Diminished Value
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
Diminished value is not a quick process. Some companies would say no frame damage is just cosmetic only. Some guy hit my 07 Impala SS in the side causing $7500 in damages. After 3-4 months I received around $3k from his insurance company. Since the B pillar was pushed in there was definitely frame damage, otherwise they said it wouldn't be covered.
But put two cars exactly the same next to each other with the exception of one having $5k of panel/paint only damage. Which one do you think would get the higher offers? Would you pay $500 less for the damaged $40k or so car? Probably not since $500 isn't much. It breaks your heart but take the check you receive and remember it when someone or a dealer offers you thousands of $$ less if you sell it. Of course if you have it for 4 years or more, than the accident becomes less of a factor. I sold my Impala for about $500 under the market value 5 years after the accident.
But put two cars exactly the same next to each other with the exception of one having $5k of panel/paint only damage. Which one do you think would get the higher offers? Would you pay $500 less for the damaged $40k or so car? Probably not since $500 isn't much. It breaks your heart but take the check you receive and remember it when someone or a dealer offers you thousands of $$ less if you sell it. Of course if you have it for 4 years or more, than the accident becomes less of a factor. I sold my Impala for about $500 under the market value 5 years after the accident.
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
Race Director
Joined: May 2005
Posts: 11,954
Likes: 1,331
From: Middletown, DE
I know from experience. Bought a beautifully done "R-title" '01 Z for about 70% of clean title value and sold it 18 months (and 11K wonderful miles) later for about what I paid, or 75% of the clean title value at that time. Talked to several other folks with similar experiences.
The buyer pool is definitely smaller, but buy low/sell low is a fine strategy if you do your homework. Get a great Vette and drive it a few years for very small net outlay...
Burning Brakes
Joined: Feb 2012
Posts: 977
Likes: 28
From: Lynchburg VA
Hold on a minute.
The latter. They didn't even entertain the autoloss appraisal saying that those services aren't reliable. Wouldn't even discuss it.
Air bags did not deploy, seat belts were not replaced. Some panels, like the driver's side quarter panel, had just the right damage to have to replace rather than repair (i.e. quarter sized hole through panel).
Air bags did not deploy, seat belts were not replaced. Some panels, like the driver's side quarter panel, had just the right damage to have to replace rather than repair (i.e. quarter sized hole through panel).
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
Where did State Farm get the diminished value estimate? It is supposed to be from a third party appraiser not the insurance adjuster or the estimator. Diminished Value doesn't fall under the at fault driver's Collision Policy. It actually falls under property damage and liability. Which is the same category as Pain & Suffering and lost time from work.
Burning Brakes
Joined: Feb 2012
Posts: 977
Likes: 28
From: Lynchburg VA
When I filed my diminished value claim with State Farm the first thing the claim representative did was give me the appraisers name and number so that we could set up an appointment to view the vehicle, the damage estimates, and the repairs.
Where is the vehicle located? If you have possession at your dwelling and no one has come to look at it you know that State Farm is blowing smoke. Maybe you should remind them that even though the claim is not against your policy you are, at least for the time being, a State Farm Policy Holder as well.
Where is the vehicle located? If you have possession at your dwelling and no one has come to look at it you know that State Farm is blowing smoke. Maybe you should remind them that even though the claim is not against your policy you are, at least for the time being, a State Farm Policy Holder as well.
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
When I filed my diminished value claim with State Farm the first thing the claim representative did was give me the appraisers name and number so that we could set up an appointment to view the vehicle, the damage estimates, and the repairs.
Where is the vehicle located? If you have possession at your dwelling and no one has come to look at it you know that State Farm is blowing smoke. Maybe you should remind them that even though the claim is not against your policy you are, at least for the time being, a State Farm Policy Holder as well.
Where is the vehicle located? If you have possession at your dwelling and no one has come to look at it you know that State Farm is blowing smoke. Maybe you should remind them that even though the claim is not against your policy you are, at least for the time being, a State Farm Policy Holder as well.
Burning Brakes
Joined: Feb 2012
Posts: 977
Likes: 28
From: Lynchburg VA
That being said the appraiser never looked at my Corvette. State Farm called him to set up the appointment; then immediately called me back and agreed to pay the $5000 settlement that the Corvette Forum Dealer had me email them.
I'm thinking that after speaking with the appraiser they figured my price was to their benefit. I really didn't care. People will say what they will, but I trusted the Forum Dealer and his 30 years of experience and 3000+ Corvette sales to give me an honest assessment. Especially since he had no investment in the outcome, other than earning my repeat business when Chevy either redesigns the C7 or the C8 comes out.
