Has anyone ever submitted a diminished value claim? A few weeks ago a guy pulled out and hit my car. Its a 2012 and I still owe a good bit of cash. My insurance recommended that I call to file a claim since the car is now worth less dues to the accident, but I have never heard of it and I have no idea what to ask for. Thanks for any advice.
Diminished Value Claim
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When my 4 Runner was in an accident (my fault ) my insurance paid the repair on my car and the other car then sent me a check (without any input / request ) from me for the diminished value $'s.
I did this in the past when I was rear ended. I was told them same thing by my insurance. This was 7 years ago or so, but I looked the law up and in CA where I live and the Ins. company had no right to pay for this claim. Some states did.
Anyway - I found a place online to do a diminished value report. Did the report - I think it cost under $50. Sent it into the insurance company and they sent me about half of what the report said my diminished value was. I think the report was around 4400 and they sent me 2500.
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It's the theoretical difference between what your vehicle was worth just before the accident and what it is now worth after being repaired.
Kind of a sale value on before and after a Carfax report is created.
Kind of a sale value on before and after a Carfax report is created.
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I don't get it? Is the car totalled? If so, I don't think there's any diminished value.
Neal
My sister in law works for Lexus and I had her appraiser give a quote for the car without an accident and after the accident. Just because the carfax shows it was in an accident they would offer me $6000 less for the car. As a buyer I would use it to my advantage too. I just didn't know if anyone has ever had one of these claims paid out.
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Bottom line, you have suffered a financial loss.
Get that diminished appraisal in writing. Insurance companies...at least here in GA...are required to pay BUT you will need proof. They will try to low ball you. Stick to your guns!!
Get that diminished appraisal in writing. Insurance companies...at least here in GA...are required to pay BUT you will need proof. They will try to low ball you. Stick to your guns!!
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My wife tried to file one against me.
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She is going to be a rich woman lMy wife tried to file one against me.
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Thanks Carfax. It's the kiss of death. There's more wrong than right about the way it's used and what it means to a purchase. To be truly fair, there should also be an objective inspection that states whether the repairs done were adequate and should have any affect on value. Think of it as driving around with a partially totaled car based upon the Carfax report. Not a fan.
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Wow this is the first I've ever heard of "diminished value claims". Makes perfect sense to me though.
Wish I'd have know about this 3 years ago when my (then new) truck was hit by someone. It was side-swiped, taking out the fender, hood and both drivers-side doors. Though the damage was all really cosmetic all panels were replaced, so I'm sure on a Car-Fax or whatever it probably looks like there was a large amount of damage. IIRC it was like $6-8k in repairs.
So from a buyers perspective I'm sure it probably looks like the truck received significant damages.
I thought right then that it would probably have a drastic effect on the truck's value. Wouldl have definitely filed a diminished claim if I'd known of such a thing...
Wish I'd have know about this 3 years ago when my (then new) truck was hit by someone. It was side-swiped, taking out the fender, hood and both drivers-side doors. Though the damage was all really cosmetic all panels were replaced, so I'm sure on a Car-Fax or whatever it probably looks like there was a large amount of damage. IIRC it was like $6-8k in repairs.
So from a buyers perspective I'm sure it probably looks like the truck received significant damages.
I thought right then that it would probably have a drastic effect on the truck's value. Wouldl have definitely filed a diminished claim if I'd known of such a thing...
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Some good basic info about Diminished Value...
http://www.collisionclaims.com/info...alue-claims/?gclid=CP2R8czs0bcCFezm7AodwVEAGg
http://www.collisionclaims.com/info...alue-claims/?gclid=CP2R8czs0bcCFezm7AodwVEAGg
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Carfax costs consumers a bunch of money every year.My biggest complaint with them is no use of a dollar amount in their accident reported section.They lump an $800 dollar bumper cover in with a $12k major accident.As soon as I see that yellow arrow the customer looses big time,face it are you going to believe a car dealer if it was in fact a bumper cover?I don't think so.My daughter tore the bumper off of her new Subaru,I paid the 1100 myself versus loosing $4k when I sold her car a while later.
Exactamundo! a $800 fender bender is treated as a big time accident and the dealers love it at trade in time. Lawyers in my area are starting to solicit these claims and get body shops certified in doing the appraisals. When you think about it, it should be part of the claim. Fixed right or not, the car's not the same.
I spoke to the other guys insurance company and he said I need to provide him with 3 estimates from local dealerships to show what the accident did to the value. All 3 said 20% off the top of retail. And they were all nice enough to put it in writing with business cards for contact information. The damage claim was only about $1500 but the diminished value is going to be almost $6800. I don't know if I will actually see any of it, but I guess I will just have to wait and see.
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I hate seeing a bad carfax anytime,whether I am trading it or buying at the auction.In a market short of quality used cars,many a vehicle gets overlooked by new car dealers who will pay a premium for the right car.
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