Deminished value
Thread Starter
Pro
Joined: Jul 2006
Posts: 529
Likes: 1
From: Princeton Texas
Deminished value
Has anyone filed a deminished value claim, and how much of a hassel was it? I bought a 2011 Silverado and a 91 year old gentleman ran a red light and did $13,800 damage. No injuries. Truck has 1963 miles on it. I did some research and it looks like getting anything, or much, from the insurance company is pretty slim. Is it worth trying?
Melting Slicks
Joined: Aug 2009
Posts: 2,529
Likes: 3
From: Arlington VA
Check the laws in your state, and dont settle for less than the maximum allowed in your state since your car is brand new. If his insurance company wont give it to you, file a small claims against the driver.
In the state of Texas, if you are in a wreck and the accident was not your fault you are entitled to file a claim for Diminished Value. The statue of limitations on filing a Diminished Value claim in Texas is two years from the date of loss. In order to recover the losses you must have a diminished value appraisal completed by a professional automobile appraisal company, such as <edit>. Also, if the other party does not have insurance and you carry uninsured/ underinsured motorist coverage you may be able to claim diminished value under your policy. . . You can also file a claim in small claims court in Texas for as much as $10,000. <edit> can help the Texas consumer in many ways. We also have local Texas appraisers standing by to complete an inspection on your vehicle as well. Call<edit> can help you recover your losses today.
In the state of Texas, if you are in a wreck and the accident was not your fault you are entitled to file a claim for Diminished Value. The statue of limitations on filing a Diminished Value claim in Texas is two years from the date of loss. In order to recover the losses you must have a diminished value appraisal completed by a professional automobile appraisal company, such as <edit>. Also, if the other party does not have insurance and you carry uninsured/ underinsured motorist coverage you may be able to claim diminished value under your policy. . . You can also file a claim in small claims court in Texas for as much as $10,000. <edit> can help the Texas consumer in many ways. We also have local Texas appraisers standing by to complete an inspection on your vehicle as well. Call<edit> can help you recover your losses today.
Burning Brakes
Joined: Feb 2005
Posts: 847
Likes: 4
From: Atlanta
Georgia law requires the insurer to automatically pay the diminished value claim. Not surprisingly, there is much discussion/disagreement as to whether the formula approved provides adequate compensation, but it gets in the range.
Melting Slicks
Joined: Jun 2008
Posts: 2,168
Likes: 50
From: Somerville New Jersey
NJ Law says no dimished value claims, lost 5k on my 2009 Tahoe when it was lightly hit after it was 6 months old and had 5k on it. Needed no parts, just paint but it made it to carfax.
Racer
Joined: Feb 2011
Posts: 259
Likes: 0
From: Martinez California
You should also be able to recover expenses for missed work, and other reasonable expense incurred in shopping to replace the vehicle, beyond just the cost of the vehicle or in getting it repaired.
Advanced
Joined: Nov 2010
Posts: 73
Likes: 0
From: OKC OK
YES I just went through this last year I had about 14,400 in damage to my Corvette only owned it two weeks and still had paper tags on it. Got an appraisal from Chevrolet Dealership they estimated between 5-6k in diminished value and they did not charge me for the appraisal shocking coming from dealership. Took it to my attorney and he got me 2k from insurance company. It was a little bit of a fight, but after we settled and my attorney got paid I got 2k do the math. Client got 50% attorney got 50%. You won't get full diminished value of estimate from dealership, but it is better than nothing. Go to the Dealership you bought the truck from they will probably do it for free if you are a repeat customer, and they will probably try to sell you a new truck when you get done with the appraisal. Hope all goes well. Sorry to hear about the wreck.
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Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
My 07 Impala SS was damaged ($7500 worth) back in Oct 2008. I went with a diminished value company on line, paid their fee and then fought with Allstate for 4 months or so. Ended up getting $2500 back.
FWIW I considered trading the car in at that time (15 months old). I was given quotes of $11-12, car was bought for $27k. I still have the car now about 30 months later with no plans of selling it any time soon. It is at least paid for. When I do sell it, the accident pretty much will have no effect on the price. For one reason the car will not be worth that much to start with, the other it will probably be around 5 years post accident.
FWIW I considered trading the car in at that time (15 months old). I was given quotes of $11-12, car was bought for $27k. I still have the car now about 30 months later with no plans of selling it any time soon. It is at least paid for. When I do sell it, the accident pretty much will have no effect on the price. For one reason the car will not be worth that much to start with, the other it will probably be around 5 years post accident.
Thread Starter
Pro
Joined: Jul 2006
Posts: 529
Likes: 1
From: Princeton Texas
Thanks to all for the help. About 45 minutes after I posted this my insurance company called and told me they totaled the truck. They knew about frame damage that could be fixed, but this morning they found more that couldn't.
To look at the truck you would never believe it had that much damage.
Again, thanks.
To look at the truck you would never believe it had that much damage.
Again, thanks.
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
Thread Starter
Pro
Joined: Jul 2006
Posts: 529
Likes: 1
From: Princeton Texas
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