Diminished value settlement

[GyroRon]

I don't have much to add here that hasn't been already said, but I will restate a few things...

1. In most cases, you can not file and get diminished value from your own insurance company. So if you were at fault and your insurance is paying to fix your vehicle through collision coverage, you won't be able to get DV money. Same if you had to use your own uninsured or underinsured coverages to fix your vehicle. You generally will only be able to file and receive DV money through a DV claim against the other drivers insurance policy if you were in a accident that was determined to be the other drivers fault.

2. If you are eligible to make a claim, you have several years to make that claim. But I do not know if you wait verses doing it sooner will impact how much money you would receive. At first thought, the newer the vehicle is, the more value would be lost by having " Accident History ", so therefore the higher the DV payout should be, so waiting 2 years, the payout might be less... But I don't know how they value the payout on a 2-3 year old DV claim. Something to consider.

3. You might have different results, but it is pretty common knowledge that insurance companies will try their best to downplay DV or make it difficult to settle, and also very common for them to low ball you on their offer. Using a DV appraiser service like a few people linked to in earlier posts is money well spent!

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[NJBob]

My Maverick was hit in the side when a driver changed lanes into me. She stopped briefly then left the scene. I followed her for 20 minutes (luckily she didn't speed but did try several quick lane and turn changes trying to loose me) while wife was on phone the entire time giving State Patrol dispatcher location. Finally a State Trooper found us and pulled her over. No driver's license and no insurance (and left scene of accident). Over $7k damage, my uninsured State Farm coverage paid for the repair. When I asked if there was any "diminished value" available to me I was told in Missouri State Farm doesn't have "diminished valve" coverage.

Yes I do belive it depends on the state. NJ does not have it either.

 

[BLDDONR]

That’s helpful.

In our case we may have been successful because the other driver was 100% at fault.

 

[django24]

I noticed a few other owners have been rear ended like myself, and any other non responsible accidents. Were you aware that you could get a loss of value reimbursement?

i have a ‘24 loaded lariat hybrid. It was hit while stopped at a light. I wasn’t hit hard, more of a rolling contact. It caused about $7,000 damage. Creased bumper, dented tail gate and a torsion rod (?). Anyway after the repairs were made and the insurance company paid I contacted the insurance company (his, geico) about my loss of value. They agreed to pay me 10% to cover my loss I were to sell it. $3,600.

i heard about this insurance payment years ago but didn’t know of any one getting it.

Wow! This is the first time J heard of it. Thank you for opening our eyes/brain on this info although I hope and pray that I never have to file this claim ever.

 

[Lord Haw-Haw]

I noticed a few other owners have been rear ended like myself, and any other non responsible accidents. Were you aware that you could get a loss of value reimbursement?

i have a ‘24 loaded lariat hybrid. It was hit while stopped at a light. I wasn’t hit hard, more of a rolling contact. It caused about $7,000 damage. Creased bumper, dented tail gate and a torsion rod (?). Anyway after the repairs were made and the insurance company paid I contacted the insurance company (his, geico) about my loss of value. They agreed to pay me 10% to cover my loss I were to sell it. $3,600.

i heard about this insurance payment years ago but didn’t know of any one getting it.

Great post and so so relevant. I had no idea this was a thing "loss of value" but I always knew a vehicle in a fender bender may be reported to Carfax. This obviously would ding the resale value of a vehicle old and new. Thanks for the post.

 

[ldanielsjr]

I noticed a few other owners have been rear ended like myself, and any other non responsible accidents. Were you aware that you could get a loss of value reimbursement?

i have a ‘24 loaded lariat hybrid. It was hit while stopped at a light. I wasn’t hit hard, more of a rolling contact. It caused about $7,000 damage. Creased bumper, dented tail gate and a torsion rod (?). Anyway after the repairs were made and the insurance company paid I contacted the insurance company (his, geico) about my loss of value. They agreed to pay me 10% to cover my loss I were to sell it. $3,600.

i heard about this insurance payment years ago but didn’t know of any one getting it.

Great post ... thanks for bringing this up. I have a '23 XLT FX4. I had a one-week old truck with 1200 miles on it when I was hit by a lady doing and illegal u-turn. The damage was $14K. I asked the at fault insurance company (State Farm) about a DV claim and they basically stated that it's their policy to return the vehicle to pre-accident condition and that it would be up to me to prove DV. This post and the links included in the comments will hopefully prove to be very helpful for me. Thanks again!

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