Diminished Value Claim

[12RingKing]

Anyone ever had to claim diminished value on a vehicle?

My wife was just in an accident this morning in our brand new Honda Odyssey. It has 600 miles on it and still has the paper plates.

I highly doubt it’s totaled, but I guess you never know what they will say. However, I’m expecting them to want to repair it. Obviously it will be worth less as a wrecked car vs a accident free vehicle.

What’s the best way to pursue this so I can get the diminished value of the vehicle?

[Lone_Wolf]

It's hard to see in the picture, but if that's the only damage, and the airbags didn't go off, I'd just let them fix it and keep on driving it. Just make sure you get it done at a shop you trust, and get it fixed right. It's a lose, lose situation, if you get it fixed, and then try and sell or trade it.

[KBM]

Not worthless, same story happened to us on an explorer my wife got. Month after we got it we got rear ended and we traded it in last year. I felt good about the price they offered on trade in

[CTR0022]

After repairs are complete ask them to make an offer for DV.

With that being said if it is just body damage then don't expect much. If there is engine or fram damage then a dv claim has some value

[Humper]

Here is a good starting point....

https://www.finder.com/how-to-calculate-the-diminished-value-of-your-car

[scott123456789]

Assuming your wife was not at fault and the other driver has insurance?

Each insurance company is different. Just helped my BIL work through one with Geico. Geico just needed an internet value without damage and one with. He submitted and got a couple $100 on a 2018 Mazda with $10k miles.

[12RingKing]

Assuming your wife was not at fault and the other driver has insurance?

Each insurance company is different. Just helped my BIL work through one with Geico. Geico just needed an internet value without damage and one with. He submitted and got a couple $100 on a 2018 Mazda with $10k miles.

She’s not at fault. A guy wanted around her and decided to pass her in a blind corner. He hit a man head on at 70ish mph. The rear of his truck lifted in the air and slammed my wife’s car.

The other guy had to be life flighted to Houston. He had to be cut out if the vehicle. We know the guy who was hit too, he works with us.

He has travelers insurance which I hear is good.

[CTR0022]

With that kind of dmg there may be limit issues. This can be a 7 figure claim for the guy that life flighted.

My suggestion is to go through your carrier bc it may be a while before this is sorted out. But typically you can not get dv if using your collision coverage.

[12RingKing]

Any DV experts out there?

[60 Deluxe]

My wife hit a deer with her brand new Toyota two weeks after purchasing it. Somewhere around $10,000 worth of damage. The repair work was flawless. A year later a deer hit her. Again, the repair work was flawless. She decided to trade for a truck because of the stupid deer where she has to drive. The dealer pulled the carfax on it, mentioned it, then gave us a trade-in credit that was well above blue book. I don't believe that you will be able to prove diminished value.

[twosixteens]

I used Autoloss Inc Monica Fisher 1-877-655-1661. It worked out pretty well for me.

[TWOHunter]

Here is the process I have used and directed my customers to use with success.

After repairs have been completed ask a car dealership like Car Max to give you an offer for your vehicle.
Then let them know that it was in an accident and have documentation of the damage which would include the damage estimate and pictures before repairs and ask them to give you a new offer.
The difference in those two offers for your vehicle would be a starting point for your diminished value amount claim.
Now you have two market value offers for your vehicle. One as if it never had any damage and one with repaired damage.
This gives you actual documentation to discuss with the claims people.

Hope this helps.... reach out to me if you have any questions.

[AntlerMax]

Try this one too...

https://www.carprousa.com/How-Do-I-Collect-My-Diminished-Value/a/377

[FireNguns]

I tried to claim it when I was rear ended. They (State farm) just refused and wouldn’t even give me the time of day. My insurance (Usaa) said there wasn’t anything they could do to help me get it. Guess they figured if I didn’t have a lawyer then they weren’t concerned. I had tons of documentation and everything. After a year of trying I finally just gave up. Wasnt worth the legal fees and time to try and recoup a couple thousand.

[kae006]

As someone else mentioned, I’d work directly with your carrier on that one and let them seek reimbursement from the at fault driver. If he carries state minimums that will cap out long before everyone is made whole. As for diminished value, I believe we got it on a car once when I was rear ended years ago. I don’t remember the specifics but I do remember I had to ask for it and I was happy with what they offered.