Diminished value ????
Thread Starter
Melting Slicks
Joined: Jan 2006
Posts: 3,180
Likes: 297
From: Sarasota Florida
Diminished value ????
Getting emails soliciting me to enlist the services of several "Diminished Value Litigation Specialists" .
Wife recently was hit by insured driver. Vette was repaired to my satisfaction.
Anyone have experience with these outfits? Cons?
Russ
Wife recently was hit by insured driver. Vette was repaired to my satisfaction.
Anyone have experience with these outfits? Cons?
Russ
Last edited by Old Man in a C; Oct 16, 2018 at 06:27 PM.
Melting Slicks
Joined: Feb 2016
Posts: 2,984
Likes: 380
From: Edmond Oklahoma
You can submit the claim yourself. I have on two different cars.
https://www.finder.com/how-to-calcul...ue-of-your-car
https://www.finder.com/how-to-calcul...ue-of-your-car
https://www.wikihow.com/Calculate-Diminished-Value
Instructor
Joined: Nov 2010
Posts: 141
Likes: 35
From: Fort Pierce Florida
I was surprised to read your post. It seems that finding an attorney to handle diminished value cases is difficult yet you have them knocking at your door. We work with a number of attorneys throughout the country, of course, but most of them ask us to prepare diminished value appraisals for their clients who have bodily injury claims as well. There isn't much money handling only the DV claim so I'd guess that these attorneys would be asking whether you were hurt. Are they "ambulance chasers?" Probably. Will they employ an appraiser who uses a short-cut 17C-derived formula or algorithm? Probably. Attorneys seeking work in an area that most attorneys avoid is contrary to logic so, as with choosing a diminished value appraiser, proceed with caution.
Thread Starter
Melting Slicks
Joined: Jan 2006
Posts: 3,180
Likes: 297
From: Sarasota Florida
Here's the pitch.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
Race Director
Joined: Apr 2014
Posts: 10,404
Likes: 1,707
From: North Texas
Here's the pitch.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
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Race Director
Joined: May 2006
Posts: 12,973
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From: SOFLA
2016 Corvette of Year
2015 C6 of Year Finalist
I am dealing with one right now actually on my 2016 Jeep Grand Cherokee. I have an injury claim as well so the attorney is dealing with the DV too. They came back at $1500, then $3400, and we sent back again.
I had over $13,000 in repairs.
Waiting to hear their next offer.
I had over $13,000 in repairs.
Waiting to hear their next offer.
Race Director
Joined: Oct 2005
Posts: 14,555
Likes: 1,255
From: Saint Albans, WV
Actually getting any diminished value recovery is a serious crapshoot. Insurance companies stance is one it's repaired to pre-accident condition there is no DV. We all know that's not the case when you try to trade it in and the claim pops up. I've failed twice and got lucky once. My wifes' brand new Denali was rear ended with $7500 in damages. I got $2500 from the insurance plus $1K from my dealer after it was fixed I immediately traded in.
Melting Slicks
Joined: Feb 2016
Posts: 2,984
Likes: 380
From: Edmond Oklahoma
Here's the pitch.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
The company that contacted me is NOT an attorney. They are "investigators" that assess my case and forward their findings to an attorney. They gave me two options:
1) I can pay them $650.00 up front and receive 100% of any settlement
2) I can pay nothing up front, sign away my first child, and receive 33% of any future settlement.
Wow!
I pointed out that it's a pretty black and white situation... "2012 Vette sustained an accident - damage in left front, vehicle functional, airbags did not deploy. From that, they should have the experience to predict a settlement. I'll settle for 50%."
No response.
Just do the 17c formula on your own. Submit it and be done with it. It's 10 minutes work. Heck, give me the numbers and I'll do it for $600.
Race Director
Joined: Dec 2007
Posts: 19,574
Likes: 167
From: Frederick, MD
Sometimes they are good, sometimes they are not. If your vehicle was involved in an accident then it has lost value. How much is the key? Given the choice of two identical cars but one with an accident which one would you expect to pay less for?
I had to deal with a DV company 10 years ago. The fee was only $350 then. After sending letters back and forth to their insurance company (it was their fault), we settled on about $2600 on almost $8k of damages (including damage to the B pillar). Eventually the insurance company will say final offer or see you in court.
I had to deal with a DV company 10 years ago. The fee was only $350 then. After sending letters back and forth to their insurance company (it was their fault), we settled on about $2600 on almost $8k of damages (including damage to the B pillar). Eventually the insurance company will say final offer or see you in court.
Melting Slicks
Joined: Jul 2014
Posts: 2,782
Likes: 314
From: The Lowcountry South Carolina
I spent over four months going after the insurance co over the damages to my Colorado, got a second check for over 5k. NEVER accept their or their agents offers. Send every check back until you see the check for diminished value.