Diminished value appraisal

[SacRebel]

In June, my Ram Rebel was rear-ended on the freeway and sustained over $13k in damages. At the time my truck was less than 6-months old with only 4,300 miles on it. The truck has since been repaired and it is now time to submit a diminished value claim with the at-fault insurance company. Since this is new to me and probably most I thought I'd share part of the appraisal here as it might be useful to others too. As a point of reference, the window sticker was about $55k.

 

[TruckDriver]

Thank you for sharing! It's the first I've ever seen something like this and have had a similar rear-ended vehicle in the past that this would have applied to.

also interesting 55k > 46k w/ less than 5kmiles in 6mo, that's a helluva depreciation hit... but glad they're making up for the accident cost!

 

[Kyle_1252002]

For others that are following/reading, not all states require insurance companies to compensate for diminished value claims. It will also usually depend on who’s at fault.

 

[AtlasRam1500]

Same thing happened to me in July my repair was over 17K no frame damage I go tomorrow to get my truck diminished. 14k miles on my truck. I had my Truck appraised at the dealership today they offered me $17k because of the car fax Structural damage no frame damage. Dealership said if had not been wreck trade in would be $34-38k. They wouldn’t even offer to buy it because of the accident they said it’s too hard for them to sell I’ve been friends with this guy for over 30 years and I believe him. He said I be lucky to get 14k mostly likely get about 10k will see

 

[SacRebel]

I received my first offer from the insurance company of $4,300. It's actually not bad since most insurance companies will offer you about 10% of the diminished value. The at-fault insurance company hired their own appraiser to appraise the truck and that's how they came to that offer. We're going to make a counter offer to try and get closer to $5,000. If they don't budget I still might take the deal as it would save me the hassle of trying to sue them. Even at $4,300 that's 8-months of car payments I can knock off.

 

[SacRebel]

Well it took a little over 2-months but I got my $5,000 diminished value check from the at-fault party today. So glad that part is over!

 

[TruckDriver]

Well it took a little over 2-months but I got my $5,000 diminished value check from the at-fault party today. So glad that part is over!

after all the accidents i've seen online & in circles I know, I'm adding a rear facing dashcam soon, might even get something worthy of side cameras