HELP with diminished value claim!

[terrypm]

Originally Posted by zohare

....... I wouldn't be surprised if they offered me 500$ dv

I bet they offer you 10% of the repair bill $299.96

[Jon H]

Good luck man. Hope things work in your favor.

[zohare]

Appreciate it. I'll keep you all posted. Repaired pictures to follow.

[zohare]

Hm. So a dealer gave me a buy offer today of 24k? ... Confused. I think the guy was just a moron and didn't seem to understand that I wanted the value as if there was damage on the carfax... because of course, it hasn't hit the shop yet, so there is no damage.... I HATE going to dealers and being more knowledgeable than the people working there, or having to explain EVERYTHING in minute detail multiple times to get a blank stare, and an answer for a question I NEVER ASKED. #raging. Sorry... I seriously am going to consider a killing spree of incompetent car salesman....

[oldpueblo]

Originally Posted by slawdio

My understanding with a DV claim is that you don't know what the actual "diminished value" value is until you try to sell it, making it really complicated to claim...

Not to bump an old thread but I just completed jury duty regarding a diminished value claim (I remembered seeing this thread), and we basically shot down a diminished value claim. The reason is that the car was completely restored and the owner never tried to sell it, so we determined that it had not diminished in value at all since its value was intangible. Anyway I'll answer any questions if there are any. Long story short, if you're going to do a DV claim then be prepared to try to sell the vehicle to establish an actual loss of market value.

[SubieNate]

I read one website that said that in California you can only pursue DV if the change in value is larger than the repair bill. I.E. $5k repair bill, $2.5k diminished value, ineligible for DV under California precedents. Does anyone know anything about this?

I may pursue diminished value before signing off on my claim with my current situation as the car is getting close to $5k of work done to it.

Nathan

[zohare]

Originally Posted by SubieNate

I read one website that said that in California you can only pursue DV if the change in value is larger than the repair bill. I.E. $5k repair bill, $2.5k diminished value, ineligible for DV under California precedents. Does anyone know anything about this?

I may pursue diminished value before signing off on my claim with my current situation as the car is getting close to $5k of work done to it.

Nathan

Sorry Nate haven't heard anything more and Cali laws are different. However- my pre damage appraisal was good, so my DV would probably meet that standard. Is it you can file for full dv or you can only get the difference between DV and repair bill? Ie: 24k-19k=dv-repair? Or is it just an eligibility thing

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[SubieNate]

I'm really not sure. Here in California, I'm going to assume that unless the insurance company has already had a court case itself where they lost a diminished value claim, it's going to be difficult to collect without taking the owner of the other car to small claims.

[zohare]

From family experience that's probably true. You get anywhere with it? I'm sending in my claim tomorrow

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[muffinman]

Originally Posted by Jon H

Can you go back and file a claim after the car is sold? I traded in my last GT-R and was raped because it was rear ended. $25k in damages. I was dumb and the other insurance company said that CA doesn't recognize DV claims. Apparently this is not the case?

they gave u about $25k less that what they would've given u had the gtr been pristine?

[Jon H]

$25k was the repair bill. It was more along the lines of ~$8-10k less than I would've received with no accident.

[zohare]

That's insane man... CA is really messed up that way... they covered the repair at least right?

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[Gen]

My experience with DV in Cali:

Lotus Elise was hit

16k Repair Bill
14k appraised diminished value
Insurance company paid 7500 after small claims judgement

Yes, you almost always have to take them to court, and no, it doesn't matter what DV is with respect to repair cost. The reason behind forcing you to go to small claims? Most people won't, and what's the worst that will happen? Typically DV is appraised higher than the small claims maximum and it's not worth pursuing in civil court. Worst case scenario for the insurance company is they have to pay you the legal max.

FYI, insurance companies ALWAYS say that CA doesn't recognize DV claims. This is in relation to FIRST PARTY claims. E.g. you can't go after your own insurer for DV. You most certainly can go after a third party for whatever you can prove.

[Huehuecoyotl]

Originally Posted by JayNutter

Talk with a lawyer or the insurance company won't take you seriously.

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