A&Q about Lotus
Q:
I am wondering what others have gotten for diminished value from insurance claims. Has anyone had a front clam replacement and received compensation for that? Is that cash in hand from the insurance company?
A:
But will an insurance company really pay loss-of-value? I mean, without going through a lawyer?
-Michael
'05 Nightfall Blue
A:
Having delt too many times with insurance claims, they will of course deny your claim and wait to see what you will do. No, lawyer is gonna do this on a contingency basis (unless it's your uncle). If you do file, it costs them about $40,000 if it goes through the whole process (depositions of witnesses, motions, trial, blah, blah, blah,) So if all you're asking for is another $5-10,000 and can make them believe your really going to go through the whole process, they'll settle with you. Good luck.
A:
Thanks for the info JoshS
I'm looking for anyone who's actually been successful at getting diminished value and how much.
In my case, I'd just ask the guy who wrecked my car to pay.
A:
the ability to collect for your vehicle's "dimished value" is first determined by your state's laws. you need to research whether that type of claim is allowed in your state. if relief is available, then you may need to go the distance with the insurer, meaning obtaining a vehicle appraisal at your expense. the appraiser must be familiar with the market for your particular vehicle.
the insurer should be open to at least discuss your loss of resale value.
good luck.
A:
Originally Posted by Slade
Thanks for the info JoshS
I'm looking for anyone who's actually been successful at getting diminished value and how much.
In my case, I'd just ask the guy who wrecked my car to pay.
Call Lance Coren. You'll find no better source for this information.
A:
Originally Posted by ace10
the ability to collect for your vehicle's "dimished value" is first determined by your state's laws. you need to research whether that type of claim is allowed in your state. if relief is available, then you may need to go the distance with the insurer, meaning obtaining a vehicle appraisal at your expense. the appraiser must be familiar with the market for your particular vehicle.
the insurer should be open to at least discuss your loss of resale value.
good luck.
I don't really want to have this conversation since the claim was on my insurance - I'm just trying to put a $ value on it.
A:
Yes, you can collect diminished value. I know this because I just went thru it. It's hard to understand that if you have two identical cars for sale except one was in an accident and the other was not. No one would pay the same price for the car that was in an accident.
And yes, insurance companies do not like to pay diminished value and they will most likely tell you that they will not pay it. Hoping that you'll just drop it and move on.
But if you contact Lance Coren or you'll get it.
You will have to be patient. It can take 4 to 6 months or maybe longer to recover the diminished value. But if your patient, persistent, and unwavering you'll get it. Don't let the insurance company push you around.
I went with Collision Claims Associates on my car. They charged me $350 for the appraisal and report which I then submitted to the insurance company. They will provide you with all the documentation you need and assist you with the entire process. These companies deal with this all the time and they know exactly what you have to do to be successful with your claim. You don't need a lawyer!
I was rear-ended and had my rear clam shell replaced. The insurance company paid for all the repairs ($15k) and cut me an additional check for $6k in diminished value. Which was about the same amount that I lost on the sale of my car when it sold.
Good luck!
A:
Not all states allow for Diminished Value.
A:
Originally Posted by ace10
Not all states allow for Diminished Value.
Yep, that was one of the first things, among many others, that the insurance company told me when I filed my claim for diminished value. But, you do have a legal right to be "made whole." Contact one of the above mentioned companies for assistance, or do nothing and guarantee yourself nothing. It all depends on how important it is to you.
BTW, here's a direct quote from one of the companies that deal with this all the time: "No state has mandates that dictate the innocent party cannot recover diminished value. Don’t be fooled by insurance claims representatives or the repair shops - you deserve to be made whole."
A:
Originally Posted by pig
Yep, that was one of the first things, among many others, that the insurance company told me when I filed my claim for diminished value. But, you do have a legal right to be "made whole." Contact one of the above mentioned companies for assistance, or do nothing and guarantee yourself nothing. It all depends on how important it is to you.
BTW, here's a direct quote from one of the companies that deal with this all the time: "No state has mandates that dictate the innocent party cannot recover diminished value. Don’t be fooled by insurance claims representatives or the repair shops - you deserve to be made whole."
