Need Help Please

TXHNTR · July 27, 2009

As the title says I was involved in a accident on Friday night. I was rearended by a F-350 dually with a ranch-hand bumper. My truck came out better than then ford, we were coming to a stop so it was a low speed accident but the other driver said his brakes failed, funny cause it was an 08 and I saw him talking on the cellphone. My bumper is destroyed and the bed hit the cab and left some scuff marks and maybe a small dent on both sides. The Fords bumper got pushed into the hood and pierced the radiator and tore up his fender and hood as well. What I need help with is how can I go about getting the depriciated value of my truck from the insurance company. My truck is less than one year old and I refuse to let them put anything but new parts on my truck. Any info would be greatly appriciated thanks.

-Seth

Outbacker · July 27, 2009

As the title says I was involved in a accident on Friday night. I was rearended by a F-350 dually with a ranch-hand bumper. My truck came out better than then ford, we were coming to a stop so it was a low speed accident but the other driver said his brakes failed, funny cause it was an 08 and I saw him talking on the cellphone. My bumper is destroyed and the bed hit the cab and left some scuff marks and maybe a small dent on both sides. The Fords bumper got pushed into the hood and pierced the radiator and tore up his fender and hood as well. What I need help with is how can I go about getting the depriciated value of my truck from the insurance company. My truck is less than one year old and I refuse to let them put anything but new parts on my truck. Any info would be greatly appriciated thanks.

-Seth

I am not sure about your insurance policy, but I would think since he hit you, his insurance should cover all repairs, and you should be able to determine which dealership does the repairs. Last winter my wife got side swiped by some punk speeding in the snow, and his insurance paid for the repairs, and we requested that all repairs were done at the GMC service department so that it would get genuine GMC parts on it. But it depends on what your insurance policy states. You did not say if there were any injuries in this, but whiplash, even at low speeds, can be a problem. I would get checked out by a doctor before you sign anything that says you are okay, medically speaking. And as far as the ford, I thought shit would splatter on the back of your truck, and you would just have to hose it off . Good luck, and I hope that your truck is back on the road as good as new.

TXHNTR · July 28, 2009

Thanks for the help outbacker. Yes I'm ok my back was kinda sore the first night so I went to the emergency room and got checked out and they said all is fine. I have an appointment on Wednesday to go see the doctor that the insurance company put on my case even though I feel just fine. I'm still wondering if anyone can help me I'm wanting to know how can I go about getting the depriciated value of my truck in a check or reimbursed for it in some way. Anything would help

vdubmurray · July 28, 2009

As the title says I was involved in a accident on Friday night. I was rearended by a F-350 dually with a ranch-hand bumper. My truck came out better than then ford, we were coming to a stop so it was a low speed accident but the other driver said his brakes failed, funny cause it was an 08 and I saw him talking on the cellphone. My bumper is destroyed and the bed hit the cab and left some scuff marks and maybe a small dent on both sides. The Fords bumper got pushed into the hood and pierced the radiator and tore up his fender and hood as well. What I need help with is how can I go about getting the depriciated value of my truck from the insurance company. My truck is less than one year old and I refuse to let them put anything but new parts on my truck. Any info would be greatly appriciated thanks.

-Seth

First I would read through your policy notes and check to see if there are any clauses in there about depreciated value after an accident. Every insurance plan is different, no one on here will be able to tell you exactly what yours is. Then I would make a call to your insurance company and tell them your concerned about the value of your car after the fact and see what they say. Since you weren't at fault, you may have more leverage here.

There's some reading here if you wish:

http://www.carinsurance.com/kb/content37286.aspx

Zembonez · July 28, 2009

Thanks for the help outbacker. Yes I'm ok my back was kinda sore the first night so I went to the emergency room and got checked out and they said all is fine. I have an appointment on Wednesday to go see the doctor that the insurance company put on my case even though I feel just fine. I'm still wondering if anyone can help me I'm wanting to know how can I go about getting the depriciated value of my truck in a check or reimbursed for it in some way. Anything would help

Depreciated value claims are mostly myth. They were hatched up by lawyers to milk money out of claims. They were big in this "land of the consumer getting screwed" for a while but most insurance carriers have since thrown them out the window. The other carrier owes you a truck that is repaired properly and to pre accident condition and nothing more.

