Diminished Value?

[weems]

I was in an accident on Friday. I am supposed to be getting estimates this week, wreck wasn't too awful bad but has a good bit of suspension damage. Myself, and the person at fault are State Farm policy holders. Has anyone been successful in getting a DV check? This on my carfax has to effect my trade in and resale value.

Do I speak with State Farm about it while the car is in the shop or do I wait until after its finished until I bring it up to them?

 

[SID297]

We need a good reference thread on this topic.

 

[KingBlack]

yes.

i cashed a check for dv last week from State Farm. they will tell you there is no such thing but it is. remember, you MUST have your car repaired to claim dv

 

[o2gt]

I almost made one a couple years ago. The day I picked up my new gt I was hit by a kid trying to do a wheelie on his bike . Insurance covered the whole thing but clearly I lost value. I started law school about a month later and just ran out of time. I should have just taken him to small claims court.

 

[KingBlack]

You will have to have a DV expert write out a statement to assist you. where in ga are you? look up the DV claim in muscogee county (columbus) and make sure they don't try to pull that wool over your eyes.

 

[KingBlack]

Almost forgot, the laws differ by state but as a rule of thumb, you cant cause the damage then claim DV. the fault must be someone else (in most cases)

 

[KingBlack]

I was in an accident on Friday. I am supposed to be getting estimates this week, wreck wasn't too awful bad but has a good bit of suspension damage. Myself, and the person at fault are State Farm policy holders. Has anyone been successful in getting a DV check? This on my carfax has to effect my trade in and resale value.

Do I speak with State Farm about it while the car is in the shop or do I wait until after its finished until I bring it up to them?

I didnt mention to the shop, they have no say in it to be honest. at this point, i would look into medical treatment - even if you think you're okay, take your ass to a doctor. the DV stuff is way down the road

 

[OhIIICobra]

I was in an accident on Friday. I am supposed to be getting estimates this week, wreck wasn't too awful bad but has a good bit of suspension damage. Myself, and the person at fault are State Farm policy holders. Has anyone been successful in getting a DV check? This on my carfax has to effect my trade in and resale value.

Do I speak with State Farm about it while the car is in the shop or do I wait until after its finished until I bring it up to them?

Yes. The ease of obtaining it or the fight to win it varies by state of residency. I believe GA is an automatic DV state, so it will be relatively easy for you. I had to fight for it in Texas and still got it, but it was a drawn out PITA.

 

[weems]

So should I have the car repaired before I mention it to State Farm, or go ahead and make them aware that I will be expecting DV?

 

[OhIIICobra]

So should I have the car repaired before I mention it to State Farm, or go ahead and make them aware that I will be expecting DV?

I would let them know that's your expectation up front so you can get in the fight early if need be.

 

[Stang Lover]

Never heard of this. Subscribing.

 

[OhIIICobra]

Here is an example of my letter to claim DV in Texas:

I’ve completed the vehicle history report you requested and had it notarized. My new 2011 Mustang was purchased from (Dealer) on DD/MM/YY for $XXXXX. It was rear-ended on DD/MM/YY with XXXX miles on the odometer by Mr. XXXX causing over $XXXX in damages. Prior to the damage my vehicle was in excellent factory condition with no defects.

My pre-accident blue book value was XXXX. Due to the damage caused by your client, the extent of repairs, and the now tarnished accident history, my vehicle received $XXXX upon trade-in to XXXX (Dealer). See attached buyer’s orders (2011 Mustang initial purchase vs. trade value on DD/MM/YY) for proof of actual market loss concerning claim number XXXXX. I am fully prepared to file a small claims suit against Mr. XXXX to recover my diminished value loss of $XXXX if Farmers is unable to reach this settlement with me.


(NOTE: You can substitute appraisal info where mine contained trade info. I traded mine while the claim was still open because it had a laundry list of defects post-repair below that they wanted to stick me with.)

My wife's 2011 v-6 "light" rear end collision with $6,500 in damage.