What if you're already past collecting from the other party's insurance company and they are now going after the individual that hit my car for the amount he was underinsured for? Is it too late for me?
A:
Originally Posted by AgentTripleX
What if you're already past collecting from the other party's insurance company and they are now going after the individual that hit my car for the amount he was underinsured for? Is it too late for me?
Did you have unisured motorist coverage? Your company should pay you D.V.
A:
Do we have to pay extra for DV insurance?
A:
Originally Posted by AgentTripleX
What if you're already past collecting from the other party's insurance company and they are now going after the individual that hit my car for the amount he was underinsured for? Is it too late for me?
Maybe, if you've already signed the settlement.
One important thing to remember, do not sign any agreements with an insurance company until you are completely satisfied with what they are offering you. Once you sign, it's all over. The insurance company tried to pull that one on me and fortunately I did not sign and cash the first check they gave me. They tried handing me a check for initial visible damages before my car was even repaired. On the check, in very fine print, it stated that by cashing this check the insurance company is released from any and all future liability regarding the claim. So be careful with what you sign and read all the fine print.
BTW, the initial check that they tried to give me would of only covered one third of the total cost for my cars repairs. Had I signed it, I would of been hosed.
A:
You typically cannot collect DV from your own insurer. It is only allowed for 3rd party claims - i.e. someone else's insurance.
You do not "pay extra" for it in the sense of an additional premium, so the insurance companies do get their costs covered from somewhere.
Some states have time limit for how long after the incident you can make a claim for DV.
I'm also dealing with this issue right now. My front clam is being replaced for a 6" crack caused by someone backing into me while parked.
His insurance co. has been very good to this point (considering the car has been in the shop nearly 2 weeks longer than 1st anticipated) but wait until they get that DV report from an appraiser...
A:
When I got run into, I got into a discussion with the guy's insurer (State Farm), who told me that after the car was repaired, I had to take it to a State Farm location to have it appraised to see if Diminished Value applied. This made no sense to me. The conversation went something like this:
"So, you're telling me that I'll get reimbursed for diminished value only if the car's repairwork is done less-than-perfect?"
"That's right."
"But what about when the potential buyer looks up the car on say, Carfax? Even if the repairs are done perfectly, they wouldn't be as willing to pay as much for the car."
"If the repairs are done perfectly, then the car should be worth the same amount."
"I disagree. Even if the car is as good as new, the perception will still exist that the car is worth less."
"No, it will be worth the same amount to anybody."
"So you're saying that if you were looking at buying two used cars with the exact same options, mileage, model years, etc., you'd pay the same for the one that was in an accident as opposed to the one that wasn't?"
"Yes."
"You're full of ****."
Good luck in dealing with these jerkstore insurers.
A:
Originally Posted by Serebo1
Did you have unisured motorist coverage? Your company should pay you D.V.
Ya I did, but both my insurance and the guy who hit me, his insurance told me that DV was not covered in either of the two states our cars were insured in. I can't remember if I signed anything. I got hit July 1. Replacement for my clamshell was 23k, rental car was a bit over 1k and my deductible was 1k. The guy who hit me only had 10k coverage. I got $900 back towards rental car reimbursement and that's it so far. My insurance company decided to sue the guy who hit me for the remaining balance because he owns a construction company. Should I mention Diminished Value to them again? To top things off, the starshield installer did a poor job and Cars Dawydiak only waited one day after painting my car to have him install it. So I have a feeling when the guy comes to replace it my paint will be all messed up.
A:
Would the fact that the cars were produced in such limited numbers help you at all? Say an Exige get's hit, with only a little over 300 of them in the US I would say that your diminished value should be much more than say a Toyota Camry. Any car with a Carfax history is going to be worth less than one without one. It states on that website that diminished value can range from 10% to 50% but what if the damage was only minor? I mean you still have that huge negative on the Carfax report of having been involved in an accident so I would think that even $2,500 worth of damage could diminish resale value significantly.