Glad you are OK man.

miande · July 28, 2009

Here is an excellent article on diminished value claims:

http://www.insure.com/car-insurance/dimini...-car-value.html

In addition, I found several companies in TX advertising diminished value appraisals which makes me think that diminished value claims are alive and well in TX.

TX is one of the more liberal insurance states. Your commisioner of insurance has been anti-insurance companies for years. Most carriers were taking rate increases to offset the large losses until your commisioner put a freeze on rate increases. That is when a lot of companies quit writing insurance in TX.

I'd say there is a good chance that your policy will exclude DV claims but the only way to know is to Read Your Policy. However, you could still make a claim against the other driver for any diminished value.

If your damage is limited to a bumper and a couple of small dents in the cab back, then your truck has probably not lost value, other than the cost of repairs. In cases where vehicles sustain significant damage, DV claims are legitimate. Your are entitled to be made whole following a loss.

If two identical trucks are sitting side by side, and one had $10,000 in repaired damage and the other had never been wrecked, which one would you buy if the price was identical?

As for used parts, not gonna happen. Virtually every state requires that carriers offer OEM parts to their customers, for at least the first 4-5-6 model years of a vehicle's life. Don't know the specific requirements in TX but given their liberal nature, it won't be an issue.

Good luck. Let us know how it turns out.

Zembonez · July 28, 2009

Here is an excellent article on diminished value claims:
http://www.insure.com/car-insurance/dimini...-car-value.html

In addition, I found several companies in TX advertising diminished value appraisals which makes me think that diminished value claims are alive and well in TX.

TX is one of the more liberal insurance states. Your commisioner of insurance has been anti-insurance companies for years. Most carriers were taking rate increases to offset the large losses until your commisioner put a freeze on rate increases. That is when a lot of companies quit writing insurance in TX.

I'd say there is a good chance that your policy will exclude DV claims but the only way to know is to Read Your Policy. However, you could still make a claim against the other driver for any diminished value.

If your damage is limited to a bumper and a couple of small dents in the cab back, then your truck has probably not lost value, other than the cost of repairs. In cases where vehicles sustain significant damage, DV claims are legitimate. Your are entitled to be made whole following a loss.

If two identical trucks are sitting side by side, and one had $10,000 in repaired damage and the other had never been wrecked, which one would you buy if the price was identical?

As for used parts, not gonna happen. Virtually every state requires that carriers offer OEM parts to their customers, for at least the first 4-5-6 model years of a vehicle's life. Don't know the specific requirements in TX but given their liberal nature, it won't be an issue.

Good luck. Let us know how it turns out.

Absolutely wrong about Texas and a pathetic argument. I've lived here and dealt with insurance claims for 25 years. Most DV claims are bullshit. There may be valid times for them but most are nothing ore than people wanting money for nothing.

miande · July 28, 2009

Absolutely wrong about Texas and a pathetic argument. I've lived here and dealt with insurance claims for 25 years. Most DV claims are bullshit. There may be valid times for them but most are nothing ore than people wanting money for nothing.

So, what is wrong and what is a pathetic. I am an adjuster. Have been for 27 years. In my current role I perform audits of our claims staff to monitor their compliance with claim handling guidelines. I just completed a DOI regulatory compliance audit of 14 different states, including TX. Six years ago I was in TX auditing mold claims because of the ridiculous verdict that was handed down against Farmers Insurance. We tried to modify our policies with a mold exclusion and your insurance commissioner told us NO. We then tried to increase premiums to offset all of the mold losses and once again, your insurance commissioner told us NO. So, we, along with many other carriers, quit writing insurance in the state. You have wind/hail deductibles on your homeowners policies that are equal to 5%, 10%, even 20% of the value of your homes and your premiums are 2 or 3 times higher than other states that only have $500 deductibles. What do you think causes that? Go back and read some of the past articles in National Underwriter, or any other trade publication about the insurance crisis in TX. While the crisis may have passed, the fact remains that TX is one of the more hostile environments for insurer's.

