Greenwillie

Does anyone have any knowledge on diminished values after an accident? My 06 997 cab was hit in the rear by an 18 wheeler while parked in front of my office! Fortunately there was no engine damage (total repair estimate $7500) but I know the value of the car has been lowered due to the wreck. Thanks for any help.

YA911Fan

Some insurance companies will routinely give 50% of the repair cost for a diminished value claim on a relatively new car (but you have to ask for it).

You can probably get more but you'll have to provide some supporting evidence for the claimed loss in value.

mglobe

I filed a claim last year for DV. I used a third party appraisal firm to estimate the value of the car pre-accident, and the post accident diminution in value. Their estimate was four times what my insurance company was offering. I negotiated with insurance & we met in the middle, twice what they had offered, and half of what my appraisor estimated. The amount came out to be the same as the cost to fix the damage. My advice would be to get your ducks in order, get a third party appraisor, stay calm, and prepare for a bit of negotiation. PM me if you want more details.

raclaims

Depends where you are located...not all states require insurers to consider DV...

Greenwillie

I'm in Oklahoma
Any idea how to find out if they are required to consider DV?

BSL

My wife was rear-ended about 2 months ago. Also no engine damage, but repair bill came to just south of $24k. The dimished value will be about $10k (wholesale) on the car due to having frame damage (all behind the engine) and repaint work.

Einstein

i know personally I would not buy a car that has been in an accident.

if i ever did, i would expect the price of the car to be much lower than the same car w/no accidents on its record.

so i guess, the price is diminished after an accident, assuming there are more people like me out there.

davearm

you are entitled to a diminished value claim in all states when filing the claim with the other parties insurance (if they are at fault). Some states do however limit filing a D/V claim with your own insurance. At least that is my understanding. I was able to collect here in NC.

Dave

911Dave

I can't see why states would have anything to do with DV claims. We're talking about a negotiated settlement between you and the insurance company. There's no legality to be considered that I'm aware of.

Imola

I thought according to the law, the car has to be totalled if there are any sign of frame damages??

BSL

I think that it depends on the extent of damage. In our case, it was limited to behind the engine and was not major (maybe part of a subframe?).

urbanski

and decent local lawyer should know.

rmklaw

Certain states have an election of remedies (California). Hence, if you accept repair and later on go after diminished value, chances are you lose. Also, some states allow forexclusion of DV from coverage. The strategy (assuming you got hit) is to go after a DV claim, not with your insurance company, but agains the person that hit you. That will force the duty to defend coverage in the perpetrator's insurance policy and you may be able to prevail in a DV claim.

Key to DV claims is to get an appraiser's opinion of the diference in resale value between a perfect never damaged car and your car even if perfectly repaired.

I have been there (successfully). Get an attorney that knows how to prosecute a DV claim. Good luck

Greenwillie

Thanks,
I am preparing with a statement from the Porsche Dealership and an unrelated third party diminished value expert. Maybe the Insurance company (Ryder Trucks) will step up.