Diminished value claim
11-08-2018, 08:15 PM
#21
Race Director
Actually you know the car was involved in an accident so you must report it to the new owner. If you don't you can get in serious trouble if they prove the car was in an accident later. No matter how well someone fixes the damage they can't hide everything. Chances are the orange peel doesn't match and the color doesn't match under all lighting conditions.
I filed DV claim on an 07 Impala in 08 when it was hit in the right side causing damage between the doors and the B pillar. I forgot the company's name but for $350 (back then) they hired a 3rd party appraiser that stated I lost about $3500 in value of the car for around $8k of damage. USAA wouldn't help me fight their insurance company and for 3 months or so I fought for the diminished value. Eventually they said "take it or go to court" which of course they have lawyers on standby to deal with claims like this. I ended up settling for about $2600. 5 years later I sold the car, damage was in car fax. I sold it to private party for $700 more than car max offered (they knew about the damage). Eventually after about 5 years most car's value is bad anyway. Paid $26k for the Impala SS and sold it for $10k about 5-6 years later.
If someone sold me a car that was in an accident and didn't disclose it I would make sure to make them pay. And the appraiser said the repair was an excellent job but he clearly can tell it was involved in an accident (paint depth is one example). We had a good chat about looking for damage. GM's fit and finish is relatively crap on their vehicles. The person doing the repair doesn't want to repair it like crap so there will be a difference.
And yes DV rules vary by states, some don't cover it all, some won't cover it if you are at fault.
I filed DV claim on an 07 Impala in 08 when it was hit in the right side causing damage between the doors and the B pillar. I forgot the company's name but for $350 (back then) they hired a 3rd party appraiser that stated I lost about $3500 in value of the car for around $8k of damage. USAA wouldn't help me fight their insurance company and for 3 months or so I fought for the diminished value. Eventually they said "take it or go to court" which of course they have lawyers on standby to deal with claims like this. I ended up settling for about $2600. 5 years later I sold the car, damage was in car fax. I sold it to private party for $700 more than car max offered (they knew about the damage). Eventually after about 5 years most car's value is bad anyway. Paid $26k for the Impala SS and sold it for $10k about 5-6 years later.
If someone sold me a car that was in an accident and didn't disclose it I would make sure to make them pay. And the appraiser said the repair was an excellent job but he clearly can tell it was involved in an accident (paint depth is one example). We had a good chat about looking for damage. GM's fit and finish is relatively crap on their vehicles. The person doing the repair doesn't want to repair it like crap so there will be a difference.
And yes DV rules vary by states, some don't cover it all, some won't cover it if you are at fault.
11-08-2018, 09:29 PM
#22
Race Director
My wife’s new Denali was rear ended to a tune of $7500. The insurance co paid $3500 in DV. Based on that it appears to depend on age and damage. In our case it was about 50%. Not to long ago a self proclaimed expert said all accidents were reported to carfax which is totally rediculous. It’s a crapshoot whether it will or won’t be reported.
Last edited by saplumr; 11-08-2018 at 09:31 PM.
11-08-2018, 10:47 PM
#23
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11-09-2018, 07:32 AM
#24
Being that the shipping company was self insured it may not show on any report. If it was run through a insurer or reported to the police it will show up on carfax report. Even if there was no damage and police are called it shows as a accident as a friend just experienced recently.
11-09-2018, 09:11 AM
#25
Instructor
RULE OF THUMB (3,000+ DIMINISHED VALUE APPRAISALS TO PROVE IT)
A Corvette will lose a bit more than a typical car or truck but here goes:
Minor damage will result in a 10%-15% loss from the pre-accident fair market value.
Structural damage repairs = 30%-50%.back
Air Bag Deployment = 30%-50% back
Disabled/Towed, add a few bucks.
Geography (convertibles, FJs, pickups) plays a small part as do color (white suffers least) and ,of course, quality of repairs. A Porsche (especially if rear damage) will lose more than a Camry.
I have seen every other competing independent diminished value appraisal out there because when one of their former clients hires us I ask to see the previous appraiser's report. The quality of the DV appraisal (quality meaning proving the existence and dollar amount your vehicle has lost) is equivalent to the measure of respect you will get from insurance companies as well as from magistrates and juries if it comes to litigation. If the DV appraisal was done using a formula, algorithm, book values comparison, carfax.com listings or based on a particular appraiser's unsubstantiated expert opinion, it is a piece of junk. How does St. Lucie Appraisal prepare diminished value reports? We obtain the unbiased expert opinions of multiple sales managers at Chevrolet dealerships in your area. A judge in Mobile, Alabama last month asked why we go to the trouble of obtaining six dealer quotes. I responded that even when dealer opinions vary somewhat, I know that my diminished value figure will be in the ballpark.
Yes, it is difficult to obtain a fair diminished value settlement but a comprehensive DV appraisal, direction and support from the appraisal company and your own persistence is typically enough to get the job done.
Copy and paste this somewhere for when someone has questions about the diminished value claim process.
A Corvette will lose a bit more than a typical car or truck but here goes:
Minor damage will result in a 10%-15% loss from the pre-accident fair market value.
Structural damage repairs = 30%-50%.back
Air Bag Deployment = 30%-50% back
Disabled/Towed, add a few bucks.
Geography (convertibles, FJs, pickups) plays a small part as do color (white suffers least) and ,of course, quality of repairs. A Porsche (especially if rear damage) will lose more than a Camry.
