Crashed 2016 Z06
06-21-2017, 07:43 PM
#1
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Thread Starter
Crashed 2016 Z06
I was in an accident last month in which a gal turned left right in front of me and I ended up T-boning her, I was not cited in the accident. Her insurance (Geico) came to the conclusion that I was 30% at fault for not taking evasive action... WTF. So I had my insurance take care of the repairs and they did an investigation that concluded I was at 0% liability. So I will let them battle that out.
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
06-21-2017, 10:53 PM
#2
I just received my Diminished Value claim from a guy's insurance company after someone t-boned me in a parking lot when his foot slipped off of his brake and onto the gas. It came 13 months after the accident, mostly due to his insurance company saying there was no diminished value, to where I had to prove the value of the car actually went down. My car runs like new but the car-fax report shows the accident. Just press your insurance to go after their insurance and give a dollar value of what you think the claim should be. Good luck!
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Nithros (06-23-2017)
06-22-2017, 11:36 AM
#4
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They just want to pay raise rates and move on.
06-22-2017, 04:25 PM
#5
Melting Slicks
You will need to seek counsel to fight for the DV claim. I had relatively minor damage to my rear fascia and tail light assembly. All totaled about $3k in damage. My attorney sued for $20k in DV and setteled for about $7k... so i netted about $4.5k which should offset any losses i incur if/when i sell this car.... which is the way it should be.
It did take almost 2 years to settle the case. He took it pro bono. It made a bad situation (1200 miles on the car when it happened)in the end tolerrable.
Good luck
It did take almost 2 years to settle the case. He took it pro bono. It made a bad situation (1200 miles on the car when it happened)in the end tolerrable.
Good luck
06-22-2017, 04:36 PM
#6
If your insurance took care of the repairs, you've already made a mistake. If you weren't at fault, the other motorist's insurance should be taking care of the repairs.
If the repair has been done, and you signed off on it releasing then from further obligation, end of story. I don't think there's much you can do at that point.
If you're free of blame in the accident and repairs have not been completed, you need to negotiate diminished value with the other (not yours) insurance company. Don't sign off on ANYTHING...even after repairs have been made, until they offer you a DM settlement. When they call you or contact you to try to get you to release them from obligation, tell them you're still exploring options and deciding. They'll try to give you $500....no, still thinking about it....$1000...no, I don't feel like that's enough....$1500....etc etc. If they reach a solution you're happy with, sign off and take the cash. If not, lawyer up.
If the repair has been done, and you signed off on it releasing then from further obligation, end of story. I don't think there's much you can do at that point.
If you're free of blame in the accident and repairs have not been completed, you need to negotiate diminished value with the other (not yours) insurance company. Don't sign off on ANYTHING...even after repairs have been made, until they offer you a DM settlement. When they call you or contact you to try to get you to release them from obligation, tell them you're still exploring options and deciding. They'll try to give you $500....no, still thinking about it....$1000...no, I don't feel like that's enough....$1500....etc etc. If they reach a solution you're happy with, sign off and take the cash. If not, lawyer up.
10-17-2018, 10:27 AM
#7
I was in an accident last month in which a gal turned left right in front of me and I ended up T-boning her, I was not cited in the accident. Her insurance (Geico) came to the conclusion that I was 30% at fault for not taking evasive action... WTF. So I had my insurance take care of the repairs and they did an investigation that concluded I was at 0% liability. So I will let them battle that out.
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
all matters what the police report said. Not sure where your at but in NJ there are numbers on the side of the report. And one section would have who is at fault. Even if no summons were issued you could have been labeled at fault. I’d have to see the report to give you a more accurate reading to tell who the cop put at fault.
10-17-2018, 10:46 AM
#8
Safety Car
Unfortunately as others have said, insurance companies basically don't pay attention to non injury accidents. They will pay your claim and get your car repaired but the standard in the industry is that they don't go after the at fault driver's insurance to reimburse them for the money they put out for your claim. It either is not financially feasible or possibly simply an unwritten agreement in the industry. Now where this gets sticky for you is that your insurance company is paying that claim and they have made no determination of who is at fault. So your rates get dinged just as the other driver gets his rates dinged. As others have said the best move for you involves some cost, pain and time, and that is to inform your carrier, but tell them you are working with the other carrier to get the car fixed and that is where the pain, time and cost come in. If you have to fight them, you may be out of pocket for a rental for some time. But it might be worth it for you in the end. However some time it is simply not worth the hassle.
