Anyone experienced with Diminished Value claim
03-19-2017, 07:08 PM
#1
Anyone experienced with Diminished Value claim
Wouldn't you know my luck has finally run out? Not door dings or road damage on my 2015 TLX until now.
I was broadsided this weekend, but I'm reasonably confident it can be repaired just fine. What I am concerned with is my diminished value (DV). As I live in a DV state (CA), when I go to trade in my car I'm afraid I will be stuck when they say they're taking off 1000's because my car's been in an accident.
Anyone have any experiencing dealing with an insurance company, Mercury in this case, to recover DV? I know it won't be easy, but why should I be penalized for someone's mistake?
I was broadsided this weekend, but I'm reasonably confident it can be repaired just fine. What I am concerned with is my diminished value (DV). As I live in a DV state (CA), when I go to trade in my car I'm afraid I will be stuck when they say they're taking off 1000's because my car's been in an accident.
Anyone have any experiencing dealing with an insurance company, Mercury in this case, to recover DV? I know it won't be easy, but why should I be penalized for someone's mistake?
03-19-2017, 08:01 PM
#2
Azine Jabroni
Have you talked to your insurance even though you weren't at fault? They should be able to help. If you're not at fault, you should get something, I believe.
03-19-2017, 08:46 PM
#3
Three Wheelin'
Sorry to hear (and see), but glad you're alright.
I like those wheels you put on, what kind of wheels are they?
I like those wheels you put on, what kind of wheels are they?
03-19-2017, 10:02 PM
#5
03-20-2017, 01:53 PM
#6
I know my vehicle will be fixed, but I don't want to come up $5k short when it comes time to trade in. After all, it's not my fault. Life in the big city...
03-21-2017, 06:51 PM
#7
Suzuka Master
Insurance company will likely make you an offer if you put in a claim. It is in their best interest to offer you least possible amount. I had an issue in 2007 and had to pay about $400 to an appraisal company that specialized in diminished value claims and they wrote up a full report justifying what my true diminished value a was. To me it was worth it because the insurance company offered me a few hundred and with frame damage the real diminished value was closer to $2500 so I got the difference thus worth the investment to me.
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03-22-2017, 09:11 AM
#8
Insurance company will likely make you an offer if you put in a claim. It is in their best interest to offer you least possible amount. I had an issue in 2007 and had to pay about $400 to an appraisal company that specialized in diminished value claims and they wrote up a full report justifying what my true diminished value a was. To me it was worth it because the insurance company offered me a few hundred and with frame damage the real diminished value was closer to $2500 so I got the difference thus worth the investment to me.
03-23-2017, 01:45 PM
#9
I went through something similar about 10 years, except my car had frame damage. Frame damage is a resale value killer. I had about $5,000 in DV. The guy that rear-ended me was insured, and his insurer (State Farm) was covering the cost of repairs, but I was still stuck with the DV when all was said and done. So, I did a bunch of research and tried going it on my own, but was hitting brick wall after brick wall with the insurance company.
I decided to schedule a consult with an attorney (about $75 for 30 minutes) to discuss my options. This attorney was not an “ambulance chaser”, in fact, I got his name from one of the attorneys in our Legal and Compliance Department, and was told he was the attorney other attorneys use when they need legal help. Anyway, he understood the DV issue, but was also not sure it was going to be worth the cost of a potential lawsuit against an insurance company.
I was sitting in his office when he called the insurer. Basically, he told them his client was in an automobile accident in which he was hit from behind by their policy holder who had also admitted full responsibility for the accident. He mentioned that this was a rear-end collision that occurred at roughly 55 miles per hour, and his client was now experiencing head, neck, and back pain. …BAZINGA!! You could hear the State Farm guy’s butthole slam shut from 100 miles away! The attorney then mentioned his client was in the process of seeking a DV claim, but the medical expenses from the upcoming hospital visits had the potential of becoming very expensive, and as their policy holder had admitted guilt in the accident they were on the hook for those costs. I had a check from State Farm for $5,000 not a week later. Boom.
TLDR – Talk to an attorney and fake a headache. It may not be the most ethical way to make yourself whole, but the bottom line is the insurance company is not going to do what’s right by you and pay a DV claim. Use the system they set up against them. The potential of expensive medical costs will make them change their position. Essentially, they’ll pay you what you want to go away (within reason, of course).
Good luck.
I decided to schedule a consult with an attorney (about $75 for 30 minutes) to discuss my options. This attorney was not an “ambulance chaser”, in fact, I got his name from one of the attorneys in our Legal and Compliance Department, and was told he was the attorney other attorneys use when they need legal help. Anyway, he understood the DV issue, but was also not sure it was going to be worth the cost of a potential lawsuit against an insurance company.
