Diminished value claim

[CesarG]

Got rear ended today… just my luck. Trunk and back bumper damaged, but the vehicle is still drivable.

I filed a claim with the other person’s insurance and will hear back from them this week. How should I go about claiming diminished value? Do I have to look for an independent appraiser and then submit it to the other person’s insurance or should the same insurance do it once I ask for it?

I’m in Colorado btw.

Sponsored

 

[Stephenhanlee]

I just recently had similar scenario but the drivers side was impacted. I had an independent appraiser prepare a report and filed this with the other person’s insurance. I received the advice to not bring up diminished value claims until AFTER repairs were finished.

I’m in Washington. Maximum small claims court amount is $10,000. My damages were >$10k and appraiser determined diminished value to be >$10k based on pre accident and current post repairs trade-in/private sales valuation. the insurance company will also hire out their own independent appraiser but it’s always good to have more than one viewpoint… imo

 

[generaltso]

I know @Mach-E VLOG went through this in Colorado. He may have some tips.

 

[Mach-E VLOG]

For my diminished value claim in Colorado -

Your own insurance company won't have anything to do with it so you have to work directly with the other insurance company. The company I dealt with said they wouldn't deal with diminished value until the car repairs were done. I had about $11,000 in rear end damage.

After my repairs were done, I submitted a request for DV with the company. They came back with an offer of $2,900 which seemed low to me. I then decided to pay for a professional appraisal. Be careful picking an appraiser - check their reviews and if they have any BBB claims against them.

The appraisal cost $300. I sent a bunch of pictures along with my window sticker. They came back with a DV estimate of $5,500.

I submitted that to their insurance company and they said they thought their offer was fair. I rejected their offer and a few days later, they came back with an offer of $3,600. They would budge from that mark. The adjuster kept trying to convince me that $3,600 was a lot, but in my mind that was $1,900 short.

The guy that did my appraisal also helped with this part. He sent me suggestions on what to say to the other insurance company. After failing to get them to budge, he said it was up to me whether to file in small claims or just take the money.

I felt up to the challenge so I filed in small claims. Just note, you sue the other driver not the insurance company, but the insurance company will represent their client. As soon as they saw that I filed in small claims, they upped their offer to $4,200. I almost accepted that but was pretty annoyed I had to take time off to file the case and that my appraisal was accurate.

The day before our court case, I got a letter from their attorney saying they weren't responsible for anything and they would ask the judge for legal fees. It was just a scare tactic - and it worked but not in the way they hoped.

I made sure I overprepared. I printed out copies of the 911 transcript, police report, photos, repair info, etc. in triplicate - one for me, one for the judge, and one for their attorney. I went to court in a suit with a mini briefcase full of docs.

Before the judge would hear any cases, he directed us to conference rooms to make "one last attempt to reach a settlement." The other attorney and I found each other and started talking.

He asked what happened in the accident. I was annoyed and started explaining how their client rear ended me and then fled the scene. Before I could even fully explain, he stops me and asks how much I was seeking. I told him $5,500 plus my expenses (for the appraisal and small court fees) which came to about $6,000.

He said, "Deal!" And we were done. We did some paperwork for the judge and they sent me a check in a couple of days.


*** This is just my case and everyone else will have different circumstances. Jurisdictions across the US approach DV differently. In Georgia, there is sort of a formula that courts follow (Google Georgia diminished value formula) but everywhere else is hit or miss.


*** If you want to know who I used for my appraisal, it is these guys: https://www.mydvac.com/
They were fantastic and very helpful. I picked them because they seem to have positive reviews and I like that they didn't stop their work as soon as the appraisal was done. They were willing to send me the exact messages I should send to the insurance company.

 

[CesarG]

For my diminished value claim in Colorado -

Your own insurance company won't have anything to do with it so you have to work directly with the other insurance company. The company I dealt with said they wouldn't deal with diminished value until the car repairs were done. I had about $11,000 in rear end damage.

After my repairs were done, I submitted a request for DV with the company. They came back with an offer of $2,900 which seemed low to me. I then decided to pay for a professional appraisal. Be careful picking an appraiser - check their reviews and if they have any BBB claims against them.

The appraisal cost $300. I sent a bunch of pictures along with my window sticker. They came back with a DV estimate of $5,500.

I submitted that to their insurance company and they said they thought their offer was fair. I rejected their offer and a few days later, they came back with an offer of $3,600. They would budge from that mark. The adjuster kept trying to convince me that $3,600 was a lot, but in my mind that was $1,900 short.

The guy that did my appraisal also helped with this part. He sent me suggestions on what to say to the other insurance company. After failing to get them to budge, he said it was up to me whether to file in small claims or just take the money.

