Diminished value claim
This may not be the exact forum for this, but it may get the most response here, so here goes...
I was involved in a collision yesterday in my 2004 Lightning, a lady (who was clearly NOT looking at the highway) hit me from behind. It was clearly her fault. The damage seems to be limited to the rear bumper and the rear frame support brackets, and a couple of small dents to the tailgate. My insurance company recommended that I file a third-party claim with the other driver's insurance company, which I've done. I met with an adjuster from her insurer, he gave me a repair estimate, and he is going to send me a check in a few days. It seems like a low estimate, but apparently if the shop that does the repair finds any hidden damage, the insurance company will pay that extra amount directly to the shop. And my insurance company told me that if for any reason I donít get resolution with the other driverís company, they will pick up the case and advocate for me.
The truck can probably be repaired to pre-accident condition, overall, though there will be some paint and body work on the tailgate. My main concern is re-sale value. Like many of you, when I bought the truck I searched far and wide to find a vehicle with a clear Carfax record; now I have one with a big red flag on its report. I made my concerns about lost resale value clearly to the claims rep and to the adjuster. While they listened, and the adjuster seemed to relate to my situation, they both nevertheless gave vague answers to my concerns about how they could compensate me for the diminished resale value of the vehicle.
SO after looking further into the situation, it turns out that this is a case where I might have to file a diminished value claim. Apparently there are companies that will represent you, and they have a record of around 70% positive outcomes, but for a fee; or you can file yourself, which includes all kinds of appraisals and justifications, and which will be a fight. Or you can file in court, and pay a lawyer most of your award. Any way you slice it, the third-party insurer is not in the business of paying out on these types of claims.
Has anyone had to go through this process? Any tips or advice to offer? Just try to get the work done for the minimum (or do some of it myself) and consider any residual to be my diminished resale value slush fund?
Thanks in advance for any recommendations or experience in this area.
2004 Red Lightning, Gibson shorty headers, JLP shackles, 2000 rear leafs, custom console
1987 BMW 535is, owned since 91, long list of upgrades, lots of Road Course time, now a fun DD