Diminished Value Claim

[Atfulldraw]

TDI's position statement on Diminished Value indicates it is not recoverable on 1st party coverage (comp, collision on YOUR policy), but it is on 3rd party coverage (Other person's property damage coverage, your UM/UIM). Unless your carrier is paying under UM coverage, and with the PD limit issue on the other person's coverage, I don't see where you can recover a DV claim in this case. Maybe I missed something? At any rate, one of the DV evaluation companies can provide you with some ammo to use when negotiating a DV claim.

Stu

Stu is right about 1st party claims.

however it sounds like the at fault driver may be under insured.

but I'll defer to his superior knowledge when it comes to these car things....

[HeyMikey]

It's a myth that the vehicle who hit someone else is always at fault.
In the OP's accident Im really surprised anyone was held at fault because of the weather at the time.

The weather wasn't at fault; some driver was.

[flywise]

The weather wasn't at fault; some driver was.

I said I was surprised anyone was at fault , not that the weather was at fault.
Probably the same day of the OP's accident we had several in Cedar park as well. The ice formed instantly, with out warning.
It was impossible to see and when I got out of my fire truck thinking I was stepping onto dry ground I suddenly looked like a really bad ice skater. No one is at fault in that situation in my opinion

[1shotmedic]

The third vehicle involved - the one that struck me - was a flatbed truck. This truck is 4 times as long as it is wide. So, when he did a 180 on the freeway, he struck me as he came around. I, in no uncertain terms, ran into him. Clear enough?

[Artos]

TDI's position statement on Diminished Value indicates it is not recoverable on 1st party coverage (comp, collision on YOUR policy), but it is on 3rd party coverage (Other person's property damage coverage, your UM/UIM). Unless your carrier is paying under UM coverage, and with the PD limit issue on the other person's coverage, I don't see where you can recover a DV claim in this case. Maybe I missed something? At any rate, one of the DV evaluation companies can provide you with some ammo to use when negotiating a DV claim.

Stu

What sort of value do you give to what I think is called gap ins??

I have a specialized & reasonable policy with a company that only focuses on certain performance/collectible type vehicles that my regular agent could not touch & stated it was solid, but this dm is a concern.

Talking about a vehicle that may see only 3k miles per year. Just looking for guidance if it's something I should consider since the policy is due as we speak.

Thanks!!

[flywise]

What sort of value do you give to what I think is called gap ins??

I have a specialized & reasonable policy with a company that only focuses on certain performance/collectible type vehicles that my regular agent could not touch & stated it was solid, but this dm is a concern.

Talking about a vehicle that may see only 3k miles per year. Just looking for guidance if it's something I should consider since the policy is due as we speak.

Thanks!!

Did you place a value on the vehicle when you got the policy or did the carrier?

[Artos]

We agreed on the value & listed on the policy renewal...I would need to go back & check but think the value is the same as when purchased last year??

[Cottonfish]

What sort of value do you give to what I think is called gap ins??

I have a specialized & reasonable policy with a company that only focuses on certain performance/collectible type vehicles that my regular agent could not touch & stated it was solid, but this dm is a concern.

Talking about a vehicle that may see only 3k miles per year. Just looking for guidance if it's something I should consider since the policy is due as we speak.

Thanks!!

Gap is a good thing if you are upside down, Paul. I'd be concerned about the scenario you mention, most "stated value" policies are evaluated based on supporting written appraisals, rather than agreement between customer and agent. They do pay a specified value of the property, based on appraisal, in the event of its total loss. Sounds suspiciously like yours is an "agreed value" policy only for the purposes of evaluating how much premium the insurance company charges. We had a big problem with agents selling agreed value policies and the customers expecting a specified payout when the vehicle was totaled, rather than the ACV settlement they got.

Stu

[flywise]

We agreed on the value & listed on the policy renewal...I would need to go back & check but think the value is the same as when purchased last year??

