Diminished value settlement

[SHOdown220]

Anybody dealt with a diminished value settlement from the insurance company?

Long story short wife was sideswiped in her 2020 pilot on Christmas Eve by a hit and run driver. We found the guy, he was in a company truck that thankfully was insured. 2.5 months later the car is repaired and we are talking diminished value. Car had 18k in damage, no airbag deployment, bumper, fender, hood, both doors, rear bumper quarter panel, both headlights etc. basically part of the front and the entire side of the car replaced.

His company insurance has paid for the repairs obviously, 2.5 months rental car, new car seats for the kids, and offered us $3,000 diminished value check. Said it’s non negotiable, take it or leave it.

So, take the check or lawyer up and try to negotiate? My gut is we are tired of dealing with all this and just want it to be over. We also considered asking the company the guy (used to) work for, for compensation but really it’s not their fault.

 

[13COBRA]

$3k is pretty solid for them to come to the table with.

I'd take it.

Diminished value is so hard to judge. If you press too hard, they could bring up the pre-owned market being so crazy, and that check might go backwards on you.

 

[gimmie11s]

What is impact on the vehicles title after the repairs?

 

[lOOKnGO]

I know in Virginia on four totally different experiences. The company that owns the truck holds the liability for repairs. Even if the truck was stolen.

 

[SHOdown220]

$3k is pretty solid for them to come to the table with.

I'd take it.

Diminished value is so hard to judge. If you press too hard, they could bring up the pre-owned market being so crazy, and that check might go backwards on you.

Thanks Nick I was hoping you would chime in. They did bring up the used car market when we discussing if it would be totaled but the market value they told us was already higher than what we paid for it back in September.

 

[SHOdown220]

What is impact on the vehicles title after the repairs?

No impact on title. Will show accident on carfax report. Was fixed at my dealers collision center so I can be sure repairs are correct and used oem parts.

 

[13COBRA]

Thanks Nick I was hoping you would chime in. They did bring up the used car market when we discussing if it would be totaled but the market value they told us was already higher than what we paid for it back in September.

I would take the money and run.

What will happen is, they will provide market data that either backs the $3,000 offer they gave you, or realize that the diminished value based on your ownership is almost non-existent.

 

[gimmie11s]

Yep.. I'd take the cash and call it a day.

 

[Blk04L]

Yea take it. My father was in a court battle for years over a diminished value claim. He won, and got a little bit higher but that was like 2 years after the accident.

They didn't offer anything at first fwiw.

 

[Deceptive]

$3k is pretty solid for them to come to the table with.

I'd take it.

Diminished value is so hard to judge. If you press too hard, they could bring up the pre-owned market being so crazy, and that check might go backwards on you.

Not even knowing the law on this kind of thing or precedence, this is exactly what came to mind as I was reading the original post.


If you buy an EV you won’t suffer through high gas prices. - Peter Buttplug

 

[SHOdown220]

Alright sounds like my original gut feeling was right. I’ll take the check

 

[CobraBob]

Smart move! And, you'll be done with it. Had you decided to take a chance at getting a higher amount for diminished value, you'd likely be talking 2+ months more dealing with the insurance company. Sounded like that's not really something you wanted to have to do. At least you know that the $3000 payment is a very decent settlement.

 

[Adower]

I'd take it. From everything I read its rare to even get a diminished value check from an insurance company.

 

[Cobra1776]

Take it, I deal with DOV on occasion. 3k right off the bat isn’t bad at all. If injuries occurred and you repped up with an attorney who will represent for injury AND pd, they may get you a little more. Not worth it imo.

 

[93Cobra#2771]

Meanwhile, Tennessee doesn't even allow diminished value. I think you're doing well taking it.

 

[SHOdown220]

Take it, I deal with DOV on occasion. 3k right off the bat isn’t bad at all. If injuries occurred and you repped up with an attorney who will represent for injury AND pd, they may get you a little more. Not worth it imo.

Thankfully no injuries, he crossed the center line and my wife swerved enough to prevent a head on collision but he still got the whole side of the car. We are very lucky it could have been much worse.

 

[Cobra1776]

Thankfully no injuries, he crossed the center line and my wife swerved enough to prevent a head on collision but he still got the whole side of the car. We are very lucky it could have been much worse.

That’s the best news my man… take it and move on.. I’m glad she is ok!

 

[SHOdown220]

That’s the best news my man… take it and move on.. I’m glad she is ok!

Thank you sir!