Diminished value settlement

[TriSamurai]

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.

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[Aherpa]

Thanks for the tip. . . . hopefully I will never need it.

 

[TriSamurai]

I hope my experience helps someone, better yet they never need it.

 

[RobertD]

I have made a diminished value claim before. FYI there are companies that provide expert values for a diminished value claim. They can help you through the process.

For example these folks:

https://tigerdv.com/index.html

 

[BLDDONR]

We also were unaware of diminished value claims until a friend told us after our Honda CRV, brand new, was in an accident. We hired an appraiser who did a thorough report to show that the post accident car was worth $5700 less on the used market than an undamaged one. After submitting the claim, there was brief pushback but the insurance did write us a check for that amount. Years later when we traded in the vehicle we were offered almost exactly that amount less. Win!

The insurance company is never going to suggest to the customer that they do this claim.

It works best with a relatively new or high value car, rather than an older one that already has significantly diminished value from new.

 

[Panther City Outdoors]

This is one one of the most helpful posts, that I've read on this form. Thanks, I've bookmarked it just in case.

 

[Bigred]

These folks charge a flat fee and their results are excellent.

https://www.facebook.com/CollisionConsultants

 

[Charles T.]

I worked for a company many years that automatically calculated in the settlement amount.

 

[Bigred]

I worked for a company many years that automatically calculated in the settlement amount.

Most insurance companies use CCC valuation which is very low.

 

[CactusJack]

How long do I have to make this claim? I was side swiped less than a year ago and it did around $5,000 in damage and my truck is now being valued about $5,000 less than what it was before.

 

[STARCOMMTREY1]

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.

Yes but 3600 is low. There are people who will quote you and give you legitimate values to give the insurance company.

 

[Montana]

These folks charge a flat fee and their results are excellent.

https://www.facebook.com/CollisionConsultants

Grrr I hate facebook. Can't even view the page because I don't have an account. What a total cesspool. Even worse is companies that ONLY have their business' listed on Facebook. I'm assuming this is the same as what you are linking:

https://collisionsafetyconsultants.us/

 

[mcc63303]

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.

 

[Bigred]

Grrr I hate facebook. Can't even view the page because I don't have an account. What a total cesspool. Even worse is companies that ONLY have their business' listed on Facebook. I'm assuming this is the same as what you are linking:

https://collisionsafetyconsultants.us/

That’s it. The one I’m familiar with is in North Carolina.

 

[Bigred]

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.

That’s not true Unless your state has some kind of law that prohibits it.

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