HELP WITH DIMINISHED VALUE CLAIM
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Newbie
Joined: Apr 2016
Posts: 1
Likes: 0
GL350
HELP WITH DIMINISHED VALUE CLAIM
Dear Friends
We were recently involved in a no-fault accident involving front passenger side. Our car is in the body-shop in the process of starting repairs.
Here are some details
2015 GL350
10k miles
current market value around 65k for similar vehicles
we live in New Mexico state
The cost of repairs is around 25k so far.
Any information regarding DV claim or what we can expect. Our insurance is Geico and the other party's insurance is State Farm.
Any and all help will be very appreciated.
Thanks!
We were recently involved in a no-fault accident involving front passenger side. Our car is in the body-shop in the process of starting repairs.
Here are some details
2015 GL350
10k miles
current market value around 65k for similar vehicles
we live in New Mexico state
The cost of repairs is around 25k so far.
Any information regarding DV claim or what we can expect. Our insurance is Geico and the other party's insurance is State Farm.
Any and all help will be very appreciated.
Thanks!
Junior Member
Joined: Mar 2014
Posts: 21
Likes: 0
From: Fort Pierce, FL
s600
Diminished Value
Dear Friends
We were recently involved in a no-fault accident involving front passenger side. Our car is in the body-shop in the process of starting repairs.
Here are some details
2015 GL350
10k miles
current market value around 65k for similar vehicles
we live in New Mexico state
The cost of repairs is around 25k so far.
Any information regarding DV claim or what we can expect. Our insurance is Geico and the other party's insurance is State Farm.
Any and all help will be very appreciated.
Thanks!
We were recently involved in a no-fault accident involving front passenger side. Our car is in the body-shop in the process of starting repairs.
Here are some details
2015 GL350
10k miles
current market value around 65k for similar vehicles
we live in New Mexico state
The cost of repairs is around 25k so far.
Any information regarding DV claim or what we can expect. Our insurance is Geico and the other party's insurance is State Farm.
Any and all help will be very appreciated.
Thanks!
Assuming there is structural damage, your car will lose appx. 30%-40% of its trade-in value because of the bad Carfax or Autocheck.
YOU can assume that State Farm will offer you $500.00.
You'll need two things: a comprehensive diminished value appraisal that doesn't rely on a formula or an simply an appraiser's expert opinion and perseverance.
Good luck!
Last edited by DIMINISHEDVALUE; Apr 29, 2016 at 07:46 AM.
Junior Member
Joined: Mar 2014
Posts: 21
Likes: 0
From: Fort Pierce, FL
s600
Almost every appraiser in the business of preparing automobile diminished value reports uses some type of formula. Rule 17-C is just one of them. A few of them use terms like "proprietary algorithm" while yet others simply provide a DV figure based on their years of experience. Our clients sometimes send the reports from other appraisal companies that were rejected by insurance companies. They are either two-pages of useless information or twenty-six pages of useless information. Formulas can in no way accurately represent what your car will experience, loss of value-wise, in the real world. You know who the real experts are. It is the managers at new car dealerships who buy, sell and auction off motor vehicles, including bad Carfax cars, every day. If your appraiser doesn't consult with those guys, you are probably going to receive a report based on some type of formula.
As far as what's valid or invalid, ultimately it is up to a magistrate or umpire to decide. If State Farm receives a less than comprehensive diminished value report from you, they will recognize it for what it is and treat you accordingly. You want their lawyers to look at your appraiser's report and tell the adjuster if he takes us to court, we will lose. It's an uphill battle but you can be compensated for the actual amount your car has lost in value - or close to it - without litigating.
As far as what's valid or invalid, ultimately it is up to a magistrate or umpire to decide. If State Farm receives a less than comprehensive diminished value report from you, they will recognize it for what it is and treat you accordingly. You want their lawyers to look at your appraiser's report and tell the adjuster if he takes us to court, we will lose. It's an uphill battle but you can be compensated for the actual amount your car has lost in value - or close to it - without litigating.
MBWorld Fanatic!
Joined: Mar 2006
Posts: 4,005
Likes: 711
From: ATLANTA
R Nine T
Almost every appraiser in the business of preparing automobile diminished value reports uses some type of formula. Rule 17-C is just one of them. A few of them use terms like "proprietary algorithm" while yet others simply provide a DV figure based on their years of experience. Our clients sometimes send the reports from other appraisal companies that were rejected by insurance companies. They are either two-pages of useless information or twenty-six pages of useless information. Formulas can in no way accurately represent what your car will experience, loss of value-wise, in the real world. You know who the real experts are. It is the managers at new car dealerships who buy, sell and auction off motor vehicles, including bad Carfax cars, every day. If your appraiser doesn't consult with those guys, you are probably going to receive a report based on some type of formula.
