20lbbooster

iTrader: (3)

I have a 2009 g8 GXP. I was rear ended and pushed into the car in front of me about a month ago. My car is currently still in the shop being repaired. There was quite a bit of damage but the car is repairable.

My question is this. Once the car is finished, how do I claim, and or sue for the diminished value of my vehicle? I've had alo of people tell me that I can get paid the value, but I don't know the process.

Who here has experience with this?

Thanks

NVRBKDN

you can just call the insurance company that is handling it and let them know that you would like them to pay you for the diminished value. My recomendation to be polite and usually they will pay you without a fight.

bill12690

iTrader: (4)

im about to be going through the same crap with diminished value, i'll let you know if/what i come up with..

LeadfootDuramax

iTrader: (6)

Eh, not really. I went through this with my truck a couple years ago. They will make you an offer, but it will be low (they aren't in business to give things away). I had an appraisal done and report written stating what diminished value was. I sent this in and got the insurance offer up considerably. I did not get as much as I had hoped, but I was able to use the diminished value to force them to use new GM parts instead of junk yard parts or aftermarket.

20lbbooster

iTrader: (3)

Who did the apprasisal and report?

NVRBKDN

i will agree with you on the low ball offer but it sometimes depends on the insurance company on how low. in my case i just argued a bit with them and got it up a some and then didnt worry about it after that it was a my truck and dont really plan on selling it atleast not while its still worth anything. It will probably just become a beater for work and such.

03Sssnake

iTrader: (20)

You will need an appraisal, as already mentioned. The car is new enough, you did not cause the accident, so with a proper appraisal I suspect you will some compensation. Do you plan on keeping the car?

20lbbooster

iTrader: (3)

Yeah, I plan on keeping the car.

VinR1

iTrader: (17)

assuming you were in the car at the time of the accident...


dont be afraid to bust out the "oh, btw my neck has been hurting more and more since your customer rear-ended me... who do I need to speak to about seeing an orthopedic surgeon or chiropractor?"

LeadfootDuramax

iTrader: (6)

I found 2 or 3 companies by searching some. The one who was my first choice was too busy to get to me in the timeframe I wanted so I went with the next one. I can try to look them up and send you the info if you would like.

I had one who got my info from the accident report and kept hounding me. They promised me X amount (large sum), but they would take 40% off the top. Even if they got the max they promised, I would have gotten less than having the report done for $350 and dealing with the insurance co myself. Plus, thos people wouldn't stop calling me which really ticked me off.

SSHAWK

iTrader: (14)

Just to give you an idea of what they will pay out on something like this. 10% of the repair cost. Not every insurance company will pay this much... it's all up to the adjuster.

Most of them want you to get a Certified licensed car appraiser to give you a quote. But that can cost $$$

Just get a couple of quotes from dealerships around your area. Let them know what you found out and go from there.

sc300

hey, i thought the attorneys were taking care of that? i can help u out with that when i see you..

LeadfootDuramax

iTrader: (6)

10% wouldn't even be worth it in many cases. I can tell you that mine was around 35% of the repair bill. In all honesty, I am pretty sure they would have totalled my truck if the knew up front I was going after them for diminished value. Take that, the repair bill, and 2 months of a rent car and they got hosed. The adjuster even alluded to that at one point.

It has to do with the value of the vehicle, the repairs, what type of repairs, etc. Many factors play into this.

SSHAWK

iTrader: (14)

Was your car almost at the point of being totaled?

What type of car?

At 35% you did the best I've ever heard with diminished value.

Like I said most cases are 10% some will go down it all depends on your adjuster and the total damage done.

Edit:

And to the OP if your car isn't paid off they will cut the check to you and the loan holder. You will not get to keep this money ... This will go to the end of your loan.

GTbrunO

35% of the total repair cost is good, but it's not that high. 30% is pretty standard. Like the other have said, the best bet is to find an appraiser who is certified by the State as a licensed appraiser. Their valuation is going to hold more merit than what a salesman at a dealership tells you.

For reference, I've worked in a body shop off and on since 2005 dealing in claims, and estimates.

LeadfootDuramax

iTrader: (6)

I don't have exact figures in front of me.

My truck was a 2006 GMC 2500HD CCSB 2WD SLT with the Duramax/Allison. Blue book at the time of the accident (2008 - truck was just over 2 years old) was around the mid 30's. The truck only had 15k miles on it. Insurance company agreed blue book was the mid 30's.

The original insurance estimate was only for $6,000. I warned them the repair bill was easily going to clear $10,000 because I had looked at it closely and parts totalled more than $6,000. Body shop tore into it and the repair bill ended up around $12,000 or a little more (for some reason I thought it ended up being around $15,000, but I need to look). I don't have the repair bill in front of me.

I told them I was going to claim Diminished Value because they were trying to use junk yard parts on a truck in showroom condition. It spent most of its time parked in my garage (hence only 15k miles in a little over 2 years).

The original offer for Diminished Value was $1,000. I laughed at the guy and told him that was insulting. If I had 2 trucks like mine side by side and one had been in a major accident like mine had been in, it would take much more than a $1,000 discount for me to buy it. He tod me he would be generous and offer $1,200. I told him no way and I would get back to him.

The report I paid for showed a Diminished Value of $12,000. I knew this was high, but I also knew I would end up in the middle so no big deal. I was working my pain and suffering from my injuries and physical therapy at the same time.

I sent the report in and told the adjuster to call me when he had a reasonable offer. He called and offered $2,750. I got him up to $4,000 and told him I would consider it.

Then I moved to the pain and suffering. They were being difficult there as well. They just wanted to pay bills and nothing else for 3 months of physical therapy and my time spent doing physical therapy at all. I finally told him I had consulted with 2 attorney's if they wanted to continue being difficult about Diminished Value and my medical stuff and had not problem hanging up and handing this all over to one of them. At this point they bumped the medical up considerably. I still wasn't completely pleased with the Diminished Value amount, but the total between the 2 was where I had caclulated I felt I was reasonable compensated for everything so I took it.

I could have hired the DV attorney to fight it and get more. I prob would have ended up taking about the same amount of $$$ home after their fees. I just didn't want to do that. Same with medical bills.

One thing to remember, Texas Law does not require diminished value. At least it did not the last time I checked. Most insurance companies will pay it to avoid getting tied up in court with a law suit. Be prepared for them to throw this at you.

gtslo88

iTrader: (1)

Bumping up an old thread.

My parked car was hit but a limousine a few months ago. Went through their insurance co. and got all the repairs covered. All is well..

I go to get a trade in offer on my car and the offer was a couple thousand lower than i thought because of the accident on the report. It was not major and was about $4k damage to the door and fender.

Is this worth pursuing? i have not contacted the other ins. co about this yet. I have been told you need a lawyer and it could be more of a headache than its worth.

Any insight/recommendations?

jdoyle

iTrader: (27)

bump x2. I need to know how much diminished value $ to ask for. my 2006 hyundai sonata with 14XK miles was almost totaled due to the $ amount of repairs, although it was hardly damaged. i drove the car as is for about 3 months after the wreck before taking it to be repaired. i was rear ended and sent into the car in front of me. the damage was between $4K and 5K

new rear bumper support
repair rear bumper
new front bumper
new hood
new grill
new radiator support
used OEM headlight

01WS6/tamu

iTrader: (37)

It's a 8 year old 140K mile korean econobox it's value is already diminshed to point of being minimal.

handyandy496

iTrader: (9)

Its been my experience that you can keep just about any totaled car if you leave $500 To the ins co. I have done this a few times from with cars totaled after just fender benders.