Diminished value due to accident

[jblanken64]

I'm currently getting my car repaired since being rear ended. It's a 2014 TDI SEL Premium. I plan to file a diminished value claim with the insurance company of the guy that hit me. Has anyone here been through this? How did you go about determining the amount of the claim?

 

[MikeTV]

I don't know how to do this but I'm interested in the outcome. In all of the accidents that I've been involved in, it seems like everyone loses money, even if you are at no fault.

 

[Softrockrenegade]

Sorry for your troubles. Just make sure to post the VIN here so club members know to keep clear if you decide to sell it

 

[senez]

Most folks will tell you to stay away from groups selling these services, but this is a reputable group with several recommendations. I was pursuing this before my car ended up being totaled. They'll put together the packet of info you'll need to submit to the insurance company.

http://www.collisionclaims.com/

 

[jblanken64]

I'm not looking to find a service to come up with something for me at this point. I'm dealing directly with the insurance company and will probably give them a number based on info that I can round up. I'm just curious as to whether anyone here has gone through this and how it turned out. I don't want to have to sue them for the diminished value, but it may come to that.

 

[BarryT82]

When I traded my wife's car for the Passat I took a loss because it was rear ended. The sales manager told me that he didn't care if the car was hit by a semi or a bicycle. It had an accident on the car fax and that was all that he cared about.

 

[jblanken64]

That's what I'm worried about. I have equity in the car that's sure to be decreased when I sell or trade it (although no plans do that at this time).

 

[senez]

I'm not looking to find a service to come up with something for me at this point. I'm dealing directly with the insurance company and will probably give them a number based on info that I can round up. I'm just curious as to whether anyone here has gone through this and how it turned out. I don't want to have to sue them for the diminished value, but it may come to that.

That's totally fine and up to you how you want to pursue this. The insurance company is certainly going to low ball you and the onus then falls on you to provide some sort of certified appraisal (which that service provides) that proves them wrong. To each their own and I get it, but that's the way I'd go. Good luck.

 

[dbias]

When I was blasted in the rear end by a drunk driver back in 2000 I was all over his insurance company about this very issue. I had refuse medical attention at the scene after his Fleetwood and my F350 were towed.
After weeks of haggling with them I made the off hand comment that lately I was having headaches and my right hip had shooting pains occasionally and man that flat out paid me 19500 for a truck I had bought 2 years earlier for 15200.
It ended up being for real though as I had L4,L5,S1 back problem, oh and torn labrum in my hip that put me on the surgeons table and off work for 6 months.

 

[pparks1]

That's what I'm worried about. I have equity in the car that's sure to be decreased when I sell or trade it (although no plans do that at this time).

Just do what I do, drive it into the ground and when you finally decide to get rid of it, you will be happy if you have any value at all.

 

[gforce1108]

I've gone through it a couple of times - with varying success (really depends on the insurance company you are dealing with). Each time they required a formal report detailing the amount of loss. My girlfriends 1 week old Mazda3 took a while, but I got her over $6000 (about $8k in damage) It was a back and forth fight that started with an offer around $700. Exact opposite with my mother's 1 year old Tiguan. The insurance company just wanted a report and they paid the full amount listed. That got her over $3000 for a minor rear bumper hit that ran around $2k in damages.

My buddy is still fighting with Geico.

We used autoloss.com. They gave a free estimate but charge for a formal report (around $300)

 

[767wrench]

My 2012 was repaired after $16k damage when new. To do a diminished value I took my car to the dealer and got an appraisal for trade with accident vs if I had no accident. The difference was $2500. I called the at fault parties insurance agent and they directed me to the right person. I told them I wanted to make a diminished value claim and they settled with me for $1500 for the reason that if I keep the car I wont lose anything.

 

[MikeTV]

My 2012 was repaired after $16k damage when new. To do a diminished value I took my car to the dealer and got an appraisal for trade with accident vs if I had no accident. The difference was $2500. I called the at fault parties insurance agent and they directed me to the right person. I told them I wanted to make a diminished value claim and they settled with me for $1500 for the reason that if I keep the car I wont lose anything.

This seems to be the most simplest and fair to all parties way to do it. Thanks.

 

[gforce1108]

My 2012 was repaired after $16k damage when new. To do a diminished value I took my car to the dealer and got an appraisal for trade with accident vs if I had no accident. The difference was $2500. I called the at fault parties insurance agent and they directed me to the right person. I told them I wanted to make a diminished value claim and they settled with me for $1500 for the reason that if I keep the car I wont lose anything.

I tried to do that, but the dealer wouldn't even consider the car for trade. If they couldn't sell it as a 'certified used' they weren't interested.

We refused to settle lower based on a lower future loss vs immediate. When my girlfriend bought the car she planned to run it into the ground, but has now been thinking about trading it in on a new one. There is only a 2 year statute of limitations to make a diminished value claim. She would not have a way to recoup that 'loss' now.

It also makes a huge difference what insurance company you are dealing with. One of them lied to me and said that I can't claim diminished value in NY. There are a couple states that you can claim from your own insurance, but no limitation on collecting from the at fault party's insurance.

 

[gquenstedt]

I handle these cases as an attorney in Texas. Although the laws are different in each state, I can give you an idea of how the valuations typically work, and my experience dealing with insurance companies.

Send me a PM if you're interested, and I'd be happy to discuss with you.

That's what I'm worried about. I have equity in the car that's sure to be decreased when I sell or trade it (although no plans do that at this time).