Help with "Diminished Value" claim?
4th Gear
Joined: Nov 2013
Posts: 4
Likes: 0
One possible way -- it still involves selling the car -- is to put the car out for sale at an auction at which other similar cars are being sold then note the difference in selling price. Or sell the car at an auction provided you have access to or can get access auction prices for similar cars sold in the past and note the difference in selling price.
When I speak to dealers, my descriptions are exact and these guys know they aren't actually going to buy the car. So there's no real ulterior motive for them to upgrade or downgrade the price they feel they would pay for the repaired car.
Rennlist Member
Joined: Dec 2009
Posts: 182
Likes: 36
From: North Carolina
Don't give up on diminished value. We got $20,000 DV on our brand-new Cayenne GTS when it was rear-ended last February. The damage doesn't look like much, but it cost ~$17,000 to repair. Although having our beautiful new GTS hit like that was very traumatic, it was repaired with all brand-new Porsche parts, AND we got the DV on top of that. It helped to take some of the sting out of the experience.
Intermediate
Joined: Mar 2012
Posts: 31
Likes: 17
From: Northern CA
I recently went through this in California as well. Actually, my accident sounds very similar to yours. I was rear ended by an idiot that was texting. It caused about $20k in damage to my rear end, cats, and exhaust but no body or structural damage. I filed the DV claim with State Farm. I first had to get an appraisal from an independent appraiser and send it to them. After about a month they contacted me and said they needed to send their own appraiser. My appraisal showed that I had ~$20k in dV and their appraisal said it was ~$10k in dv. It's no surprise that they said they would pay the $10k. I argued that we should, at a minimum, be meeting in the middle and not just taking the low end and they ultimately agreed and paid a $15k DV.
Good luck with your process. I would stick with it if I were you. They obviously would rather not pay, but there is little question that an accident on a high end car will result in diminished value.
Good luck with your process. I would stick with it if I were you. They obviously would rather not pay, but there is little question that an accident on a high end car will result in diminished value.
Three Wheelin'
Joined: Sep 2005
Posts: 1,471
Likes: 8
My wife's minivan got rear ended by an older lady, we filed for DV and all the insurance wanted was an appraisal from the dealer. We took it in to Honda, they gave us a number and we faxed it in. It was nowhere nearly $20K like some of you but we got it with ease.
Drifting
Joined: Feb 2005
Posts: 2,248
Likes: 414
From: Coachella Valley
Drifting
Joined: May 2012
Posts: 2,848
Likes: 55
From: The Republic
Not a Porsche but my Elise got rear ended and I ended up getting a 6K diminished value check and a 5K loss of use since it took so long to repair. I think we based it on what it would cost to rent one in my market and multiplied it by the number of weekend days it was down for repairs.
The insurance company sent an appraiser out to me and appraised the car once it was repaired then we went back and forth a few times and finally settled on a number.
The insurance company sent an appraiser out to me and appraised the car once it was repaired then we went back and forth a few times and finally settled on a number.
4th Gear
Joined: Oct 2013
Posts: 4
Likes: 0
From: San Diego
So I just bought a pristine 2012 Turbo S, basalt black, with only 15k miles, in almost perfect condition. Last week, an idiot literally turned from the middle lane directly into my door - While we were in stopped traffic on the freeway here in San Diego. She had a 91 Buick POS and didn't even look before smashing into me. Accident report says she caused the accident by violating 21658(a). The car cost me about 100k 6 weeks ago, (MSRP in 2012 was 167k) and estimates are 20-25k to fix. New rocker, fender, cutting, welding, and needs to be put on the jigs or celette bench I'm sure. Turns out she wasn't even insured under the baby daddy's policy, and even if she was, the policy limit was 5k!!!!! Idk how that's possible, but apparently CA state law dictates that you can drive a several thousand pound vehicle on the road and only have to carry 5k in liability in an attempt to promote equality so people of lower SES can drive too. When I didn't have the money, I took the train/bus. I have State Farm and they're going to pay the repair bill, but balked at the idea of diminished value.
Needless to say, I'm nauseous
Needless to say, I'm nauseous
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Burning Brakes
Joined: Jun 2010
Posts: 774
Likes: 121
From: Jersey Shore
Contact this guy. I don't think you can go after your own insurance company for DV but maybe he knows. He did my DV claim documentation and I collected $5500. He charged me $300 I think. I am in NJ but he did a great job and knows his stuff.