I just texted Number 1 Daughter who is a claims exec with a major auto insurance carrier. My Q to her. When do you decide to go after an at fault driver's carrier for reimbursement of costs you incur for your not at fault insured?
I will repost when I get her answer.
I just texted Number 1 Daughter who is a claims exec with a major auto insurance carrier. My Q to her. When do you decide to go after an at fault driver's carrier for reimbursement of costs you incur for your not at fault insured?
I will repost when I get her answer.
10-17-2018, 11:04 AM
#9
Safety Car
Well, I admit I know nothing. My statement was true based on my limited experience (thank goodness) in accidents over 60 years of driving. But I was wrong. Apparently the one large insurance carrier I can get real information from, does go after reimbursement from the at fault driver's carrier even on prop damage only claims. And in the 30% determination vs the 0% determination, they would use their determination and go ahead and go after the 100%. So in that case it would not affect the not at fault drivers rates. So the industry is improving.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
10-17-2018, 11:53 AM
#10
Safety Car
You will need to seek counsel to fight for the DV claim. I had relatively minor damage to my rear fascia and tail light assembly. All totaled about $3k in damage. My attorney sued for $20k in DV and setteled for about $7k... so i netted about $4.5k which should offset any losses i incur if/when i sell this car.... which is the way it should be.
It did take almost 2 years to settle the case. He took it pro bono. It made a bad situation (1200 miles on the car when it happened)in the end tolerrable.
Good luck
It did take almost 2 years to settle the case. He took it pro bono. It made a bad situation (1200 miles on the car when it happened)in the end tolerrable.
Good luck
10-17-2018, 12:43 PM
#11
Burning Brakes
10-17-2018, 12:55 PM
#13
Drifting
Well, I admit I know nothing. My statement was true based on my limited experience (thank goodness) in accidents over 60 years of driving. But I was wrong. Apparently the one large insurance carrier I can get real information from, does go after reimbursement from the at fault driver's carrier even on prop damage only claims. And in the 30% determination vs the 0% determination, they would use their determination and go ahead and go after the 100%. So in that case it would not affect the not at fault drivers rates. So the industry is improving.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
luckily my unfortunate accident last month (first accident ever) where I was at fault was to a 3 year old VW Passat being used for Uber hire. ( No injuries) Good luck to him getting DV there ...
Last edited by Parcival; 10-17-2018 at 12:58 PM.
10-17-2018, 12:56 PM
#14
Burning Brakes
10-17-2018, 01:34 PM
#15
Team Owner
Unfortunately as others have said, insurance companies basically don't pay attention to non injury accidents. They will pay your claim and get your car repaired but the standard in the industry is that they don't go after the at fault driver's insurance to reimburse them for the money they put out for your claim. It either is not financially feasible or possibly simply an unwritten agreement in the industry. Now where this gets sticky for you is that your insurance company is paying that claim and they have made no determination of who is at fault. So your rates get dinged just as the other driver gets his rates dinged. As others have said the best move for you involves some cost, pain and time, and that is to inform your carrier, but tell them you are working with the other carrier to get the car fixed and that is where the pain, time and cost come in. If you have to fight them, you may be out of pocket for a rental for some time. But it might be worth it for you in the end. However some time it is simply not worth the hassle.
I just texted Number 1 Daughter who is a claims exec with a major auto insurance carrier. My Q to her. When do you decide to go after an at fault driver's carrier for reimbursement of costs you incur for your not at fault insured?
I will repost when I get her answer.
I just texted Number 1 Daughter who is a claims exec with a major auto insurance carrier. My Q to her. When do you decide to go after an at fault driver's carrier for reimbursement of costs you incur for your not at fault insured?
I will repost when I get her answer.
