SageBrush
Posts: 1481
Joined: Sun Mar 06, 2011 2:28 am
Delivery Date: 13 Feb 2017
Location: Colorado

Re: Diminshed Value settlement

Thu May 04, 2017 12:48 pm

OP, your approach sounds valid and suing in small claims is easy and cheap.
I don't know why you would obtain an appraisal.
2013 Model 'S' with QC & rear-view camera
Bought off-lease Jan 2017 from N. California with 63.9 Ahr after 22k miles
Car is now enjoying an easy life in Colorado

User avatar
davewill
Posts: 4819
Joined: Thu Mar 17, 2011 6:04 pm
Location: San Diego, CA, US

Re: Diminshed Value settlement

Thu May 04, 2017 2:28 pm

BenTheRighteous wrote:... Yes, making a case in small claims is not free, but are you also not justified in asking for all those costs in the settlement amount?
...
If you go to court and win, wouldn't the insurance company be on the hook for all those things? (After all, they're costs that would not have been incurred if not for the original accident.) If yes, it seems like they'd be just as interested in avoiding a court case as well.

I was thinking more along the lines of paying for all that and losing. You could file just to see if that elicits a better offer before accepting.
2014 Rav4 EV, Blizzard Pearl White
2011 LEAF SL w/QC, Blue Ocean, returned at end of lease

jpadc
Posts: 274
Joined: Sat Dec 13, 2014 7:25 am
Delivery Date: 20 Dec 2014
Location: Indiana & Wisconsin

Re: Diminshed Value settlement

Thu May 04, 2017 3:05 pm

BenTheRighteous wrote:So what I did instead was I asked the dealer I bought the car from to prepare 2 trade-in quotes, one with the damage factored in and one without. I figure that's a fair guideline for a diminished value claim, but the insurance company disagrees... especially since the difference in quotes ($2,000) is greater than the value of the repair ($1,370). They're offering $1,000 instead.

LeftieBiker wrote:These cars depreciate so rapidly that this kind of claim is problematic. If you can get anything in the way of a settlement here, I'd take it.

I'm with LeftieBiker (at least on this issue), but before you get all "see you in small claims court" You might ask them VERY nicely if they would split the difference between the dealer bid difference and their offer and be happy if you can get that.
2013 Leaf S /w Charge Package - Purchased new in Iowa City Dec. 2014
My previous car was a 2008 Prius Touring Package 5 - 73k Miles, 43 MPG lifetime

booper
Posts: 43
Joined: Sat Jun 29, 2013 12:33 am
Delivery Date: 29 Jun 2013
Location: Seattle, WA

Re: Diminshed Value settlement

Thu May 04, 2017 9:58 pm

I was in a similar situation in a 4 month old 2015 SV, with around 3k miles on it. Just under 6k in repair cost from being rear-ended. They eventually agreed to $2,400 in diminished value reimbursement, which I took. I think they started at 15% of the repair cost. I argued the newness of the vehicle makes diminished value more extreme, as there own policies dictate no diminished value past 5 (or maybe it was 7) year old vehicles.

I used some free online service that gives a DV quote, can't remember them off the top of my head.

You may find some local experts who specialize in testifying at small claims trials. In my research, I heard you typically do need to file before the insurance company will give you a reasonable figure, but I was ok with what I got, and didn't want the hassle.

Good luck!

Aquahmonk
Posts: 12
Joined: Thu Feb 21, 2013 11:08 pm
Delivery Date: 31 Mar 2013
Location: Sacramento, CA

Re: Diminshed Value settlement

Mon Jun 12, 2017 11:13 pm

Do you file the diminished value claim with your own insurance company, or with the other party's insurance?
2013 Cayenne Red SV with Premium Package

BenTheRighteous
Posts: 62
Joined: Tue Feb 14, 2017 5:36 am
Delivery Date: 14 Feb 2017
Location: Raleigh, NC

Re: Diminshed Value settlement

Tue Jun 13, 2017 5:23 am

In my case, I filed the DV claim with the other driver's insurance company, since they were at fault. I'm not sure if you could collect DV from your own insurance if it were your own fault.
2017 Leaf S
OpenEVSE P50-D WiFi Kit
Raleigh, NC
USA

booper
Posts: 43
Joined: Sat Jun 29, 2013 12:33 am
Delivery Date: 29 Jun 2013
Location: Seattle, WA

Re: Diminshed Value settlement

Thu Jun 15, 2017 12:02 pm

BenTheRighteous wrote:In my case, I filed the DV claim with the other driver's insurance company, since they were at fault. I'm not sure if you could collect DV from your own insurance if it were your own fault.