My post OEM car back to perfect repair consisted of:

-Missing OEM FOMOCO vin decal by driver door.
-Missing tire decal
-Interior left side seat trim panel missing fasteners / panel alignment off by 1/2"
-Gouged left rear window with tool marks
-Gouged left rear window panel
-Gouged rear window tint
-Non OEM muffler alignment jigs left welded on both mufflers
-1/4" x 4' OEM rear window bottom exterior seal missing due to clearance issues post repair
-2 interior trunk trim panels not staying affixed sue to tolerance issues
-Left side trunk 1/4" gap above left side tail lens
-Contact between rear glass and deck lid
-Rear bumper cover not aligned with either rear quarter panel
-Rear deck lid not aligned with left rear quarter panel (1/4" gap)
-Top left of rear deck lid scratched with tool marks
-Scratch on middle rear bumper cover
-Fuel filler housing loose


DO NOT close out the claim with the other insurance company until you are 100% satisfied with repair and DV payment. Basically mine went from excellent to fair and was easy to prove via documented trade through the manufacturer.

Keep in mind that my insurance, the body shop and his insurance told me there is no way in hell I would ever be paid a cent in DV in Texas before doing all of this and that my car was as good as new with all the above defects.

 

[KingBlack]

So should I have the car repaired before I mention it to State Farm, or go ahead and make them aware that I will be expecting DV?

I would let them know that's your expectation up front so you can get in the fight early if need be.

No.

When i negotiated a settlement, State Farm and myself went back and forth over lost wages, pain and suffering and I also included ANY expense I incurred due to the accident (mileage to drive to the dmv, dmv fees, mileage to anywhere related to an activity I had to do for the sole purpose of getting my car fixed or going to the doctor.) the pain and suffering formula rule of thumb is med expense x 2 if it is something you can totally heal from. the multiplier is higher if it is a more significant injury.

The reason you don't want to mention it now (and why i didnt) is because at some point, both sides need to settle. things like wages, mileage...things with a receipt or fixed value are cut and dry. but the pain and suffering, not so much.

We came to a settlement amount that i was happy with, THEN I mentioned DV. the adjuster got silent and said there is no such thing. My next words were that I was ending the call, and have an attorney contact her, as I knew the state of SC honors and enforce DV claims so long as I didnt cause the accident and got my car repaired. I hung up, and got a call back within 10 mins. At this point, we negotiated and settled on an amount SEPARATE from the amount that we agreed on for pain and suffering/wages etc. Had I mentioned it all up front, they would have put everything in one pot up front, and I'm sure I'd walk away with less. I settled for $1500 more than I was looking for.

 

[weems]

So I can safely wait until my car is fixed before I mention it to them? I just don't want to wait until its 'too late'

 

[KingBlack]

So I can safely wait until my car is fixed before I mention it to them? I just don't want to wait until its 'too late'

absolutely. honestly, nothing can happen until its fixed and you're cleared from the doctor anyways. The accident already happened, that aspect isnt going anywhere. worry about the medical first, as it is time sensitive.

 

[weems]

.

 

[KingBlack]

KingBlack, you are so awesome

http://www.all-about-car-accidents....s/common-symptoms-car-accident-injuries-appea

 

[OhIIICobra]

OP, this explains it for your state:

[video=youtube;paCo-jTFt9E]https://www.youtube.com/watch?v=paCo-jTFt9E[/video]

Like he said, a lot is common sense and doing your homework. I don't see any harm in asking them about it sooner vs. later, it isn't a secret in the insurance industry. IMO his points on the subject can be applied regardless of state particularly getting written estimates on value from local dealers, etc.

 

[OhIIICobra]

So I can safely wait until my car is fixed before I mention it to them? I just don't want to wait until its 'too late'

No harm in getting the ball rolling with letting them know it is your expectation, (e.g. don't expect to screw me over). Obviously you won't have a dollar figure until after it is fixed and appraised by a third party. Cover your ass.

 

[thomas91169]

Good luck. Unless your car is brand new low low mileage that cost $$$ that stands to lose value from a fender bender on the carfax, you won't get anywhere.