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What do you think about this diminishing claim offer?

ChinkySuperman
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ChinkySuperman Enthusiast

ChinkySuperman

Posted
Posted

My 19 LTZ extended cap a few months ago.  Major repairs were front frame frame, front bumper, hood and passenger fender were replaced, total cost of repair was around $17k, which all paid for by the other vehicle's insurer since they were at fault.  They finally got back at me with an offer of $3800 cash for the diminishing value claim, having never dealt with one I'm not sure if that's a good number.  I'm hoping to get some consensus to see if I should settle for that or fight for more?

btj_z71 Enthusiast

btj_z71

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Posted
8 minutes ago, ChinkySuperman said:

My 19 LTZ extended cap a few months ago.  Major repairs were front frame frame, front bumper, hood and passenger fender were replaced, total cost of repair was around $17k, which all paid for by the other vehicle's insurer since they were at fault.  They finally got back at me with an offer of $3800 cash for the diminishing value claim, having never dealt with one I'm not sure if that's a good number.  I'm hoping to get some consensus to see if I should settle for that or fight for more?

That seems decent.  When my frame was bent and the shop did frame replacement (bumper, hitch, tailgate too) and rebuilt my 2014 silverado truck essentially for around $9k, I think I received around $1500, I can't remember exactly.

 

I know I didn't get anywhere near $3800.

 

From what I recall, there is a formula that factors in the cost of the repair and the value of the truck prior to the accident.  So $3800 seems good to me.

 

I am not an expert on this by any means but thought I'd share my experience for reference.

walshie Enthusiast

walshie

Posted
Posted

Goto vroom, carvana etc and get offer with and without accident. Carvana was $4000 different on mine with accident.

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SPASierra Enthusiast

SPASierra

Posted
Posted
Or you could call "your" insurance company and ask them for a $$ number.

Insurance companies don’t like to deal in diminished value. To them, your vehicle was repaired so you are whole from a financial standpoint. Best bet would be to Google diminished value adjusters in your area, and give one of them a call.


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