As far as I can tell, the only argument I have made regarding the validity of DV claims was in the example I provided. Not sure how that differs from your statement that there may be valid times for DV claims.

I'm glad that you think insurance carriers can just Throw Out claims they arbitrarily feel are unwarranted. Wouldn't that make everyone feel comfortable in paying premiums. To hell with the written contract, we'll just throw your claim "out the window" because we feel you, our loyal customer, is only seeking money for something they don't deserve.

As for TXHUNTR, you say the other carrier only owes to fix his truck and nothing more. What about a rental while his truck is being repaired? Doesn't he deserve substitute transportation? He also noted that he went to the ER and has a follow up with his MD. Isn't he entitled to reimbursement for his medical expenses? Lost wages? Pain & Suffering?

In 27 years of claims I've learned not to pre-judge people by assuming that they are fueled by greed. I generally try to understand their concerns and then address them one-by-one. While some people who do present diminished value claims are motivated by greed, most are truly concerned about losing money on their vehicles and have been misinformed or are simply uninformed.

When you say that you have dealt with insurance claims for 25 years I sure hope that doesn't mean you are an adjuster. Quite frankly, attitudes like yours are what gives our business a bad name.

Zembonez · July 28, 2009

Absolutely wrong about Texas and a pathetic argument. I've lived here and dealt with insurance claims for 25 years. Most DV claims are bullshit. There may be valid times for them but most are nothing ore than people wanting money for nothing.

So, what is wrong and what is a pathetic. I am an adjuster. Have been for 27 years. In my current role I perform audits of our claims staff to monitor their compliance with claim handling guidelines. I just completed a DOI regulatory compliance audit of 14 different states, including TX. Six years ago I was in TX auditing mold claims because of the ridiculous verdict that was handed down against Farmers Insurance. We tried to modify our policies with a mold exclusion and your insurance commissioner told us NO. We then tried to increase premiums to offset all of the mold losses and once again, your insurance commissioner told us NO. So, we, along with many other carriers, quit writing insurance in the state. You have wind/hail deductibles on your homeowners policies that are equal to 5%, 10%, even 20% of the value of your homes and your premiums are 2 or 3 times higher than other states that only have $500 deductibles. What do you think causes that? Go back and read some of the past articles in National Underwriter, or any other trade publication about the insurance crisis in TX. While the crisis may have passed, the fact remains that TX is one of the more hostile environments for insurer's.

As far as I can tell, the only argument I have made regarding the validity of DV claims was in the example I provided. Not sure how that differs from your statement that there may be valid times for DV claims.

I'm glad that you think insurance carriers can just Throw Out claims they arbitrarily feel are unwarranted. Wouldn't that make everyone feel comfortable in paying premiums. To hell with the written contract, we'll just throw your claim "out the window" because we feel you, our loyal customer, is only seeking money for something they don't deserve.

As for TXHUNTR, you say the other carrier only owes to fix his truck and nothing more. What about a rental while his truck is being repaired? Doesn't he deserve substitute transportation? He also noted that he went to the ER and has a follow up with his MD. Isn't he entitled to reimbursement for his medical expenses? Lost wages? Pain & Suffering?

In 27 years of claims I've learned not to pre-judge people by assuming that they are fueled by greed. I generally try to understand their concerns and then address them one-by-one. While some people who do present diminished value claims are motivated by greed, most are truly concerned about losing money on their vehicles and have been misinformed or are simply uninformed.

When you say that you have dealt with insurance claims for 25 years I sure hope that doesn't mean you are an adjuster. Quite frankly, attitudes like yours are what gives our business a bad name.

WELL!

Sounds like you made your share of money taking care of DV claims to me. You can defend the greed factor all you want. Fact is I do believe (and my experience has been) that many DV claims are pathetic attempts at milking insurance companies for fraudulent dollars. I'll agree that not all DV claims are bad...

