----

 

I had an issue, and this diminished value in my ae is based on when I crystalize the loss...sell the vehicle, and determine he amount that the damage reduced the value of the vehicle. I would imagine if you sold it today, you would lose a lot more on the initial depreciation then you will with the damage.

 

get a lawyer. they will tell you if you have a case or not

 

Talk to an attorney friend first, some states specifically bars you from claiming diminished value.

 

Been there. Done that. Diminished value claims are a thing of the past. Move on.

 

XXXXx

 

How did the repairs come out??? Is the car as good as new regarding the running gear and paint?

3439

When you say that "diminished value is a thing of the past" what do you mean?
I'm not too familiar with the term... I understand what it means but to tell you the truth I never considered it before.(and now it's over?)

 

I got paid for DV. I use a company from FL thats all the do. They got me 8000 cuz the damage was 20000. No money out of my pocket till they its done and then they take 33%.
http://www.advocateautoconsultants.com/

 

Are these guys attorney's? I guess I really don't understand the "diminished value" concept....

The damage was 20K and they got you 8K over the repair cost? Then they took 33% of the 8K?

My last car I had was insured for an "agreed value". If it was totaled or had excessive damage or stolen they would buy the car for the agreed value....

 

You couldn't be more wrong. DV claims take place in every state, every day.

Unless something changed in NJ (and I'm almost certain they have not), you're entitled to DV when your car is wrecked, regardless of who is at fault.

If in question, get an attorney to help you. 99% of the time they write a few letters, make a phone call or two, and you get paid.

 

huh? I got diminished value for my minivan when it got rear end. Basically the insurance company told me to take it to the dealer to get that number.

 

Which state are you in? Diminished value is certainly alive and well in the NW at least. You shouldn't need an attorney necessarily. Most people pay an appraiser to come up with a report re: how much DV the vehicle has incurred, they then submit it to the insurance company, and go from there.

Also, how much damage? If it's just a dent with no structural issues or panel replacement, then there may be no DV. A lot of variables here. More info is needed in order to give you a good answer.

 

i would def seek an attorney to start a diminished value claim

BOL

 

Wife's '07 Cab got rear ended hard 2 weeks ago. Girl who hit me had mininal coverage so I had to file on mine w/State Farm. Prior to the damage estimate I told state Farm I would be filing a diminished value claim if they didn't total it. Claims agent said she fully understood and didn't give me push back (here in CA). Didn't have to proceed as they totalled and gave me a very fair settlement.

In the age of show me the car fax, autocheck, etc. I've got to believe that these claims are increasing, especially on higher end cars.

I know a few folks who have done this. A big key to a successful claim is that you were not at fault and the person who hit you has adequate property liability coverage. Step 1 is to get appraisals. Start with your selling dealer and find a couple of more dealers that will put in writing, the difference between what they'd pay for you porsche before and after the damage history. Use this as the basis for your claim. Lot's of variables on insurance companies but they make take this and settle.

Costlier approach to to hire an attorney, and/or a expert (witness) appraiser.

Prior to calling dealers, attorney's etc, call their insurance company and let them know that beyond the damage they've hurt the value and ask them how they'll take care of you. Good luck, Mike

 

Thanks to all for the information. I hope I never have to use it!