Diminished Value
Thread Starter
Intermediate
Joined: Jun 2007
Posts: 37
Likes: 0
From: Shreveport LA
Diminished Value
Got hit in rear end by uninsured motorist. They had no insurance on their 10 yr old car, and obviously have no assets. My 07 Z51 coupe repaired under my uninsured motorist corverage (Louisiana) I had to pay $500.00 collission deductable out of my pocket. Does any one have suggestion on recovering diminished value on the vehicle? Also I had to pay $500.00 deductable for medical treatment for myself.
Burning Brakes
Joined: Nov 2010
Posts: 783
Likes: 1
From: MONTGOMERY ALABAMA
I had that problem once and succecced in getting diminished value on a vehicle. This was several years ago. I had to go to a dealer and have them give me a statement ofwhat my vehicle was worth before and after the accident. In my case it was 2,000.00 less after the car had been hit. The insurance company gave me the 2k over and above fixing my car. Tough in your case though since the other party was not insured. I would go through the procedure anyway and use the documentation to take a casulty loss off my taxes.
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
Just research the IRS laws considering casuality loss. It is something around x amount of your income. I had $7.5k of damages on my Impala SS from an insured motorist and I didn't qualify. If it is just the rear bumper I don't think DV will help you either especially since they consider it cosmetic. The uninsured motorist has to have some assets. Your insurance company should grow some ____ and work for you. They probably just want you to pay your ded and then they'll go after him for the rest.
Racer
Joined: Jun 2010
Posts: 442
Likes: 0
From: Colorado Springs Colorado
In Colorado, we have a "Victim" assistance group, through the local D.A.'s office, you have to file some paperwork, and have patience, but they can and will recover any monies owed to you from the uninsured motorist. Might be worth checking out in you're area. Good Luck!
Advanced
Joined: Oct 2003
Posts: 85
Likes: 0
From: Beverly Hills CA
You cannot take a casualty loss becuase you (like all personal taxpayers) are a cash basis taxpayer so you can only deduct what you paid out of pocket. No casualty loss for loss of value.
Also how much was teh repair bill in total?
Also how much was teh repair bill in total?
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Tech Contributor
Joined: Oct 1999
Posts: 41,037
Likes: 9,801
From: Charlotte, NC (formerly Endicott, NY)
Did not realize there were any states left that didn't require drivers to have some minimal liability coverage in case they were at fault in an accident.
The DV is minimal if it exists at all. After you drive the car for another three years or so nobody will care. By the way uninsured motorists insurance only covers medical expenses. Your collision coverage paid for the repairs to the car.
Bill
The DV is minimal if it exists at all. After you drive the car for another three years or so nobody will care. By the way uninsured motorists insurance only covers medical expenses. Your collision coverage paid for the repairs to the car.
Bill
Instructor
Joined: Jul 2010
Posts: 212
Likes: 3
From: Melbourne Florida
You have to check to see if DV is recoverable under 1st party insurance. Here in FL you are unable to file DV against your own insurance company but some states like Georgia it is recoverable. Depends on the state...I used to handle these types of claims.
Instructor
Joined: Aug 2008
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From: Indiana
Team Owner
Joined: Jan 2004
Posts: 43,145
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From: Gaithersburg Maryland
CI 6-7-8 Veteran
St. Jude's Donor '06-'10-'11, '15
Uninsured ? Good luck. In Maryland, you can go to small claims for diminished value. I had a hell of a time getting diminished vale from a trucking company. Someone driving uninsured would be like trying to get blood from a turnip.
Le Mans Master
Joined: May 2005
Posts: 6,655
Likes: 821
From: FORT LAUDERDALE FL
diminished value is based on the damage. you did not state the damage that your rear received. it's had to prove dimished value on a bumper cover respray, replaced or not if that was all the damage. 
Thread Starter
Intermediate
Joined: Jun 2007
Posts: 37
Likes: 0
From: Shreveport LA
Thanks for more input. Here some of other facts. I guess I could sue but they obviously have no/few asset and no or low pay job.(flyboy48, you are spot on with your observation) Louisiana does require insurance, but so what. They will just get driver license revolked; so now they drive any way without ins or DL. Approx $8500 damage to my car and I had to pay $500 deductable on collision and $500 deductable on medical; and I not at fault!
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
You have to prove there is actual diminished value. The insurance companies will make a stand on "Once the car is repaired to pre-accident condition there is no diminished value". The only way you can actually prove it is to immediately trade the car and then you will have the proof when the dealer says carfax states x amount of damage so we can only allow this much for the trade. The DV lessens the longer you keep the car. Basically in most cases it's a losing battle.
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
$8k is a pretty big hit. Did it damage the frame? You have pics? The insurance companies will try to tell you that cosmetic damage is not diminished value. The process is long!
Le Mans Master
Joined: Oct 2001
Posts: 8,487
Likes: 915
From: Alaska
Got hit in rear end by uninsured motorist. They had no insurance on their 10 yr old car, and obviously have no assets. My 07 Z51 coupe repaired under my uninsured motorist corverage (Louisiana) I had to pay $500.00 collission deductable out of my pocket. Does any one have suggestion on recovering diminished value on the vehicle? Also I had to pay $500.00 deductable for medical treatment for myself.
Unless you are worried about lost wages or uncovered medical or your state requires it, Uninsured motorist coverage is the biggest rip off in the auto insurance industry.
Last edited by Snowwolfe; Nov 20, 2010 at 02:05 AM.
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
You dont need uninsured motorist to pay for damage from uninsured drivers as long as you carry collision on your own car.
Unless you are worried about lost wages or uncovered medical or your state requires it, Uninsured motorist coverage is the biggest rip off in the auto insurance industry.
Unless you are worried about lost wages or uncovered medical or your state requires it, Uninsured motorist coverage is the biggest rip off in the auto insurance industry.
Safety Car
Joined: Jan 2004
Posts: 4,974
Likes: 14
From: Pinellas Park Fl
St. Jude Donor '08-'09 & '12, '14
I think you're pi$$ing up a rope and just encountered another facet of American society. Some play by the rules some don't, and those that do lose out in the end.
Maybe O'Bama can revolutionize the insurance industry, O'Wait, he did.
Maybe O'Bama can revolutionize the insurance industry, O'Wait, he did.