rearended by Geico client,diminished value?
Le Mans Master
Joined: Jun 2006
Posts: 6,478
Likes: 20
From: guthrie oklahoma
As Far As Carfax goes I think if you assume that all accidents or all mishaps involving that car will show up on a carfax you would be mistaken. Carfax is only a tool and not to be trusted 100%, carfax only knows what it is told, lots of police and other people involved have more important things to do than report stuff to Carfax
Burning Brakes
Joined: Dec 2006
Posts: 1,091
Likes: 0
From: Gary IN
Incorrect. First, it's not 'required' in any state. Second, it's RECOGNIZED by most states, but that doesn't answer the question either. The short answer to the question is -- unless it's your own insurance company paying (not the case of the OP), you'll likely get DV. The reason you don't get it if your own insurance company pays is that your policy (which is a contract) will usually limit you to cost to repair OR DV - you won't get both. If the other person's insco is paying, then in almost all states you CAN recover DV.
Here's what I would do (not to be construed as legal advice, since I am a lawyer, but not your lawyer). First, I wouldn't mention it to the Geico claims adjuster up front. Let him give you an estimate on the cost to repair the car and all the details that go into that (OEM vs. aftermarket parts, whole-car repaint vs. partial paint then 'blending', etc.). If you tell the adjuster up front about the DV, he'll try to screw you on the other stuff. Negotiate a price on the other stuff, then BEFORE signing anything, address the DV issue.
BEFORE the dealer starts repairs, hire a DV appraiser. The dealer can probably recommend someone -- will run around $200. This is really the only way to get a legitimate idea of DV. Insurance companies will tell you that it's a 10% rule (10% of the damage estimate). This is not true! In my experience (and I've recovered DV a number of times for myself and others), 20-30% OR MORE. With cars like ours, the numbers tend on the higher side. Without a DV appraisal, you're shooting in the dark. Bottom line, DV is a REAL, QUANTIFIABLE damage which you've suffered NOW. You DO NOT need to sell the car to realize DV. If after you get the DV appraisal and present it to Geico, they try to screw you, then GET A LAWYER, or get one sooner if you desire.
I've got lots of posts on this issue -- do a search under my userID and DV.
Here's what I would do (not to be construed as legal advice, since I am a lawyer, but not your lawyer). First, I wouldn't mention it to the Geico claims adjuster up front. Let him give you an estimate on the cost to repair the car and all the details that go into that (OEM vs. aftermarket parts, whole-car repaint vs. partial paint then 'blending', etc.). If you tell the adjuster up front about the DV, he'll try to screw you on the other stuff. Negotiate a price on the other stuff, then BEFORE signing anything, address the DV issue.
BEFORE the dealer starts repairs, hire a DV appraiser. The dealer can probably recommend someone -- will run around $200. This is really the only way to get a legitimate idea of DV. Insurance companies will tell you that it's a 10% rule (10% of the damage estimate). This is not true! In my experience (and I've recovered DV a number of times for myself and others), 20-30% OR MORE. With cars like ours, the numbers tend on the higher side. Without a DV appraisal, you're shooting in the dark. Bottom line, DV is a REAL, QUANTIFIABLE damage which you've suffered NOW. You DO NOT need to sell the car to realize DV. If after you get the DV appraisal and present it to Geico, they try to screw you, then GET A LAWYER, or get one sooner if you desire.
I've got lots of posts on this issue -- do a search under my userID and DV.
I couldn't agree any more! I've seen this issue many times and have been contacted by driver #2s too too many times (as if I could assist them since I either took the crash report, or was the supervisor at the time) because they moved too quickly and weren't happy with their settlement (basically they got screwed). Patience is a VIRTUE young grasshopper and you shall prosper! 
