I searched on this site, and could not find. In addition, I searched on the internet, but only located sites that want cash up front to give you a calculation.
Long story short. I was in an auto accident. I was rear ended while I was stopped at a traffic light. There were no injuries. Other drive is at fault. $1800 estimated damage. Police cited her. I will be having my car (07 Camry 36000 miles) repaired under my collision (as my insurance company - NJ Manufacturers -approves original mfr parts). Once completed, they will go after the other drivers insurance for reimbursement.
My questions 1. How do I arrive at an estimate for diminished value? ( I plan on getting some input from the collision repair shop after the repair is completed. Car does not go in to the shop for several weeks still (car is drivable) 2. How do I pursue this? (I plan on talking with my agent, but wanted FWF community advice first)
Update 1/01/09 I purchased the $70 report from www.dvassess.com, followed the instructions, and uploaded it via Geico's secure web site
Update 1/9/09 Geico came out to inspect the car. I refused to engage in conversation and restated that all communication should be in writing
Update 1/16/09 Uploaded a letter to Geico demanding immediate payment as I had not heard from them in writing in 10 days as my letter demanded Just received a call from Geico. (The other parties insurance company)
They are paying the entire diminished value claim of $1153.29 This is comprised of $1083.04 of Diminished Value and $69.95 for the cost of the report) as compensation for the diminished value of my vehicle. Payment should arrive in 7-10 business days
This is over and above the full cost of repair for my vehicle ($2300)
Update 1/17/09 I received the following email from Geico
On 01/16/2009, we mailed a 1153.29 payment under the DIMINISHED VALUE coverage
Update 1/20/2009 Check arrived: $1153.29
Update 3/18/2009 Subrogation complete. Full payment for damages paid to my insurance company (from the other insurance company), since I filed under my collision. My insurance company has cut me the check to repay me for my collision deductible.
Assessment resource to set basis for claim and demand letter $15 - $70 Fee involved - RUN AFTER you have your car repaired fully not off the initial estimate of repair. http://www.dvassess.com 3rd parties are liable in all fifty states, you do need to send a demand letter certified return receipt to get attention
adlermichael said: I used the Autotrader Marketplace where you can get a value for your trade-in. It is free
I went to the marketplace and entered my car data in as the car was before the accident. This provided my with a trade-in value of $18,000 for the condition.
Next I did the same process where I entered in the information based on post-accident data including how much the damage was and what the repairwork completed was. (Most importantly, the survey will ask if there has been any damage reported to carfax/AutoCheck). Make sure you say yes to this.
First, in NJ, all accidents that are reported to the police are matters of public record and are routinely reviewed by the insurance companies. Matching is easy based on Drivers License # and VIN
Second, insurance companies here ask on each and every re-application about accidents in the previous 12 months
Third, my insurance company is quite good about this and does not raise rates when its clearly the other driver who was at fault
Fourth, I can't "unring the bell" as it is already reported to my insurance company.
My questions 1. How do I arrive at an estimate for diminished value? ( I plan on getting some input from the collision repair shop after the repair is completed. Car does not go in to the shop for several weeks still (car is drivable) 2. How do I pursue this? (I plan on talking with my agent, but wanted FWF community advice first)
zzyzzx said: They used OEM parts, there is no way to recover diminished value.
There have been threads here on FW Finance where people have discussed it and reported some success (although I don't recall any where they got all that they were asking for).
OP trying searching the archives. Use the FW search page, not just hte little search box at the top.
Georgia is one of the few states that has legislation to recover diminished value.. be happy your got OEM, most companies write used/ after market after 2 years/ 24k whichever comes first.
Be prepared to show how the value of your car is diminished, it may hard to prove without first selling the car at loss. Without a transaction, its all speculative.