The case against the other company. Freeing me to sue them for more money that wasn't paid. My lawyer wrote a letter intending to sue them I got a check in full!
10-17-2018, 01:38 PM
#16
Team Owner
I was in an accident last month in which a gal turned left right in front of me and I ended up T-boning her, I was not cited in the accident. Her insurance (Geico) came to the conclusion that I was 30% at fault for not taking evasive action... WTF. So I had my insurance take care of the repairs and they did an investigation that concluded I was at 0% liability. So I will let them battle that out.
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
My question here is: Has anyone dealt with a diminished value claim and if so what was your experience? I want to re-coup any money I may have lost due to the tarnished history on this car.
Any help is greatly appreciated
10-17-2018, 02:57 PM
#17
Tech Contributor
Member Since: Oct 1999
Location: Charlotte, NC (formerly Endicott, NY)
Posts: 40,078
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Well, I admit I know nothing. My statement was true based on my limited experience (thank goodness) in accidents over 60 years of driving. But I was wrong. Apparently the one large insurance carrier I can get real information from, does go after reimbursement from the at fault driver's carrier even on prop damage only claims. And in the 30% determination vs the 0% determination, they would use their determination and go ahead and go after the 100%. So in that case it would not affect the not at fault drivers rates. So the industry is improving.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
DV is not covered in Ca by the First Party carrier. You need to go directly at the 3rd party carrier for DV claims.
Based on this, you are fine having your carrier pick up your repairs. Now you need to go after the other carrier for the DV. Most experience on this forum is that you need representation for that and there are a number of national companies that will do it for you or at least appraise it for you and help you get it.
Bill
10-17-2018, 04:16 PM
#18
Race Director
Going through this now.
my company geico vs NJM other driver.
daughter driving straight with right of way 2 passengers in her new car. Woman is sitting at red light waiting to make right turn. In nj you can turn in red (and at that intersection).
she hits daughter right front bumper n fender.
police get statements woman claims had green light. Daughter says no she didnt. Passengers back up claim of daughter means nothing because not independent witnesses.
initial police report puts my daughter as inattentive other driver no fault.... this was infuriating. Other driver older woman retired school teacher... daughter is 20yo.
took her word over my daughter unreal. My insurance company called me and said we received an unfavorable police report. I was livid. I keep deductibles at 200 bucks no big deal but this was wrong.
told insurance they have body cameras get footage and determine for themselves. They said no. Police report NUMBERS IN BOXES is all they use.
so had daughter speak up and talk to the supervisor of the traffic safety bureau and explain what happened and ask for review of case.
he changed it to 50 50 fault (not right but better than what it was). I tell you everyone is better off with dash cam in every windshield. Because imagine like the OP driving down the road someone just comes out and hits you and you are somehow to blame. Unreal.
plus I have accident forgiveness thank god. .
my company geico vs NJM other driver.
daughter driving straight with right of way 2 passengers in her new car. Woman is sitting at red light waiting to make right turn. In nj you can turn in red (and at that intersection).
she hits daughter right front bumper n fender.
police get statements woman claims had green light. Daughter says no she didnt. Passengers back up claim of daughter means nothing because not independent witnesses.
initial police report puts my daughter as inattentive other driver no fault.... this was infuriating. Other driver older woman retired school teacher... daughter is 20yo.
took her word over my daughter unreal. My insurance company called me and said we received an unfavorable police report. I was livid. I keep deductibles at 200 bucks no big deal but this was wrong.
told insurance they have body cameras get footage and determine for themselves. They said no. Police report NUMBERS IN BOXES is all they use.
so had daughter speak up and talk to the supervisor of the traffic safety bureau and explain what happened and ask for review of case.
he changed it to 50 50 fault (not right but better than what it was). I tell you everyone is better off with dash cam in every windshield. Because imagine like the OP driving down the road someone just comes out and hits you and you are somehow to blame. Unreal.
plus I have accident forgiveness thank god. .
10-17-2018, 06:55 PM
#20
Race Director
pdr
Last time I was hit was by an illegal alien. He actually had min coverage car ins. The DV I got was ridiculously small.