I have seen every other competing independent diminished value appraisal out there because when one of their former clients hires us I ask to see the previous appraiser's report. The quality of the DV appraisal (quality meaning proving the existence and dollar amount your vehicle has lost) is equivalent to the measure of respect you will get from insurance companies as well as from magistrates and juries if it comes to litigation. If the DV appraisal was done using a formula, algorithm, book values comparison, carfax.com listings or based on a particular appraiser's unsubstantiated expert opinion, it is a piece of junk. How does St. Lucie Appraisal prepare diminished value reports? We obtain the unbiased expert opinions of multiple sales managers at Chevrolet dealerships in your area. A judge in Mobile, Alabama last month asked why we go to the trouble of obtaining six dealer quotes. I responded that even when dealer opinions vary somewhat, I know that my diminished value figure will be in the ballpark.
Yes, it is difficult to obtain a fair diminished value settlement but a comprehensive DV appraisal, direction and support from the appraisal company and your own persistence is typically enough to get the job done.
Copy and paste this somewhere for when someone has questions about the diminished value claim process.
11-10-2018, 05:17 PM
#26
Race Director
11-10-2018, 05:45 PM
#27
Race Director
11-10-2018, 06:33 PM
#28
Instructor
Don't feel you need to disclose a previous repair?
What if the car is subsequently hit in the same place where the structure may have been weakened and there is a fatality as a result?
What if the car is subsequently hit in the same place where the structure may have been weakened and there is a fatality as a result?
11-10-2018, 07:12 PM
#29
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Actually, no, I don't. I will answer any, and all, questions.
Nor will I volunteer which wheel the dog peed on; where the cup of coffee spilled on the passenger carpet; or the mess left after I got lucky with the bearded lady, a hamster, and an ice cream cone in the back seat.
Nor will I volunteer which wheel the dog peed on; where the cup of coffee spilled on the passenger carpet; or the mess left after I got lucky with the bearded lady, a hamster, and an ice cream cone in the back seat.
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11-10-2018, 08:37 PM
#30
Melting Slicks
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My wife work as a Comm Ins Agent for nearly 35 years. For what they’ve already paid, she estimates what will be offered is around 10%. Plan on taking it, as their staff Lawyers will keep yours tied up forever. As she said your fighting with City Hall.
11-10-2018, 08:55 PM
#31
Race Director
Standard insurance stance is once a vehicle is repaired to pre crash condition there is no loss of value.
11-10-2018, 09:12 PM
#32
Melting Slicks
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as you said “standard” stance, that’s meaningless in this today’s high end vehicle costs/repair. Or, a old position that today’s carriers have starting to put behind them. For example my new Colorado was backed into at Walmart this summer following repairs to body and cab, I would not settle for four months, hah!!! Took a home a check of 1200 beyond repairs for diminished value. It’s not always who you know, but what you know.
11-10-2018, 09:26 PM
#33
Race Director
as you said “standard” stance, that’s meaningless in this today’s high end vehicle costs/repair. Or, a old position that today’s carriers have starting to put behind them. For example my new Colorado was backed into at Walmart this summer following repairs to body and cab, I would not settle for four months, hah!!! Took a home a check of 1200 beyond repairs for diminished value. It’s not always who you know, but what you know.
11-10-2018, 09:57 PM
#34
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And, to get back to the OP, he is not dealing with an insurance company...Matson is, undoubtedly, self insured. Or, to be more accurate, they have insurance but a deductible of (at least) $5 mil. So Matson's Loss Prevention Dept. will deal with the issue. My guess is they will take the "we fixed it good as new" stance.
Again...good luck, OP.
Again...good luck, OP.
11-11-2018, 06:39 AM
#35
Instructor
One more note for this thread where some folks have offered their opinions about how much one could recover in diminished value. Although not a Corvette, in September 2017 I gave expert testimony in a DV case involving a $100K car that had structural damage. The jury returned a verdict for the plaintiff and awarded the car owner $40,000 + all expenses. DV claims in the $10K+ range are routinely paid out every day without the necessity of litigation. It just depends on the quality of your appraisal and how much you are willing to persist.
11-11-2018, 08:30 AM
#36
Race Director
One more note for this thread where some folks have offered their opinions about how much one could recover in diminished value. Although not a Corvette, in September 2017 I gave expert testimony in a DV case involving a $100K car that had structural damage. The jury returned a verdict for the plaintiff and awarded the car owner $40,000 + all expenses. DV claims in the $10K+ range are routinely paid out every day without the necessity of litigation. It just depends on the quality of your appraisal and how much you are willing to persist.
11-11-2018, 08:41 AM
#37
Instructor
Yes. She was reimbursed for my original appraisal fee and trial testimony fee plus her attorney fees. Including the insurance company's expenses, I'd say the insurance company paid out close to $100K to their own outside counsel, my deposition fee, the jury's award, etc. contesting this. I wrote an article about the case but the car owner's husband asked that I not publish it. He feels that I am not entitled to "profit" from a work product he paid for.
11-11-2018, 02:19 PM
#38
Race Director
Some insurance companies will say no DV money for "cosmetic" repairs, IE replacing a fender/door. And usually the repair facility didn't put on OEM parts also.
11-11-2018, 03:42 PM
#40
Melting Slicks
Yes. She was reimbursed for my original appraisal fee and trial testimony fee plus her attorney fees. Including the insurance company's expenses, I'd say the insurance company paid out close to $100K to their own outside counsel, my deposition fee, the jury's award, etc. contesting this. I wrote an article about the case but the car owner's husband asked that I not publish it. He feels that I am not entitled to "profit" from a work product he paid for.
Just fill out the worksheet and let the formula do it's work. It's pretty much standard practice. I've claimed and gotten it for 2 different vehicles.
No, you won't gain everything but you'll gain more than the hassle of doing anything else.