Help me get my Diminished Value $$$!!!

[jasanch5]

Lola was backed into last week and I visited her at the shop today. I know the car in my eyes will never be the same and it never will truly be even after the repairs. How do I go about getting my "Dimished Value" from the Lady's Insurance Company. Lola is an '05 I bought two months ago with only 9,000 miles. Mint, mint, mint, never abused, all recalls completed... I only put 3k mi on her since (had to drive it back from CA). She has the touring package. What do you think she was worth before and then after knowing she's been in an accident (from a buyers perspective) and how do I go about proving that to the insurance company?

Needs new: Door, Handle, Lock, Glass, THE ENTIRE SILL PIECE!!!, Patch the Rear Clam (maybe replace), and Body and Paint work on half the car (Driver's side)

I'll post some pics tonight when I get home of the damage and the shop.

-JD

[CertifiedCC]

32-33k AVERAGE.

go to the FOR SALE section of this forum and find all the elises close to your specs and show them to your insurance company.

[JoshS]

Oh, great Serebo1 master of diminished value. Please make your magical appearance and give this gentlemen the benefit of your infinite diminished wisdom.

Hmmm somehow that last part doesn't sound right. Oh, tell the blighter what to do!

[Brennon]

You're looking at 8-12k in diminished value according to an appraiser. Is that correct? Well according to the system it is--and the system is what matters.

Who is the insurance company?

Have you contacted a licensed appraiser?

Have you asked the insurance company for diminished value yet?

If they refuse, send them a fax requesting diminished value. Then go up the ladder. If you've gone as far as you can and they still refuse, take it to small claims court and you should come out on top.

Let me know if you need assistance / case law.

[jasanch5]

MetLife is the insurance Co.

I'm in AZ, they accepted 100% fault

Where would I look for a licensed appraiser???

The insurance co said that I must submit for a diminished value claim AFTER the repairs have been made.

And please Serebo1 master what can you tell me?

[Brennon]

Originally Posted by jasanch5

MetLife is the insurance Co.

I'm in AZ, they accepted 100% fault

Where would I look for a licensed appraiser???

The insurance co said that I must submit for a diminished value claim AFTER the repairs have been made.

And please Serebo1 master what can you tell me?

Yeah...they're full of crap (and metlife is crap). They're going to say that diminished value only occurs IF the repairs are not up to industry standard. Then they're going to tell you that if you have a problem with the repairs to take it to the facility to correct the problem as it has nothing to do with them. They will never admit to instrinsic diminished value as a result of an accident.

Terry Fisher from Diminished Value Auto Appraisal Experts | Insurance Claims | Wrecked Car Value was nice to work with.

[Brennon]

BTW, they will most likely attempt to intimidate you with a bunch of case law. Allstate did it to me. Upon careful review the case law either had NOTHING to do with the current situation or it was a case of a first party attempting to get diminished value.

As a third party you have no contract with Metlife stating that you can't collect on diminished value. There's a reason they put it in the contract.

[nvrblu]

I got DOV from Allstate after a motorcycle hit me last year in Colorado. The rider crossed a double yellow line on a state highway to pass me while I was making a left turn. He was at fault. I had to get a new rear clam, diffuser, wheel, tire, brake caliper, and toe-link.

I got assistance from Collision Claim Associates, Inc. They hired a 3rd party appraiser and provided guidance in proceeding with my claim.

It wasn't easy. I posted my progress on this forum... search for it.

Bottom line is that you should expect to get about 10% of the current market value of the car. Insurance companies will try to misguide you and either deny your claim or offer much less that you are entitled.

Good luck!

[Brennon]

Originally Posted by nvrblu

I got DOV from Allstate after a motorcycle hit me last year in Colorado. The rider crossed a double yellow line on a state highway to pass me while I was making a left turn. He was at fault. I had to get a new rear clam, diffuser, wheel, tire, brake caliper, and toe-link.

I got assistance from Collision Claim Associates, Inc. They hired a 3rd party appraiser and provided guidance in proceeding with my claim.

It wasn't easy. I posted my progress on this forum... search for it.

Bottom line is that you should expect to get about 10% of the current market value of the car. Insurance companies will try to misguide you and either deny your claim or offer much less that you are entitled.

Good luck!

Appraisers tend to be...."generous" with their estimates.

Whatever you don't get back directly from the insurance company is a tax write off anyhow. Win-win.

[jasanch5]

Here are the pics I promised...

[jasanch5]

DO I NEED A LAWYER?
And the estimate came out to just under 15k... so far...

[the1sen]

+++++++++++++

[Icedog_16]

Originally Posted by the1sen

Deleted at the request of the1sen.

Comments like these are proof-positive that one doesn't understand the process or their policy. In every insurance policy there is an appraisal/arbitration clause that provides remedy for situations like this. I hate that people nowadays automatically feel that a lawyer is the first and only answer.

Failure of a company to abide by the terms and conditions of the policy constitutes bad faith and is frowned upon by the courts; it also subjects the company to punitive damages, so it's in their best interest to honor the contract. Perhaps, it would behoove you and the OP to read their policy and understand it and, if the situation doesn't unfold as it should, get a lawyer. Moreover, DOV statutes vary from state to state, so what holds true in one does not necessarily apply to all. So, before assailing the company, perhaps some research and some due diligence may be in order.

If either one of you doesn't understand your respective policy, post it and I'll be glad to point you (and perhaps your attorney ) in the right direction.

[Brennon]

Originally Posted by Icedog_16

Comments like these are proof-positive that one doesn't understand the process or their policy. In every insurance policy there is an appraisal/arbitration clause that provides remedy for situations like this. I hate that people nowadays automatically feel that a lawyer is the first and only answer.

