Anyone dealt with diminution in value claim with their insurance and their Z/28? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

RaycinSS · 09-29-2020, 03:05 PM

I was recently rear ended in my Z/28 by a drunk driver. The damage is not what I consider major structural just rear bumper cover and diffuser, however the car fax will now show an accident and repair. Z/28 pricing seems to be trending upwards and given the rarity and desirability I feel like they may continue. I believe dealers and potential buyers will want deep discounts on a car with an accident and repair history no matter how minor or well the repair is done. I am allowed to claim diminution in value and am in the process of doing so. Is anyone here an expert in the field or been through this process and willing to help me try to document this to the insurance company?

Thank you in advance

Biergut · 09-29-2020, 05:08 PM

Quote:

Originally Posted by RaycinSS

I was recently rear ended in my Z/28 by a drunk driver. The damage is not what I consider major structural just rear bumper cover and diffuser, however the car fax will now show an accident and repair. Z/28 pricing seems to be trending upwards and given the rarity and desirability I feel like they may continue. I believe dealers and potential buyers will want deep discounts on a car with an accident and repair history no matter how minor or well the repair is done. I am allowed to claim diminution in value and am in the process of doing so. Is anyone here an expert in the field or been through this process and willing to help me try to document this to the insurance company?

Thank you in advance

This could be a very valuable thread for the next ten years... very sorry to hear about you unfortunate luck, but major kudos for starting this thread. Hopefully, it gets some great resources for the gang. Also sorry I can't offer assistance, but I will check with a PCA buddy who fought with his insurance company for the better part of a year on diminution on a 993 C2S widebody after a similar situation.

Goebel734 · 09-29-2020, 05:25 PM

Unfortunately in most cases, depreciation in calculated on a percentage of the amount of damage. I run a collision repair shop and have done so for 25 years so I have a little experience. You are probably going to need a lawyer if they "low-ball" you on depreciation. Also, be aware you can not get depreciation from your own company. I personally fought with a company for almost a year on vehicle value of a 2008 Hummer Alpha H3 I had that was hit and totaled, and it took two different lawyers.

RaycinSS · 09-29-2020, 06:01 PM

Quote:

Originally Posted by Goebel734

Unfortunately in most cases, depreciation in calculated on a percentage of the amount of damage. I run a collision repair shop and have done so for 25 years so I have a little experience. You are probably going to need a lawyer if they "low-ball" you on depreciation. Also, be aware you can not get depreciation from your own company. I personally fought with a company for almost a year on vehicle value of a 2008 Hummer Alpha H3 I had that was hit and totaled, and it took two different lawyers.

Thank you for the reply and the experience. The other vehicle had insurance but they are denying my claim because although it appears he was the brother of the owner and had the keys they are claiming he was an unauthorized driver. My insurance company is paying under the uninsured motorist portion and has stated that I am entitled to make the diminution in value claim since it is under the uninsured portion even though it is my insurance.

Since my original posting I have found several companies online that appear to do nothing but appraisals for these types of claims and am doing some research to try and find a good one to enlist their help.

I feel confident that dealers would low ball trades and I'm going to have to take a sizeable hit if I ever had to sell the car and that doesn't sit well with me after being hit from behind. The driver did get arrested for DWI and failure to identify since he presented me and the police with a fake Mexican Drivers License. Oh and did I mentioned I had to chase him down because he kept going. Good news is a Dodge Ram truck is no match for a Z/28 and being drunk he wasn't smart enough to go off pavement which would have abruptly ended my ability to follow him.

pzero · 10-07-2020, 10:53 AM

Sorry to hear about your accident. If the other party has auto insurance, have them pay for repairs, do not use your uninsured portion. It will go on record and increase your insurance premium.

In the past this same thing happened to me on my daily car. Son drove mothers car and rear-ended me. Other insurance claimed they would not cover because of unauthorized user. Well, I call the other insurance company and threatened to sue them. They agreed and proceeded to for repairs. This was my argument.

"If you don’t fix this, I will sue you for car damages, no work compensation, injuries to my back, and my lawyer fees. If you do decide to fix this, my car is the only thing that needs to be fixed. You decide and let me know. You got 48 hours till I proceed."

Sometime you have to threaten these insurance company if not they will take your lunch money. I didn’t take advantage of them, I was straight up with them about my repair. Now about your Z records and depreciation down the line is another issue I cannot say about. Good luck.

