Diminished value?

[dumbstixlars]

My wife was hit a few week weeks ago and it was the other driver's fault. We have since gotten the car repaired (about $2500 worth of damage) and I contacted the other driver's insurance about diminished value. I was unaware that there isn't a set scale on what to look for, the adjuster told me we are supposed to come up with a number. What would be a reasonable amount to ask for for the damage? Car books out at around $7500 before it was hit.

Thanks

 

[king nothing]

I was told it would be 25 to 30 percent of the repair cost...

 

[SonicDTR]

Start at half and go from there...

 

[thomas91169]

Diminished value in a car that bb's for $7500?

Good luck with that. I guess it doesnt hurt to try.

 

[EcoBoostF100]

My wife was hit a few week weeks ago and it was the other driver's fault. We have since gotten the car repaired (about $2500 worth of damage) and I contacted the other driver's insurance about diminished value. I was unaware that there isn't a set scale on what to look for, the adjuster told me we are supposed to come up with a number. What would be a reasonable amount to ask for for the damage? Car books out at around $7500 before it was hit.

Thanks

I spent 10yrs as a specialty claims adj and did quite a few diminished value claims. Would need a lot more info to help you out. Yr, make, model, miles, copy of estimate would help. The diminished value claims hinged a lot on frame damage. Whether it had to be set on frame rack.. setup & pull etc. How much frame damage. Was it your choice on repair shop or a body shop the insurance recommended? You for sure will have some diminished value but how much need more info . . .

 

[dumbstixlars]

I spent 10yrs as a specialty claims adj and did quite a few diminished value claims. Would need a lot more info to help you out. Yr, make, model, miles, copy of estimate would help. The diminished value claims hinged a lot on frame damage. Whether it had to be set on frame rack.. setup & pull etc. How much frame damage. Was it your choice on repair shop or a body shop the insurance recommended? You for sure will have some diminished value but how much need more info . . .

03 VW Golf diesel, 115K miles, no frame damage, mostly cosmetic, we took it to a local shop. We had our insurance take care of it since his insurance wanted us to take it to a shop over 30 miles away. We just didn't have the time to take it to an unknown shop. They had to pull some dents, order a new door, replace a wheel, realign the car, paint and blend all the new parts.

 

[EcoBoostF100]

03 VW Golf diesel, 115K miles, no frame damage, mostly cosmetic, we took it to a local shop. We had our insurance take care of it since his insurance wanted us to take it to a shop over 30 miles away. We just didn't have the time to take it to an unknown shop. They had to pull some dents, order a new door, replace a wheel, realign the car, paint and blend all the new parts.

I would say at least 1000.00

Because of AutoCheck, CarFax and others people will be able to see the car was wrecked and that turns away many buyers. Because of the simple fact most sellers~builders of wrecked veh lie and say it only had a scratch . . . it really does have and effect on the value.

What I would do is go to a couple dealers and get a value on car without saying it has been wrecked then say ok, now how much knowing it has been wrecked. That is for starters to help determine the diminished value as its up to you to show the insurance company its worth less now. Its really how you play the game with them. You cannot collect a dime from your own insurance company and have to go thru the other ins. company to collect the diminished value.

Tell them you feel its worth a grand and see what they say. If they jerk you around go for more. I had a friend who collected 4500.00 diminished value on a AWD Astro mini van that had 4000.00 in damage.

I know how it works in AZ but not in your state. But from what you have said they already understand you will be making a diminished value claim. Quite often if a veh is borderline total that is a good way to make it go away is tell them you plan on claiming diminished value.

 

[dumbstixlars]

I would say at least 1000.00

Because of AutoCheck, CarFax and others people will be able to see the car was wrecked and that turns away many buyers. Because of the simple fact most sellers~builders of wrecked veh lie and say it only had a scratch . . . it really does have and effect on the value.

What I would do is go to a couple dealers and get a value on car without saying it has been wrecked then say ok, now how much knowing it has been wrecked. That is for starters to help determine the diminished value as its up to you to show the insurance company its worth less now. Its really how you play the game with them. You cannot collect a dime from your own insurance company and have to go thru the other ins. company to collect the diminished value.

Tell them you feel its worth a grand and see what they say. If they jerk you around go for more. I had a friend who collected 4500.00 diminished value on a AWD Astro mini van that had 4000.00 in damage.

I know how it works in AZ but not in your state. But from what you have said they already understand you will be making a diminished value claim. Quite often if a veh is borderline total that is a good way to make it go away is tell them you plan on claiming diminished value.

Thanks for the advice, I was thinking about $1K-$1500 so I wasn't too far off.

 

[CobraBob]

Post a follow-up here when you find out what the diminished value claim ends up to be. That will help others in the future who might be searching for this info. Thanks.

 

[kustom_efekt]

I would say at least 1000.00

Because of AutoCheck, CarFax and others people will be able to see the car was wrecked and that turns away many buyers. Because of the simple fact most sellers~builders of wrecked veh lie and say it only had a scratch . . . it really does have and effect on the value.

What I would do is go to a couple dealers and get a value on car without saying it has been wrecked then say ok, now how much knowing it has been wrecked. That is for starters to help determine the diminished value as its up to you to show the insurance company its worth less now. Its really how you play the game with them. You cannot collect a dime from your own insurance company and have to go thru the other ins. company to collect the diminished value.

Tell them you feel its worth a grand and see what they say. If they jerk you around go for more. I had a friend who collected 4500.00 diminished value on a AWD Astro mini van that had 4000.00 in damage.

