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Old 02-27-2013, 01:53 PM   #1
thehollowrift
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Lightbulb Insurance Experts: Diminished Value - How?

Hypothetically: I am looking for resources on how to appropriately gather a decreased value or diminished value claim after an incident.

The path that I am taking that inherent value of a vehicle at current time has been decreased despite any perfect repairs. This is needed to accommodate for the expected lesser value of a vehicle when it is sold at some point in the future.

Does ANYONE have a resource for this, or suggestion? Please save the 'gl trying' comments - I need real information

Geographic Location is Maryland as I am aware that impacts course.

Thanks!
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Old 02-27-2013, 05:35 PM   #2
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Interesting idea. A friend of mines brand new wrx was just rear ended badly (literally 500 miles on it). Good luck hope someone has some info
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Old 02-27-2013, 11:30 PM   #3
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Old 02-27-2013, 11:38 PM   #4
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There's not a how, unless you've purchased a rider or endorsement stating such.

A standard policy won't have that provision. It would have to be endorsed and charged a premium for in order to have coverage effective unless there's some personal lines carrier that has this built into their standard policy.

The how is you request a copy of your insurance policy if you don't have one. Read through the coverages and have a quick scan of the endorsement page. You can also go the lazy route and search online for your carrier and the depreciated value terminology, if its a standard coverage in some policy that I'm not aware of, then that information should be easily available.

Cliff notes; you're likely SOL. Most insurance policies state the valuation is Actual Cash Value less depreciation. I.e., blue book value on a totaled car or to indemnify by repairing a partial loss to make the policyholder whole.

Unless you have Grundy or Haggarty or another specialty car carrier or a states amount/agreed amount, you're beat.
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Old 02-28-2013, 12:43 AM   #5
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So, in said incident.... Lets say someone nailed the car and the repair is the reaponsibility of the at fault other client.

What then?
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Old 02-28-2013, 12:54 AM   #6
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Quote:
Originally Posted by 10splaya22 View Post
And this was an answer how?

Did it cross your mind I wanted to hear from the folks here?

Thanks for literally doing nothing to answer.
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Old 02-28-2013, 09:17 AM   #7
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Quote:
Originally Posted by thehollowrift View Post
And this was an answer how?

Did it cross your mind I wanted to hear from the folks here?

Thanks for literally doing nothing to answer.
you might not have liked his method but the first link was very informative.
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Old 02-28-2013, 09:39 AM   #8
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...maybe if you could be specific beyond saying use Google...or 'search'.

Gahhhhhh.
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Old 02-28-2013, 10:54 AM   #9
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Quote:
Originally Posted by thehollowrift View Post
So, in said incident.... Lets say someone nailed the car and the repair is the reaponsibility of the at fault other client.

What then?
I had that happen to me in Virginia.

My insurance company assessed the damage. They deemed it a total loss, their insurance company paid everything, including my deductible. You can bring recent repairs to their attention to increase the value you recieve. You can also show them a lack of comparable cars in the range they're offering for a replacement car that might boost your check, but both situations are very hard to get money out of.
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Old 02-28-2013, 11:11 AM   #10
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Quote:
Originally Posted by thehollowrift View Post
...maybe if you could be specific beyond saying use Google...or 'search'.

Gahhhhhh.
just sayin it turned up usefull info
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Old 02-28-2013, 11:20 AM   #11
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It depends on the state you are in as well. Generally the insurance company is responsible for making you whole again as if nothing ever happened.

I have received diminished value compensation for two claims I have filed here in GA where I was not at fault. I didn't have to ask either time. Some times people get it and don't realize it because it is rolled into the claim total. That's why you always ask for a breakdown of the compensation, and that's why you never ever take their first offer and walk, even if you aren't planning on fixing the car.

Also, when your car is totaled, they must compensate you for all applicable taxes and fees associated with buying a new vehicle, not just the replacement value. Some fly-by-night insurance companies will try to avoid it.
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Old 02-28-2013, 12:04 PM   #12
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Originally Posted by p951951951t View Post
It depends on the state you are in as well. Generally the insurance company is responsible for making you whole again as if nothing ever happened.