If you don't like my attitude, then I guess we'll just have to be gentlemen about it and disagree.

Zembonez · July 28, 2009

Sorry about the hijack Seth. I hope you get this all worked out to your satisfaction.

TXHNTR · July 29, 2009

Sorry about the hijack Seth. I hope you get this all worked out to your satisfaction

No worries man, I didn't mean to start an arguement. Thanks for the advise and information everyone. I wasn't sure about the Diminished value claim thats why I came here looking for some info. I co-worker of mine had mentioned something like that to me and I was looking for some clarification. I'm by no means a greedy money hunger person, I'm getting my truck fixed soon and I'm going to be getting a rental comparable to what I was driving and all of my medical expenses are being taken care of by the insurance company so I'm very happy that I didn't have to fight for any of those things. I won't try the DV claim most likely because they have been really good to me so far and i'm not trying to screw anybody. I plan on driving the truck for a long time so the value of the truck probably won't be very high when it comes time to sell it anyways. Thanks again for the help everyone.

-Seth

2007VictoryRed · July 29, 2009

I would Talk To your insurance guy about a new truck. Yours is still brand new, only a year old. IMO I would not want my truck work on by anybody, No one can do a good job as the factory, They cant seem to match the paint right, Get the body stright, ect. I have never seen a body repair turn out good. Your truck is to new to be worked on, I no that you cant do anything about that but I would give it a try to ask for a new truck.

Zembonez · July 29, 2009

Sorry about the hijack Seth. I hope you get this all worked out to your satisfaction

No worries man, I didn't mean to start an arguement. Thanks for the advise and information everyone. I wasn't sure about the Diminished value claim thats why I came here looking for some info. I co-worker of mine had mentioned something like that to me and I was looking for some clarification. I'm by no means a greedy money hunger person, I'm getting my truck fixed soon and I'm going to be getting a rental comparable to what I was driving and all of my medical expenses are being taken care of by the insurance company so I'm very happy that I didn't have to fight for any of those things. I won't try the DV claim most likely because they have been really good to me so far and i'm not trying to screw anybody. I plan on driving the truck for a long time so the value of the truck probably won't be very high when it comes time to sell it anyways. Thanks again for the help everyone.

-Seth

Well... we were just arguing to argue mostly. You deserve to have your truck returned to original condition and your medical bills taken care of for sure. I'd hope the carrier of the guy that hit you would jump through hoops to see to that. Most are quite fair and will do just that.

rvsahs · July 29, 2009

Sorry about the hijack Seth. I hope you get this all worked out to your satisfaction

No worries man, I didn't mean to start an arguement. Thanks for the advise and information everyone. I wasn't sure about the Diminished value claim thats why I came here looking for some info. I co-worker of mine had mentioned something like that to me and I was looking for some clarification. I'm by no means a greedy money hunger person, I'm getting my truck fixed soon and I'm going to be getting a rental comparable to what I was driving and all of my medical expenses are being taken care of by the insurance company so I'm very happy that I didn't have to fight for any of those things. I won't try the DV claim most likely because they have been really good to me so far and i'm not trying to screw anybody. I plan on driving the truck for a long time so the value of the truck probably won't be very high when it comes time to sell it anyways. Thanks again for the help everyone.

-Seth

Well... we were just arguing to argue mostly. You deserve to have your truck returned to original condition and your medical bills taken care of for sure. I'd hope the carrier of the guy that hit you would jump through hoops to see to that. Most are quite fair and will do just that.

+1 Seth, I'm glad you weren't seriously hurt...an F-350 dually is a big rig that could've done some major damage to life and property.

TXHNTR · July 31, 2009

I put the truck in the shop yesterday its being fixed by Gay GMC in Dickinson TX. I should be getting an update of tuesday. I got a 08 Dodge Ram as a rental truck and I'm not trying to start an argument but my wife and I hate that truck I think the seats have to be the most uncomfortable seats I've ever sat in and its made me miss my GMC already. On the upside atleast I have a rental and my truck is getting fixed my a GMC bodyshop with only new gm parts.