Diminished value settlement

[Area51BS]

I’ve used diminished value myself. They obviously give a low ball offer and you must prove different if you want more.
It’s become a popular claim. I’m sure the industry is looking at ways to tack on a clause or add on the bill in the future. It’s hurting their profits.

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[Montana]

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.

Never pursue. Ever. Get a dashcam.

 

[Huchipapa]

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/

You should try Marketplace. Good god what a cesspool of scammers. I posted some leftover toner from a defunct printer, and what crawled out from behind the woodwork was astounding but sad. There are truly times I wish websites were held accountable for what they allow to be posted.

 

[mcc63303]

Never pursue. Ever. Get a dashcam.

Have a dashcam now, everyone should have one. Agree also about never pursue but I knew it was a young girl and didn't speed following her. Crazy thing was one time she pulled into a Dairy Queen and stopped, the State Patrol dispatcher said "block her in if you can". I thought no way and she did pull out and I continued to follow (not chase) her.

 

[Montana]

I appreciate the advice on this post, and apologize for derailing a bit.

You should try Marketplace. Good god what a cesspool of scammers. I posted some leftover toner from a defunct printer, and what crawled out from behind the woodwork was astounding but sad. There are truly times I wish websites were held accountable for what they allow to be posted.

I had to list something online not long ago and used my family through FB Marketplace. It was a disaster. I felt genuinely bad about asking them to do it.

I've also gone to apply for jobs in previous years where the only place a company had as a listing was on Facebook. It showed almost immediately why.

Have a dashcam now, everyone should have one. Agree also about never pursue but I knew it was a young girl and didn't speed following her. Crazy thing was one time she pulled into a Dairy Queen and stopped, the State Patrol dispatcher said "block her in if you can". I thought no way and she did pull out and I continued to follow (not chase) her.

Crazy they advised you to do that. Never underestimate someone especially one fleeing from an accident - young, old, man, woman and everything in between.

 

[Oscarcat]

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 reminder regarding diminished value.

Also refer to the Carfax TV commercials where they show two identical vehicles side-by-side and then graphically crumble the front end of one and the value diminishes accordingly. The obvious meaning is you won't want to pay as much for a vehicle with a crash history versus one with a clean Carfax. {The URL is too long, just Google "youtube carfax commercial with carfox" to find it] Then show it to the insurance company that says it won't compensate you.

 

[RobertD]

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.

I think that when you have to file on your own insurance they do not pay out for diminished value. Hopefully someone will prove me wrong.

 

[BlueSpec1]

I think that when you have to file on your own insurance they do not pay out for diminished value. Hopefully someone will prove me wrong.

My Ram was hit by an uninsured driver a couple years ago. Progressive told me I couldn't file for diminished value on my policy. I didn't follow up with diminished value adjuster as I was already wanting to sell it and Driveway.com gave me a decent price after it was repaired.

Later I found a TX Dept of Insurance bulletin:
Re: PAYMENT OF DIMINISHED VALUE TO POLICYHOLDERS

The purpose of this bulletin is to clarify the position of the Texas Department of Insurance (Department) to admitted insurers writing private passenger automobile insurance and to the public on the issue concerning first party claims for diminished value.

When an automobile is completely repaired to its pre-damage condition, there is sometimes a question of whether an insurer is obligated to pay the first party claimant for the diminished value of the automobile. A policyholder may claim that the automobile’s market value after complete repair is less than its market value before the damage. The policyholder then claims that the insurer is obligated to pay for the difference in market value, which is referred to as diminished value.

The standard Texas policy for private passenger automobiles, adopted by the Department under Texas Insurance Code Article 5.06, provides that an automobile insurer’s contractual liability for first party claims for a loss to a covered vehicle under Collision or Other Than Collision (Comprehensive) Coverage is the lesser of the following three options, less any applicable deductible:

Actual cash value of the stolen or damaged property;
Amount necessary to repair or replace the property with other of like kind and quality; or
Amount stated in the declarations of the policy.

Option (1), to pay the actual cash value, applies when the insurer elects to declare the covered automobile a total loss.
Option (2), to repair or replace, obligates the insurer to pay the total cost necessary to repair or replace property with parts of like kind and quality, minus any applicable deductible.

The position of the Department is that an insurer is not obligated to pay a first party claimant for diminished value when an automobile is completely repaired to its pre-damage condition. The language of the insurance policy does not require payment for, or refer to, diminished value.