I felt up to the challenge so I filed in small claims. Just note, you sue the other driver not the insurance company, but the insurance company will represent their client. As soon as they saw that I filed in small claims, they upped their offer to $4,200. I almost accepted that but was pretty annoyed I had to take time off to file the case and that my appraisal was accurate.

The day before our court case, I got a letter from their attorney saying they weren't responsible for anything and they would ask the judge for legal fees. It was just a scare tactic - and it worked but not in the way they hoped.

I made sure I overprepared. I printed out copies of the 911 transcript, police report, photos, repair info, etc. in triplicate - one for me, one for the judge, and one for their attorney. I went to court in a suit with a mini briefcase full of docs.

Before the judge would hear any cases, he directed us to conference rooms to make "one last attempt to reach a settlement." The other attorney and I found each other and started talking.

He asked what happened in the accident. I was annoyed and started explaining how their client rear ended me and then fled the scene. Before I could even fully explain, he stops me and asks how much I was seeking. I told him $5,500 plus my expenses (for the appraisal and small court fees) which came to about $6,000.

He said, "Deal!" And we were done. We did some paperwork for the judge and they sent me a check in a couple of days.


*** This is just my case and everyone else will have different circumstances. Jurisdictions across the US approach DV differently. In Georgia, there is sort of a formula that courts follow (Google Georgia diminished value formula) but everywhere else is hit or miss.


*** If you want to know who I used for my appraisal, it is these guys: https://www.mydvac.com/
They were fantastic and very helpful. I picked them because they seem to have positive reviews and I like that they didn't stop their work as soon as the appraisal was done. They were willing to send me the exact messages I should send to the insurance company.

wow, what a story!!

this is incredibly helpful, thank you so much!! Glad to know you’re okay and that you got a fair compensation.

 

[STLUCIEAPPRAISAL]

For my diminished value claim in Colorado -

Your own insurance company won't have anything to do with it so you have to work directly with the other insurance company. The company I dealt with said they wouldn't deal with diminished value until the car repairs were done. I had about $11,000 in rear end damage.

After my repairs were done, I submitted a request for DV with the company. They came back with an offer of $2,900 which seemed low to me. I then decided to pay for a professional appraisal. Be careful picking an appraiser - check their reviews and if they have any BBB claims against them.

The appraisal cost $300. I sent a bunch of pictures along with my window sticker. They came back with a DV estimate of $5,500.

I submitted that to their insurance company and they said they thought their offer was fair. I rejected their offer and a few days later, they came back with an offer of $3,600. They would budge from that mark. The adjuster kept trying to convince me that $3,600 was a lot, but in my mind that was $1,900 short.

The guy that did my appraisal also helped with this part. He sent me suggestions on what to say to the other insurance company. After failing to get them to budge, he said it was up to me whether to file in small claims or just take the money.

I felt up to the challenge so I filed in small claims. Just note, you sue the other driver not the insurance company, but the insurance company will represent their client. As soon as they saw that I filed in small claims, they upped their offer to $4,200. I almost accepted that but was pretty annoyed I had to take time off to file the case and that my appraisal was accurate.

The day before our court case, I got a letter from their attorney saying they weren't responsible for anything and they would ask the judge for legal fees. It was just a scare tactic - and it worked but not in the way they hoped.

I made sure I overprepared. I printed out copies of the 911 transcript, police report, photos, repair info, etc. in triplicate - one for me, one for the judge, and one for their attorney. I went to court in a suit with a mini briefcase full of docs.

Before the judge would hear any cases, he directed us to conference rooms to make "one last attempt to reach a settlement." The other attorney and I found each other and started talking.

He asked what happened in the accident. I was annoyed and started explaining how their client rear ended me and then fled the scene. Before I could even fully explain, he stops me and asks how much I was seeking. I told him $5,500 plus my expenses (for the appraisal and small court fees) which came to about $6,000.

He said, "Deal!" And we were done. We did some paperwork for the judge and they sent me a check in a couple of days.


*** This is just my case and everyone else will have different circumstances. Jurisdictions across the US approach DV differently. In Georgia, there is sort of a formula that courts follow (Google Georgia diminished value formula) but everywhere else is hit or miss.


*** If you want to know who I used for my appraisal, it is these guys: https://www.mydvac.com/
They were fantastic and very helpful. I picked them because they seem to have positive reviews and I like that they didn't stop their work as soon as the appraisal was done. They were willing to send me the exact messages I should send to the insurance company.

Squeaky wheel gets the grease. I hope that everyone making a diminished value claim has the same resolve. FYI, there is no insurance regulation or case law that says you have to complete repairs before making a diminished value claim.

Sponsored