I need help with diminished value
Thread Starter
Team Owner
Joined: Jun 1999
Posts: 41,793
Likes: 153
From: Houston,Texas USA
I need help with diminished value
My 65 Coupe was hit in the left rear two weeks ago. The insurance company is giving me a hard time with repairing my car. The initial estamate is over $4,600. It was hit hard enough to causr the paint on the roof of the car to crack.
What do I need to do, to prove to the insurance company that the car, even after repairs, is no longer worth what it was prior to being hit.
Thanks
What do I need to do, to prove to the insurance company that the car, even after repairs, is no longer worth what it was prior to being hit.
Thanks
Thread Starter
Team Owner
Joined: Jun 1999
Posts: 41,793
Likes: 153
From: Houston,Texas USA
Originally Posted by bondtimbond
What kind of insurance do you have? Collector car type or standard insurance?
Team Owner
Joined: Oct 2000
Posts: 38,897
Likes: 1,926
From: Washington Michigan
Don't know about the other guy's regular insurance, but most collector policies have an exclusion in the fine print that absolves the insurer of any liabililty for diminished value; they're only obligated to cover the repairs. 
Moderator
Joined: Jun 1999
Posts: 7,117
Likes: 51
From: Dove Mountain Arizona
When you have these type of problems, you need to get your insurance company involved. That's one of the things you pay them for. They will get it to happen, even if your ins. repairs your car and then goes after the insured at fault. 
Burning Brakes
Joined: Sep 2002
Posts: 1,003
Likes: 38
From: Scottsdale Arizona
First of all, in many States, case law states that you must "incur the diminshed value" ie: sell the car, then determine what the difference of value was before the accident and after the accident and repaired. Very hard to determine. In some states (and with some companies) they will pay up front once a value is determined. Newer cars you can use Kelly Blue Book.com, rate it yourself and disclose that body/frame damaged occurred and it will give you a difference - only works on newer vehicles. In your case, since the other carrier is paying you need to let them know you are claiming diminished value - then, have a independent appraiser look at your car, do his homework and come up with a dimished value. Then, the insurance carrier may request another appraisal and possibly arbritration - if not, you will have to sue - best to discuss with your attorney regarding state case law and options. I am involved in this everyday in my job (21 years in Claims) so I have a little knowledge in the process!! Not an easy sell with most Insurance companies - BUT, stick to your guns and do not sign any release until this is finished! Good luck! 
PS: If someone hit my midyear, I would fight for everything even if I had to take to court! DO NOT let them off the hook!
PS: If someone hit my midyear, I would fight for everything even if I had to take to court! DO NOT let them off the hook!
Le Mans Master
Joined: Nov 2000
Posts: 7,246
Likes: 21
From: Going too fast over the hill. Iowa
This is why I love State Farm. When it happened to me, they fixed everything the way I wanted it - then they got my $100 deductable back - and I still have my good driver rates.
Try using your own collision company. The alternative is gut wrenching.
Try using your own collision company. The alternative is gut wrenching.
Melting Slicks
Joined: Oct 2001
Posts: 2,480
Likes: 0
From: Wa.
Can you prove that your vehicle had never had any body damage prior to this incident? I think the only way you can claim diminished value is if you can now no longer say " this car has never had any body damage". We all know a virgin body has a greater value. If your has had previous damage, then it's really only a damaged/repaired and re-damaged car and you really haven't lost any value once it's repaired. Good luck
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Michael S. Palmer
Racer
Joined: Dec 2001
Posts: 352
Likes: 0
From: SELMA AL
As an agent and an owner of a 66 driver, and a 67 BB original car, I can see a wide spectrum here. If your car is original, and has been flight judged, I would think that you could get with some of the NCRS guys, and get some very valuable assistance. They should be able to tell you that if things are not as they should be, what it would do to the value, and be able to back it up. If it is a driver, it is unlikely that it has gone through its life with out any scrapes. This being the case, if you can get it back to the condition it was in prior the accident, you should be ok with out diminished value. Either way, being hit, you are in the driver seat, and being a vette guy should be able to document what you have done to the car either way. As said earlier, stick to your guns, and just seek to get your car made as it was prior to the wreck. The more original the car, the easier it should be to document the diminished value.
Frac
GB
Frac
GB
Drifting
Joined: May 2000
Posts: 1,462
Likes: 254
From: Illinois
St. Jude Donor '04-'06
If I remember correctly, my latest renewal with State Farm included a new policy rider that excludes all claims for diminished value...do any of you other SF insureds remember seeing this???
Burning Brakes
Joined: Sep 2002
Posts: 1,003
Likes: 38
From: Scottsdale Arizona
Just remember, diminished value only applies to 3rd party (claimant) in most policies - the actual insured (owner of the policy) is not able to collect anything more than actual physical damage. Check your policy carefully. With all the different policies and State laws, it may be advisable to check with your family attorney in your case. Good luck!
