Diminished value claim in Illinois?
06-23-2009, 11:49 PM
#1
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Diminished value claim in Illinois?
Has anyone had any luck with a diminished value claim in IL? With Allstate specifically if that matters.
Some moron kid texting on his phone rear ended me without ever hitting the brakes. The car will be in the shop for over two months where they'll repair roughly $10k in damage. Because this history, although it won't change the status of the title, will be on the vehicles record and may reduce buyer interest do I have any chance at a claim for diminished value?
I have been told Illinois does't have a law requiring compensation but I have the option to file a claim anyways.
Also, because I'll be Vetteless for the whole summer, do I have any grounds for loss of use compensation because I have to miss ALL of the car shows I'd planned to travel to and participate in. I'm loving the KIA Rio rental replacement they gave me
Thanks for your advice!
Some moron kid texting on his phone rear ended me without ever hitting the brakes. The car will be in the shop for over two months where they'll repair roughly $10k in damage. Because this history, although it won't change the status of the title, will be on the vehicles record and may reduce buyer interest do I have any chance at a claim for diminished value?
I have been told Illinois does't have a law requiring compensation but I have the option to file a claim anyways.
Also, because I'll be Vetteless for the whole summer, do I have any grounds for loss of use compensation because I have to miss ALL of the car shows I'd planned to travel to and participate in. I'm loving the KIA Rio rental replacement they gave me
Thanks for your advice!
06-23-2009, 11:56 PM
#2
Team Owner
I do not know, but will ask someone tomorrow. If you can file the diminished value claim I would, and I doubt that you will have any chance of compensation other than a replacement vehicle until repair is finished. Good luck.
06-24-2009, 03:25 AM
#4
Melting Slicks
Regarding your use compensation - it's not your insurance company, ergo pretty much anything is negotiable. Your results may vary, but I can virtually guarantee that having a lawyer negotiate for you will get you substantially more than you otherwise would have received... Unless you like being very aggressive and confrontational, and have the ability to bluff them into giving you what you want. It's the threat (overt, veiled or otherwise) of suing and the insco's perceived risk of losing that suit that gives you the leverage to get what you want.
And as always, the preceding is not to be construed as legal advice. For actual legal advice, please consult a qualified attorney licensed in your jurisdiction... Et cetera, et cetera.
06-24-2009, 05:23 AM
#5
Melting Slicks
Really Sorry to hear about your Vette.
I don't know about the Diminished value claim.
BUT, if you think you will be componsated for being Vetteless you must have bumped your head pretty hard
in the accident.
You want compensation. Get to a doctor and complain about your neck and back hurting you. Are you married? Loss of consortion. You were so tramatized by the accident that you can't perform anymore
I think that having to drive a Kia is grounds for a Lawsuit all in itself
I don't know about the Diminished value claim.
BUT, if you think you will be componsated for being Vetteless you must have bumped your head pretty hard
in the accident.You want compensation. Get to a doctor and complain about your neck and back hurting you. Are you married? Loss of consortion. You were so tramatized by the accident that you can't perform anymore
I think that having to drive a Kia is grounds for a Lawsuit all in itself
06-24-2009, 07:36 AM
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Thanks for all the feedback so far.
SeaLawyer, what do you mean by DV appraisal before work is done?
I forgot to mention that unfortunately we both have the same insurance (Allstate) and even the same agent.
The same person at the claims center is handling my claim so its like trying to get someone to argue with themself....
I've been aggressive and confrontational so far and don't intend to give up for getting screwed out of my hobby for a full summer.
Thanks again for your help.
SeaLawyer, what do you mean by DV appraisal before work is done?
I forgot to mention that unfortunately we both have the same insurance (Allstate) and even the same agent.
The same person at the claims center is handling my claim so its like trying to get someone to argue with themself....
I've been aggressive and confrontational so far and don't intend to give up for getting screwed out of my hobby for a full summer.
Thanks again for your help.
06-24-2009, 08:41 AM
#7
06-24-2009, 11:32 AM
#8
Diminished value
I've gone through this a couple of times after cretins hit cars of mine.
You are absolutely entitled to receive more money because of diminished value, as--after the work is done--you have a wrecked but repaired car. Some insurance companies will fight it, some won't. Amount also varies with companies/agents. Some will give you 10% of the claim/repair costs. With a Corvette you might get 10% of the car's value pre-wreck.
Hang tough, don't cave. Depending on the laws of your state, you can always threaten to sue or take them to arbitration. Good luck, Ralph Boineau in central South Carolina
You are absolutely entitled to receive more money because of diminished value, as--after the work is done--you have a wrecked but repaired car. Some insurance companies will fight it, some won't. Amount also varies with companies/agents. Some will give you 10% of the claim/repair costs. With a Corvette you might get 10% of the car's value pre-wreck.