I was sitting in his office when he called the insurer. Basically, he told them his client was in an automobile accident in which he was hit from behind by their policy holder who had also admitted full responsibility for the accident. He mentioned that this was a rear-end collision that occurred at roughly 55 miles per hour, and his client was now experiencing head, neck, and back pain. …BAZINGA!! You could hear the State Farm guy’s butthole slam shut from 100 miles away! The attorney then mentioned his client was in the process of seeking a DV claim, but the medical expenses from the upcoming hospital visits had the potential of becoming very expensive, and as their policy holder had admitted guilt in the accident they were on the hook for those costs. I had a check from State Farm for $5,000 not a week later. Boom.
TLDR – Talk to an attorney and fake a headache. It may not be the most ethical way to make yourself whole, but the bottom line is the insurance company is not going to do what’s right by you and pay a DV claim. Use the system they set up against them. The potential of expensive medical costs will make them change their position. Essentially, they’ll pay you what you want to go away (within reason, of course).
Good luck.
03-23-2017, 02:20 PM
#10
I went through something similar about 10 years, except my car had frame damage. Frame damage is a resale value killer. I had about $5,000 in DV. The guy that rear-ended me was insured, and his insurer (State Farm) was covering the cost of repairs, but I was still stuck with the DV when all was said and done. So, I did a bunch of research and tried going it on my own, but was hitting brick wall after brick wall with the insurance company.
I decided to schedule a consult with an attorney (about $75 for 30 minutes) to discuss my options. This attorney was not an “ambulance chaser”, in fact, I got his name from one of the attorneys in our Legal and Compliance Department, and was told he was the attorney other attorneys use when they need legal help. Anyway, he understood the DV issue, but was also not sure it was going to be worth the cost of a potential lawsuit against an insurance company.
I was sitting in his office when he called the insurer. Basically, he told them his client was in an automobile accident in which he was hit from behind by their policy holder who had also admitted full responsibility for the accident. He mentioned that this was a rear-end collision that occurred at roughly 55 miles per hour, and his client was now experiencing head, neck, and back pain. …BAZINGA!! You could hear the State Farm guy’s butthole slam shut from 100 miles away! The attorney then mentioned his client was in the process of seeking a DV claim, but the medical expenses from the upcoming hospital visits had the potential of becoming very expensive, and as their policy holder had admitted guilt in the accident they were on the hook for those costs. I had a check from State Farm for $5,000 not a week later. Boom.
TLDR – Talk to an attorney and fake a headache. It may not be the most ethical way to make yourself whole, but the bottom line is the insurance company is not going to do what’s right by you and pay a DV claim. Use the system they set up against them. The potential of expensive medical costs will make them change their position. Essentially, they’ll pay you what you want to go away (within reason, of course).
Good luck.
I decided to schedule a consult with an attorney (about $75 for 30 minutes) to discuss my options. This attorney was not an “ambulance chaser”, in fact, I got his name from one of the attorneys in our Legal and Compliance Department, and was told he was the attorney other attorneys use when they need legal help. Anyway, he understood the DV issue, but was also not sure it was going to be worth the cost of a potential lawsuit against an insurance company.
I was sitting in his office when he called the insurer. Basically, he told them his client was in an automobile accident in which he was hit from behind by their policy holder who had also admitted full responsibility for the accident. He mentioned that this was a rear-end collision that occurred at roughly 55 miles per hour, and his client was now experiencing head, neck, and back pain. …BAZINGA!! You could hear the State Farm guy’s butthole slam shut from 100 miles away! The attorney then mentioned his client was in the process of seeking a DV claim, but the medical expenses from the upcoming hospital visits had the potential of becoming very expensive, and as their policy holder had admitted guilt in the accident they were on the hook for those costs. I had a check from State Farm for $5,000 not a week later. Boom.
TLDR – Talk to an attorney and fake a headache. It may not be the most ethical way to make yourself whole, but the bottom line is the insurance company is not going to do what’s right by you and pay a DV claim. Use the system they set up against them. The potential of expensive medical costs will make them change their position. Essentially, they’ll pay you what you want to go away (within reason, of course).
Good luck.
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a35tl (03-23-2017)
03-23-2017, 06:32 PM
#11
Suzuka Master
In reality you received $2100 in diminished value because I assume the insurance company did not reimburse you for the appraisal cost. That's fine, but the problem I see myself getting into is the other party may be under-insured and I have to sue the driver. Unfortunately many in LA have the minimum liability allowed in CA ($5000) rather than doing their due diligence. You can easily get into an accident with a $100k car on any given day in LA.
03-25-2017, 06:48 PM
#12
Moderator
iTrader: (7)
that's completely unethical and not to mention illegal.
I work for an insurance company as an adjuster and if you really want to go after a DV claim, you will need to provide some kind of written documentation/proof that your car is worth less after a proper repair. As an adjuster, I don't directly deal with DV claims, that's up to my supervisor, but from what I've seen, there's not much leeway without documentation.
