Diminished Value Claim
Thread Starter
Advanced
Joined: Mar 2007
Posts: 56
Likes: 15
Diminished Value Claim
Does anyone have any knowledge on diminished values after an accident? My 06 997 cab was hit in the rear by an 18 wheeler while parked in front of my office! Fortunately there was no engine damage (total repair estimate $7500) but I know the value of the car has been lowered due to the wreck. Thanks for any help.
Burning Brakes
Joined: Dec 2005
Posts: 881
Likes: 0
Some insurance companies will routinely give 50% of the repair cost for a diminished value claim on a relatively new car (but you have to ask for it).
You can probably get more but you'll have to provide some supporting evidence for the claimed loss in value.
You can probably get more but you'll have to provide some supporting evidence for the claimed loss in value.
The Penguin King
Rennlist Member
Rennlist Member
Joined: Apr 2006
Posts: 9,841
Likes: 120
From: Houston
I filed a claim last year for DV. I used a third party appraisal firm to estimate the value of the car pre-accident, and the post accident diminution in value. Their estimate was four times what my insurance company was offering. I negotiated with insurance & we met in the middle, twice what they had offered, and half of what my appraisor estimated. The amount came out to be the same as the cost to fix the damage. My advice would be to get your ducks in order, get a third party appraisor, stay calm, and prepare for a bit of negotiation. PM me if you want more details.
Rennlist Member
Joined: Feb 2007
Posts: 1,492
Likes: 7
From: New Braunfels, TX
My wife was rear-ended about 2 months ago. Also no engine damage, but repair bill came to just south of $24k. The dimished value will be about $10k (wholesale) on the car due to having frame damage (all behind the engine) and repaint work.
Instructor
Joined: Oct 2006
Posts: 100
Likes: 0
From: Oklahoma City
i know personally I would not buy a car that has been in an accident.
if i ever did, i would expect the price of the car to be much lower than the same car w/no accidents on its record.
so i guess, the price is diminished after an accident, assuming there are more people like me out there.
if i ever did, i would expect the price of the car to be much lower than the same car w/no accidents on its record.
so i guess, the price is diminished after an accident, assuming there are more people like me out there.
Trending Topics
Instructor
Joined: Jan 2005
Posts: 149
Likes: 3
From: raleigh,nc
you are entitled to a diminished value claim in all states when filing the claim with the other parties insurance (if they are at fault). Some states do however limit filing a D/V claim with your own insurance. At least that is my understanding. I was able to collect here in NC.
Dave
Dave
Rennlist Stories
The Best Porsche Posts for Porsche Enthusiasts
10 Porsche Colors That Have More Personality Than Most People
Verdad Gallardo
Guntherwerks' Final Speedster Creation Is the Ultimate Porsche Restomod
Verdad Gallardo
10 Reasons I Hate Going to the Porsche Dealership (& the 1 Reason I Stay)
Joe Kucinski
Porsche Shakes Up The Nürburgring Lap Record Table Once Again
Verdad Gallardo
6 Ways the Porsche 911 GT3 S/C Redefines Performance
Joe Kucinski
10 Wildest Homologation Specials Porsche Ever Sold
Verdad Gallardo
Super Rare RUF BTR III Comes Out of Hibernation, Looking For a New Home
Verdad Gallardo
10 Porsche Opinions That Can Start a Fight
Joe Kucinski
One-Off Porsche 911 S/T Takes Inspiration From Famous '70s Race Car
Verdad Gallardo
Rennlist Member
Joined: Mar 2004
Posts: 2,218
Likes: 10
From: Colorado
I can't see why states would have anything to do with DV claims. We're talking about a negotiated settlement between you and the insurance company. There's no legality to be considered that I'm aware of.
Track Day
Joined: Nov 2004
Posts: 19
Likes: 0
Originally Posted by BSL
My wife was rear-ended about 2 months ago. Also no engine damage, but repair bill came to just south of $24k. The dimished value will be about $10k (wholesale) on the car due to having frame damage (all behind the engine) and repaint work.
I thought according to the law, the car has to be totalled if there are any sign of frame damages??
Rennlist Member
Joined: Feb 2007
Posts: 1,492
Likes: 7
From: New Braunfels, TX
Originally Posted by Imola
I thought according to the law, the car has to be totalled if there are any sign of frame damages??
Instructor
Joined: May 2004
Posts: 126
Likes: 0
From: Denver
Certain states have an election of remedies (California). Hence, if you accept repair and later on go after diminished value, chances are you lose. Also, some states allow forexclusion of DV from coverage. The strategy (assuming you got hit) is to go after a DV claim, not with your insurance company, but agains the person that hit you. That will force the duty to defend coverage in the perpetrator's insurance policy and you may be able to prevail in a DV claim.
Key to DV claims is to get an appraiser's opinion of the diference in resale value between a perfect never damaged car and your car even if perfectly repaired.
I have been there (successfully). Get an attorney that knows how to prosecute a DV claim. Good luck
Key to DV claims is to get an appraiser's opinion of the diference in resale value between a perfect never damaged car and your car even if perfectly repaired.
I have been there (successfully). Get an attorney that knows how to prosecute a DV claim. Good luck