Agreed, otherwise you could crash your own car, and get paid out for diminished value. I would expect insurance companies wouldn't allow this to occur.

BenTheRighteous
Posts: 62
Joined: Tue Feb 14, 2017 5:36 am
Delivery Date: 14 Feb 2017
Location: Raleigh, NC

Re: Diminshed Value settlement

Wed Oct 11, 2017 12:52 pm

Sorry to resurrect this dead thread, but I just wanted to follow up with the outcome now that everything is squared away.

booper wrote:You may find some local experts who specialize in testifying at small claims trials. In my research, I heard you typically do need to file before the insurance company will give you a reasonable figure, but I was ok with what I got, and didn't want the hassle.


This is what I did. I live in NC, and the law here is that if you and the insurance company don't agree, you can both hire independent appraisers who will negotiate and come to their own conclusion, which is then binding.

I hired my guy, who said DV was $3,000.
The insurance company hired some other guy, who said their $1,000 offer was spot-on.

After "negotiation," which I had no part of, they agreed on $1,250. I was shocked, but I realize now that it's a complete scam because the appraisers don't give a damn about your business. They know it's a one-time engagement, so they just want to get paid. On the other hand, the insurance company represents a neverending stream of repeat business, so they make sure the final outcome makes the insurance company happy.

But what can you do? The law is the law, and once the appraisers agree, it's binding. So that's the end of my story.

This is the company I used: https://www.ncdiminishedvalue.com/
They're probably all the same, but avoid this one in particular like the plague.
2017 Leaf S
OpenEVSE P50-D WiFi Kit
Raleigh, NC
USA

User avatar
davewill
Posts: 4819
Joined: Thu Mar 17, 2011 6:04 pm
Location: San Diego, CA, US

Re: Diminshed Value settlement

Thu Oct 12, 2017 11:20 am

BenTheRighteous wrote:...After "negotiation," which I had no part of, they agreed on $1,250. I was shocked, but I realize now that it's a complete scam because the appraisers don't give a damn about your business. They know it's a one-time engagement, so they just want to get paid. On the other hand, the insurance company represents a neverending stream of repeat business, so they make sure the final outcome makes the insurance company happy. ...

I hope the extra $250 at least covered the fee you paid the appraiser.
2014 Rav4 EV, Blizzard Pearl White
2011 LEAF SL w/QC, Blue Ocean, returned at end of lease

GerryAZ
Gold Member
Posts: 1479
Joined: Mon Nov 22, 2010 6:47 pm
Delivery Date: 12 Jun 2011
Location: Phoenix, AZ

Re: Diminshed Value settlement

Thu Oct 12, 2017 6:32 pm

BenTheRighteous wrote:Sorry to resurrect this dead thread, but I just wanted to follow up with the outcome now that everything is squared away.

booper wrote:You may find some local experts who specialize in testifying at small claims trials. In my research, I heard you typically do need to file before the insurance company will give you a reasonable figure, but I was ok with what I got, and didn't want the hassle.


This is what I did. I live in NC, and the law here is that if you and the insurance company don't agree, you can both hire independent appraisers who will negotiate and come to their own conclusion, which is then binding.

I hired my guy, who said DV was $3,000.
The insurance company hired some other guy, who said their $1,000 offer was spot-on.

After "negotiation," which I had no part of, they agreed on $1,250. I was shocked, but I realize now that it's a complete scam because the appraisers don't give a damn about your business. They know it's a one-time engagement, so they just want to get paid. On the other hand, the insurance company represents a neverending stream of repeat business, so they make sure the final outcome makes the insurance company happy.

But what can you do? The law is the law, and once the appraisers agree, it's binding. So that's the end of my story.

This is the company I used: https://www.ncdiminishedvalue.com/
They're probably all the same, but avoid this one in particular like the plague.


Yes, I too learned how much the deck is stacked in favor of insurance companies. After my experience in 2015, I now know some things I will do differently if involved in another crash to improve my negotiating position. I hope you did not pay the "appraiser" and "arbitrator" that were supposed to be working for you too much.
Gerry
Silver LEAF 2011 SL rear ended (totaled) by in-attentive driver 1/4/2015 at 50,422 miles
Silver LEAF 2015 SL purchased 2/7/2015

Return to “General / Main Owners Forum”