I hate to say this, but your Camry is rather common place, not a limited edition or hand built car.
this happened to my dad several years back. he only had his brand new car for a few months when he got rear ended on the highway by a fullsize truck. he had a 2003 impala at the time. It smashed it up pretty good and caused about $5,000 worth of damage. The other driver's insurance paid to get it fixed etc, but my dad was real concerned about the value of the car since it only had 1500 miles on the car when it got in the accident. So once the car was fixed he took it up to carmax to get a trade in value at the current state after the car was fixed. Carmax told him that they would have to deduct $6,000 or so off the trade in value bc of the damage the car had from the previous wreck. He then went to the insurance company and brought all the numbers he had obtained from carmax that showed the loss due to damage and what it would be worth if the accident didn't happen and eventually they paid that amount bc the car lost so much value bc of the damage that was caused in the wreck. You may want to check into something like this....just to see what would happen if you tried to sell your car etc. If my dad didn't do this....he would have been way upside down when trading it in.
I am in NJ, I wouldn't report that to your insurance company if I were you. Like someone had suggested, call his/her insurance adjuster and have them pay in full. Your rates will go up if there is a claim regardless of who's at fault (this is according to Allstate and Geico adjusters). If you had called your insurance agent already, then call them back and explain your situation. Most likely, he won't push the claim through but note the history of the accident. You then pursue the damages through his/her insurance.
ALLstate here.
EDIT: just saw your post that you already reported to the insurance company. YES YOU CAN unring the bell. I have done so in the past. Call now and have them remove any claim being processed and just note the history of the accident.
I filed a claim for diminished value on behalf of my father for a 2005 accident in Florida and gained $3,100. Throughout the process, I learned teo things:
-Many states do not allow claims for diminished value -Proving diminished value can be tricky
If your state allows for a diminished value claim, it would be best to rely on a third party to help in determining the amount of value lost. I used Collision Claims(I do not know if they are still around or their current pricing). The charged $279, but it was worth it. Good luck!!
davidmcd said: I filed a claim for diminished value on behalf of my father for a 2005 accident in Florida and gained $3,100. Throughout the process, I learned teo things:
-Many states do not allow claims for diminished value -Proving diminished value can be tricky
If your state allows for a diminished value claim, it would be best to rely on a third party to help in determining the amount of value lost. I used Collision Claims(I do not know if they are still around or their current pricing). The charged $279, but it was worth it. Good luck!!How much damage was done? What was the car worth>? (Make and model)? and how many miles?
I thought New Jersey was no fault. Don't know. This is a matter of negotiation with the adjuster on the other side. You don't have a lot of leverage b/c your car is worth $10-15k and so there could not be too much dimishment in value. On the other hand, this is on your car's carfax, and whoever buys it is going to know about this. I don't see how they could argue you did not have diminshed value. I know people who have just accepted that the other insurance company wouldn't allow it, whatever that means. It is negotiation. Your problems are both sides know you are not going to sue over $1000.
quaters said: Remember even for accidents that aren't your fault it can affect your insurance premium.Just like every other insurance-related advice out there, this varies WIDELY state to state. There are a number of states for instance, in which insurance companies are categorically prohibited from imposing surcharges or taking any other adverse actions against claimants if the incident is determined not to be their fault.
zzyzzx said: They used OEM parts, there is no way to recover diminished value.Is your statement based on NJ law or are you just expressing your personal opinion? I have no idea about NJ but in several states out there the use of OEM parts does NOT in fact prevent the claimant from recovering diminished value payments. In fact, in some states diminished value calculations are based on factors that do not factor in the use of aftermarket vs. OEM parts in any way.
geo123 said: quaters said: Remember even for accidents that aren't your fault it can affect your insurance premium.Just like every other insurance-related advice out there, this varies WIDELY state to state. There are a number of states for instance, in which insurance companies are categorically prohibited from imposing surcharges or taking any other adverse actions against claimants if the incident is determined not to be their fault. I said can affect, not will affect. I've had first hand expierence in NJ of this.
Taken from njsave.com FAQ:
I've had an auto accident that was NOT my fault. Will my auto insurance rates go up? In the majority of cases your auto insurance premiums will not increase due to an accident that is not your fault. However some insurance carriers may place you in a higher tier due to increased activity on your driving record. http://www.njsave.com/nj-insurance-faq.aspx#a1
Like one of the posters above, I used "Collision Claims Associates." Their current charge is just around $400. This includes the inspection cost (performed by a third-party that they hire for you), as well as the review by their lead adjuster who has about 20 years of experience as an adjuster. That same individual has performed more than 12,000 valuations/diminished value determinations and his expert opinion--which arrives in a VERY well put together package of documentation for presentation to the insurance company, or, alternatively for submission into a court of law should help you greatly. I don't feel comfortable posting dollar amounts received as a result of his work yet, but I will post them once I receive the check from the insurance company. Best of luck.