I would assume the policy you have, if it is a Hagerty or Grundy or something similar there would not be any diminished value. Other guys in the office sell these policies ( i dont) so i dont know much about them other than customer submits a value and these companies agree and then set a premium. If you add significant value to the vehicle after the policy is in place i would assume you would need to increase the policy limits or you just out that value should it be totaled. ( im just guessing)

[Artos]

Thanks fellas...I need to blast off but let me look at the verbiage to make sure what it states in regarding the description of the value.

It was really wrong of me to state 'agreed' & didn't mean to muddy the ins waters...I specifically recall having the conversation on what value to give the car with the agent when purchasing. That wasn't something i was used to as pricing of actual sticker, the given discounts offered & final price we 'agreed' to were all discussed??

My concern is having the stated or agreed price mentioned & with a total on these unibody frames doesn't take much. Also in the thick of not only all the cut rate ins of other drivers, but uninsured motorist is a huge issue this way.

[Quackerbox]

My point was,....Cantcatch5, In the current day of quality Auto body repair, if bags don't deploy, and the frame or any geometric component was not damaged? There is a good possibility the vehicle would not come back with a dirty Fax? It doesn't seem to matter what the price tag was for repairs. I'm not saying that is always the case, but I see it everyday.

Isn't the insurance or the body shop who report to car fax?

Car fax is the reason we paid out of pocket to fix wife's new truck that was side swiped last year. That and it wasn't much more than the deductible after I added front row tickets to journey [emoji16]

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[bowhunter911]

If your insurance company paid for the repairs you are unable to go after them for diminished value claims is what I was told.

I am in the process now. I got hit last April and started my claim in July. I had $4000 worth of damage and had a company run all the comps and paperwork for $250. My first offer from them took 3.5 months and was $250. I contacted Texas State board of insurance and they sent a letter to the insurance company. My offer is now only $750. I have gotten 3 different appraisals and the car is worth about $4500 less than is should be because of the Carfax report. I have even had my friend who is my agent help. I am going to have to go to court it looks like. I have never taking anyone to court and hate to but I am not going to take a loss due to someone else.

[Bow_Tech_Body_Man]

Isn't the insurance or the body shop who report to car fax?

Car fax is the reason we paid out of pocket to fix wife's new truck that was side swiped last year. That and it wasn't much more than the deductible after I added front row tickets to journey [emoji16]

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We, the shops don't report , I believe the insurance companies are responsible for the reporting? not positive? Rule of thumb used to be $2500.00 or less wouldn't be reported.

[careybirdwell]

If your insurance company paid for the repairs you are unable to go after them for diminished value claims is what I was told.

I am in the process now. I got hit last April and started my claim in July. I had $4000 worth of damage and had a company run all the comps and paperwork for $250. My first offer from them took 3.5 months and was $250. I contacted Texas State board of insurance and they sent a letter to the insurance company. My offer is now only $750. I have gotten 3 different appraisals and the car is worth about $4500 less than is should be because of the Carfax report. I have even had my friend who is my agent help. I am going to have to go to court it looks like. I have never taking anyone to court and hate to but I am not going to take a loss due to someone else.

We are going through the same thing right now. Wife truck got hit. Their insurance paid for the repair. The day we got the truck back, we have had engine problems, and week later after a bent lifter and $3500 out of our pocket for repairs the insurance company says it had nothing to do with the wreck. My wife doesn't trust the truck anymore, so we went to the dealership and they offered her about $4500 less than what the truck was worth. We asked why the offer was so low, and they said the carfax report shows damaged structure and it was reported by an unknown source.

[Artos]

Stu / Flywise,

It basically states "Insured Amount" with the total being what I recall from the conversation which is $5k under sticker.

I honestly don't understand the ins game but am trying to avoid what the OP & others have been going through. Like the others, if your car is repaired then you are going to have diminished value even if it is repaired first class.

Maybe I am misunderstand gap Ins & the mention of gap having value if upside down?? I thought gap covered the difference of the dm to help the OP in these very situations??

So, I have a policy stating the insured amount is $5k under sticker & I'm happy with that coverage IF it was totaled & am actually going to get the "Insured Amount" stated on the policy.

If I get hit & it gets fixed (regardless if my ins or not), the car is no longer worth what we agreed...it has lost value I cannot get back. I 'thought' this what was gap was for??