For example, you say your car is worth less, the question is why? and by how much? I've heard one of my customers say that his porsche dealer takes a deduction for DV when returning the lease. If his dealer can provide documentation for that, that's probably something an insurance company can pay out for.
Most insurances do not not offer 1st party DV coverage(I dont think any do), so he'll have to file the claim with the other party's insurance. At which point the limiting factor will be his property damage coverage.
I dont know about that. Most people think that they are "beating" the insurance company when they say stuff like that or exaggerate damage. Maybe some adjusters do have their butthole slam shut, but for me it's just a job, I get paid the same regardless of what people say.
I work for an insurance company as an adjuster and if you really want to go after a DV claim, you will need to provide some kind of written documentation/proof that your car is worth less after a proper repair. As an adjuster, I don't directly deal with DV claims, that's up to my supervisor, but from what I've seen, there's not much leeway without documentation.
For example, you say your car is worth less, the question is why? and by how much? I've heard one of my customers say that his porsche dealer takes a deduction for DV when returning the lease. If his dealer can provide documentation for that, that's probably something an insurance company can pay out for.
Most insurances do not not offer 1st party DV coverage(I dont think any do), so he'll have to file the claim with the other party's insurance. At which point the limiting factor will be his property damage coverage.
I dont know about that. Most people think that they are "beating" the insurance company when they say stuff like that or exaggerate damage. Maybe some adjusters do have their butthole slam shut, but for me it's just a job, I get paid the same regardless of what people say.
Last edited by paperboy42190; 03-25-2017 at 06:54 PM.
03-26-2017, 11:09 AM
#13
that's completely unethical and not to mention illegal.
I work for an insurance company as an adjuster and if you really want to go after a DV claim, you will need to provide some kind of written documentation/proof that your car is worth less after a proper repair. As an adjuster, I don't directly deal with DV claims, that's up to my supervisor, but from what I've seen, there's not much leeway without documentation.
For example, you say your car is worth less, the question is why? and by how much? I've heard one of my customers say that his porsche dealer takes a deduction for DV when returning the lease. If his dealer can provide documentation for that, that's probably something an insurance company can pay out for.
Most insurances do not not offer 1st party DV coverage(I dont think any do), so he'll have to file the claim with the other party's insurance. At which point the limiting factor will be his property damage coverage.
I dont know about that. Most people think that they are "beating" the insurance company when they say stuff like that or exaggerate damage. Maybe some adjusters do have their butthole slam shut, but for me it's just a job, I get paid the same regardless of what people say.
I work for an insurance company as an adjuster and if you really want to go after a DV claim, you will need to provide some kind of written documentation/proof that your car is worth less after a proper repair. As an adjuster, I don't directly deal with DV claims, that's up to my supervisor, but from what I've seen, there's not much leeway without documentation.
For example, you say your car is worth less, the question is why? and by how much? I've heard one of my customers say that his porsche dealer takes a deduction for DV when returning the lease. If his dealer can provide documentation for that, that's probably something an insurance company can pay out for.
Most insurances do not not offer 1st party DV coverage(I dont think any do), so he'll have to file the claim with the other party's insurance. At which point the limiting factor will be his property damage coverage.
I dont know about that. Most people think that they are "beating" the insurance company when they say stuff like that or exaggerate damage. Maybe some adjusters do have their butthole slam shut, but for me it's just a job, I get paid the same regardless of what people say.
I'm definitely not one to fake an injury, but I can only hope through due diligence I will get a settlement close to what I deserve. This website seems to be the best bet for low cost: Welcome - DiminishedValueAssessment.com, and this one is probably a bit higher, but they are local: http://www.frontieradjusters.com/find-an-adjuster/
Last edited by rocket_pup; 03-26-2017 at 11:13 AM.
03-26-2017, 11:45 AM
#14
Moderator
iTrader: (7)
In my case, I was just literally driving along minding my own business then someone hit me broadside. Luckily, there weren't any injuries and my air bags did not deploy, but my damage is +7500. Considering my vehicle (2015 Acura TLX V6 Tech) is less than 2 years old and paid in full, I know I will get dinged when it comes to trade in time. I'm not trying to get "free" money, but why should I have to pay when I have taken care of my car in excellent condition.
I'm definitely not one to fake an injury, but I can only hope through due diligence I will get a settlement close to what I deserve. This website seems to be the best bet for low cost: Welcome - DiminishedValueAssessment.com, and this one is probably a bit higher, but they are local: Find an Adjuster - Frontier Adjusters - Frontier Adjusters
I'm definitely not one to fake an injury, but I can only hope through due diligence I will get a settlement close to what I deserve. This website seems to be the best bet for low cost: Welcome - DiminishedValueAssessment.com, and this one is probably a bit higher, but they are local: Find an Adjuster - Frontier Adjusters - Frontier Adjusters