I have received diminished value compensation for two claims I have filed here in GA where I was not at fault. I didn't have to ask either time. Some times people get it and don't realize it because it is rolled into the claim total. That's why you always ask for a breakdown of the compensation, and that's why you never ever take their first offer and walk, even if you aren't planning on fixing the car.

Also, when your car is totaled, they must compensate you for all applicable taxes and fees associated with buying a new vehicle, not just the replacement value. Some fly-by-night insurance companies will try to avoid it.
Hmm good point. In this scenario - lets say the car isn't THAT damaged but is damaged enough that any future would-be buyer would want to know.

We're talking about Subaru ORIGINAL factory replacement parts (specifically body panel) that will require PERFECT painting to look correct. ie. door, trunk, or hood.

What I THINK I need is some method to document that a would-be buyer would in fact offer me less money with knowledge the car had a repair. I sure as hell know I would reduce an offer if were made aware of a panel replacement, repair/repaint.
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Old 02-28-2013, 12:12 PM   #13
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Quote:
Originally Posted by thehollowrift View Post
Hmm good point. In this scenario - lets say the car isn't THAT damaged but is damaged enough that any future would-be buyer would want to know.

We're talking about Subaru ORIGINAL factory replacement parts (specifically body panel) that will require PERFECT painting to look correct. ie. door, trunk, or hood.

What I THINK I need is some method to document that a would-be buyer would in fact offer me less money with knowledge the car had a repair. I sure as hell know I would reduce an offer if were made aware of a panel replacement, repair/repaint.
if I were buying a car with a panel replacement, I'd be happy, less time that panel has been exposed to idiots with keys, kids with doors, and UV.

However, I'd want all kinds of documentation that there isn't any frame damage or anything else hidden behind that panel.
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Old 02-28-2013, 12:23 PM   #14
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I do Diminished value claims in MD,VA, and DC as a independent auto damage appraiser. There are numerous factors to consider, but (in short) most companies use a formula to determine the amount. I have done reports for a couple of members here who then were able to recover form the other insurance company. Some states like GA have specific laws and formulas that are used, but MD, DC, and VA don't.

Keep in mind that there is no law in MD that requires you to disclose any damage (to a used car) to an future buyer. It may or may not show up on a Carfax. I've traded in cars that had been repaired before and the dealer didn't ask about prior accidents and they did not deduct any value on the trade.

The fact is you may or may not loose value depending on how long you keep the car, how you dispose of the car, and if you get into any other accidents before you dispose of the car.
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Old 02-28-2013, 12:29 PM   #15
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Quote:
Originally Posted by thehollowrift View Post
Hmm good point. In this scenario - lets say the car isn't THAT damaged but is damaged enough that any future would-be buyer would want to know.

We're talking about Subaru ORIGINAL factory replacement parts (specifically body panel) that will require PERFECT painting to look correct. ie. door, trunk, or hood.

What I THINK I need is some method to document that a would-be buyer would in fact offer me less money with knowledge the car had a repair. I sure as hell know I would reduce an offer if were made aware of a panel replacement, repair/repaint.
First you should research your state laws regarding this kind of stuff. there is probably a govt office you can contact for more information. A lot of things play into it. For example, If the car has been wrecked previously, you might not get anything. It also really depends on the insurance company you are dealing with and their policies.

Both claims that paid the DV comp to me were with state farm, and I can't say enough about how helpful they were.

On the other hand, some woman with a cheapo fly-by-night insurance company backed into me in a parking lot, and it took me nearly six months of hassling to get a fair amount out of them. That didn't include diminished value (the car was an old beater of mine), but it goes to show that dealing with a legit insurance company can make things way easier.
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Old 02-28-2013, 02:16 PM   #16
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Makes sense. MD doesn't have any laws that specifically say ZERO DV payments that I have been able to find.

