Diminished Value Questions/Tips

17CrewCab1500 · Feb 21, 2018

For those of you that have filed a claim for a Diminished Value payout, can you please post some good times and personal experiences. This will be to help me out, but also help others in the future when an issue should arise.

I was rearended last week and I was pushed into another car. Only because the car that hit me hit me so hard that I almost came out of my seat if it wasn't for my seatbelt, but the lifting got my foot off the brake enough to slightly tap the car in front of me.

So, I'll need two new bumpers and new exhaust form the muffler back. Also getting a new towing receiver. All in all, $4000.00 in repairs.

Once my truck is done - I'd like to know what to do. I've been reading on it and getting some mixed stories/reports.

I don't know where to get my truck appraised once it's back.. and I know I have to call his insurance company to start the process. I don't want to lawyer up, rather do it myself.

So anyone that has gone thought this unfortunate process, please share and let others learn!

Thanks in advance

huntergreen · Feb 21, 2018

Contact your agent and tell him you want to file a diminished value claim.

zrfraser · Feb 21, 2018

huntergreen said:
Contact your agent and tell him you want to file a diminished value claim.

If you have a good agent they will do this for you without asking, mine did. Wife t-boned a car coming out of our driveway, clearly her fault. I called my agent and he took care of everything. Van took about 2 weeks to repair, and 2 weeks later we had a DV check in the mail.

Mossybloak · Feb 21, 2018

I worked for Farmers insurance for years in the auto claims department so you probably won't like my answer. DV has a lot to do with the extent of the damages and the type vehicle. Honestly, for just bolt on parts damage their typically isn't much DV to be had. You can always request it but don't expect much if the damages really are just bumpers and a trailer hitch. Also, the more valuable a vehicle, the more DV comes into play. A Bugatti with damage repairs will take a significantly bigger percentage hit on DV than a common truck.

Mossybloak · Feb 22, 2018

Also, 4k sounds really high for that damage so it's possible they wrote in some frame time just in case. Depends on if the estimate was written before or after tear down.

17CrewCab1500 · Feb 22, 2018

Mossybloak said:
I worked for Farmers insurance for years in the auto claims department so you probably won't like my answer. DV has a lot to do with the extent of the damages and the type vehicle. Honestly, for just bolt on parts damage their typically isn't much DV to be had. You can always request it but don't expect much if the damages really are just bumpers and a trailer hitch. Also, the more valuable a vehicle, the more DV comes into play. A Bugatti with damage repairs will take a significantly bigger percentage hit on DV than a common truck.

No, I appreciate the reply. Exactly what I was looking for!

17CrewCab1500 · Feb 22, 2018

Mossybloak said:
Also, 4k sounds really high for that damage so it's possible they wrote in some frame time just in case. Depends on if the estimate was written before or after tear down.

Was before.

Parts $2678.00
body labor $575.00
paint labor $340.00
mechanical labor $207
paint labor $207
tax and other $225

Mossybloak · Feb 22, 2018

Good breakdown, thanks! Let us know what they find after tear down and good luck!

JPT · Feb 22, 2018

I used a website when someone bumped into my Audi. It was a site that charged about $40, I provided this to their insurance company with the receipt for the $40 and was given the full amount.

Every insurance company is aware and will pay it, for all vehicles. Adjusters play stupid to try and minimize the payouts.

Because of sites like carfax where buyers are able to see majority of accident/insurance claims, this has become standard (but like I said, the adjuster may play stupid). Bolt ons, or major work, the accident devalues your vehicle, the hard part is determining how much it does, but there is no doubt that it does.

The adjuster in that incident acted like he had never heard of such a thing (yeah right), then after a few minutes into the conversation all of a sudden he was very well versed on what they needed for a valid diminished value claim.

This has to be settled before they cut the final check for the repairs, as part of the paperwork you sign for the check protects them for this.

Mossybloak · Feb 22, 2018

Unfortunately, that is a typical response from someone who has never worked in the industry. DV laws vary by state and it is not guaranteed. Also, it does not have to be settled before the repairs are completed. Again, differences in state laws and insurance companies affect this as well as the type of DV you are looking for.

Georgiasport · Feb 22, 2018

A friend of mine recently got rear ended by a county vehicle. The county only wanted to give her 10 percent of the total damage caused for dv. She then called her insurance agent and he calculated it using something called a c17 calculator, which she was told is the correct way to determine dv. The amountwas double what the county had offered. Hope it works out for you.

JPT · Feb 22, 2018

Mossybloak said:
Unfortunately, that is a typical response from someone who has never worked in the industry. DV laws vary by state and it is not guaranteed. Also, it does not have to be settled before the repairs are completed. Again, differences in state laws and insurance companies affect this as well as the type of DV you are looking for.

Sorry, what state does not support DV when the owner proves a difference in value prior to the incident vs after the incident? And what insurance company is willing to go to court to not have to pay this figure for typical incidents?

And, if you will note, I DIDN'T say before repairs. I said before signing the final check paperwork where typically you sign away the right to seek DV (it is in the fine print on most settlement paperwork).

Kowalski · Feb 22, 2018

Try St. Lucie Appraisal. If your vehicle didn't suffer any structural damages then it will lose about 15% of it's pre-accident value. You will definitely need a good appraisal and also some persistence. Good luck.

chopperman1 · Feb 22, 2018

You should not be talking or dealing with the other insurance company at all. You pay your insurance company to take car of all that.

Mossybloak · Feb 22, 2018

JPT said:
Sorry, what state does not support DV when the owner proves a difference in value prior to the incident vs after the incident? And what insurance company is willing to go to court to not have to pay this figure for typical incidents?

And, if you will note, I DIDN'T say before repairs. I said before signing the final check paperwork where typically you sign away the right to seek DV (it is in the fine print on most settlement paperwork).

Somebody's touchy today! Anywho, what I said is that DV is not guaranteed...and it's not. If the insurance company declines to pay, which they can, you then you can submit your case to the state. No, small claims like this are not usually a big deal but insurance companies will fight on bigger items. Again, every company is different. I can tell you that we were fairly aggressive in denying these because a lot of people won't take it to court either. As to your second concern.... you may have me on a technicality but I still understand the process better than you.

I'm simply stating the facts since the OP asked. Every single person whose ever dealt with DV will have a different story and outcome. There's simply too many variables to say that what happened to one person is how it will be for everyone.

S0CAL · Feb 22, 2018

chopperman1 said:
You should not be talking or dealing with the other insurance company at all. You pay your insurance company to take car of all that.

^ THIS

17CrewCab1500 · Feb 22, 2018

In Arizona, I have up to 2 years to file a claim for it.

What I wonder, is what the carfax report will show for my accident? Just rear collision or does it somewhat get more detailed than that.

17CrewCab1500 · Feb 24, 2018

In Arizona, I have 2 years from the day of the accident to file.

Truck was torn down today and only thing they added for some reason, was the right front fender liner. Not sure why. But ok..

razor1 · Feb 26, 2018

my lawyer took care of getting my DV with a phone call. All be it , I was injured in the accident too.

Radar1 · Feb 26, 2018

I had some hail damage to our truck a few years ago, and wasn't even thinking of "diminution of value". After the USAA appraiser gave me a check for damages, I later received another check for "diminution of value" without asking so I was happy. Wasn't a whole lot but I don't really expect to lose much on resale, if any, based on repairs.

Diminished Value Questions/Tips

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Senior Member

Junior Member

Senior Member

Senior Member

US Marine Veteran

Senior Member

Senior Member

Senior Member

Junior Member

Similar threads

Forum statistics

Share this page