Does anyone know where I can look up diminished value?

 

Man that sucks, sorry to hear.
Diminished value claims are really a hit or miss depending on the insurance provider. I've heard people getting a couple grand and I've heard of people getting nothing. When I got hit in summer '11 (3 days after buying the car) I was denied a diminished value claim. It sucks having a hit on your carfax, but if you take it to a great shop and they fix the car right, and you can't tell it was ever in an accident it really shouldn't matter. Afterall, it's only a C5.

BTW, prepare to get a shock when the adjuster gives you a repair estimate.

That was $5200 worth of damage, believe it or not.

 

Wow I can only imagine what my estimate will be, I was guessing 5k, but mine is worst than yours so itll prob be double that. Did they tell you why denied your diminished value claim?

Thanks for your help

 

easily 10k damage... mae sure that your radiator support and front frame arent damaged.

 

I had an independent appraisal done post repair and based on the minimal damage and quality of the repair, neither mine nor the other driver's insurance would acknowledge a diminished value.
Surprisingly, a lot of the big name insurance companies don't pay a diminished value.

 

Even if the insurance company doesn't pay diminished value, you can always take the other driver to Civil Court and make your case there, making her personally responsible.

 

 

You can certainly try to get her insurance company to pay for any diminished value (if you can find a good source to determine the value drop after the repairs have been made), but you may be forced to go the legal route to try and recoup any value loss. I know my insurance company does not pay for diminished value.

 

I appreciate all of the help guys.

I was just informed that her insurance expired on the 18 of this month. So technically she was not insured at the time of the accident. My insurance said theyll cover it but they will go after the money from her. So far she has been very nice and agreed to everything, she knows and admitted it was her fault. Her insurance company will call me back next Tuesday to tell me if they will or will not take liability for her accident.

 

I am a court expert in diminished value. It irritates the fire out of me to see misinformation on the subject. I used to post on forums including this one to try and set the record straight. I got tired of typing the same stuff over and over again and tried to point people to my website via a link and was told that was advertising and I couldn't do it. But, if you are interested, here are some general facts about diminished value from someone who knows:

Facts about diminished value:

1) The amount of DV can exceed the cost of repairs especially when a collector car has been damaged

2) You have to be able to assert the value of your loss. For that, you need an expert that can testify for you in court if necessary. Car dealer's numbers are not valid for an appraisal that may get to court. Everyone knows they play games.

3) Hiring a company (like an internet appraisal company) that has never seen your car to get an appraisal is throwing money in the toilet. Your expert must be credible in court or your case won't see see a judge.

4) It is possible to get compensation for DV even when there is a policy exclusion that states you can't collect of your car is repaired

5) You should never take the insurance company's value of your loss. If they offer you something or pay diminished value eagerly, you've left a lot of money on the table. Think about it, the insurance company owed the money and they want off the hook inexpensively. Why would anyone let the entity owing money decide how much it owes unless one wants to get cheated?

6) You have to fix your car if you want to collect DV. The value of your car diminished (went down) the moment damage occurred to your car. Thus, any payment for repair is technically a payment for DV assuming repairs add any return to the value of your car.

7) Diminished is the difference in a car's value before a loss verses its value after the loss

8) When your own insurance is paying (1st party claim) your policy gives the insurance company the right to determine the least expensive method for settling your claim. If another person's insurance company is paying there is no policy that determines your method of payment and no policy restrictions to limit your recovery.

9) Your car is YOUR property. No person or insurer can make you do something with it you don't want to do.

10) More body shops than not are in contractual relationships with insurers. In a dispute they will side with the insurer against you to keep the favor of their insurance partner and keep insurer recommendations coming. If an insurance company recommends a body shop for repairs, don't walk away, RUN from that shop!

These are general facts, not to be taken as advertising or legal advice. I am not a lawyer. I work for lawyers as a court expert in automotive cases involving poor quality repairs, diminished value and lemon law, primarily in Ohio, KY and WV

I'd love to be of more help so maybe you guys could beg forum administrators to allow my posts with appropriate links to material that has already been written and I would be willing to be an active participant in these discussions.

David Williams

 

In most instances, you have to PROVE a loss. If you merely claim a loss ... you're pushing your luck. If the accident is reported to CarFax, I would take the car to a Chevrolet (and / or Corvette dealer(s)). Ask for a written purchase offer or appraisal in two variations ... 1) with no CarFax damage reported ... 2) with CarFax damage reported. THAT will be your proof.

We purchased a Mercedes S500 in 2007. Within 60 days, a woman backed her husband's F250 into the nose of our MB. $12,000 later, our car was as good as new. However, I knew I'd be screwed. So, before the lawsuit was settled, I got estimates on trade value ... several of the dealers were happy to put their numbers in writing.

Good luck!

 

Good luck with the fix

 

Dealers have no credibility when cases go to court. And, if an insurer sees you getting your diminished value appraisal from a dealer they won't offer you a fair settlement (because they surmise that you are a cheapskate since you go for a free (worthless) appraisal rather than getting one from a paid expert who has credibility. If an insurer settles based on your dealer quotes you left a bunch of money on the table.

 

Man, that sucks. Please keep us informed of how things turn out...