Hang tough, don't cave. Depending on the laws of your state, you can always threaten to sue or take them to arbitration. Good luck, Ralph Boineau in central South Carolina
06-24-2009, 10:00 PM
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Thanks everyone for your advice and if anyone else has some experience with this, please chime in.
06-25-2009, 05:03 AM
#10
Melting Slicks
I've never not recovered DV. The 10% number is a BS number that insurance companies always try to claim. I just laugh at them when they tell me that, because I know the DV appraiser that I use has a ton of experience and will be a very good expert witness...
A DV appraisal will probably cost you $200-$300. You have very little choice. Without it, you have nothing but the hope the insco MIGHT feel generous and give you 10% just to be nice... I've recovered DV in excess of 40% before, but almost always well above 20%. (Those numbers were the RESULT of evaluating the DV, not the METHOD of evaluating the DV). On a luxury car or a sports car, the DV should be considerably higher than on a normal car, but again, it will depend on the nature and amount of the damage. This is why your best hope of having an ACCURATE DV appraisal done is BEFORE they start repairing the damage. Reading an invoice and guessing how extensive the damage was does not compare to seeing it, having multiple photographs of it, etc.
Your local body shop will probably be able to recommend a good DV appraiser. Most of them are former insurance adjusters. The fact that it's the same insco and agent is irrelevant to whether you are entitled to DV. Generally, the only time you're not entitled to it is when you contract yourself out of it (i.e. sign a settlement). The more common form of contracting yourself out of it is your insurance policy. It IS a contract. Your policy will usually authorize the cost of repair OR DV but not both, but that only applies if it's being fixed under YOUR policy (i.e. you're at fault, or in a no-fault state, or it's hit-and-run, etc.). Since the repairs are being done under his policy (no matter that it's the same company or agent), you're not prohibited from recovering it.
Whether you actually do or not is up to you. DV are REAL and PROVABLE damages that you have incurred RIGHT NOW. The fact that the number itself is somewhat speculative is irrelevant. Lawyers prove up speculative damages all the time (that's what expert witnesses are for). If you want to leave $3K-$10K on the table, you're free to do so.
Look, if I were you, especially because it's the same agent and insco, I'd consult with a local attorney. Let him be the bad guy. Sure, he'll keep a third probably, but he'll also get you a lot more than you could on your own. Plus, if you find an attorney that does this all the time, his prices from the DV appraiser will be much better than what you can get on your own.
Same disclaimer as before...
A DV appraisal will probably cost you $200-$300. You have very little choice. Without it, you have nothing but the hope the insco MIGHT feel generous and give you 10% just to be nice... I've recovered DV in excess of 40% before, but almost always well above 20%. (Those numbers were the RESULT of evaluating the DV, not the METHOD of evaluating the DV). On a luxury car or a sports car, the DV should be considerably higher than on a normal car, but again, it will depend on the nature and amount of the damage. This is why your best hope of having an ACCURATE DV appraisal done is BEFORE they start repairing the damage. Reading an invoice and guessing how extensive the damage was does not compare to seeing it, having multiple photographs of it, etc.
Your local body shop will probably be able to recommend a good DV appraiser. Most of them are former insurance adjusters. The fact that it's the same insco and agent is irrelevant to whether you are entitled to DV. Generally, the only time you're not entitled to it is when you contract yourself out of it (i.e. sign a settlement). The more common form of contracting yourself out of it is your insurance policy. It IS a contract. Your policy will usually authorize the cost of repair OR DV but not both, but that only applies if it's being fixed under YOUR policy (i.e. you're at fault, or in a no-fault state, or it's hit-and-run, etc.). Since the repairs are being done under his policy (no matter that it's the same company or agent), you're not prohibited from recovering it.
Whether you actually do or not is up to you. DV are REAL and PROVABLE damages that you have incurred RIGHT NOW. The fact that the number itself is somewhat speculative is irrelevant. Lawyers prove up speculative damages all the time (that's what expert witnesses are for). If you want to leave $3K-$10K on the table, you're free to do so.
Look, if I were you, especially because it's the same agent and insco, I'd consult with a local attorney. Let him be the bad guy. Sure, he'll keep a third probably, but he'll also get you a lot more than you could on your own. Plus, if you find an attorney that does this all the time, his prices from the DV appraiser will be much better than what you can get on your own.
Same disclaimer as before...
06-25-2009, 12:17 PM
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Sea Lawyer,
Again thank you very much for your advice.
I called everyone I could locally today and noone had even heard of diminished value. The shop where I have the car recommended one local appraiser which turns out he only contracts to insurance companies and won't do private party inspections.
