Diminished Value / Accident
01-09-2015, 01:12 PM
#16
Burning Brakes
Thread Starter
I actually just got referred by the Porsche dealership to a company that specializes in diminished values on Porsches. I emailed him my estimate and he runs the numbers and advises what he thinks I can receive as a settlement. If the numbers make sense I pay him $450 and he deals with the rest, insurance etc.
If anyone is in the same boat in Texas let me know and I can DM you his details.
If anyone is in the same boat in Texas let me know and I can DM you his details.
01-09-2015, 04:54 PM
#17
Three Wheelin'
Question about diminished value and using an appraiser for $250 to write something to the insurance company.
Why does the insurance company trust the opinion of the person appraising your diminished value claim?
Insurance companies want to reduce payout so why not give them a reasonable number, your logic and backup docs and just state .... 'Pay up or see you in court'. They already know what number they're willing to pay right?
Whether I have some random appraiser slap some numbers together does what for them?
I suppose going the legal route may be extreme but is there a way to just cut to the chase?
Why does the insurance company trust the opinion of the person appraising your diminished value claim?
Insurance companies want to reduce payout so why not give them a reasonable number, your logic and backup docs and just state .... 'Pay up or see you in court'. They already know what number they're willing to pay right?
Whether I have some random appraiser slap some numbers together does what for them?
I suppose going the legal route may be extreme but is there a way to just cut to the chase?
01-09-2015, 06:34 PM
#18
Burning Brakes
Thread Starter
Question about diminished value and using an appraiser for $250 to write something to the insurance company. Why does the insurance company trust the opinion of the person appraising your diminished value claim? Insurance companies want to reduce payout so why not give them a reasonable number, your logic and backup docs and just state .... 'Pay up or see you in court'. They already know what number they're willing to pay right? Whether I have some random appraiser slap some numbers together does what for them? I suppose going the legal route may be extreme but is there a way to just cut to the chase?
I'm sure that I could do it on my own, however I think that the individual I am dealing with will more than pay for his services by getting an increase in compensation from the insurance company that I would not be able to attain with my skill set.
The opportunity cost and the amount of time I would have to spend on researching this would be much better spent on my own business.
01-09-2015, 06:42 PM
#19
Rennlist Member
I completely agree with OP. I would be a babe in the woods trying to swim with the sharks (yeah, that's a terribly mixed metaphor) trying to do something like this. I think that would be true of many of us... and OP is the best to judge that in his case. The insurance company is hoping that most of us will take a naive attempt at something like this (my dad was an insurance agent a long time ago and got fired after 20 years of service for trying to do the right thing by the customer one too many times).
The specialist that OP is dealing with also is offering a conditional fee so it costs you nothing to see if it sounds worth going for. Sounds like a deal to me. I'll be next in line if something like this happens to me.
The specialist that OP is dealing with also is offering a conditional fee so it costs you nothing to see if it sounds worth going for. Sounds like a deal to me. I'll be next in line if something like this happens to me.
01-09-2015, 10:38 PM
#20
Nordschleife Master
FWIW....I paid an appraiser $250 to assess my damages. He said in his written report that I was owed $1,250. As stated earlier in this thread I ended up collecting $3,200 fighting the claim on my own leaving the appraiser's letter in my office drawer.
01-10-2015, 02:36 PM
#21
My passenger door was replaced after being hit by a drunk at 1:00 in the afternoon - six martini lunch I guess. I was turning left into the left lane and she was turning right into the rightmost lane (I thought). She came across three lanes and ran me off the road, still coming into contact, and kept on going! I had to stop her at the light, but I digress.
Maybe because she was drunk, but her insurance co was very nice. They replaced the door when it could have been bondo'ed and didn't flinch when I asked for diminished value. Made me a one time offer which I was not really impressed with, but accepted.
Told the dealership I wouldn't accept less than a perfect color match (basic black) and paint thickness. Very pleased. I don't think it would diminish the value today if I were to sell it.
Maybe because she was drunk, but her insurance co was very nice. They replaced the door when it could have been bondo'ed and didn't flinch when I asked for diminished value. Made me a one time offer which I was not really impressed with, but accepted.
Told the dealership I wouldn't accept less than a perfect color match (basic black) and paint thickness. Very pleased. I don't think it would diminish the value today if I were to sell it.
01-10-2015, 02:50 PM
#22
Here in CA there is a law against using the cell phone while driving and it hasn't helped at all as near as I can tell.
In Feb. 2009 my Boxster was struck from behind while stopped at a light by a driver who was on her phone and when the left hand turn light changed and traffic in the left hand turn lane next to her started moving she took off and ran into the back of my car. The impact actually drove my car into the car ahead, so my car had both rear bumper cover and taillight and front bumper cover and headlight damage.
Then in early May my new (4-week old) Cayman S was struck by a car driven by a woman on her cell phone and missed her turn and slammed on the brakes and slid across 2 lanes of traffic and through an intersection and struck my new Cayman S which was stopped a few car lengths back from the intersection. The new Cayman S was totaled.
Then back in May of this year in the Boxster I was stopped at a light. When the light changed I started to pull away and hadn't gotten moving much at all when the driver (guy this time) on his cell phone just drove into the back of my Boxster. This time the bumper cover wasn't damaged just needed some paint work.
It is so bad I have even had to dodge local police cars that run stop signs and pull out in front of me. In one case I watched the patrol car come out and turn left and cross right in front of me. I managed to stop in time and was able to watch the driver -- a female police officer -- as she drove by talking on her cell phone. She gave me a half assed wave of "sorry" as her car went by.
In Feb. 2009 my Boxster was struck from behind while stopped at a light by a driver who was on her phone and when the left hand turn light changed and traffic in the left hand turn lane next to her started moving she took off and ran into the back of my car. The impact actually drove my car into the car ahead, so my car had both rear bumper cover and taillight and front bumper cover and headlight damage.
Then in early May my new (4-week old) Cayman S was struck by a car driven by a woman on her cell phone and missed her turn and slammed on the brakes and slid across 2 lanes of traffic and through an intersection and struck my new Cayman S which was stopped a few car lengths back from the intersection. The new Cayman S was totaled.
Then back in May of this year in the Boxster I was stopped at a light. When the light changed I started to pull away and hadn't gotten moving much at all when the driver (guy this time) on his cell phone just drove into the back of my Boxster. This time the bumper cover wasn't damaged just needed some paint work.
It is so bad I have even had to dodge local police cars that run stop signs and pull out in front of me. In one case I watched the patrol car come out and turn left and cross right in front of me. I managed to stop in time and was able to watch the driver -- a female police officer -- as she drove by talking on her cell phone. She gave me a half assed wave of "sorry" as her car went by.
J
01-10-2015, 03:01 PM
#23
Im currently in the market for a Cayman S, one is on a car for sale site I have been watching, has an accident, airbag deployed, not your situation, I get that. Here is the catch, the car is 10K under book and dealer still cannot sell it..
Degree of damage is highly important yours seems minor, but as others have said, take pictures and document damage. Also, check the car fax after the accident to see how it shows up, carfax is very explicit.
Degree of damage is highly important yours seems minor, but as others have said, take pictures and document damage. Also, check the car fax after the accident to see how it shows up, carfax is very explicit.