Auto Damage Experts,
David Smith
Consulting and Expert Assistance
P.O. Box 1362
Beaverton, OR. 97075
Telephone: (503)642-4259
Facsimile: (503)863-3892
www.AutoDamageExperts.com
Auto Damage Experts,
David Smith
Consulting and Expert Assistance
P.O. Box 1362
Beaverton, OR. 97075
Telephone: (503)642-4259
Facsimile: (503)863-3892
www.AutoDamageExperts.com
Rennlist Member
Joined: Apr 2007
Posts: 8,570
Likes: 1,114
From: Florida
So I just bought a pristine 2012 Turbo S, basalt black, with only 15k miles, in almost perfect condition. Last week, an idiot literally turned from the middle lane directly into my door - While we were in stopped traffic on the freeway here in San Diego. She had a 91 Buick POS and didn't even look before smashing into me. Accident report says she caused the accident by violating 21658(a). The car cost me about 100k 6 weeks ago, (MSRP in 2012 was 167k) and estimates are 20-25k to fix. New rocker, fender, cutting, welding, and needs to be put on the jigs or celette bench I'm sure. Turns out she wasn't even insured under the baby daddy's policy, and even if she was, the policy limit was 5k!!!!! Idk how that's possible, but apparently CA state law dictates that you can drive a several thousand pound vehicle on the road and only have to carry 5k in liability in an attempt to promote equality so people of lower SES can drive too. When I didn't have the money, I took the train/bus. I have State Farm and they're going to pay the repair bill, but balked at the idea of diminished value.
Needless to say, I'm nauseous
Needless to say, I'm nauseous
I handled the C4S claim myself which was a battle and a real PIA. For the GTS claim I hired a professional appraiser specializing in these kind of things. Cost me $650 but was well worth it. Excellent and extensive research material was produced and then presented to the driver at fault's insurance company. Some lowball offers were presented but when it was all over I got 100% of what the appraiser came up with.
I guess the big question here is whether or not your own insurance company is obligated to pay DV. I've heard before that your own insurer never gets involved in DV regardless of circumstances but does your policy specifically exclude DV under any circumstance? I will check my own policy now that this has come up again. I can see how and why your own insurer can and will deny DV if you're at fault but it doesn't become any less of an issue because the driver at fault has lousy or no insurance. We pay for insurance to protect our cars. Not just to have them repaired if damaged but also to to maintain and protect the value of it in line with similar cars.
Three Wheelin'
Joined: Feb 2016
Posts: 1,662
Likes: 228
From: ABQ NM
So I just bought a pristine 2012 Turbo S, basalt black, with only 15k miles, in almost perfect condition. Last week, an idiot literally turned from the middle lane directly into my door - While we were in stopped traffic on the freeway here in San Diego. She had a 91 Buick POS and didn't even look before smashing into me. Accident report says she caused the accident by violating 21658(a). The car cost me about 100k 6 weeks ago, (MSRP in 2012 was 167k) and estimates are 20-25k to fix. New rocker, fender, cutting, welding, and needs to be put on the jigs or celette bench I'm sure. Turns out she wasn't even insured under the baby daddy's policy, and even if she was, the policy limit was 5k!!!!! Idk how that's possible, but apparently CA state law dictates that you can drive a several thousand pound vehicle on the road and only have to carry 5k in liability in an attempt to promote equality so people of lower SES can drive too. When I didn't have the money, I took the train/bus. I have State Farm and they're going to pay the repair bill, but balked at the idea of diminished value.
Needless to say, I'm nauseous
Needless to say, I'm nauseous
Car accidents happen. With all that vitriol and looking down on the other driver it sure sounds like it couldn't have happened to a nicer person. Quite possibly had this one comin'
Rennlist Member
Joined: Apr 2017
Posts: 70
Likes: 3
From: Pasadena
Rennlist Member
Joined: Sep 2012
Posts: 2,809
Likes: 712
From: DFW, TX
It's called taking responsibility for one's actions. Something that is sorely lacking in today's society, unfortunately.
OP, sorry to hear this happened. Ask around at your local PCA events to find a repair shop that is Prosche certified.
Rennlist Member
Joined: Apr 2007
Posts: 8,570
Likes: 1,114
From: Florida
Forgot to ask you about this. What exactly did "balked at" amount to here? Every insurance company, the other driver's or your own will always "balk" at DV when first brought up. Doesn't mean they won't eventually pay. Was their balking followed up by anything other than just balking? Like a reference to your policy that states they will never under any circumstance be responsible for compensating you for DV?