Everyone keeps telling me Illinois has no diminished value law. Could there be a legal roadblock in Illinois that prevents diminished value payments. I'd hate to have paid $350 for an appraisal and lawyer fees to come up with nothing at all. I'm assuming the diminished value of the vehicle to be about $5k
Again thank you very much for your advice.
I called everyone I could locally today and noone had even heard of diminished value. The shop where I have the car recommended one local appraiser which turns out he only contracts to insurance companies and won't do private party inspections.
Everyone keeps telling me Illinois has no diminished value law. Could there be a legal roadblock in Illinois that prevents diminished value payments. I'd hate to have paid $350 for an appraisal and lawyer fees to come up with nothing at all. I'm assuming the diminished value of the vehicle to be about $5k
06-25-2009, 12:35 PM
#12
Melting Slicks
Umm... apparently you didn't read my first disclaimer... I'm not giving you advice. I'm simply summarizing information that's available from a wide-range of sources...
At this point, I'd say your best bet is to contact a local attorney -- many will do free consultations. You could also contact the Illinois Bar Association referral service for assistance in locating someone who deals with auto insurance cases.
At this point, I'd say your best bet is to contact a local attorney -- many will do free consultations. You could also contact the Illinois Bar Association referral service for assistance in locating someone who deals with auto insurance cases.
06-25-2009, 12:52 PM
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i had wreck in fla. in april of this year. the accident was not my fault 18 wheeler pulled in front of me, doing 12000.00 damage to my 02 vette. my ins. co. gave me 529.13 for dv..good luck
06-25-2009, 01:05 PM
#14
Melting Slicks
why did YOUR insurance company pay you anything? Did his insurance pay to repair your car?
06-25-2009, 01:53 PM
#15
Burning Brakes
Great info for anyone who is ever in a non-at-fault accident with their vette. I know where I live, having all original paint adds approx 5k to the value of a sports car.
06-25-2009, 03:13 PM
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i guess my ins. co. will settle with the at fault ins. co. at some point down the road. yes my ins. payed for repairs also...there were 5 vehicels involved in accident...i live in ga. and accident was in fl. which is an contriburity neg. state, which means everybody is at fault until you prove in court that you are not at fault..my lawyer says this case will go to court, this could take 2 yrs. to settle...what a mess...
06-25-2009, 05:35 PM
#18
Melting Slicks
Same yourself some money and aggrevation. A 10 year old car which has for the most part fully depreciated is going to draw very little if any DV. The attorney represents a minority of opinion me thinks.
Why would you pay an attorney to go haggle for a $500(at most, then give away 40% of it to the lawyer??)
At 10k to repair, I would be looking for a way to total the car out. You will never get a good sale on it and we all know the game dealers play with the insults for trade value.
Sometimes bad things happen to good people. And, unfortunately you walk away with a few scars from it. You want to spend your money wisely with a lawyer, get him to total it for you then slip him a C note or a good dinner somewhere.
Problem solved.
Why would you pay an attorney to go haggle for a $500(at most, then give away 40% of it to the lawyer??)
At 10k to repair, I would be looking for a way to total the car out. You will never get a good sale on it and we all know the game dealers play with the insults for trade value.
Sometimes bad things happen to good people. And, unfortunately you walk away with a few scars from it. You want to spend your money wisely with a lawyer, get him to total it for you then slip him a C note or a good dinner somewhere.
Problem solved.
06-25-2009, 06:42 PM
#19
here in texas anyway a dv claim was worth it to me. my wifes turbo beetle had 6500 in damage ruffly 30% of what the car was worth. i paid 300 for a dv adjuster provide a assesment and i got 2300 for pretty much just making a phone call
Same yourself some money and aggrevation. A 10 year old car which has for the most part fully depreciated is going to draw very little if any DV. The attorney represents a minority of opinion me thinks.
Why would you pay an attorney to go haggle for a $500(at most, then give away 40% of it to the lawyer??)
At 10k to repair, I would be looking for a way to total the car out. You will never get a good sale on it and we all know the game dealers play with the insults for trade value.
Sometimes bad things happen to good people. And, unfortunately you walk away with a few scars from it. You want to spend your money wisely with a lawyer, get him to total it for you then slip him a C note or a good dinner somewhere.
Problem solved.
Why would you pay an attorney to go haggle for a $500(at most, then give away 40% of it to the lawyer??)
At 10k to repair, I would be looking for a way to total the car out. You will never get a good sale on it and we all know the game dealers play with the insults for trade value.
Sometimes bad things happen to good people. And, unfortunately you walk away with a few scars from it. You want to spend your money wisely with a lawyer, get him to total it for you then slip him a C note or a good dinner somewhere.
Problem solved.
