BenTheRighteous
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Location: Raleigh, NC

Diminshed Value settlement

Tue May 02, 2017 8:08 pm

My 2017 Leaf S with 2,900 miles on the odometer was hit a couple weeks ago... grr.

The other driver's insurance paid for the repair, so that's all squared away, but now I'm also trying to collect a diminished value settlement from them. In a nutshell, the diminished value is the difference in price that you could have sold the car for on the day before the accident, vs. what you could sell the car for now after the repair.

Typically you use a source like KBB or Edmunds to establish the value difference, but they don't help in this case because my Leaf is so brand new.

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.

Does the community have experience with such claims, and/or opinions on whether it's reasonable to expect a $2,000 payout in this situation?
2017 Leaf S
OpenEVSE P50-D WiFi Kit
Raleigh, NC
USA

LeftieBiker
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Re: Diminshed Value settlement

Tue May 02, 2017 8:27 pm

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.
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

4CloverLeaf
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Location: Colorado

Re: Diminshed Value settlement

Wed May 03, 2017 3:59 pm

Sorry to hear about the crash to your new car. Could you add any info on how you went about requesting this and how they responded when you requested it. I would not be surprised if the deminshed value was even more then $2k because it is a EV. My thoughts are that people already view EVs with a little more caution because people don't feel like they could fix things themselves if something comes up. Plus fewer places will work on one so they are less inclined to take a risk on a wrecked one.

I am also interested in the repair presses. Can you go to any standard body shop or do you need to take it to a Nissan dealer? Did you have any problems getting through insurance or getting it repaired? Would you please expand on this process a bit?

My new 2017 was just hit this morning and I am pretty worried about it. I had less then 700 miles when I was rear ended on the highway. I still have my temp plates in fact. Any advice would be appreciated as I have never had to deal with this before and I am worrying myself sick over this and that.

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davewill
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Re: Diminshed Value settlement

Wed May 03, 2017 4:18 pm

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 was thinking much the same. $1K isn't a terrible offer. In the end, you'd have to sue, and even in small claims, you'd end up spending money on appraisals and the like trying to document a bigger amount...not to mention your own time. I'd take it.
2014 Rav4 EV, Blizzard Pearl White
2011 LEAF SL w/QC, Blue Ocean, returned at end of lease

LeftieBiker
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Re: Diminshed Value settlement

Wed May 03, 2017 4:35 pm

I am also interested in the repair presses. Can you go to any standard body shop or do you need to take it to a Nissan dealer? Did you have any problems getting through insurance or getting it repaired? Would you please expand on this process a bit?


I don't know what you mean by "repair presses" but if the battery area isn't damaged you can use any body shop. Just make sure that they DON'T bake the car in a drying oven! Any hot paint curing has to be done to parts off the car, or with the battery pack removed. In the latter case it should be a Nissan dealer.
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

4CloverLeaf
Posts: 27
Joined: Fri Mar 24, 2017 2:23 pm
Delivery Date: 23 Mar 2017
Location: Colorado

Re: Diminshed Value settlement

Wed May 03, 2017 4:59 pm

LeftieBiker wrote:
I am also interested in the repair presses. Can you go to any standard body shop or do you need to take it to a Nissan dealer? Did you have any problems getting through insurance or getting it repaired? Would you please expand on this process a bit?


I don't know what you mean by "repair presses" but if the battery area isn't damaged you can use any body shop. Just make sure that they DON'T bake the car in a drying oven! Any hot paint curing has to be done to parts off the car, or with the battery pack removed. In the latter case it should be a Nissan dealer.



Sorry, I intended to write "repair process". I must have mistyped it and had it auto correct to presses. Thanks for the advice, I did not know that about the painting process but it makes sense. I am glad you said something.
Last edited by 4CloverLeaf on Wed May 03, 2017 7:54 pm, edited 1 time in total.

LeftieBiker
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Re: Diminshed Value settlement

Wed May 03, 2017 5:56 pm

You're welcome. As I suggested in your other topic, have a Leaf-certified tech look at the damage. Then, if the pack is ok, the above applies.
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

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

Re: Diminshed Value settlement

Thu May 04, 2017 9:51 am

4CloverLeaf wrote:Could you add any info on how you went about requesting this and how they responded when you requested it.

...

I am also interested in the repair presses. Can you go to any standard body shop or do you need to take it to a Nissan dealer? Did you have any problems getting through insurance or getting it repaired? Would you please expand on this process a bit?


In my case, my dealer did not do body work, rather they would've referred me to a third-party shop. So what I did was just look at body shops in my area on Google Maps and picked out a few that had the highest ratings.

Then I looked at the list of body shops that were in the insurance company's network and looked for an overlap. I found one and took my car there. The process was surprisingly simple - I signed one document that authorized them to work on my car. Nothing else. Left my key, came back a week later, picked the car up. No further documents to sign, at no point did I hand over any kind of payment or deposit, nothing of that sort.

That said, you don't have to pick a shop in the insurance company's network - since you're not at fault, you have the right to have your car repaired at any facility of your choosing, and you should choose the dealership if they are capable of doing the work.

Wherever you do wind up taking it, make sure you request/demand that they use only OEM replacement parts. Again, you have the right to do this, because you're not at fault.

After the repair, I called up the insurance company for diminished value. You have to make the first move on this - if you don't, the insurance company will happily let you forget about it. They'll just want you to email them some documentation that supports what you think the diminished value is. Whether or not they agree with that number is another story - that's where I'm at in the process right now.
2017 Leaf S
OpenEVSE P50-D WiFi Kit
Raleigh, NC
USA

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

Re: Diminshed Value settlement

Thu May 04, 2017 9:59 am

davewill wrote:
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 was thinking much the same. $1K isn't a terrible offer. In the end, you'd have to sue, and even in small claims, you'd end up spending money on appraisals and the like trying to document a bigger amount...not to mention your own time. I'd take it.

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?
- The original diminished value amount
- The appraisal fee
- Court costs
- Time taken off work
- Attorney's fees
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.
2017 Leaf S
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Raleigh, NC
USA

LeftieBiker
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Re: Diminshed Value settlement

Thu May 04, 2017 12:13 pm

Yes, to the above, but also yes to "If wishes were horses, then beggars would ride."
2013 "Brilliant Silver" SV with Premium Package and no QC, and 2009 Vectrix VX-1 with 18 Leaf cells.

The most offensive, tasteless phrase in use here is "Pulled the trigger." I no longer respond to posts that use it.

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