Diminished Value Claim

[chris24]

 

I've been in an accident in the past where that was the process (physical adjuster). I think due technology advances coupled with laziness, they want pictures now rather than sending a real person out.

 

I didn't sign anything, they directly deposited the estimated damage amount into my account

 

 

I guess also since it's such a minor thing an adjuster probably wasn't needed. I assume that they'll cover the difference, but talk with the agent to be sure.

[O_J_Simpson]

 

20% of the book value for a damaged fender? not a chance.

Is this Jake....from State Farm?

[ducklawyer]

I deal with that stuff too often. Take it to local dealer and have them write up a report. You can modify your position between difference in trade in with/without clean carfax, and resale with/without. Just remember - everything's negotiable

 

 

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[x219c]

I've pursued a DV claim in the past. I wouldn't skip it.

 

In my accident, the other driver was at fault and I actually went through my insurance initially. They recovered the money from the other persons insurance after it was all fixed up. I paid my deductible and got my car fixed, they went and got everything back for me. So nothing out of pocket after it was all said and done. This eliminates a lot of the hassle the other persons insurance would have caused. I figured my insurance company is much more skilled with getting their money back. I was right.

 

The diminished value claim was something I had to handle right through the other persons insurance though. I was also able to be reimbursed for time missed at work and such.

 

Luckily there were no injuries, so I didn't have to go through that part of the process.

 

 

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[DIMINISHEDVALUE]

So last week I was hit by a stupid, stupid woman who was paying NO attention while driving and swerved into my lane side swiping me with her mirror.

 

Her insurance is covering the damages, but my worry is the diminished residual value when I resell or trade in later on. My truck is a 2016 and just turned over 15k miles. I assume the diminished value of the truck will be pretty substantial since I have another vehicle and don't plan on putting a terrible amount of miles on this thing by the time I resell.

 

Has anyone successfully submitted one of these claims through the insurance company? If so, how much a hassle was it?

 

***apologies for the vertical picture orientation. not sure how to fix that ***

 

 

Hi, No structural damage means that a dealer can certify it, hence, less diminution of value. Figure that you've lost approximately 10% of the pre-accident fair market value.

 

Regarding successfully receiving a fair settlement amount, I have this advice for prospective customers, you need two things, a good appraisal and persistence. You need both or your spinning your wheels.

[aseibel]

Hi, No structural damage means that a dealer can certify it, hence, less diminution of value. Figure that you've lost approximately 10% of the pre-accident fair market value.

 

I'd love to buy a truck at a 10% discount just because it has a repaired front fender. Let me know when it goes up for sale.

[x219c]

 

I'd love to buy a truck at a 10% discount just because it has a repaired front fender. Let me know when it goes up for sale.

I'm betting most are just sold to people who don't check the history. If someone notices, they may say they had no idea and someone else will come along and buy it. I doubt the dealers take the hits on these.

 

Most honest dealers will probably give you less in trade then send it to auction. From there I'd bet on small lots buying them. I don't recall running into a car with a damage mark on the history at any of the big dealers I've dealt with.

 

 

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[huey62]

My wife had a 2013 Nissan Rogue that got rear ended while sitting at a stop light. Scruffed the bumper cover up no other damage. They replaced cover and repainted. Total cost to other drivers insurance $700. When she went to trade it in this year with 24k on it they gave her $1500 less because of hit on Carfax report. Isn't fair when it's not your fault!!!

[Travis1024]

My wife had a 2013 Nissan Rogue that got rear ended while sitting at a stop light. Scruffed the bumper cover up no other damage. They replaced cover and repainted. Total cost to other drivers insurance $700. When she went to trade it in this year with 24k on it they gave her $1500 less because of hit on Carfax report. Isn't fair when it's not your fault!!!

 

THIS ^^^ Is exactly what I am trying to avoid. Not fair that I take a hit on the value of my vehicle due to the negligence of another idiot driver.....She also tried to flee the scene claiming "she didn't know she hit me" (though her driver side hit me and her window was all the way down...smh.....maybe that will give me some leverage....

[2018GMC]

On 6/20/2017 at 6:23 AM, Travis1024 said:

 

THIS ^^^ Is exactly what I am trying to avoid. Not fair that I take a hit on the value of my vehicle due to the negligence of another idiot driver.....She also tried to flee the scene claiming "she didn't know she hit me" (though her driver side hit me and her window was all the way down...smh.....maybe that will give me some leverage....

How did this turn out? Were you able to get the diminished value claim? 

[duquephart]

On 6/19/2017 at 6:30 PM, huey62 said:

My wife had a 2013 Nissan Rogue that got rear ended while sitting at a stop light. Scruffed the bumper cover up no other damage. They replaced cover and repainted. Total cost to other drivers insurance $700. When she went to trade it in this year with 24k on it they gave her $1500 less because of hit on Carfax report. Isn't fair when it's not your fault!!!

 

A dealer will use any excuse to low ball you on a trade. 

[Colossus]

That's why you ALWAYS do private sale.  Never do a trade in!

[Grumpy Bear]

On ‎6‎/‎14‎/‎2017 at 2:27 PM, dasimmon said:

lmao! yeah prolly smart to pass on that offer!

 

sorry to hear about this though

 

 

[Travis1024]

On 4/7/2018 at 3:26 PM, 2009GMC said:

How did this turn out? Were you able to get the diminished value claim? 

This actually turned out surprisingly well. I was able to fight through a diminished value claim, (which honestly wasn't too bad), and the total that we agreed on with the other party's insurance company was pretty fair. Still sucks that I may get dinged reselling, but at least I was paid out enough to make up a portion of that potential loss.

[Travis1024]

16 hours ago, Colossus said:

That's why you ALWAYS do private sale.  Never do a trade in!

Completely agree with that statement! However,  I went a test drove a 2014 SRT8 Jeep the other weekend, and I was offered a surprisingly high amount for trade in from a dealer (only1500-2k shy of private party blue book) which seems like it wouldn't happen very frequently. Though the trade in value was high, and that Jeep is a monster, just couldn't part with my truck....