Frankly, if you are at fault - you need to cover the damage, and future financial loss as a result of the incident. That is just my fair approach belief.

Does anyone know a good lawyer or expert that they have used? I need more info.
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Old 02-28-2013, 03:09 PM   #17
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Quote:
Originally Posted by thehollowrift View Post
Makes sense. MD doesn't have any laws that specifically say ZERO DV payments that I have been able to find.

Frankly, if you are at fault - you need to cover the damage, and future financial loss as a result of the incident. That is just my fair approach belief.

Does anyone know a good lawyer or expert that they have used? I need more info.
A good lawyer will cost you about $350 an hour. I gotta think someone just backed into your 63 Ferrari 250 with 125 original miles on it to get a lawyer for diminished value.
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Old 02-28-2013, 03:15 PM   #18
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Gf currently in small claims for $5k for her diminished value. Served both the lady that hit her and AAA insurance. Went to 2 mitigation hearings and they may settle.

Edit: this is Washington state. She bought the car new from Kia so they were the party that seen the car in a before accident state and after. They wrote their letter for the small claims too to help with the case.

It's easier to prove diminished value if you bought brand new and get the dealer you bought it from to print a car fax. Also have them inspect the car post accident and ask for a letter to help with the case.

Last edited by Amazing Asian; 02-28-2013 at 03:24 PM.
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Old 02-28-2013, 06:18 PM   #19
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Quote:
Originally Posted by thehollowrift View Post
Makes sense. MD doesn't have any laws that specifically say ZERO DV payments that I have been able to find.

Frankly, if you are at fault - you need to cover the damage, and future financial loss as a result of the incident. That is just my fair approach belief.

Does anyone know a good lawyer or expert that they have used? I need more info.

A lawyer will not handle a small DV claim since there is no money in it for them. One DV claim I was just involved in the owner went to 3 Lawyers and all of them would only handle the claim if he was also making a BI claim.

Insurance companies in MD do pay out on DV claims. I have help other members in MD get paid for those claims. One of my employees got paid on a DV claim with out any hassle. She called and made a claim and they paid her with out even making her get a DV value from a independent appraiser.

The burden of proof is on you. Have you notified the company you want to make a DV claim? If yes how did they tell you to proceed with the claim? I can help you as long as the company in question is not one of my current clients.




I
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Old 02-28-2013, 06:48 PM   #20
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Case and point you won't beat the insurance company. Their policies most likely have exclusions or other conditions for this type of claim.
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Old 03-01-2013, 08:50 AM   #21
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Quote:
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Case and point you won't beat the insurance company. Their policies most likely have exclusions or other conditions for this type of claim.
I hate to be that guy, but it's "case IN point". Sorry, that one just bugs the hell out of me.

And no, that's not necessarily true. You can "beat" the insurance company. It just takes time, persistence, and research.
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Old 03-01-2013, 08:57 AM   #22
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FWIW, its a different scenario if you're turning the claim in to your own insurance vs turning the claim into another party's insurance.
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Old 03-01-2013, 09:53 AM   #23
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FWIW, its a different scenario if you're turning the claim in to your own insurance vs turning the claim into another party's insurance.
You can always turn the claim in to your own insurance and let them deal with the other parties' insurance on your behalf.
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Old 03-01-2013, 12:45 PM   #24
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I just had this done. The at fault driver had State Farm. I had an appraisal done and provided it to his insurance company. Once they received it, they sent a release for me to sign. Then I received the check for the full value on the appraisal plus the cost of the appraisal a few days later.

I used these guys for the appraisal.

http://diminishedvaluebureau.com/
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Old 03-01-2013, 01:15 PM   #25
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Quote:
Originally Posted by p951951951t View Post

You can always turn the claim in to your own insurance and let them deal with the other parties' insurance on your behalf.
Subrogation does not always work and depending on your state laws, opening the claim with your insurance company may increase your rates and/or opening the door to you being found partially liable.

In Nevada, I believe, if you're hit in rear, you are still found partially liable.
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