As far as what's valid or invalid, ultimately it is up to a magistrate or umpire to decide. If State Farm receives a less than comprehensive diminished value report from you, they will recognize it for what it is and treat you accordingly. You want their lawyers to look at your appraiser's report and tell the adjuster if he takes us to court, we will lose. It's an uphill battle but you can be compensated for the actual amount your car has lost in value - or close to it - without litigating.
As far as what's valid or invalid, ultimately it is up to a magistrate or umpire to decide. If State Farm receives a less than comprehensive diminished value report from you, they will recognize it for what it is and treat you accordingly. You want their lawyers to look at your appraiser's report and tell the adjuster if he takes us to court, we will lose. It's an uphill battle but you can be compensated for the actual amount your car has lost in value - or close to it - without litigating.
Good thoughts all of it. Having litigated against insurance companies you are correct in that they will only pay when they are in a compromised position. State Farm is one of the worst.
Are you st. Lucie appraisal co?
Junior Member
Joined: Feb 2009
Posts: 68
Likes: 2
2013 Audi A8L 4.0t, 2012 GL450
I was rear-ended by a drunk driver about 6 years ago. The damage wasn't terrible -- a couple of thousand -- and the repairs were handled without issue by the other drivers' insurance (Geico). 2 years after the accident when I went to trade in the car, the dealer deducted $2,500 (I think) for a "bad carfax". I had never even heard of something like that happening. I quickly got a diminished value appraisal (while I still had the car), filed a diminished value claim with Geico, and then proceeded to beat my head against a wall for the next 6 months with Geico. I'm a bit embarrassed to say that their delay, delay, delay, technique finally wore me down and I realized I wasn't going to get paid without taking them to court which wasn't worth my time. So I eventually gave up and never saw a penny for my VERY REAL diminished value as a result of the accident. I was able to substantially negotiate down the "bad carfax" penalty when I did trade it in. But it left a pretty bad taste in my mouth and if I'm ever in an accident again, I will fight very hard from the get go for a diminished value payment.
Good luck. I've heard of people prevailing, but it's not easy.
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Senior Member
Joined: Aug 2013
Posts: 255
Likes: 8
GL350
State Farm is, indeed, one of the worst...Like a good neighbor? More like the neighbor from hell, although no worse than the Good Hands People with their hands around your throat.
Anyway, whether Geico will pay its insured (you) for diminished value is a matter of what the policy says. Read it. I bet there is a provision for diminished value.
As for State Farm paying you for diminished value...don't really know on that one but chances are good a crappy company like that won't pay or won't pay what it's really worth. If your own company will pay the diminished value, get it from them and let them chase after the at fault driver (i.e., State Farm) for reimbursement.
Anyway, whether Geico will pay its insured (you) for diminished value is a matter of what the policy says. Read it. I bet there is a provision for diminished value.
As for State Farm paying you for diminished value...don't really know on that one but chances are good a crappy company like that won't pay or won't pay what it's really worth. If your own company will pay the diminished value, get it from them and let them chase after the at fault driver (i.e., State Farm) for reimbursement.
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Super Member
Joined: Mar 2015
Posts: 663
Likes: 49
From: Bucks Cty, PA
2015 gl450
I thought no fault was only for injury claims and any damage claim had to be handled on a fault basis?
Good luck either way, as with such a low mileage car and such a substantial repair, you are certainly going to see a diminished value. Don't give up. Fight for it.
Good luck either way, as with such a low mileage car and such a substantial repair, you are certainly going to see a diminished value. Don't give up. Fight for it.
Senior Member
Joined: Aug 2013
Posts: 255
Likes: 8
GL350
If you're in an accident, it's usually best to just collect for damage to your own car from your own company and then let your company chase the at fault driver and/or his insurance company. Your company will, presumably, pay you promptly whereas the other driver's company usually won't.
No fault insurance usually only applies to personal injury situations and then only in those few states (are there any left?) that have it.
Last edited by Dog hauler; Apr 30, 2016 at 03:43 PM.
MBWorld Fanatic!
Joined: Jan 2014
Posts: 1,053
Likes: 355
From: USA - Minnesota
2014 GL350
Up here essentially everybody insures their own car regardless of fault in an accident. Our state has one quirk, however, that if both insurance companies agree that one party was 100% at fault then that party's insurance covers all expenses including the deductible of the "victim."
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