PapaKlutch · 10-07-2020, 11:45 AM

Hire this guy or someone similar to work with you on increasing the diminshed value payments,etc.

http://www.collisionsafetyconsultants.com/

RaycinSS · 10-07-2020, 09:15 PM

Quote:

Originally Posted by PapaKlutch

Hire this guy or someone similar to work with you on increasing the diminshed value payments,etc.

http://www.collisionsafetyconsultants.com/

I wound up hiring a company called Autoloss for appraisal and help with the claim. They did a fairly thorough and lengthy report and sent it to my insurance company. I think their numbers are fair and consistent with my own thoughts but haven't heard back from my insurance company.
Depends on whether the accept the figures or argue. After speaking with the adjuster today they clearly don't understand Z/28 buyers and what they expect for their money.

Supercup · 10-07-2020, 09:26 PM

I have done one in California for my old Panamera Turbo - insurance companies required and dimunition of value appraisal, which was done by an expert who specialized in this areas. Appraiser came up with a value before and after accident - difference was loss in value. In my case was about $11,000 - took 6 months of back and forth between insurance Companies, once the report was filed, but eventually I got an additional check for the settlement amount which was close to the appraised dimunition of value.

key is get a good expert in your State, then put your patience hat on, the other parties insurance carrier is not going to want to pay, so it will take some time.

Good luck

RaycinSS · 10-12-2020, 08:06 PM

Quote:

Originally Posted by Supercup

I have done one in California for my old Panamera Turbo - insurance companies required and dimunition of value appraisal, which was done by an expert who specialized in this areas. Appraiser came up with a value before and after accident - difference was loss in value. In my case was about $11,000 - took 6 months of back and forth between insurance Companies, once the report was filed, but eventually I got an additional check for the settlement amount which was close to the appraised dimunition of value.

key is get a good expert in your State, then put your patience hat on, the other parties insurance carrier is not going to want to pay, so it will take some time.

Good luck

So in my case it's my insurance company (uninsured motorist coverage) that I am having to deal with. It looks like I am in for a long ride just as you have suggested.

RaycinSS · 10-12-2020, 08:20 PM

I hired a company to appraise and determine the diminished loss value. This report was sent to the insurance company and is just over 6k. I spoke with another appraisal company and without seeing the vehicle they estimate a 2k minimum and inspection and research should increase from there. The company that my insurance uses called me and says it's just over $200. My car will need the rear bumper and rear diffuser replaced, repainted and the rear flares dealt with and reattached. It's just under 3k as estimated by the insurance and will clearly show up on car fax and I will have to disclose to any prospective buyer. I told the adjuster that $200 is an insult and not even within the realm of being realistic. My car with the repairs and disclosure sitting next to the identical car with no accidents and repair would need to be discounted far more than $200 to get someone about to spend nearly 40k to buy it over the never wrecked vehicle. I think it's realistically in that 2k to 6k range but I honestly think most people spending close to 40k would still pass mine over for just 2k difference.

Supercup · 10-12-2020, 09:06 PM

I am not surprised by the low ball number - they are just seeing what they can get away with. At this point I would not talk to their adjuster again, just refer them to your insurancr Company. Turn the report over to your insurance Company (if you have not already), tell them you expect $6k and won't accept anything less. Let your Ins. Company and the party who prepared the report have all the future discussion - that is what they do and they know just what to say.

That being said the other insurance Company won't roll over - it will take 3-6 months to get a fair settlement. Be nice, but firm - you will come out ok.

Sorry for your troubles - such a hassle to deal with this stuff, but $#!t happens!

Good luck!

09-29-2020, 03:05 PM	#1
RaycinSS Drives: 2015 Camaro Z/28 Join Date: Jan 2011 Location: Arlington,TX Posts: 557	Anyone dealt with diminution in value claim with their insurance and their Z/28? I was recently rear ended in my Z/28 by a drunk driver. The damage is not what I consider major structural just rear bumper cover and diffuser, however the car fax will now show an accident and repair. Z/28 pricing seems to be trending upwards and given the rarity and desirability I feel like they may continue. I believe dealers and potential buyers will want deep discounts on a car with an accident and repair history no matter how minor or well the repair is done. I am allowed to claim diminution in value and am in the process of doing so. Is anyone here an expert in the field or been through this process and willing to help me try to document this to the insurance company? Thank you in advance

09-29-2020, 05:25 PM	#3
Goebel734 Mr. Bill Drives: 2014 SIM 0059 CTF w/AC & stereo Join Date: Apr 2020 Location: Huntsville, AL Posts: 163 View My Garage	Unfortunately in most cases, depreciation in calculated on a percentage of the amount of damage. I run a collision repair shop and have done so for 25 years so I have a little experience. You are probably going to need a lawyer if they "low-ball" you on depreciation. Also, be aware you can not get depreciation from your own company. I personally fought with a company for almost a year on vehicle value of a 2008 Hummer Alpha H3 I had that was hit and totaled, and it took two different lawyers. __________________ 1956 Chevy PU with Corvette running gear 1969 Malibu one family bench seat 4-speed car 1980 Z28 one family 4-speed car (now 5spd) 1991 GMC Syclone 1997 30th Anniversary SS hardtop 6-speed 2014 Z/28 SIM 0059 CTF A/C and stereo

