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Thread: Need advice. Car was hit in parking lot need to file diminished value claim.

  1. #1
    Join Date
    Sep 2008
    Location
    Orlando, Florida
    Posts
    930

    Default Need advice. Car was hit in parking lot need to file diminished value claim.

    Title says it. My vette was hit in a parking lot at a concert. The guy hit & ran. Luckily the parking attendant saw it and got a plate number. He was cited admitted he did it to his (Progressive)and my insurance company (State Farm).

    Repairs are done ($5000 of damage), but now I need to file a diminished value claim. My insurance company can not file due to some sort of law, so I am on my own to figure this out.

    After tons of internet searches and filtering through lots of lawyer & appraiser adds I know this much.
    Progressive rated as one of the better companies to deal with for diminished value.
    I've been told by them there is no policy or procedure to follow, just determine the value pre and post accident and submit it. This seems too simple and almost like a trap.
    I found a few other cars for sale online that match Year, Make, Model, Condition & Miles as my car. They are all priced within few $1000 of each other. So that should meet the pre-crash value requirement.
    I'm having trouble getting a post-crash value. I can hire a professional appraiser, but they cost $300 and up. I tried Car Max, but the repair isn't showing up in the history report yet.

    The only options I can see are wait for the history report to update, BTW I have no way of knowing when it updates without paying for a report every time, or pay an appraiser.

    Has anyone dealt with this sort of thing? Any help would be appreciated.

  2. #2
    Join Date
    Oct 2014
    Location
    Orlando, FL
    Posts
    198

    Default

    Im dealing with the same thing in Orlando on my Camaro!

    I got this letter from Allstate

    2017-10-24 20.10.57-1.jpg

    I've asked around and so far my best option I have heard (rather than paying the $300 from one of the appraisal sites) is to go to a GM dealer and ask for a written report on what they would offer and/or sell the vehicle for with the damage on the CarFax. Also, a quote for the identical vehicle with no damage. I was told there will likely be a small fee.

    I haven't done it yet. Florida statute of limitations is 4 years. Will update when I go to the GM dealer, but every minute I waste there is not building Saturns! hahaha

    2017-09-07 15.04.43.jpg
    Sincerely,
    Ryan Smith
    ScannerMAX Mechanical Engineer
    ryan {at} scannermax.com

  3. #3
    Join Date
    Mar 2015
    Location
    Cambridgeshire, England
    Posts
    313

    Default

    OK, I'll take the bait; what the heck is a diminished value claim? We don't have that in the UK!

  4. #4
    Join Date
    Oct 2014
    Location
    Orlando, FL
    Posts
    198

    Default

    Say your car is worth $10,000 if you would sell it today.

    You get into an accident, the car is repaired, but due to the repair and previous damage, somebody would only pay $8000 instead

    You can have the insurance company of the person who caused the accident compensate you for this difference.. If they wont, typically you can take the person who caused the accident to court and have them pay you the difference, as long as you have documentation.

    I am dealing with this on my Camaro. I expect to get around $2300 in 'diminished value'
    Sincerely,
    Ryan Smith
    ScannerMAX Mechanical Engineer
    ryan {at} scannermax.com

  5. #5

    Default

    thats a nice mustang dude

  6. #6
    Join Date
    Oct 2014
    Location
    Orlando, FL
    Posts
    198

    Default

    Quote Originally Posted by Yerkat View Post
    thats a nice mustang dude
    Please tell me that was a joke because otherwise I'm quite insulted right now

    *adds Yerkat to list of people Pangolin will not sell Saturn scanners to*
    Sincerely,
    Ryan Smith
    ScannerMAX Mechanical Engineer
    ryan {at} scannermax.com

  7. #7
    Join Date
    Sep 2008
    Location
    Orlando, Florida
    Posts
    930

    Default

    Quote Originally Posted by rns0504 View Post
    Im dealing with the same thing in Orlando on my Camaro!

    I got this letter from Allstate

    2017-10-24 20.10.57-1.jpg

    I've asked around and so far my best option I have heard (rather than paying the $300 from one of the appraisal sites) is to go to a GM dealer and ask for a written report on what they would offer and/or sell the vehicle for with the damage on the CarFax. Also, a quote for the identical vehicle with no damage. I was told there will likely be a small fee.

    I haven't done it yet. Florida statute of limitations is 4 years. Will update when I go to the GM dealer, but every minute I waste there is not building Saturns! hahaha

    2017-09-07 15.04.43.jpg
    Sounds like I will have to wait for the history report to be updated before I can do anything or pay an appraiser.

    Let me know how it goes for you.

  8. #8
    Join Date
    Feb 2008
    Location
    East Sussex, England
    Posts
    5,102

    Default

    Quote Originally Posted by NobleGas
    Whats diminished value?
    Its a 'thing' in the UK too, although probably less well known.

    Here's a handy link from Google
    http://michaellewin.co.uk/diminution-claims/
    http://www.facebook.com/SubsonicSystems
    http://www.frikkinlazors.co.uk

    You are using Bonetti's defense against me, ah?

    I thought it fitting, considering the rocky terrain.

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