Diminished Value Claim
10-04-2006, 05:28 PM
#1
3rd Gear
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Diminished Value Claim
A kid drove into the side of my TL the other day causing over $5k in damage. Good news is that his insurance company (Allstate) immediately acknowledged liability and has been easy to work with.
I want to file a diminished value claim given there was structural damage to my car (2005 TL with <15k miles). Regardless of whether that ever shows up on Carfax, I am not inclined to lie about the accident to a prospective buyer if / when I sell the car.
Does anyone have a recommendation for an appraisal firm I can use? My understanding is that Allstate and I will each submit estimates for the claim and start negotiating from there.
Any advice from people that have been through something similar is appreciated.
I want to file a diminished value claim given there was structural damage to my car (2005 TL with <15k miles). Regardless of whether that ever shows up on Carfax, I am not inclined to lie about the accident to a prospective buyer if / when I sell the car.
Does anyone have a recommendation for an appraisal firm I can use? My understanding is that Allstate and I will each submit estimates for the claim and start negotiating from there.
Any advice from people that have been through something similar is appreciated.
10-04-2006, 06:04 PM
#3
Three Wheelin'
Found this quote
"Courts and state insurance regulators disagree on the core issue of whether diminished value occurs solely because a vehicle has been in a crash and, if so, whether insurers are required to pay for it. The trend in recent years has been toward rejecting the argument that insurers must pay diminished-value claims under comprehensive and collision coverages. Insurance policies, which are subject to review in most states by insurance departments, generally limit the responsibility of the insurer to the cost of repair. State courts or regulators in California, Florida, Texas and Louisiana, among others, have agreed with insurers that the policy language is clear and unambiguous."
"Courts and state insurance regulators disagree on the core issue of whether diminished value occurs solely because a vehicle has been in a crash and, if so, whether insurers are required to pay for it. The trend in recent years has been toward rejecting the argument that insurers must pay diminished-value claims under comprehensive and collision coverages. Insurance policies, which are subject to review in most states by insurance departments, generally limit the responsibility of the insurer to the cost of repair. State courts or regulators in California, Florida, Texas and Louisiana, among others, have agreed with insurers that the policy language is clear and unambiguous."
10-04-2006, 06:38 PM
#5
is learning to moonwalk i
Originally Posted by geekybiker
Found this quote
"Courts and state insurance regulators disagree on the core issue of whether diminished value occurs solely because a vehicle has been in a crash and, if so, whether insurers are required to pay for it. The trend in recent years has been toward rejecting the argument that insurers must pay diminished-value claims under comprehensive and collision coverages. Insurance policies, which are subject to review in most states by insurance departments, generally limit the responsibility of the insurer to the cost of repair. State courts or regulators in California, Florida, Texas and Louisiana, among others, have agreed with insurers that the policy language is clear and unambiguous."
"Courts and state insurance regulators disagree on the core issue of whether diminished value occurs solely because a vehicle has been in a crash and, if so, whether insurers are required to pay for it. The trend in recent years has been toward rejecting the argument that insurers must pay diminished-value claims under comprehensive and collision coverages. Insurance policies, which are subject to review in most states by insurance departments, generally limit the responsibility of the insurer to the cost of repair. State courts or regulators in California, Florida, Texas and Louisiana, among others, have agreed with insurers that the policy language is clear and unambiguous."
10-04-2006, 07:19 PM
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Do a search within this forum for "diminished value". There are lots of threads with information on the subject. The thread Wrecked Car Advice in particular. If I were you I would PM some of the more knowledgeable posters on the subject of diministed value and ask their advice. Just my 
10-04-2006, 08:44 PM
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Originally Posted by TL_in_TX
A kid drove into the side of my TL the other day causing over $5k in damage. Good news is that his insurance company (Allstate) immediately acknowledged liability and has been easy to work with.
I want to file a diminished value claim given there was structural damage to my car (2005 TL with <15k miles). Regardless of whether that ever shows up on Carfax, I am not inclined to lie about the accident to a prospective buyer if / when I sell the car.
Does anyone have a recommendation for an appraisal firm I can use? My understanding is that Allstate and I will each submit estimates for the claim and start negotiating from there.
Any advice from people that have been through something similar is appreciated.
I want to file a diminished value claim given there was structural damage to my car (2005 TL with <15k miles). Regardless of whether that ever shows up on Carfax, I am not inclined to lie about the accident to a prospective buyer if / when I sell the car.
Does anyone have a recommendation for an appraisal firm I can use? My understanding is that Allstate and I will each submit estimates for the claim and start negotiating from there.
Any advice from people that have been through something similar is appreciated.
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10-05-2006, 11:56 AM
#8
Three Wheelin'
Well, looking into it, most companies in most states say no diminished value claims on your own insurance. Basically, if its your fault, you're not likely to get it. However 3rd party claims arent governed by the same rules. If someone else is at fault, they are liable to restore the value of your car, not just repair it. So you may be entitled to a diminished value claim either from them or their insurance.
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