I followed up with Collision Claims, emailing them my estimate. Very professional. Not only did they advise me to wait until the work was completed, but they also advised me that my loss was probably too small to justify the price of their services - and referred me to another company.
COLLISION CLAIM ASSOCIATES, INC. AUTO DAMAGE, DIMINISHED VALUE APPRAISERS 1-866-438-6938 (Toll Free) 770-887-7626 (Local Atlanta) 770-886-6196 (Fax) www.collisionclaims.com
Thank you for forwarding the preliminary repair estimate. Based on a review of the information you provided and in considering the type and extent of damage that your vehicle suffered (very moderate), you will experience a loss in market value. We estimate the diminished value to your vehicle will be under $1,000.00.
We are a professional appraisal company and our appraisal service fees start at $295.00, which includes an inspection of your vehicle, our diminished value appraisal report, instructions, and our on-going technical assistance to you throughout the negotiation process.
If you decide you want to utilize our services in pursuing your claim, simply call us or reply to this email.
However, in considering the value of your claim and a more cost effective way for you to provide documentation to the insurance company, you may want to explore other options. We recommend the website www.DVAssess.com . This website can provide you with a less expensive Diminished Value Report (without an inspection) in order to present some documentation to the insurance company for your claim.
quaters said: I said can affect, not will affect. I've had first hand expierence in NJ of this.I wasn't sure whether your post referred specifically to NJ (I know nothing about the NJ insurance law and, judging by your link and your personal experience, you are absolutely correct) or was intended to apply to all the states (in which case it was not accurate since, as I pointed out above, in many states filing a claim with your own insurance company when another party is at fault will not and cannot cause your rates to increase).
ellory said: I followed up with Collision Claims, emailing them my estimate. Very professional. Not only did they advise me to wait until the work was completed, but they also advised me that my loss was probably too small to justify the price of their services - and referred me to another company.
COLLISION CLAIM ASSOCIATES, INC. AUTO DAMAGE, DIMINISHED VALUE APPRAISERS 1-866-438-6938 (Toll Free) 770-887-7626 (Local Atlanta) 770-886-6196 (Fax) www.collisionclaims.com
Thank you for forwarding the preliminary repair estimate. Based on a review of the information you provided and in considering the type and extent of damage that your vehicle suffered (very moderate), you will experience a loss in market value. We estimate the diminished value to your vehicle will be under $1,000.00.
We are a professional appraisal company and our appraisal service fees start at $295.00, which includes an inspection of your vehicle, our diminished value appraisal report, instructions, and our on-going technical assistance to you throughout the negotiation process.
If you decide you want to utilize our services in pursuing your claim, simply call us or reply to this email.
However, in considering the value of your claim and a more cost effective way for you to provide documentation to the insurance company, you may want to explore other options. We recommend the website www.DVAssess.com . This website can provide you with a less expensive Diminished Value Report (without an inspection) in order to present some documentation to the insurance company for your claim.
Thank you,
Collision Claim Associates, Inc.[Just as an fyi, I would look your state's diminished value compensation procedures a little more if I were you. In my state, for instance, diminished value claims are absolutely compensable but insurance adjustors have historically rejected reports generated by various websites that do not perform a physical inspection of the vehicle.
I have gone through the diminished value procedures for myself several times in the past and have found that at least in my state physical inspection fees can vary widely. In my case I have received quotes anywhere from $600 to $150, with the inspector charging $150 having a very impressive resume (I did hire him and was very happy with the results).
In Texas you can recover for diminished value. We had a 2006 Expedition which got rear ended at a red light 26 days after we bought it. Allstate, in particular, requires you to obtain an 'independent appraisal' from a 'certified appraiser'. That, my friends, is a joke. So you fork over $300 to a company that says 35% DV. And turn it in. And Allstate says BS, that's what they always say. $300 well spent -- not.