I know how it works in AZ but not in your state. But from what you have said they already understand you will be making a diminished value claim. Quite often if a veh is borderline total that is a good way to make it go away is tell them you plan on claiming diminished value.

I went thru the same thing with my show truck several years ago. Long story short I had to go to three seperate dealers and get trade quotes with before knowledge of accident and after the knowledge of accident

 

[Equalbracket]

I'm going the same thing, $1500 repair estimate at the best shop in town on an 11' Ram 1500. My agent decided to replace the entire rocker instead of repair. This is under uninsured motorist as It was a hit in run and I cant prove anything. 20k Miles, sticker was like 34. In my opinion this is a big deal, I wouldn't ever buy a wrecked a vehicle and it will show paint/body work. 30% of $1500 isn't going to cut it.

 

[EcoBoostF100]

I'm going the same thing, $1500 repair estimate at the best shop in town on an 11' Ram 1500. My agent decided to replace the entire rocker instead of repair. This is under uninsured motorist as It was a hit in run and I cant prove anything. 20k Miles, sticker was like 34. In my opinion this is a big deal, I wouldn't ever buy a wrecked a vehicle and it will show paint/body work. 30% of $1500 isn't going to cut it.

If you do not know who hit the truck then you have no diminished value claim. It cannot be against your own insurance company. And yes the entire rocker needed to be replaced . . .

 

[Equalbracket]

If you do not know who hit the truck then you have no diminished value claim. It cannot be against your own insurance company. And yes the entire rocker needed to be replaced . . .

Actually I do. Uninsured motorist claim. My own insurance company will pay the diminished value claim, they were the ones to bring it up first.

 

[EcoBoostF100]

Actually I do. Uninsured motorist claim. My own insurance company will pay the diminished value claim, they were the ones to bring it up first.

IMHO it looks like a collision loss plain and simple. You high centered the truck over something and now want to say it was someone else and on top of that you want to claim diminished value for something YOU did . . .

Its very clear to me this was no hit and run!

So no, there would be no diminished value claim. This claim would go straight to the SIU division for further investigation.

Remember I said I was a "SPECIALTY" claims adjuster? This would be considered a specialty claim . . .

 

[timpryor]

IMHO it looks like a collision loss plain and simple. You high centered the truck over something and now want to say it was someone else and on top of that you want to claim diminished value for something YOU did . . .

Its very clear to me this was no hit and run!

So no, there would be no diminished value claim. This claim would go straight to the SIU division for further investigation.

Remember I said I was a "SPECIALTY" claims adjuster? This would be considered a specialty claim . . .

Agree'd

under UMPD in SOME states there is DIV, GA is the only state off the top of my head I know and deal with that offers DIV for first party claims.

I'm just a regular insurance adjuster but after seeing those pic's I would throw that to SIU.

OP, most insurance companies won't consider and DIV worth your while if the car has over 100k miles.

 

[alex3610]

I was rear ended here in VA in my nissan. Did about $6k of damage which included some unibody frame damage. I had to get a diminished value appraisal from a 3rd party, then sent that to the other guys insurance. If I recall right the report said $4500 and we eventually negotiated to about $3k. About 9 months ago, my girls almost new Acura was hit, but no frame damage. She got about $750.

 

[dumbstixlars]

Post a follow-up here when you find out what the diminished value claim ends up to be. That will help others in the future who might be searching for this info. Thanks.

I will if I can get any out of them. I think they are dodging me at this point...

OP, most insurance companies won't consider and DIV worth your while if the car has over 100k miles.

Maybe, market value is still pretty decent on these cars cause they are next to impossible to find around here.

 

[notchstang92]

I'm going the same thing, $1500 repair estimate at the best shop in town on an 11' Ram 1500. My agent decided to replace the entire rocker instead of repair. This is under uninsured motorist as It was a hit in run and I cant prove anything. 20k Miles, sticker was like 34. In my opinion this is a big deal, I wouldn't ever buy a wrecked a vehicle and it will show paint/body work. 30% of $1500 isn't going to cut it.

Good luck w/ your claim since it looks like you ran something over. No paint transfer, no door damage and your shop isn't too good if they can't repair that rocker. Typical body shop nowadays. All they are is a bunch of parts swappers with no clue how to straighten metal and use a frame machine. It's sad really.

Wow states still do diminished value? I guess that is actually something MA does right. We don't have diminished value here. You guys are all saying your cars were "wrecked" no they weren't. They had a collision loss and were repaired. Far from being wrecked. Just because a car is hit doesn't make it worth less at all. If it is repaired properly then the car is just as good as before the loss.

If you were talking truly limited production cars like a cobra R or maybe a US legal Skyline then you may have a case. I wouldn't buy one of those that had been hit before.

 

[Never_Enough]

I was paid diminished value on a car a few years ago after someone hit me & caused $9k worth of damage. I got about $3k in diminished value.

 

[Never_Enough]

I'm going the same thing, $1500 repair estimate at the best shop in town on an 11' Ram 1500. My agent decided to replace the entire rocker instead of repair. This is under uninsured motorist as It was a hit in run and I cant prove anything. 20k Miles, sticker was like 34. In my opinion this is a big deal, I wouldn't ever buy a wrecked a vehicle and it will show paint/body work. 30% of $1500 isn't going to cut it.

This damage does not qualify for wrecked vehicle status. You'd never buy salvage title car or any car that was in an accident period? I agree on salvage, but if you says never anything that was in an accident then that is silly & you better sell the truck as soon as it gets fixed then.