Pro
Joined: Jan 2007
Posts: 666
Likes: 0
From: somewhere on tour as jake blues ohio
sorry to hear about your mishap i hope everything comes out alright
imo i dont trust dealerships and i am sure many others would agree with me
i would find a good body shop that specializes in corvettes or other exotics
i'm not sure where your fom since you didnt fill out your info
but if your near mobile alabama,there is a guy who specializes in vettes
my cousin just had her 07 c6 rearended around xmas and this guy is fixin hers
she said he was very concerned about the damage and he totally checked out everything that could be effected by the accident
imo i dont trust dealerships and i am sure many others would agree with me
i would find a good body shop that specializes in corvettes or other exotics
i'm not sure where your fom since you didnt fill out your info
but if your near mobile alabama,there is a guy who specializes in vettes
my cousin just had her 07 c6 rearended around xmas and this guy is fixin hers
she said he was very concerned about the damage and he totally checked out everything that could be effected by the accident
Last edited by rc69wc; Jan 9, 2008 at 10:10 PM.
Thread Starter
Instructor
Joined: Dec 2006
Posts: 133
Likes: 0
From: Inver grove heights, MN
The Geico rep said the preliminary estimate is $1600, they will have a more accurate figure when it starts to be dissasembled. I advised them I would like a diminished value claim. He stated after repairs are complete. I am to take the car to several dealers and get a value then contact his supervisor for the diminished value claim settlement. I believe I will call the dealer tomorrow and say "stop everything, I am seeking legal advice. "
Melting Slicks
Joined: Jan 2003
Posts: 3,417
Likes: 2
From: Annapolis MD
I couldn't agree any more! I've seen this issue many times and have been contacted by driver #2s too too many times (as if I could assist them since I either took the crash report, or was the supervisor at the time) because they moved too quickly and weren't happy with their settlement (basically they got screwed). Patience is a VIRTUE young grasshopper and you shall prosper! 
BTW, I wasn't suggesting that the adjuster possibly "screwing" you if you show your whole hand too early was evil on his/her part. Their job is to represent their company -- not pad your wallet.
Pro
Joined: May 2007
Posts: 635
Likes: 0
From: Fargo ND
I would buy that car in a second. I like buying damaged cars with clean titles, never ever had a problem with em and I hate it when people say "id never buy a car in an accident". If that Z is worth $35k, I would say I would still pay 25-30 for it with that damage, much better to just get it fixed though.
Melting Slicks
Joined: Jun 2007
Posts: 2,172
Likes: 1
From: Sartell Minnesota
i'd say it's unlikely to be totalled and i'd guess it makes NO difference in resale value. As long as it's not totalled there is technically nothing different about the car except it had been fixed. i'd venture to say 70% of the vehicles on the road today have been fixed and sometime. Most people never know it, just my $.02
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
5 MOST and 5 LEAST Popular Corvette Model Years in History!
Joe Kucinski
2027 Corvette Buyer's Guide: Everything You Need to Know!
Joe Kucinski
10 Things C8 Corvette Owners Hate (But Won't Tell You)
Joe Kucinski
10 Best Corvettes Coming to Barrett-Jackson Palm Beach 2026!
Brett Foote
Every Corvette Grand Sport Explained! (C2, C4, C6, C7, & C8)
Joe Kucinski
Melting Slicks
Joined: Nov 2007
Posts: 3,475
Likes: 10
From: Wake Forest NC
As CarFax becomes a more popular tool, DV will become a larger issue that insurance companies will find more difficult to ignore.
s'noJob
Team Owner
Joined: Jun 1999
Posts: 41,790
Likes: 153
From: Houston,Texas USA
When my 65 was rear ended, Progressive Ins. Co. said tough luck on diminished value. They didn't even want to spend the $5,200 to fix a 40 year old car.
Good luck to you, I hope you do get something for yours.
Good luck to you, I hope you do get something for yours.
Pro
Joined: Jun 2005
Posts: 734
Likes: 0
From: Austin TX
Incorrect. First, it's not 'required' in any state. Second, it's RECOGNIZED by most states, but that doesn't answer the question either. The short answer to the question is -- unless it's your own insurance company paying (not the case of the OP), you'll likely get DV. The reason you don't get it if your own insurance company pays is that your policy (which is a contract) will usually limit you to cost to repair OR DV - you won't get both. If the other person's insco is paying, then in almost all states you CAN recover DV.
Here's what I would do (not to be construed as legal advice, since I am a lawyer, but not your lawyer). First, I wouldn't mention it to the Geico claims adjuster up front. Let him give you an estimate on the cost to repair the car and all the details that go into that (OEM vs. aftermarket parts, whole-car repaint vs. partial paint then 'blending', etc.). If you tell the adjuster up front about the DV, he'll try to screw you on the other stuff. Negotiate a price on the other stuff, then BEFORE signing anything, address the DV issue.
