Minor crash, diminished value?

[jimk hunt]

I was involved in a minor accident this morning, luckily no injuries. Was looking for any experience with diminished value. I anticipate the repairs to be less than $5000 as no paint was damaged so I may only need a rear bumper and possibly a couple other things. Truck is in excellent shape so this is a bummer. Plus my hot coffee went flying, mostly on my pants!

Does my insurance company pursue the DV or am I the one to chase the at fault insurance? In the state of Georgia, DV is required but apparently is negotiable. Thanks in advance.

 

[DenCoRam]

Bummer about the accident and hope everything works out. Not sure how much you'd get from a minor crash. Prob would heavily depend on what makes it's way onto the carfax. I got hit while driving one of my previous cars (Audi A4). It was 3 years old at the time of the accident and I ended up getting $3k in diminished value over the repair bill of $7500. Here are the steps I took to successfully get diminished value:

1. Get your car fixed and make sure the repairs are done properly
2. Research to see if your state acknowledges diminished value claims and what type of success other drivers have had in getting money
3. Get a 3rd party appraisal of your car's diminished value. Research companies and use a reputable one as you will spend $300-400 on the appraisal. They will provide you with a report that shows your pre/post value solely due to the fact you now have an accident listed on your carfax
4. Send a request letter to the insurance company and attach the appraisal

After that, you have to bug the heck out of them as they hate paying diminished value. The insurance company of the person who hit me had another 3rd party appraisal done at their expense and ended up offering close to what I was asking for. Sometimes they will either low ball you (in which you need to negotiate back and forth) or try to give you some BS as to why they shouldn't have to pay you. In the end, you can send a letter threatening to sue their insured (the person who hit you). That will usually make them pay up or you go through small claims court and sue the other driver (the insurance company is liable for them and if you win they will pay you).

In most states you can submit a diminished value claim up to 2 years after your accident

 

[dts828]

I'm in GA and had to file a comp claim twice due to neighbors tree branch falling on one of my cars. Same car, 1 year apart... But that's another Story. Anyway both times(2 different insurance companies) they sent me DV check shortly after claim was settled. I thought the amount was almost fair based on amount of claim and value of car. Didn't bother to negotiate since the car was 7 years old and wasn't planning on getting rid of it anytime soon.

Sent from my GM1917 using Tapatalk

 

[scottmoyer]

You need to submit your DV claim to the other party's insurance, not yours. Just wanted to clarify that.

I had an issue years ago where the damage to my car was $3500 and Geico only wanted to give me a DV value of $700. I argued it and they came back with $1200, I said no again and their final offer was $1500. I got the DV appraisal done and submitted the $5000 value loss to Geico. It took me two years, but I threatened them with a copy of a lawsuit that I prepared and was about to submit to the courts and they immediately paid out a negotiated rate of $3500. I sold the car the weekend before, so I was ok with this amount.

Be prepared to get frustrated and angry and have to do a lot of follow up calling.