Diminished value claim
11-07-2018, 02:36 PM
#1
Racer
Thread Starter
Diminished value claim
My C6, 2011, ZO6, ZO7, Carbon fiber, 10,500 mile, black on black Corvette was wrecked by Matson Ocean Shipping ( I suspect joy riding by one of their drivers ) during a transfer from barge to ship. The car was being shipped from Hawaii to American Heritage Perfornance in Long Beach, California for LS7 head work. Matson has taken full responsibility and thanks to Kohle Heimlich at American Heritage Performance, the car was repaired at an outstanding body shop, First Class Auto Body of Harbor City there in Southern California. Matson paid the approximately $13,000 in damage repair costs. The AHP head work is done and the body work completed. The body shop made it as new. That’s the good part.
The question is now how much less the car is worth due to having been in an accident. The car had been exceptionally well cared for, always garaged, and treasured for what it is. Diminished value is recognized legally in all 50 states. Carfax will now show the wreck. A good friend hit a deer in Tennessee last spring with his Dodge truck. The insurance company paid for $4,800 in repairs and he said it looked as new. However, when he went to trade it in this past summer, the dealer took $3,000 off the offered trade in value due to the wreck. That is diminished value.
Matson does not want to pay this. There is one company called AutoLoss which claims to do a professional appraisal for a fee and to represent one in a claim but their reviews on yelp are mixed. I am considering hiring a lawyer. Anybody been through this that might have some suggestions? Best I can find online suggests the car is depreciated by %15 percent after the wreck. Any thoughts are appreciated.
By the way, I emailed both Kerbeck Chevrolet and Rick Conti requesting a bit of help with this. Neither replied. Take from that what you want.
The question is now how much less the car is worth due to having been in an accident. The car had been exceptionally well cared for, always garaged, and treasured for what it is. Diminished value is recognized legally in all 50 states. Carfax will now show the wreck. A good friend hit a deer in Tennessee last spring with his Dodge truck. The insurance company paid for $4,800 in repairs and he said it looked as new. However, when he went to trade it in this past summer, the dealer took $3,000 off the offered trade in value due to the wreck. That is diminished value.
Matson does not want to pay this. There is one company called AutoLoss which claims to do a professional appraisal for a fee and to represent one in a claim but their reviews on yelp are mixed. I am considering hiring a lawyer. Anybody been through this that might have some suggestions? Best I can find online suggests the car is depreciated by %15 percent after the wreck. Any thoughts are appreciated.
By the way, I emailed both Kerbeck Chevrolet and Rick Conti requesting a bit of help with this. Neither replied. Take from that what you want.
The following users liked this post:
American Heritage (11-07-2018)
11-07-2018, 03:07 PM
#2
Race Director
Member Since: May 2006
Location: SOFLA
Posts: 12,973
Received 1,013 Likes
on
599 Posts
2016 Corvette of Year
2015 C6 of Year Finalist
I just settled a diminished value claim on my 2016 Jeep Grand Cherokee. Repair bill was a little over $13,000 and they gave me $3,502.29 in DV
The attorney handling my bodily injury claim handled it. He said they have a formula they use at insurance companies. They will almost always tell you they don't do that hoping you will go away. My advice don't go away and don't take their first offer. The DV is a legitimate claim.
The attorney handling my bodily injury claim handled it. He said they have a formula they use at insurance companies. They will almost always tell you they don't do that hoping you will go away. My advice don't go away and don't take their first offer. The DV is a legitimate claim.
Last edited by mcandrew67; 11-07-2018 at 03:10 PM.
The following users liked this post:
LTVN68 (11-07-2018)
11-07-2018, 03:20 PM
#3
Le Mans Master
I agree with mcandrew. I would only add that this should have been pursued as part of the entire repair. You will now likely have to sue to get it, whereas they may have been willing to make it part of the original claim if it were factored in at the time. Good luck, regardless.
do you have pics of before/after/
do you have pics of before/after/
The following users liked this post:
LTVN68 (11-07-2018)
11-07-2018, 04:49 PM
#4
Racer
Thread Starter
The reason it was not pursued as part of the original claim is that the original claim is still open. Matson, I believe, is self insured on this. They paid the body shop as soon as they were given a quote and before the work was done. I give them much credit for that. They have also offered to cover a number of my extra expenses due to the wreck. Diminished value however in this instance if 15%.....could be as much as $9,000. I will be writing them a formal request soon. I will get an attorney as well if necessary and move against Matson and personally against the driver. They did not file a police report which is required by Hawaii State law. A felony in Hawaii.