BEFORE the dealer starts repairs, hire a DV appraiser. The dealer can probably recommend someone -- will run around $200. This is really the only way to get a legitimate idea of DV. Insurance companies will tell you that it's a 10% rule (10% of the damage estimate). This is not true! In my experience (and I've recovered DV a number of times for myself and others), 20-30% OR MORE. With cars like ours, the numbers tend on the higher side. Without a DV appraisal, you're shooting in the dark. Bottom line, DV is a REAL, QUANTIFIABLE damage which you've suffered NOW. You DO NOT need to sell the car to realize DV. If after you get the DV appraisal and present it to Geico, they try to screw you, then GET A LAWYER, or get one sooner if you desire.
I've got lots of posts on this issue -- do a search under my userID and DV.
Here's what I would do (not to be construed as legal advice, since I am a lawyer, but not your lawyer). First, I wouldn't mention it to the Geico claims adjuster up front. Let him give you an estimate on the cost to repair the car and all the details that go into that (OEM vs. aftermarket parts, whole-car repaint vs. partial paint then 'blending', etc.). If you tell the adjuster up front about the DV, he'll try to screw you on the other stuff. Negotiate a price on the other stuff, then BEFORE signing anything, address the DV issue.
BEFORE the dealer starts repairs, hire a DV appraiser. The dealer can probably recommend someone -- will run around $200. This is really the only way to get a legitimate idea of DV. Insurance companies will tell you that it's a 10% rule (10% of the damage estimate). This is not true! In my experience (and I've recovered DV a number of times for myself and others), 20-30% OR MORE. With cars like ours, the numbers tend on the higher side. Without a DV appraisal, you're shooting in the dark. Bottom line, DV is a REAL, QUANTIFIABLE damage which you've suffered NOW. You DO NOT need to sell the car to realize DV. If after you get the DV appraisal and present it to Geico, they try to screw you, then GET A LAWYER, or get one sooner if you desire.
I've got lots of posts on this issue -- do a search under my userID and DV.
Excellent Ideas here. Could even possibly work.
Burning Brakes
Joined: Feb 2005
Posts: 838
Likes: 0
From: Illinois/Ca
Burning Brakes
Joined: Oct 2002
Posts: 797
Likes: 0
From: pa
sell it wrecked
depending on the state ,dv with your damage and low mileage SHOULD BE NADA (check your value) 30,000 x10 %= 3000.00 x50%=1500 in dv hope that helps.
I agree that with a corvette that may be low but that it is what NC OR SC use to settle the DV claims in that state
depending on the state ,dv with your damage and low mileage SHOULD BE NADA (check your value) 30,000 x10 %= 3000.00 x50%=1500 in dv hope that helps.
I agree that with a corvette that may be low but that it is what NC OR SC use to settle the DV claims in that state
Last edited by Zproud; Jan 10, 2008 at 10:39 PM.
Racer
Joined: Aug 2007
Posts: 359
Likes: 0
From: Northridge CA
Geico - squash that lizzard!
Rear ended in my BMW 745i on freeway, Geico called said take it to our adjustor and shop. Ok, the rep tried handing me two checks 300 for rental and 2300 for repairs! Said they would revise the quote once the car was apart but this would get me started! I laughed my a$$ off at the Geico rep and told her keep her stinking checks the windshield in the BMW was worth $2K retail. Called my insurnace company and when all was said and done $20,000.00 in repairs with OEM parts! Now for diminished value - hire a state licensed automotive engineer to appraise the value, who are they going to argue with! cost me $300, diminished value 14K, yep 14K Geico, their insured or my insurance co....someone is paying!
Thread Starter
Instructor
Joined: Dec 2006
Posts: 133
Likes: 0
From: Inver grove heights, MN
***update*** once the bumper cover was off. The $1600 estimate jumped. Now its up to $13,000. rear wheel tub to be replaced,trunk lid,right muffler,bumper,bumper cover,rt quarter panel,and roof will have to come off, which they said will destroy it, so new roof as well as glass.
