Diminished value

[RamRoy]

No, not my Ram, but the wife's 2016 Maxima. She got hit in the rear and it looks like a new trunk, bumper, rear quarter panel and whatever else they find.

State Farm feels that once the vehicle is repaired, it is back to its original condition. The problem being, if I were to trade/sell the vehicle, Carfax will show it was in an accident.

State Farm is my insurance as well as the man who hit us. They said that I am welcome to submit a claim, but must have documentation to support my claim.

For those of you who have been successful with this, how did you go about it.

Thanks

 

[Jrod]

I lawyered up in Virginia after I got rear ended in my Jeep JK unlimited. The chick hit my rear left quarter at 70mph... I was at a complete stop in traffic. I was surprised It didn’t bend my frame. Regardless, I had to fight for diminished value and got it. It wasn’t a whole hell of a lot... In some states you receive it automatically.

 

[JPT]

I found a website that provided a value based off of pictures, description and cost of the repair. It cost me about $50 for the report, I submitted the cost of there report (receipt) and was given the diminished value + cost of report.

I did have the argue with the adjuster, and initially he acted like he had never heard of such a thing. Once I pressed him, he all of a sudden knew I needed to be able to prove the diminished value, and then they would provide it.

 

[clay282]

They have to "make you whole". Demand a market study and for clean carfax versus vehicles with previous damage. The problem being, they can't predict how long you will own it before trading it off so that dollar amount is variable. Trading it in now with damage listed would affect it a lot more than if you trade it in 10 years from now. Anything would help offset it though.

 

[RamRoy]

What exactly does it mean to "make me whole"?

Who do I demand a market study from and a clean Carfax?

Thanks guys

 

[huntergreen]

I would talk to the used car manager where you bought car. They are experts.

 

[clay282]

The insurance company of the other driver (who happens to also be your insurance company) needs to make you whole. They would also be the ones you have conduct the market study. You said State Farm is your insurance company, but in this case, you have to look at them like the other drivers company and treat them as a separate company.

A lady blew a stop sign, I t-boned her, she got ticketed and was at fault. Her insurance company totaled my car but didn't offer enough to buy another one out right since mine was totally paid for. They had to "make me whole" and put me in the same place I was before the wreck. I demanded a market study and then, SUDDENLY, my car wasn't totaled because the amount they offered would not put me in the same car and same value, paid off like I was before. Then they repaired it and my value was crap AND they didn't authorize any repairs that couldn't easily be seen i.e. bent up trans cooler etc. So, they still hadn't made me "whole". Took it to the Ford dealer, Ford collision wrote up the extra stuff and the depreciation... fight, argue, phone calls, email, demand to be "made whole" = Check cut to me for another $3000 and I was "made whole" again in 24 hours. The check paid to fix the stuff they hid and gave me a little for depreciated value.

PS, there was a claim, the carfax will not be clean when they report the payout.

 

[RamRoy]

Thanks again. I am awaiting the repairs so I know how much was put into it. I know KB value for it before the accident. When I get it back, I will get an appraisal and compare it to others with the same setup and milage that have not been in an accident.

Luckily mine wasn't as bad as yours, but I do know that any accident looks bad on Carfax.

 

[Mr_tibbs]

Lawyer up. I got a couple grand for diminished value when my challenger was T-boned. The lawyer should do all the research for you.

 

[Jimmy07]

Lawyer up. I got a couple grand for diminished value when my challenger was T-boned. The lawyer should do all the research for you.

At what cost? Is this something where you have to spend a grand to squeeze out an extra couple hundred dollars?

 

[JPT]

At what cost? Is this something where you have to spend a grand to squeeze out an extra couple hundred dollars?

Yes. You aren't going to get a lot specifically for diminished value. Now, if you are seeking more, say you feel they didn't give you enough for repairs, injury, loss of wages then a lawyer would be advisable. But if it is just for diminished value, lawyers may not even take the case as you might not even get enough to cover their time.

 

[Summit1]

One consideration is that Carfax does not always show every "hit" a vehicle has taken... not sure why, but maybe it only shows major damage, and not stuff like dented door panels or broken grille parts from a deer impact.

 

[Mudders Beast]

Went thru this, GA insurance companies pay Dimished Value based on formula 17c, found on web. Regardless of state, they should pony up as slaes and carfax data now cross state lines with internet shopping.