11-07-2018, 05:02 PM
#5
Melting Slicks
looking for some edification here. on the DV, I understand how it effects the resale value.
It would not be fair for you expect the same resale price of, a repaired vs non-repaired vehicle.
so is my understanding correct in that, you are looking to get compensated upfront for, the DV ( or some close dollar amount )?
this would in effect, cover your loses come resale time (?).
if so, then I definitely would fight for that.
It would not be fair for you expect the same resale price of, a repaired vs non-repaired vehicle.
so is my understanding correct in that, you are looking to get compensated upfront for, the DV ( or some close dollar amount )?
this would in effect, cover your loses come resale time (?).
if so, then I definitely would fight for that.
The following users liked this post:
LTVN68 (11-07-2018)
11-07-2018, 05:43 PM
#8
Racer
Thread Starter
Thank you! I needed to know that.
I am sure that, as in other states, if you take it to court and prove a valid loss, you can get a settlement. This has occurred in many states whether they have direct laws addressing it or not. It would come under standard tort law.
I am sure that, as in other states, if you take it to court and prove a valid loss, you can get a settlement. This has occurred in many states whether they have direct laws addressing it or not. It would come under standard tort law.
Last edited by LTVN68; 11-07-2018 at 05:45 PM.
The following users liked this post:
STLUCIEAPPRAISAL (11-09-2018)
11-07-2018, 07:31 PM
#11
Race Director
Member Since: Mar 2010
Location: T-Town WA
Posts: 15,100
Received 3,625 Likes
on
2,348 Posts
2016 C6 of Year Finalist
You suffer because Carfax may report the incident? I'm not sure Carfax (et al) will ever know. You are not dealing with an insurance company; rather Matson Navigation. My guess would be they are under no obligation to pay DV.
Good luck.
Good luck.
11-07-2018, 08:32 PM
#12
Melting Slicks
it's pretty easy to do once you have the formula. There's a spreadsheet d/l at the website below. Most insurance claims will honor it, sometimes they delay or fight it. Don't expect to get as much as you might think. Don't pay for anyone to make the claim or get an independent appraisal unless it's for a Ferrari or Rolls.
https://diminishedvalueofgeorgia.com...-its-not-fair/
https://diminishedvalueofgeorgia.com...-its-not-fair/
11-07-2018, 08:54 PM
#13
Race Director
Member Since: Mar 2011
Location: SW Florida
Posts: 13,256
Received 3,086 Likes
on
2,078 Posts
2021 C6 of the Year Finalist - Modified
Not all accidents are reported to CarFax .... And in your case, there wasn't even an accident reported to police.
I could be wrong, but my guess is that this unfortunate situation won't even show up on CarFax. I think you have a very good chance of it.
Good luck ...
I could be wrong, but my guess is that this unfortunate situation won't even show up on CarFax. I think you have a very good chance of it.
Good luck ...
11-08-2018, 11:53 AM
#14
Burning Brakes
ttt
11-08-2018, 11:54 AM
#15
Burning Brakes
11-08-2018, 04:35 PM
#17
Le Mans Master
The prospect of DV is not determined by any form of reporting. It is determined by the fact that the car is already worth less. The damage which occurred proves diminished value. It need not show up on any report. In fact, the car has diminished value to the owner, should they choose to keep it forever. One does not need to show that it has been picked up on carfax to prove that it exists.
The following users liked this post:
STLUCIEAPPRAISAL (11-09-2018)
11-08-2018, 04:35 PM
#18
Le Mans Master
The prospect of DV is not determined by any form of reporting. It is determined by the fact that the car is already worth less. The damage which occurred proves diminished value. It need not show up on any report. In fact, the car has diminished value to the owner, even should they choose to keep it forever. One does not need to show that it has been picked up on carfax to prove that it exists.
11-08-2018, 04:47 PM
#19
Race Director
Member Since: Mar 2010
Location: T-Town WA
Posts: 15,100
Received 3,625 Likes
on
2,348 Posts
2016 C6 of Year Finalist
Did the accident happen on the street or on Matson's property?
11-08-2018, 07:46 PM
#20
Race Director
Member Since: Mar 2011
Location: SW Florida
Posts: 13,256
Received 3,086 Likes
on
2,078 Posts
2021 C6 of the Year Finalist - Modified
Well, I am simply saying ... If the damage don't show up on CarFax, nobody will know the car was damaged ... and it won't have any diminished value when your selling it.
Pretty simple theory ...
Pretty simple theory ...