Accident Diminished Value claims?

[Avelli]

I can't remember the software the insurance company used when assessing the value of my car when I was rear-ended (car was a write-off, unfortunately). However one thing to note is they used a sample size of similar cars to assess values. Just a note that when comparing vehicles try to up your sample size if possible.

Sponsored

 

[Earplug]

I believe that's when you're own insurance kicks in, assuming you have the right coverage.

My insurance did not cover Diminished Value. Unknown to me before the accident there is a DV Rider I could have purchased.

 

[benk016]

My insurance did not cover Diminished Value. Unknown to me before the accident there is a DV Rider I could have purchased.

DV claims aren't covered by your own insurance. You have to file it with the at-fault person's insurance directly. I filed my entire accident through my own insurance and let them handle everything with the other party, but they wouldn't do DV claims on my behalf. You either have to do it yourself, or hire a lawyer to help.

 

[Regularmache]

Plug in NADA value, take 10% of that, then apply multipliers (modifiers) to get what an insurance company is likely to use by default.

This is what USAA used here in Florida. 2018 Platinum F150. It was 7,000 miles at the time of accident. Trucks are a bit different only because dealers have few used. They had the pics of the accident damage and the buyer didn't mind. My damage repair cost was $11,700. No court needed.

 

[Thunderbirdsoundsbetter]

I did a couple of dv claims in my state of nj.

you always have to sue the driver. Also the insurance company will never give you what your appraisals say the difference is worth. They usually do the take it or leave it stance. If you do go to court, which is a crap shoot, you better hope the judge is a car guy, if not then you’ll get soooo much less than what you are asking for. Because of this, lawyers always try to settle.

also in my state if you have a pi claim, you can’t do a dv claim which is pretty weird.

Goodluck sir.

 

[Earplug]

DV claims aren't covered by your own insurance. You have to file it with the at-fault person's insurance directly. I filed my entire accident through my own insurance and let them handle everything with the other party, but they wouldn't do DV claims on my behalf. You either have to do it yourself or hire a lawyer to help.

I did file with the at-fault party insurance company. The basically ignored me. They really don't have to speak with me since I have no relationship with them.

I spoke with a number of attorney's. None wanted to take the case even if I paid them. Also, They told me if I mentioned "lawyer" to the insurance they would stop speaking with me.

The at-fault party had minimum insurance coverage and no assets. Even if I sued them and won, there was nothing to collect.

My insurance company did get all repairs covered but would not pursue DV since I had not purchased that additional coverage.

 

[EGmachE]

I am in the same boat. I was the third party in a collision and the responsible party ran out of insurance money. I was told I can sue but getting a percentage of 0 is still zero.

 

[STLUCIEAPPRAISAL]

I gave up on my DV claim. The other party was out of insurance coverage money after paying for the damage. They also have to money or assets. Their insurance company ghosted me. Colorado Dept of Insurance told me that there is nothing in State Law that can compel the insurance company. So, even if I sued the other party and won, there would be nothing to collect.

Do you carry UMPD coverage? May be the answer to your problem?

 

[STLUCIEAPPRAISAL]

My insurance did not cover Diminished Value. Unknown to me before the accident there is a DV Rider I could have purchased.

Which insurer offers this DV rider?

 

[STLUCIEAPPRAISAL]

This is what USAA used here in Florida. 2018 Platinum F150. It was 7,000 miles at the time of accident. Trucks are a bit different only because dealers have few used. They had the pics of the accident damage and the buyer didn't mind. My damage repair cost was $11,700. No court needed.

FYI and for anyone watching this thread. Your truck had a significant amount of damage but what is critical in diminished value assessments is whether structural damage or air bag deployment occurred. USAA used a Rule 17C formula which severely limits DV payouts. The actual, real-world breakdown for your DV claim should have shown that, without structural or air bags, it lost 10%+ of its pre-accident trade-in value. If either of those two things occurred, it doesn't matter that trucks are scarce, any dealer will practically chop your trade-in offer in half. Ask any of them. Your DV should be appx. 35% of the pre-accident value.

 

[Earplug]

Which insurer offers this DV rider?

Auto Owners

 

[The Electric Duo]

Do you carry UMPD coverage? May be the answer to your problem?

I just checked. I have USAA and I don't have UMPD. When I tried to add it, it said that I could only choose one: Collision or UMPD.

 

[Regularmache]

Yeah those are all good points, but remember everything is negotiable and if I'm a dealer I'm going to use the accident history to give you less money. I'll use it as my rationale and then turn around and sell it and make more money then I would have if I would have given you more on your trade. There are some states that don't allow diminished value at all. Just do your homework and try to recover whatever value you think is fair and reasonable. Love lawyers, but they have to get paid to so consider their portion if your award as well. Good luck.

 

[STLUCIEAPPRAISAL]

There are some states that don't allow diminished value at all.

There are NO states that do not allow for third-party diminished value claims. First-party claims only in Georgia.

 

[Regularmache]

There are NO states that do not allow for third-party diminished value claims. First-party claims only in Georgia.

If the at-fault driver is uninsured and cannot pay for repairs, receipt of payment will depend on whether you have purchased uninsured motorist’s coverage. About half of the states allow recovery for diminished value under this coverage

There are NO states that do not allow for third-party diminished value claims. First-party claims only in Georgia.

Provided the other driver had insurance your correct. I was the original one who brought up DV to Liv and hubby when this happened. I remember it well.

Sponsored