The best thing is to go to you dealer and get a letter stating what the diminished value from the accident is.
There are companies who will do an estimate, but the ball park figure is 15% of the value at the time of the accident, so I reccommend just sending a letter to he claims adjuster(s) stating your request that DV be paid based on 15%. It cannot hurt to have your laywer write the letter.. but not neccessary.
Make sure if there were any tickets given the insurance company is aware.. takes ALL the blame off of you...
State that you are KEEPING the car, and even though the repairs may be perfect, the value of the car has been significantly reduced, at no fault of your own and that you are intitled to DV.
Be presisant.. they will stall, NEVER EVER cash any check they send you.. and demand more money than they offer. Signing a check equals accepted the terms on the check which in fine print resolves the Insurance of any more liabilities.. Use straight forward Logic.. "I have a letter from different dealers stating the car's value has been significantly reduced...."
NOTE: The insurance company is not legally required to pay DV.. it they get down right picky they can refuse, then YOU must sue the owner of the car who then MUST sue his/her insurance company to cover the loss....
THe clause to pay off of is "The vehicle should be restore to it's preaccident condition and value"
If I can find my letters I wrote, I can send share them with you and see if they help.
Now to DV: You have to make the claim in writing to the person's (at fault) insurance compmany. The best thing is to go to you dealer and get a letter stating what the diminished value from the accident is.
There are companies who will do an estimate, but the ball park figure is 15% of the value at the time of the accident, so I reccommend just sending a letter to he claims adjuster(s) stating your request that DV be paid based on 15%. It cannot hurt to have your laywer write the letter.. but not neccessary.
Make sure if there were any tickets given the insurance company is aware.. takes ALL the blame off of you...
State that you are KEEPING the car, and even though the repairs may be perfect, the value of the car has been significantly reduced, at no fault of your own and that you are intitled to DV.
Be presisant.. they will stall, NEVER EVER cash any check they send you.. and demand more money than they offer. Signing a check equals accepted the terms on the check which in fine print resolves the Insurance of any more liabilities.. Use straight forward Logic.. "I have a letter from different dealers stating the car's value has been significantly reduced...."
NOTE: The insurance company is not legally required to pay DV.. it they get down right picky they can refuse, then YOU must sue the owner of the car who then MUST sue his/her insurance company to cover the loss....
THe clause to pay off of is "The vehicle should be restore to it's preaccident condition and value"
If I can find my letters I wrote, I can send share them with you and see if they help.
09-10-2002, 01:02 AM
#4
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John,
If you could find those letters, I would be most appreciative.
I have talked to the claims adjuster, and he is so far at least understanding of what I am talking about, and gave me the bit of insight that I must file the claim on the guy who was at fault, not just claim on mine for speed and let them sort it out...so mildly encouraging he is at least giving me that much...BUT if you could find those letters, I would be really in your debt.
Thanks,
If you could find those letters, I would be most appreciative.
I have talked to the claims adjuster, and he is so far at least understanding of what I am talking about, and gave me the bit of insight that I must file the claim on the guy who was at fault, not just claim on mine for speed and let them sort it out...so mildly encouraging he is at least giving me that much...BUT if you could find those letters, I would be really in your debt.
Thanks,