That said, we negotiated back and forth. What helped, in my case, was that Texas supports recover, and secondly, our car dealer we purchased it from wrote a letter saying it was worth less than depreciation after driven off the lot. He would have to disclose it as wrecked, etc. etc. and quoted a number around 25% DV. Oh, and possibly that there was no injury claim.
Net result - we got OEM parts, and another $5600 (less the $300 we paid the appraiser). I had wanted $5,000. Had they just paid... well, they would have won and we would not have perpetuated the appraisal farce.
kbiekert said: That said, we negotiated back and forth. What helped, in my case, was that Texas supports recover, and secondly, our car dealer we purchased it from wrote a letter saying it was worth less than depreciation after driven off the lot. He would have to disclose it as wrecked, etc. etc. and quoted a number around 25% DV. Oh, and possibly that there was no injury claim.
So are you saying that you think the reason you were successful recovering for diminished value because you did not have an injury claim as well? I have an injury claim against another party (who was at fault according to the police report). But the other party's insurance company is outside of Texas, but the accident was in Texas. I'm not sure how I could collect even if I have a valid claim for diminished value?? I've had to fight this company as it is just to get them to pay for the damage to my vehicle because they denied responsibility even after the police report came back that the accident was their client's fault.
TxAggieJen said: kbiekert said: That said, we negotiated back and forth. What helped, in my case, was that Texas supports recover, and secondly, our car dealer we purchased it from wrote a letter saying it was worth less than depreciation after driven off the lot. He would have to disclose it as wrecked, etc. etc. and quoted a number around 25% DV. Oh, and possibly that there was no injury claim.
So are you saying that you think the reason you were successful recovering for diminished value because you did not have an injury claim as well? I have an injury claim against another party (who was at fault according to the police report). But the other party's insurance company is outside of Texas, but the accident was in Texas. I'm not sure how I could collect even if I have a valid claim for diminished value?? I've had to fight this company as it is just to get them to pay for the damage to my vehicle because they denied responsibility even after the police report came back that the accident was their client's fault.my dad got into a similar wreck here in Dallas, Tx. he was also injured and had to go to the doctor several times and everything was taken care of by the other insurance company. they paid everything in regard to the doctor and also paid the lost off value he took on this car after it had been fixed.
Update 1/01/09 I purchased the $70 report from www.dvassess.com, followed the instructions, and uploaded it via Geico's secure web site
Update 1/9/09 Geico came out to inspect the car. I refused to engage in conversation and restated that all communication should be in writing
Update 1/16/09 Uploaded a letter to Geico demanding immediate payment as I had not heard from them in writing in 10 days as my letter demanded Just received a call from Geico. (The other parties insurance company)
They are paying the entire diminished value claim of $1153.29 This is comprised of $1083.04 of Diminished Value and $69.95 for the cost of the report) as compensation for the diminished value of my vehicle. Payment should arrive in 7-10 business days
This is in addition to the $2300 cost of the repair
TxAggieJen said: So are you saying that you think the reason you were successful recovering for diminished value because you did not have an injury claim as well? I have an injury claim against another party (who was at fault according to the police report). But the other party's insurance company is outside of Texas, but the accident was in Texas. I'm not sure how I could collect even if I have a valid claim for diminished value?? I've had to fight this company as it is just to get them to pay for the damage to my vehicle because they denied responsibility even after the police report came back that the accident was their client's fault.Contact the Texas Department of Insurance. They can offer you advice. If the company in question does any business in question (unclear from your post) they have a lot of influence.
contrary to some statements in this thread, if a 3rd party is at fault for an accident that damages your vehicle, you are entitled to recovering the diminished value of your vehicle. it doesn't matter what state you're in. however, the real state to state variation comes in when you're dealing with your own insurance company (because accident was your fault or other party is uninsured). depending on the state you live in, your policy may or may not cover diminished value on your vehicle. georgia is leading the way on this. i think they've ruled that insurance companies must cover diminished value when their own clients are at fault.
My MIL had a similar experience. Car hit, car repaired but diminished value not addressed. It stretched on for a long time, but IIRC she eventually got a settlement after getting lawyers involved and threatening to sue. It was a real nutroll.
