Well, here is an update a month later. The vehicle was fixed and returned to me last week.

I paid $400 for a diminished value appraisal while the car was on the frame puller with all panels removed so they could see the extent of the damage. The final repair bill was almost $12k.

The diminished value appraisal came back for $9,200.

Allstate required me to have a third party appraisal done, which I'd already had completed so I faxed it to the claim representative.

Today I got a call back from Allstate and they said they had an appraisal done and their offer was $552. I told them that was completely unacceptable since there is no way I can trade the vehicle in with frame damage and get any where close to the amount I would have originally.

What are my options at this point? Should I get an attorney and sue allstate for an acceptable settlement plus legal fees?

Thanks for your input on the subject.

 

No just beat the living **** out of the dumb marthafocker !!

 

KILL EVERYONE IN YOUR ALLSTATE OFFICE! That oughta wake up there corporate office --in fact start at the corporate office and work your way back to your local thieving agent .

 

I would call your agent back and ask him if your attorney can speak directly with him or does he need to contact someone else. get that info but be prepared to go through with it if you make that statement 30% of 9k is 2700 still leaving you with 6300, and that's if they don't get you xtra compensation for time spent dealing with this situation.such as loss of work,mental anguish and so on. 500 dollars is a joke offer the guy you had do the dv adjustment should have lots of pics of the damage that you can take to court and part of the payment to him is for him showing up to court and helping you as a "expert" in dv situations. Sorry in advance for the punctuation I'm replying from my phone

 

also you will want to see if you can get a dealership(preferably a corvette specialty dealer) to write you a estimate on what your car is normally worth and a estimate based on looking at your damage estimate and your dv statement that will give you solid proof that your car is now worth alot less

 

Unfortunately, the only way to make a diminished value claim is to sell the car. If you did not get what the current market value is based on an appraisal of the true market value, then and only then can you submit a claim. Otherwise it is heresay, and yuo have not proven a realized loss.

 

Untrue

Last November I was t-boned by a woman here in Atlanta. Magnum Collision put me on to a retired insurance estimator who did nothing by diminished value work. When my car was almost complete, he went there and appraised it. He then wrote a letter stating what the value after the accident was and how much value the car had lost. I sent this letter to Progressive Insurance and they sent me a check for $2800.

 

I think I'd call MY insurance company and file a claim under uninsured motorist for the diminished value. I'd tell them that the other company refused to pay it and I was paying them to take care of claims that the other driver would've pay for.

I doubt theyll pay it, but they may provide assistance for getting it from the other company. Let those two big companies with lots of lawyers fight it out.

 

Once again; If only it were as simple as hiring a licensed appraiser and submitting their automobile diminished value report to the insurance company. When prospective clients call us with questions, after they hear the answers, most of them disappear - never to be heard from again. St Lucie Appraisal prepares the best auto diminished value appraisal that can be obtained in any of the 50 states. We hate to turn away business but the cold hard truth is, regardless of the fact that you'll be submitting irrefutable evidence of how much value your car has lost after collision repairs, companies like Allstate, American Family, Farmers, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers and USAA will still offer settlements representing a fraction the actual diminished value. Where do these people vanish to? Perhaps other independent appraisal companies promise huge settlements or maybe people become frustrated and meekly accept these lowball payouts but being dishonest about our customers' prospects is no way to do business. A more reasonable reality is that you'll need to make a formal complaint to your state's insurance department for unfair claims practices and, perhaps, go so far as hiring an attorney. But in the event your complaint escalates into a courtroom battle, you'll be asking for compensation for appraisal and attorney fees on top of your diminished value and there's a good chance you'll win! Why? Read on.

The automobile diminished value report you receive from St. Lucie Appraisal is based entirely on the opinions of used car managers at automobile dealerships. Was your Honda wrecked and repaired? Our report provides six quotes from Honda dealerships that specifically address your actual vehicle and the exact amount and severity of damage that was repaired. When people trade their cars in, those are the guys who buy them so their opinions are valid. Other appraisal companies providing diminished value reports may use formulas such as the inappropriate (as ruled by The Georgia Supreme Court) Rule 17-C or collect data from auto auctions to formulate their figures. I'm not guaranteeing success if you march into court with this type of appraisal. Insurers can successfully argue that they do not address your specific car or the damages it incurred.

The Georgia Supreme Court's ruling on the inequity of Rule 17-C laid the foundation for fair automobile diminished value settlements in all 50 states. Formulas such as State Farm's Rule 17-C severely shortchanged vehicle owners and, in doing so, provided themselves and other insurers using formulas to determine diminished value with unjust enrichment.

Subsequent to your accident, the adjuster from the responsible driver's insurance company will offer you a settlement for diminished value. If you ask them how they came up with the figure they will either point to a formula, a "certified" appraiser's report or simply refuse to explain their process altogether. I have seen the diminished value reports prepared by independent appraisers hired by insurers and they are a joke. They contain no reasonable facts to back up their assumptions. Most of them are not licensed in any state. Note that "certified" appraisers belong to pay-to-be-certified organizations, not unlike the Better Business Bureau and should not be confused with "licensed" appraisers. A number of insurance company attorneys have contacted St. Lucie Appraisal in the past to inquire about hiring us. Once they learned about our process of using dealer quotes, however, their interest faded quickly as they realized that our reports would result in higher (translation: fair) diminished value settlements. In front of a magistrate or mediator, these types of reports provide actual evidence of how much less your car is worth in the real world. Appraisals based on formulas or auction results can not compare. And insurance company diminished value estimates made up out of thin air (yes, they do exist) will certainly be looked upon as unfair at best and possibly fraudulent in the eyes of a judge.

Face it; even your own insurance agent or broker hasn't informed you of your right to collect diminished value from the insurer of the responsible driver. Regardless of the fact that the settlement isn't even costing your own insurer a dime, agents are mum on the subject altogether. Automobile diminished value is the newest thorn in the insurance companies' side. Their mission is to keep it a secret and their hope is that it will go away.

 

Since this happened 4-1/2 years ago, I'm sure the issue has been settled by now and in all likelihood, civil case law (or settlement) established.

Nice to resurrect old posts, but there's a good chance the case law and insurance company policies have changed in the interim.

 

I don't know about Illinois, but in Florida you just get screwed. My wife got into a crash with her 2006 Mazda Miata. The damage was all sheet metal and all the panels were replaced rather than repaired. The body shop did an outstanding job of fixing it and they painted the whole car because the color would have been a hard paint to match. The car looked, and was as good as new. I went to trade it and no dealer wanted it. Because of CARFAX, that car was unmarketable. The dealer wanted to steal it and then he was going to wholesale it. My question would be, who authorized CARFAX to put my business on the street ? THAT is what should be illegal !

 

In Florida, like all states with the exception of Michigan, you can collect diminished value from the insurer of the person who hit you but not, unfortunately, when you crash your own car. That might be about to change. Look up MOELLER V. FARMERS INSURANCE which was a recent Washington state Supreme Court decision re: 1st party diminished value claims. Farmers is on the hook for $147,651,374.99.

 

If you were the buyer of a used car, wouldn't you want to know its repair/accident history? I would.