I'm thinking that after speaking with the appraiser they figured my price was to their benefit. I really didn't care. People will say what they will, but I trusted the Forum Dealer and his 30 years of experience and 3000+ Corvette sales to give me an honest assessment. Especially since he had no investment in the outcome, other than earning my repeat business when Chevy either redesigns the C7 or the C8 comes out.
Last edited by jsucraig; Jul 22, 2014 at 09:51 AM.
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Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
Any suggestions on best way to contact the forum dealerships? I don't want to send it to a general email address for the dealership and it never make it to someone who would care.
Burning Brakes
Joined: Feb 2012
Posts: 977
Likes: 28
From: Lynchburg VA
1.) Go to the 'Dealer Inventory' section.
2.)Click on their names under their avatars on their posts.
3.)Select Send a Private Message to member.
4.)Tell them everything that State Farm has told you about your diminished value.
5.)Tell them what you would like them to do.
6.)Tell them you can send all documentation: written estimates, Supplements, and pictures, pictures, pictures. Whomever did your repair has pictures; they have to for the insurance company.
7.)Ask them if they would be willing to help you out.
Good Luck
2.)Click on their names under their avatars on their posts.
3.)Select Send a Private Message to member.
4.)Tell them everything that State Farm has told you about your diminished value.
5.)Tell them what you would like them to do.
6.)Tell them you can send all documentation: written estimates, Supplements, and pictures, pictures, pictures. Whomever did your repair has pictures; they have to for the insurance company.
7.)Ask them if they would be willing to help you out.
Good Luck
Thread Starter
Burning Brakes
Joined: Aug 2013
Posts: 1,025
Likes: 68
From: Waverly Tennessee
After contacting a forum dealer and he saying $5k and relaying that, along with all of the comments here, as well as the fact that "we'll buy your car sites" won't look at it without inspection, and the $9k appraisal by autoloss.com, they came up from $1500 to $2000 
I talked with the woman (I refused to talk to the original guy) for a little while and told her that the absolute minimum that I would be happy with was $2500. She was very hesitant (which I would expect from a really good negotiator, but she didn't seem to be), tried to justify the $2000 mark for a while, and then said that there is a range that she is given and that $2500 is right at the top. I told her send the check.
I don't want to spend any more time/money on this, and $2500 was what I told myself I would accept. By the time I sell it in a couple years, it will have enough history to prove that the repairs are alright and I shouldn't take a loss more than that anyways.
Thanks again for all who helped, and special shout out to jsucraig who was a LOT of help both in here and through PM.
I talked with the woman (I refused to talk to the original guy) for a little while and told her that the absolute minimum that I would be happy with was $2500. She was very hesitant (which I would expect from a really good negotiator, but she didn't seem to be), tried to justify the $2000 mark for a while, and then said that there is a range that she is given and that $2500 is right at the top. I told her send the check.
I don't want to spend any more time/money on this, and $2500 was what I told myself I would accept. By the time I sell it in a couple years, it will have enough history to prove that the repairs are alright and I shouldn't take a loss more than that anyways.
Thanks again for all who helped, and special shout out to jsucraig who was a LOT of help both in here and through PM.
Burning Brakes
Joined: Feb 2012
Posts: 977
Likes: 28
From: Lynchburg VA
After contacting a forum dealer and he saying $5k and relaying that, along with all of the comments here, as well as the fact that "we'll buy your car sites" won't look at it without inspection, and the $9k appraisal by autoloss.com, they came up from $1500 to $2000
I talked with the woman (I refused to talk to the original guy) for a little while and told her that the absolute minimum that I would be happy with was $2500. She was very hesitant (which I would expect from a really good negotiator, but she didn't seem to be), tried to justify the $2000 mark for a while, and then said that there is a range that she is given and that $2500 is right at the top. I told her send the check.
I don't want to spend any more time/money on this, and $2500 was what I told myself I would accept. By the time I sell it in a couple years, it will have enough history to prove that the repairs are alright and I shouldn't take a loss more than that anyways.
Thanks again for all who helped, and special shout out to jsucraig who was a LOT of help both in here and through PM.
I talked with the woman (I refused to talk to the original guy) for a little while and told her that the absolute minimum that I would be happy with was $2500. She was very hesitant (which I would expect from a really good negotiator, but she didn't seem to be), tried to justify the $2000 mark for a while, and then said that there is a range that she is given and that $2500 is right at the top. I told her send the check.
I don't want to spend any more time/money on this, and $2500 was what I told myself I would accept. By the time I sell it in a couple years, it will have enough history to prove that the repairs are alright and I shouldn't take a loss more than that anyways.
Thanks again for all who helped, and special shout out to jsucraig who was a LOT of help both in here and through PM.
