Diminished Value?

[Junior00]

Last time I'm going to answer this. Per the 1999 GA SC decision in Mabry vs. State Farm, since late 2001 insurance companies operating in the state of Georgia are REQUIRED to pay diminished value on your vehicle...PERIOD. To receive an accurate and fair DV valuation, I would suggest you have it looked at with no less than 2 other appraisers so you have a honest baseline should the SF amount come in too low. In my case, they were within ~$175-225 of my other valuations so I took the money and ran as it was reasonable.

 

[CobraBob]

I found this excellent 'Diminished Value Q&As' which I thought was really good. Here's the link. Very worthwhile reading. Diminished Value FAQs

 

[DiZzyBonne]

I also need to file a diminished claim. Who do I report it to, my insurance company or the one who hit me? I haven't been able to figure it out online, so I figured this is the perfect thread to ask.

The story goes, my car was rear ended, and I'm 0% liable, the other person is 100% liable. His insurance only covers $5,000 for property damages, and my car costs $6,500 to repair. I didn't want to fork out $1,500 out of my pocket for something that wasn't my fault, so I called my insurance, and they're going to pay out the $6,500, I don't have to pay any deductible, and they're going to collect the $5,000 from the other insurance company. In this scenario, should I file it with their insurance company, or mine? I figure if I go through his insurance company, they're just going to say no because they're already capped out at their max payout amount, which is $5,000. I also feel that maybe my insurance company won't payout, because this is something I have to do through the other person's insurance. And lastly, the person who hit me is some 22 year old kid who goes to college and works at a grocery store, so there's no way in hell he can afford whatever the diminished value amount is.

Can anybody help me out?

Thanks!

 

[jcthorne]

Get with the adjuster for your own insurance company. You are already using your uninsured motorist coverage. THe diminished value portion goes the same place as part of the same claim.

 

[thomas91169]

OP did you get anything?

 

[RedRocketMike]

For me getting paid by State Farm (for just regular damage caused by another driver) was like getting blood from a rock. OP if they won't pay tell them you will take the other driver to small claims court for the diminished value. Really go through with it if needed. They will be obligated to represent the other driver, they will most likely have a pay a local lawyer to do this and right before the hearing they will probably pay out. They will send you to the lawyers office and he will try to haggle with you. I mother****ed him in the busy waiting area and refused to go into his office, got a check immediately.

 

[traktrbeam]

Good info

 

[weems]

State Farm tried to send me a check for $150. I guess some people are dumb enough to cash it, as it had no documentation with it except a case number. I am waiting on my car to be fixed before I go any further. I am still in a rental and my Edge has over 10k worth of damages done.

 

[DiZzyBonne]

Get with the adjuster for your own insurance company. You are already using your uninsured motorist coverage. THe diminished value portion goes the same place as part of the same claim.

I don't have uninsured motorist, I only have comprehensive, collision, and liability. I need to add uninsured and rental car coverage ASAP. Do you think I'm still good to continue with my diminished value claim with my insurance?

 

[_Snake_]

I worked with Barrett Smith from Auto Damage Experts. Took all the stress and guess work out of the DV claim (for a fee, of course). Highly recommend him and ADE.

http://www.autodamageexperts.com

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