Diminished value claim - Lightning Forum | LightningRodder.com
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post #1 of 10 (permalink) Old 10-16-2017, 04:49 PM Thread Starter
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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.
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post #2 of 10 (permalink) Old 10-16-2017, 05:26 PM
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I have no idea, BUT I'm subscribing for the info

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post #3 of 10 (permalink) Old 10-16-2017, 06:36 PM
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Last year i was rear ended and thought nothing major had happened to my truck. I did go to the ER to get checked out. I think you should go visit a doctor and then call a lawyer so the the insurance pay all damages because they will try to give you a small amount. My truck didnt look bad but at the end it was found with a bent frame and was totaled. I was paid for the truck and the lawyer was able to get me some money to pay other expenses like the ER and chiropractor and extra money for me.
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post #4 of 10 (permalink) Old 10-16-2017, 06:41 PM
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When I was in Alabama, with my 6 days old car, I was struck broadside by a teenage girl who was talking on her phone. I filed the claim with USAA. the car was repaired and USAA filed the diminished value claim for me and I received $1900.


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post #5 of 10 (permalink) Old 10-16-2017, 08:01 PM
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I'm in NYC, my wife's car was hit and I settled directly with the other insurance company. Nothing ever appeared on the carfax reports.
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post #6 of 10 (permalink) Old 10-17-2017, 09:47 AM Thread Starter
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Quote:
Originally Posted by XBMX View Post
I'm in NYC, my wife's car was hit and I settled directly with the other insurance company. Nothing ever appeared on the carfax reports.
Hmmm... I would like to think that I could keep this off the Carfax report. But in full disclosure, I will keep the records and pass them along to a new buyer.

I may end up doing some hybrid kind of repair, buy the parts and install them myself, do a paintless dent removal repair on the tailgate, then have a shop do any paint work that's needed. But I'm still going to pursue the Diminished Value claim, in some way or another. Maybe I'll let my insurance company do the heavy lifting.

Thanks to everyone for the posts and PMs!

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post #7 of 10 (permalink) Old 10-17-2017, 04:06 PM
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darn hit 3 times

I've never heard of this diminished value claim I guess I screwed up

truck was always repaired perfectly so I was pleased

so me and my truck have an arrest record


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post #8 of 10 (permalink) Old 10-17-2017, 06:11 PM Thread Starter
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Don, sorry to hear about all those mishaps. I guess if you drive 'em, stuff is going to happen

Yeah, I think one good thing that comes from these 'problems' is the sharing of information like this. I hope it's useful to someone. Though the way it's looking, I won't be making a claim for diminished value in this case. I was told today that the damage has to be over 20% of the value of the vehicle, and (I guess fortunately) mine doesn't qualify.

Further, I got a good look up under the vehicle today. The bumper is bolted to a big heavy brace that then bolts to two 90-degree tabs, one on each of the frame ends. Beyond the bumper and the support (which are replaceable), the tabs on the end of the frame got bent back slightly, but that's it; no body damage. I think I can straighten them and bolt a new or replacement bumper assembly in place. I'm a little concerned about getting it aligned properly, but I think I'll take my chances. If I do the work myself, I can have a little residual money left over; if I take it to a shop, they will almost certainly use all the estimate money, maybe more - and there won't be residual.

OK, thanks again, guys, for the support and ideas, and glad there was helpful info for an owner or two in my questions!

Fortunately I haven't had an accident in a long time, so I'm behind on the procedures. Apparently the body shops mostly work on a do-it-all or do nothing basis now, it sounds like. The insurance company writes an initial estimate, and issues that check to the owner. Then if there's any additional damage that's discovered during disassembly, the insurer sends a supplement check straight to the body shop. I am already missing the good old days where you got 2-3 independent estimates and negotiated a settlement with the insurance company. The good news is they are 'Johnny on the spot' with this, and wanting to 'settle' quickly.

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
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post #9 of 10 (permalink) Old 10-17-2017, 08:26 PM
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not sure what happened to my original post. I'd get the frame checked out to makre sure it's not bent and keep the documentation of that in case you ever do sell the truck. nobody ever wants. I thought about it, but after selling my 93 cobra and it getting totaled after I sold it, I know I'd regret selling my L after all I've gone through with it.
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post #10 of 10 (permalink) Old 10-19-2017, 11:31 PM
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I used to work I'm insurance as an adjuster. After the final repair amount is determined and your truck is repaired then you will have to file a deminished value claim against the insurance company. Best way to do it is to take truck to a dealer after the accident and say that you were in an accident, here are the repairs completed, how much less would you give me for the truck now after the accident on trade.
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