04-19-2016, 12:25 PM | #1 |
Drives: 2015 Camaro SS 1LE Join Date: Aug 2014
Location: Chattanooga, TN
Posts: 286
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Wreck...Diminished claim question
So I was backed into the other day by a driver. I've setup a claim with their insurance and the car is going in the shop tomorrow.
Has anyone had experience with a diminished claim with their insurance? Since the car is pretty much brand new (10 months old) with 13,000 miles on it. Would like your input!
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04-19-2016, 12:32 PM | #2 |
I have only read about it, but never pursued it. You'd need a statement of value before and after the accident. so if you tried trading the car in, a dealer appraisal. easy to get after, tough to have a before. when i asked the insurance company i was going through to have my car fixed, they said they didn't do that. find out the laws in your state and go from there. there is always small claims court too.
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04-19-2016, 03:25 PM | #3 |
Drives: 2010 Inferno Orange Camaro Join Date: Mar 2011
Location: Chicago
Posts: 88
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Depends on their insurance honestly. I've gone after it twice. Liberty mutual sent out their own adjuster and within 2 weeks I was cut a check based on his appraisal. State Farm on the other hand, will tell you flat out that you have to pay money out of your own pocket to get the appraisals, and even then they will argue whether they agree with the 3rd party's findings. I definitely say go for it, b/c you never know what they'll say.
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04-19-2016, 03:49 PM | #4 |
El Duderino
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Unfortunately, not a lot of information out there for Tennessee.
I found this: “Assuming a willing seller and a willing buyer, neither under compulsion to buy or sell, do you have an opinion as to the value of the vehicle immediate before the accident?” The same question is then asked as to the value after the accident and the loss is determined with the insurance company keeping the salvage value if they pay the entire loss. Sometimes the vehicle owner will want to negotiate the salvage value because they have some particular use for the parties or intend to rebuild the vehicle later in spite of it being totaled. These matters are negotiable. Moving to the issue of partial destruction or a damaged vehicle which can be repaired, the insurance company or Defendant should be responsible for reasonable vehicle rental charges which are part of the “loss of use” recovery and the reasonable cost of repair. These are the eleven elements of damage in the automobile accident case. http://www.thethomaslawfirm.com/car-accident-law/ And this: https://www.dmv.com/tn/tennessee/auto-accidents But I suggest you call your State Insurance Commissioners Office and find out your rights. 800-342-8385 Here is a link to the on-line complaint form that should get your insurance company's attention. https://sbs-tn.naic.org/Lion-Web/ser...anishVersion=N
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04-19-2016, 07:49 PM | #5 |
old school chevy rodder
Drives: 2013 2SS/RS Manual,DM exhaust,CRT Join Date: Jul 2012
Location: Oregon
Posts: 5,587
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If I had a accident and it was another motorists fault here in Oregon I would go to Leifs auto collision center they advertise they can get you diminished value up to three times....
You may want to talk to them though its long distance about your remedies....... They are very good. http://www.leifs.com/ Triple Diminished Value warranty Oregon and Washington’s Only Triple Diminished Value Settlement Reports After an accident, your vehicle loses value. This lost value is called diminished value or DV. Recoverable amounts can range from $1,000 to $30,000 or more. Auto Claims Services is the only diminished value assessment company that can provide Triple Diminished Value Reports, which account for all 3 types of diminished values your vehicle may have incurred. All 2nd tier reports include documentation and a certification letter. 1.Inherent Diminished Value This is simply the idea that people will pay less for your car due to the fact that it has been damaged, no matter how good the repair. 2.Insurance Related Diminished Value Insurance Related Diminished Value is the remaining money owed to you by your insurance company if they did not authorize all the necessary repairs. Your claim has a market value. If you used a body shop recommended by your insurance company, you received less than that market value. What your insurance didn’t pay for is owed to you. Typically this amount is 20% to 60% above what the insurance company paid. 3.Body Shop Related Diminished Value Surveys have concluded that 90% of structurally damaged vehicles repaired under discount insurance company repair prgrams are shoddy and unsafe. The shop owes you the amount to re-repair your vehicle to pre-loss condition.
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04-19-2016, 08:49 PM | #6 | |
Yee-aay-ee!
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Quote:
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04-19-2016, 09:07 PM | #7 |
Drives: 2011 v6 Join Date: Jan 2016
Location: Texas
Posts: 148
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Claiming that is hard and not worth the time..or so I heard
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04-19-2016, 10:41 PM | #8 |
Drives: 2014 Chevy Camaro SS Join Date: Apr 2016
Location: Cheshire, CT
Posts: 12
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I sell insurance in CT and the New England area. Diminishing value has been removed from most auto insurance policies. You will need to bring a lawsuit against the person if you were in the car and get the extra money that way. Yes, your car is worth less now because carfax will have that claim paid on your vehicle now. If you were in the car go see a good personal injury attorney and start going to a chiropractor. Read your policy but diminishing value has become a thing of the past. If the car was hit while parked and no one was in it then your stuck with taking the collision damage and the rental car reimbursement.