 

[Mavhead]

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.

I'd always ask for more than they offer too.

 

[shadowthrone]

Unfortunately most states, MI included, does not allow you to recoup diminished value. Good to know, but check local laws!

 

[Bigred]

Unfortunately most states, MI included, does not allow you to recoup diminished value. Good to know, but check local laws!

Just a copy and paste.

Michigan is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. You can't submit a Michigan diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision.

 

[shadowthrone]

Just a copy and paste.

Michigan is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. You can't submit a Michigan diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision.

yes, except here is some more copy+paste - may or may not be true but inline with what I have seen, from dvcheck.com

Summary – Michigan Diminished Value Claims

Statute of Limitations: 3 years

Third Party Diminished Value Claim: Possibly up to $3,000 if you were to win a mini tort case

First Party Diminished Value Claim: No, most insurance policies will exclude diminished value

As a no-fault state your own insurance will not pay out, and you can only pursue the other person's insurance, and even that will be limited. so yes, MI recognizes diminished value, but let's insurance shaft you

 

[RobertD]

My Ram was hit by an uninsured driver a couple years ago. Progressive told me I couldn't file for diminished value on my policy. I didn't follow up with diminished value adjuster as I was already wanting to sell it and Driveway.com gave me a decent price after it was repaired.

Later I found a TX Dept of Insurance bulletin:
Re: PAYMENT OF DIMINISHED VALUE TO POLICYHOLDERS

The purpose of this bulletin is to clarify the position of the Texas Department of Insurance (Department) to admitted insurers writing private passenger automobile insurance and to the public on the issue concerning first party claims for diminished value.

When an automobile is completely repaired to its pre-damage condition, there is sometimes a question of whether an insurer is obligated to pay the first party claimant for the diminished value of the automobile. A policyholder may claim that the automobile’s market value after complete repair is less than its market value before the damage. The policyholder then claims that the insurer is obligated to pay for the difference in market value, which is referred to as diminished value.

The standard Texas policy for private passenger automobiles, adopted by the Department under Texas Insurance Code Article 5.06, provides that an automobile insurer’s contractual liability for first party claims for a loss to a covered vehicle under Collision or Other Than Collision (Comprehensive) Coverage is the lesser of the following three options, less any applicable deductible:

Actual cash value of the stolen or damaged property;
Amount necessary to repair or replace the property with other of like kind and quality; or
Amount stated in the declarations of the policy.

Option (1), to pay the actual cash value, applies when the insurer elects to declare the covered automobile a total loss.
Option (2), to repair or replace, obligates the insurer to pay the total cost necessary to repair or replace property with parts of like kind and quality, minus any applicable deductible.

The position of the Department is that an insurer is not obligated to pay a first party claimant for diminished value when an automobile is completely repaired to its pre-damage condition. The language of the insurance policy does not require payment for, or refer to, diminished value.

I was really hoping you were going to prove me wrong in my own state of Texas. Rats, I was right...

 

[BLDDONR]

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.

I may be wrong, but I believe your agent was less than honest with you. We were told that diminished value claims can be made in all 50 states. More than willing to be educated differently if that's not so.

 

[mcc63303]

I may be wrong, but I believe your agent was less than honest with you. We were told that diminished value claims can be made in all 50 states. More than willing to be educated differently if that's not so.

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Let me try to help everyone out. There may be a "diminished value" claim against an insurance Co. if the other party IS At FAULT and it is THEIR insurance Co. that is paying the bill.
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Unfortunately and without question the other driver was at fault but with them having no insurance the repair of my truck was covered by "uninsured motorist" coverage on MY policy.

Per Missouri law: If you make a claim under your own policy Missouri law does not require insurers to pay for diminished value and there is case law that addresses this issue - Lupo v. Shelter Mutual Insurance Company, 70 S.W.3d 16.
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Luckily being that the claim was against my "uninsured motorist" portion of my insurance I will not see an increase on my insurance premium.
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I do plan on filing a civil suit against the driver and her mother (the owner of the car) but due to them having nothing I don't expect much other than having fun in doing so. I am in contact with the Prosecuting Attorney office and will do everything I can to see her charged criminally.

Leaving the scene of an accident with damage over $1000 is a class E felony.
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Hope this helps clear it up for all.

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