Getting the run around on diminished value claim

[Never_Enough]

Originally Posted by HoustonRider

There's a formula out there somewhere that insurance companies use.

It won't add much (if any) depending on miles on the car, regardless of value. I can't remember where I saw it, but there is a diminished value formula.

It's called 17c & it works in their favor the way they fudge the numbers.

[Never_Enough]

Originally Posted by David70

How much do you think you are owed on the diminished value claim? Just the reduced value, not the rest of the claim. Seems like you will need to know what to ask for when trying to get the money from them.

I told them $2k. I don't expect that, of course, but start high & settle where you want to be!

[z3papa]

My wife's 2014 X3 was slammed into by a very large 15,000 lbs commercial vehicle as she was sitting behind a pickup truck waiting to turn left -- so you can guess what happened to both ends of the vehicle. It was a 40,000 vehicle with $30,000+ of damages prior to starting the repair. My insurance company wanted to repair and I was like hell no since there was the DV aspect of the claim which they would not consider. The 3rd party liability carrier looked at the situation, the 6-8 weeks the repair would take, the reduction in value and scratched a check for $40,000. Two months later, they settled the PI claim for 100% of what we asked for -- no questions asked.

DV is a really tough area of law. You need to be prepared to have an expert review the car in detail, prepare a report, all for $$ and pay him to testify. It can easily cost you $1000-1500 to have the expert's involvement but worth it on new car large claims. On top of that, an attorney will want to get paid since he is not going to take 1/3 of your property settlement which won't make you whole. I was fully prepared to go forward on it since I had no operational expense.

[JAYRICHFROMMIAMI]

Our appraiser charged $225 for the diminished value report. It was sufficient to recover a fair settlement amount without having to go to court.

[KingOfJericho]

I'm thinking $225 is probably more than half of what he might be able to recover.

[John 070]

I had a rich friend who turned it into a game. He didn't even care just bought a brand new car and left the case open for months and months, we were talking about a Porsche but his parents had unlimited resources.

Then, he made it a point to reject anything the other party's adjustor said, wouldn't agree to anything, turned it into a big joke. Whatever they offered, he wanted much more and said he was going to court. After months of having a Porsche sit unrepaired they get the message, this guy doesn't need the car and you can't use that to get him to settle. He got the girl so upset she started to cry, and he had no empathy whatsover.

Ah, the crap you do when you're 20.

[David70]

Originally Posted by David70

How much do you think you are owed on the diminished value claim? Just the reduced value, not the rest of the claim. Seems like you will need to know what to ask for when trying to get the money from them.

Originally Posted by BoostedRide

I told them $2k. I don't expect that, of course, but start high & settle where you want to be!

Your answer doesn't match my question. What you asked for is close to irrelevant.

How much do you think you are owed?

How much damage was done to the car and what year/condition was it in before the accident.