Failure of a company to abide by the terms and conditions of the policy constitutes bad faith and is frowned upon by the courts; it also subjects the company to punitive damages, so it's in their best interest to honor the contract. Perhaps, it would behoove you and the OP to read their policy and understand it and, if the situation doesn't unfold as it should, get a lawyer. Moreover, DOV statutes vary from state to state, so what holds true in one does not necessarily apply to all. So, before assailing the company, perhaps some research and some due diligence may be in order.

If either one of you doesn't understand your respective policy, post it and I'll be glad to point you (and perhaps your attorney ) in the right direction.

While your point is well noted, there is no contract here as he's a third party. He can take the lady right to court (at least in California, which is the extent of my knowledge on diminished value). He'll be hard pressed to find an attorney willing to take a case like that to civil court, but small claims is no problem and if you're prepared, a pretty easy win.

As far as a lawyer being the first thought, honestly, he has a point. Insurance companies do not like to pay for things such as diminished value and will throw every bunk argument they can muster. Allstate even sent an attorney to court to provide a letter to the judge and take part in the arbitration process beforehand. During arbitration, they offered nothing - I counter offered with $7500. They should have taken my offer as they ended up having to pay court costs as well--and I still have a nice $7000 tax writeoff.

[Icedog_16]

Originally Posted by Brennon

While your point is well noted, there is no contract here as he's a third party. He can take the lady right to court (at least in California, which is the extent of my knowledge on diminished value). He'll be hard pressed to find an attorney willing to take a case like that to civil court, but small claims is no problem and if you're prepared, a pretty easy win.

As far as a lawyer being the first thought, honestly, he has a point. Insurance companies do not like to pay for things such as diminished value and will throw every bunk argument they can muster. Allstate even sent an attorney to court to provide a letter to the judge and take part in the arbitration process beforehand. During arbitration, they offered nothing - I counter offered with $7500. They should have taken my offer as they ended up having to pay court costs as well--and I still have a nice $7000 tax writeoff.

Certainly, he can take the lady to court. The burden will still be on him to prove the damages, which would have to be via an independent appraiser and it would likely be referred to mediation. He also never mentioned whether he was pursuing the DOV claim through her insurer or his own (nor did you specify), which was why I brought up the laws regarding such claims. Perhaps she's already at policy limits or not, I don't know. I can only advise based on the information I'm given and the inferences I can make from them.

Honestly, just because the claim is $15K that doesn't mean a lawyer is required at this juncture. He still doesn't even know what her limits are, much less what the settlement offer from her company is. See what I mean? It's premature. Getting an attorney involved at this juncture may only increase the costs for all involved, including all of the people who pay premiums to Auto insurers - the money's gotta come from somewhere.

Jeez, my ex-wife backed into mine and then lied to her company about the circumstances and I still was able to get the loss paid without need for an attorney. I really didn't even need knowledge about the policy contract to get that done. For all intents and purposes, they could have paid the loss and then subrogated against her as she didn't fulfill her obligation as an insured.

BTW, you were ultimately reimbursed for the property loss, so you probably should have amended your tax return or accounted for it on the next year's return, assuming that it all didn't go down in the same year. Again, just based on the information I was given. Mind you, I'm not a tax professional; but, I'm pretty sure that's how it works.

[Brennon]

Originally Posted by Icedog_16

BTW, you were ultimately reimbursed for the property loss, so you probably should have amended your tax return or accounted for it on the next year's return, assuming that it all didn't go down in the same year. Again, just based on the information I was given. Mind you, I'm not a tax professional; but, I'm pretty sure that's how it works.

The appraisal was set at 14.5 with allstate pitching in 7500. That leaves, according to the appraiser, a $7000 discrepency which is deductible as a casualty loss.

Honestly, with these cars, even if you're not going after DV, the appraisal cost more than pays for itself come tax time.

[Joecooool]

Been there, done that.

They will jerk you around until you sue them.

/Thread.

[Icedog_16]

Originally Posted by Brennon

The appraisal was set at 14.5 with allstate pitching in 7500. That leaves, according to the appraiser, a $7000 discrepency which is deductible as a casualty loss.

Honestly, with these cars, even if you're not going after DV, the appraisal cost more than pays for itself come tax time.

So again, basically, I didn't have your facts. AFAIKnew, your appraisal was for $7500; that still leaves Allstate (still don't know if it's your company or the other party's, much less if we're even talking about a first-party or a third-party claim for DOV or even in which state you are located - a lot of variables here if you pick up what I'm throwing down) on the hook for attorney's fees. At that rate, if you had an appraisal showing $14500 DOV and an attorney, why did you counter with and then accept $7500 for a settlement? Perhaps, you and your attorney felt that a judge might rule that the actual DOV didn't approach 14500? Honestly, I'd say that if you had a $14500 loss over and above your actual physical loss sustained that the car should probably have effectively been declared a total loss, given its value. (For the record: I never sought DOV against my ex-wife since I got a new clam and the paint ultimately matched.)

Personally, I think that any DOV settlements should allow the paying company the right to recover any damages never realized at the time of conveyance, which might be a disincentive for some (a lot?) of them. For instance, let's say that you are rear-ended and have your repairs done and then DOV is paid in the amount of $10K. Immediately or soon thereafter, you trade the car to a dealer, taking a $5K loss. Essentially, you made $5K in the process. However, if you factor out that the dealer's already discounting your trade by roughly that amount to account for their profit, you actually made $10K in the deal. This departs from the concept of insurance since the principal is indemnity, not enrichment. Again, this money has to come from somewhere - all other policyholders.