Le Mans Master
Joined: Nov 2007
Posts: 7,683
Likes: 3
From: La La land cali
St. Jude Donor '09
I am sure you already know this but I am sayin it anyway: When the repairs are finished, go over your car with a fine-toothed comb. That is, in their shop. Ask to bring it out into the light.
If there is anything not 'up to par', get the shop manager and show him/her. If they give you any trouble, just call the Geico adjuster that you have been speaking/working with (all along)
Don't expect them (shop) to get it right the first time. Getting a Vette repaired is a total learning experience for everyone. You have already had to point out what kind of car it is just to get a somewhat appropriate rental car.
The car may go back to the shop 3 or 4 times before you are completely satisfied.
If there is anything not 'up to par', get the shop manager and show him/her. If they give you any trouble, just call the Geico adjuster that you have been speaking/working with (all along)
Don't expect them (shop) to get it right the first time. Getting a Vette repaired is a total learning experience for everyone. You have already had to point out what kind of car it is just to get a somewhat appropriate rental car.
The car may go back to the shop 3 or 4 times before you are completely satisfied.
Melting Slicks
Joined: Nov 2007
Posts: 3,475
Likes: 10
From: Wake Forest NC
good news bad news
But seriously, as CarFax reports become more popular, I suspect more sellers are going to want to save documentation from collision repair centers, including photographs, and to put them in the folder along with service records and oil change receipts when they go to sell their cars.
s'noJob
Instructor
Joined: Mar 2006
Posts: 172
Likes: 0
From: Noblesville Indiana
I'm a Unit Manager at an insurance company in our claims department (Not Geico), so take my opinion for what it's worth...First, this is a simple rear end accident with no injuries, so you are not dealing with Geico's 'cream of the crop' adjuster. You are dealing with some entry level adjuster or possibly a team of adjusters who ONLY handle simple claims that don't require much investigation.
Having said that, I wouldn't worry too much about the adjuster out-smarting you or trying to screw you over. Your adjuster most likely does not have the experience or the time (too many claims) to play those games with a simple accident. All they want to do is pay your claim quickly and close your file. From their perspective, they can care less what kind of car you drive or how much the car cost. They would handle your claim the exact same way if it was a 1984 CHEvette.
Second, depending on your state regulations....the majority of the time you can not file a diminished value claim until you have actually incurred the loss in value. In other words, if you try to sell the car and you can prove you didn't get as much as you could have gotten had it not been in an accident, then after you actually incur the loss of value you can file a claim with the insurance company. You will not be able to negotiate this loss of value up front. The reason why is it's possible you may sell your car or trade it in and the previous accident never comes into the equation.
Hope this helps and sorry if someone already said something similar. I'll admit I didn't read every post. Hope I understood your question!
Burning Brakes
Joined: Mar 2007
Posts: 1,158
Likes: 1
From: St. Peters MO
I'm a Unit Manager at an insurance company in our claims department (Not Geico), so take my opinion for what it's worth...First, this is a simple rear end accident with no injuries, so you are not dealing with Geico's 'cream of the crop' adjuster. You are dealing with some entry level adjuster or possibly a team of adjusters who ONLY handle simple claims that don't require much investigation.
Having said that, I wouldn't worry too much about the adjuster out-smarting you or trying to screw you over. Your adjuster most likely does not have the experience or the time (too many claims) to play those games with a simple accident. All they want to do is pay your claim quickly and close your file. From their perspective, they can care less what kind of car you drive or how much the car cost. They would handle your claim the exact same way if it was a 1984 CHEvette.
Second, depending on your state regulations....the majority of the time you can not file a diminished value claim until you have actually incurred the loss in value. In other words, if you try to sell the car and you can prove you didn't get as much as you could have gotten had it not been in an accident, then after you actually incur the loss of value you can file a claim with the insurance company. You will not be able to negotiate this loss of value up front. The reason why is it's possible you may sell your car or trade it in and the previous accident never comes into the equation.
Hope this helps and sorry if someone already said something similar. I'll admit I didn't read every post. Hope I understood your question!
Is there a statute of limitation on DV?
MY car has over $20k in repairs.......I too have been documenting (pics) all damages and repairs. I did not want my car totaled out and don't plan on selling it any time soon.
But how long can I go before selling and still get DV?