What was the insurance company? GEICO. I used to think they were a good company until this experience. Congrats on the good outcome OP...
The other party's insurance company was Geico. I really expected more of a battle with them.
These actions on my part I think were key
1. When I initially spoke to Geico and asked them how they wished to file the report, they kept trying to divert the discussion to physical damage. I refused to engage 2. I paid for the suggested letter along with the report and used it almost verbatim - with its embedded legal language. Including the wording that says that all communication is in writing 3. The DVASSESS had told me that the insurance company would likely force me to jump through some hoops, so I was not surprised when they asked to come and inspect my vehicle 4. When the adjuster came, I let him inspect the car and take pictures, and when he commented on how well the repairs were done (they were) I agreed. When he asked me why I was seeking additional damages, I directed him to read the letter and refused to engage. (I figured I could only hurt myself by saying something unintended, whereas the letter was well thought out 5. At the 15 day mark, (as the letter had given Geico 10 days to respond in writing), I uploaded them a letter, using the original wording, demanding payment, as I had not received any written communication. Within 1 hour I received a call from Geico, telling me they were making full payment. 30 minutes after that I received a call from someone asking to verify my mailing address, and assuring me that they had started check processing
Note: I will not post a copy of the letter that DVASSESS provided me, or their report, as this is their business and their business product
I had damages of 700 dollars and got a 299 DMV appraisel from a online appraisel company. I filed the claim with state farm and after several discussions with the adjusters they still denied my claim. How should I proceed?
bankerspecialist said: I had damages of 700 dollars and got a 299 DMV appraisel from a online appraisel company. I filed the claim with state farm and after several discussions with the adjusters they still denied my claim. How should I proceed?Don't know. What did you send them in writing? What did they reply in writing? And what did you tell them verbally? And what did they say?
Please include the following line in all replies. Tracking number: xxxxxxxx
GEICO Insurance xxxxxxxxx
Dear ellory:
Thank you for using GEICO’s online Claim Center.
On 01/16/2009, we mailed a 1153.29 payment under the DIMINISHED VALUE coverage to:
ellory ellory's home address
Under normal circumstances, the payment is usually received within ten business days.
If you need immediate assistance, please call 1-800-555-5555. We are available 24 hours a day, 7 days a week. Please refer to your claim number when contacting us. For more information about how GEICO handles claims, please visit www.geico.com.
All discussions were via phone. They said because the low dollar value of the damages and the age of my car they were not going to pay a diminished value. I think there full of sh#t and should still be liable. I have a 2005 mustang GT with upgrades. Car has 32K miles and accident occured last june 07
I am working with my lawyer on a similar case though not exactly the same. I bought a car from TX dealer and he never disclosed a prior accident ( neither did the carfax report he gave me). Later on a CA dealer found about it ( latest carfax report shows accident 2 yrs ago) ..I have a lawyer in TX representing me and I want the diminished value from TX dealer now...we are filing under TX DTPA act....
bankerspecialist said: All discussions were via phone. They said because the low dollar value of the damages and the age of my car they were not going to pay a diminished value. I think there full of sh#t and should still be liable. I have a 2005 mustang GT with upgrades. Car has 32K miles and accident occured last june 07All my communication was in writing
My written communication used the legal framework, justification, and language provided by the online assessor. Suggest you put it in writing, use appropriate legal language, and state your case with supporting arguments.
Hey guys, I own a 2010 vw Gtithat was in an accident 3 years ago in September of 2010. The officer that showed up decided no one was a fault but the damage done to my car was 13k ( I paid 26k for the car but the insurance company refused to write off the car because they estimated the car value at 30k) even tho that annoyed me, my insurance covered it no prob and life went on. I'm now looking to trade my car in and I know when they pull the carfax I would be luck to get anything close to what it's accident free value is (19k). I wish I would of know about diminished value 3yrs ago but unfortunately this is the first I've heard about it. Is there anything I can do to recover some of the value of my car? Would I need a 3rd party lawyer to get involved to file a claim so I can recover some money? Please let me know guys I would really appreciate it!
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