Any recommendations for a company to determine Diminished Value?

What do they typically charge?

Thanks

 

DV is based on a Per state deal I think ...that is what I was told

 

I agree whether DV claims are supported.

Looking for some company to create a report determining DV to support a claim.

 

I used this company about a year ago after an accident that the other driver was 100% responsible:

Autoloss.com
877-655-1661
support@autoloss.com

They were great to work with. After going back and forth with GIECO they paid me that I think was fair plus as part of the final negotiation paid me what I paid to Autoloss for their assistance, so actually cost nothing to use them. Give them a call, it doesn't cost anything unless you decide to use them.

Good luck.

 

Would you mind letting me know what they charged?

Confidential email or PM is OK

 

$275.00. Not sure if this was a negotiated amount. In the end I was very glad I used them. They did very professional work and based on my experience well worth using them especially since GIECO after an amount was agreed on between me and GIECO, GEICO reimbursed me for the $275.00 in addition to the diminished value payment.

Keep in mind that you will be going against an insurance company who does not want to pay you a single cent.

 

I just went through this. Older gentlemen hit the door on my 16' Z06 w/ 6k miles.

I did all kinds of research, the reality is this varies from state to state and insurance adjuster to insurance adjuster.

I built all my own data and submitted to the insurance. I had to negotiate a little bit. At the end of the day, the total repair claim was $3.6k. I ended up getting an additional $7.3K for DV.

What you need to do is ask for 10% of NADA retail value. Ask your selling dealer to give you that. Then compare what the values of fair condition to excellent condition are on KBB. I also added a per diem of loss days of not being able to drive the car... The per diem was based on the payment. I started very high and settled right at where I wanted to be at.

This also depends on the severity of the damage.

 

Thanks guys.

OK, here is the entire story:

1) Was sideswiped by a car while cruising with my car club last June.

2) Other driver did not stop and the car club members pulled him over.

3) Since the driver appeared "shady" to me, I called the local police to write up a report to avoid the he said - he said argument.

4) Took car back to local dealer and they peeled back the XPEL, and there was no body damage.

5) Had the XPEL replaced and paid for it myself to avoid the repair show up on CARFAX - total fix was $350

6) Had the dealer check my car this week, and the Police Report shows up on CARFAX. Was told that this could effect the price of the car going forward.

So the bottom line is I have a car with minimal damage, was not paid for by the insurance company, but the car still has the accident reported in CARFAX.

Couple of questions:

1) Has anyone had success in getting CARFAX to modify their listing to include "No damage" or similar?

2) Can I ask for Diminished Value for a car which had no/minimal damage, but whose value was impacted by an accident.

Weird but true!!!!!

 

You will likely have a hard time. You should have filed a claim against the person's insurance. The DV, in Florida at least can only be filed against and insurance company.

There is an inherent loss of value, you can fight for that. However without going after insurance, I don't know... Maybe someone in your area can be of better help.

 

I filed a diminished value claim for my mother-in-law a couple of years ago. Clearly the other person's fault. Geico fought me tooth and nail on it the whole way. It was a royal PITA.

 

If it were me.................I would 1st get a copy of the police report. If it was accurate, I would then get in touch with Carfax-----I would be polite and explain that the entire damage was only the $350 you paid, and ask them to reflect this in their report. I would draft out exactly what I wanted the Carfax report to say ".......only damage was limited to replacing a piece of Xpel ........."), and go from there.

A few years ago, while I was stopped at a T intersection (I was the 3rd car in line), a huge tree fell on me and my Z06.......cosmetic damage only. Long story short, when I went to sell the car via private party----had it sold 2-3 times in a week------ they asked if there was a Carfax on the car. When I said there was---the sales fell through. They weren't interested in the story or even looking at the car. Overall, the diminished value aspect because there was a Carfax report cost me some $3K to $4K.

I ended up trading the car in to a dealer for a new 427 about a year later. Two dealers wanted the car---they were very happy with the body work that was done on the car. However, come to find out the Carfax report the dealers obtained said I ran the car into a tree??????? This gives the reader of the Carfax and entirely different picture from what actually happened.

Buying dealer asked me to work with Carfax to get the report corrected. I called them, and they claimed they got their information directly from the police report. I got a copy of the police report, and nowhere did it say I ran the car into a tree. Faxed a copy of the police report to the Carfax contact and they changed their report.

The two car dealers told me that in their estimation the Carfax reports were wrong some 50% to 75% of the time.

My insurance paid for the top notch repairs without any push back------think it was a shade over $6K (body shop does a ton of work for the insurance companies and is on all their recommended lists). However---nothing for diminished value.

Best of luck to you.

 

I'm in MD. I went through USAA, my insurance carrier, and they treated me fairly on my DV claim about 2 years ago. Repair cost was $3500 and I received another $1700 in DV. Repair never appeared on Carfax to my knowledge but I traded the car soon after the incident.

 

i was hit head on by a drunk driver in my C6 about 4 years ago. The damage was about $9,500. I claimed DV on the guy's insurance company. The insurance company had my car appraised before they agreed to pay any DV. They gave me $2,600 in DV which was close to 10% of KBB. It is worth a try, go for it. You deserve it!!

 

$275.00 is a fair amount. That's what we charge. You can find real cheap and mostly worthless Diminished Value reports for $99.00 as well as exorbitantly expensive and often worthless ones for $800-$1000. Try to use an appraiser who actually does the work to query multiple Chevrolet dealers instead of just using a formula or algorithm.

 

What is the reasoning behind diminished value if the car is supposed to be restored to like new condition.

 

Because you likely take a big hit on a car that has been repaired at resale. In some cases many private buyers won't even look at your car because there are 100 more just like it with no reported accidents/damage.

 

Thank you, the reason I asked is because I'm going through this with another insurance company whose client hit me and they're trying to say the car is like new. I did have a good body shop do the work and they replace both front fenders that had cracks in them so the car does look good, but it's not like new

 

Not Corvette specific but I can tell you I got burned by this twice now with two other cars. Both times I was hit by someone else. Both times I took about a 10% hit vs book value at trade in because the accident was reported. I would fight for at least 10%. With sports cars probably more, because like I said, there are lots of buyers who will not touch your car now if you sell it.

 

Thank you for your help and information hopefully everything will work out OK . Their going to get an independent appraisal done on my car, I had given them and appraisalfrom the dealership that I deal with but They want one of their own ,probably appraiser that works for them

 

I used St Lucie Appraisal, located in FL, for my GMC Sierra just this year after getting rear ended. Live in OH. Estimated DV by St Lucie was about $10,000. State Farm offered $5000, through their appraiser, Pinnacle Auto. In the end, Pinnacle and St Lucie consulted each other and came up with $7500, which I accepted.

http://www.stlucieappraisal.net/