10-07-2020, 10:53 AM	#5
pzero Drives: 2015 Camaro Z/28 #968 Silver Ice M Join Date: May 2019 Location: Houston Posts: 365	Sorry to hear about your accident. If the other party has auto insurance, have them pay for repairs, do not use your uninsured portion. It will go on record and increase your insurance premium. In the past this same thing happened to me on my daily car. Son drove mothers car and rear-ended me. Other insurance claimed they would not cover because of unauthorized user. Well, I call the other insurance company and threatened to sue them. They agreed and proceeded to for repairs. This was my argument. "If you don’t fix this, I will sue you for car damages, no work compensation, injuries to my back, and my lawyer fees. If you do decide to fix this, my car is the only thing that needs to be fixed. You decide and let me know. You got 48 hours till I proceed." Sometime you have to threaten these insurance company if not they will take your lunch money. I didn’t take advantage of them, I was straight up with them about my repair. Now about your Z records and depreciation down the line is another issue I cannot say about. Good luck. __________________ Current Cars: 2008 Honda CRV 2.0L 2015 Chevy Z/28 7.0L 2016 Chevy Tahoe 5.3L Past Cars: 1976 Chevy Malibu Classic 5.7L 1985 Chevy 2DR 4x4 Blazer 5.7L 1989 Chevy IROC-Z 5.7L 1995 Chevy 2DR 4x4 Tahoe 5.7L 2005 Chevy 4DR Tahoe 5.3L

10-07-2020, 11:45 AM	#6
PapaKlutch Drives: 2015 Camaro SS/1LE Join Date: May 2015 Location: Nevada Posts: 947	Hire this guy or someone similar to work with you on increasing the diminshed value payments,etc. http://www.collisionsafetyconsultants.com/ __________________ 2015 2SS/1LE/RECARO/NPP/RS/NAV

10-12-2020, 08:20 PM	#10
RaycinSS Drives: 2015 Camaro Z/28 Join Date: Jan 2011 Location: Arlington,TX Posts: 557	Latest Update I hired a company to appraise and determine the diminished loss value. This report was sent to the insurance company and is just over 6k. I spoke with another appraisal company and without seeing the vehicle they estimate a 2k minimum and inspection and research should increase from there. The company that my insurance uses called me and says it's just over $200. My car will need the rear bumper and rear diffuser replaced, repainted and the rear flares dealt with and reattached. It's just under 3k as estimated by the insurance and will clearly show up on car fax and I will have to disclose to any prospective buyer. I told the adjuster that $200 is an insult and not even within the realm of being realistic. My car with the repairs and disclosure sitting next to the identical car with no accidents and repair would need to be discounted far more than $200 to get someone about to spend nearly 40k to buy it over the never wrecked vehicle. I think it's realistically in that 2k to 6k range but I honestly think most people spending close to 40k would still pass mine over for just 2k difference.

10-07-2020, 09:26 PM	#8
Supercup Life Is Short Enjoy It! Drives: Original Owner 15 Z/28 #934 Join Date: Sep 2016 Location: S. Cal Posts: 891	I have done one in California for my old Panamera Turbo - insurance companies required and dimunition of value appraisal, which was done by an expert who specialized in this areas. Appraiser came up with a value before and after accident - difference was loss in value. In my case was about $11,000 - took 6 months of back and forth between insurance Companies, once the report was filed, but eventually I got an additional check for the settlement amount which was close to the appraised dimunition of value. key is get a good expert in your State, then put your patience hat on, the other parties insurance carrier is not going to want to pay, so it will take some time. Good luck

10-12-2020, 09:06 PM	#11
Supercup Life Is Short Enjoy It! Drives: Original Owner 15 Z/28 #934 Join Date: Sep 2016 Location: S. Cal Posts: 891	I am not surprised by the low ball number - they are just seeing what they can get away with. At this point I would not talk to their adjuster again, just refer them to your insurancr Company. Turn the report over to your insurance Company (if you have not already), tell them you expect $6k and won't accept anything less. Let your Ins. Company and the party who prepared the report have all the future discussion - that is what they do and they know just what to say. That being said the other insurance Company won't roll over - it will take 3-6 months to get a fair settlement. Be nice, but firm - you will come out ok. Sorry for your troubles - such a hassle to deal with this stuff, but $#!t happens! Good luck!