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04-20-2016, 04:56 AM | #9 |
Just an average Dude
Drives: 2015 1LT Grey w/Orange Rally Stripe Join Date: Mar 2016
Location: Hickory, NC
Posts: 391
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In your case it may not be much of a claim. Now if you had an airbag deployment then your value will diminish a lot.
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04-20-2016, 07:41 AM | #10 |
Drives: 2014 Camaro LT RS Join Date: Sep 2015
Location: North Carolina
Posts: 22
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Actually,if I remember correctly it depends on the percentage of cost to repair vs value of car in if it shows up in carfax. Like 20 to 25% value I believe. I could be wrong. On if it shows up in carfax
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04-20-2016, 08:29 AM | #11 |
old school chevy rodder
Drives: 2013 2SS/RS Manual,DM exhaust,CRT Join Date: Jul 2012
Location: Oregon
Posts: 5,587
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Actually if the person had good insurance they negotiate for the diminished value with the other persons insurance at fault...... Like Leifs does for you with the insurance, read the report card..........
INSURANCE CLAIM EXPERIENCE RATINGS IMITATION PARTS USED SAFETY PARTS COVER PRE-LOSS COSTS HONESTY CUSTOMER SERVICE HONOR THEIR WARRANTY ALLSTATE NO NO A A A A AMERICAN FAMILY NO NO B A B A E-SURANCE YES YES F F F F FARMERS YES YES C D C C GEICO YES YES D D D D GENERAL YES YES F F F F LIBERTY MUTUAL YES NO C B B C OREGON MUTUAL NO NO A A A A PROGRESSIVE NO NO A A A A SAFECO YES YES D D D B STATE FARM YES YES F F F F USAA YES YES D D D D PEMCO NO NO A A A A SO here I arranged it the ratings based by body shop/mechanics that like 97% customer or 99% satisfaction who do the negotiating for you....the reason they have spread and become so popular, and here in Oregon we have the right to go to three body shops and choose the one of our discretion not just the preferred body shop of the insurance which may or may not use factory parts. I have been using 21st century for cheap rates I may just have to go back to allstate now that I read this as they were just a little more and I had them for years for home and auto, and if you look at the ratings they show how hard it is for professionals to negotiate with them ....Imagine being say just a individual.....Yes of course we are screwed by insurance that's their job to make money not to pay claims. Always read the fine print and know your coverage, new car replacement value for so long? I had it for two years....say if you read the fine print on say Liberty Mutuals insurance adds that are everywhere on the tube.......It reads 1 year new car replacement with a car one year newer and basically new...because it says :new car with only 15000 miles on it in the first year being replaced and the replacement car will have 15000 less miles on it. It pays to pay attention to details.
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Last edited by christianchevell; 04-20-2016 at 08:48 AM. |
04-20-2016, 09:07 AM | #12 |
Drives: 2010 SS Join Date: Nov 2009
Location: So Cal
Posts: 2,197
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Sorry about your Camaro!
This is my experience, but I think it may depend on the State. In CA, the body shop and both insurance companies acted as if they'd never heard of the phrase "diminished value". I finally found a company that would do the leg work for me, but I still had to submit the claim to the other guy's insurance company myself, and that doesn't mean it will get paid out. So I would have had to gamble $300 (and my time) to get about $2k in diminished value. This happened last year on my 2010 SS that had 15k miles on it, and in pristine condition. As much as I love the car, it wasn't worth my time trying to get a couple extra thousand. So if you can find a company/shop that will do all the paperwork and legwork for you for free... go for it. Otherwise, I would just focus on getting your car repaired as good as new.
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04-20-2016, 09:59 AM | #13 | |
Yee-aay-ee!
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Quote:
When I purchased my Challenger, I visited 2 high(er) end body shops that specialize in classic & performance vehicles, to inquire which insurance companies are best for them to deal with in getting a vehicle back to its original condition. These are the shops to which I would take my vehicle should something unfortunate occur. They both independently replied that State Farm & Allstate are the best. My point is that in this type of survey, the reputation of the shops doing the grading is important as well. EDIT: I should add that they both mentioned Progressive was the worst if the customer doesn't wish to use one of their 'preferred' shops.
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04-20-2016, 09:53 PM | #14 |
Drives: chevrolet 2010 camaro lt/rs Join Date: Dec 2009
Location: Nutley, New Jersey
Posts: 38
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New Jersey...No such animal.. No fault..Some policy have new car value claims (less than one year old or 12,00 miles) included , others don't. Going for diminished value is like flying on one wing (good Luck!) Best you can hope for is getting your deductible back
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