Diminished Value

Some of you may remember my accident in late February. It's finally been determined that the accident was 100% the other drivers fault. So now I want to get compensated for diminished value of the car. It's all *very* subjective, but it's obvious that the car will be worth *something* less than it would be if it wasn't in an accident.

Has anyone had experience with a DV claim and can share their experience on documentation, appraisal, how much, etc?

Thanks.

Make sure you fight for DV it is your right! I am in large commercial insurance and had an incident is my Ferrari 360 challenge stradale. I was slightly rear ended. Rear bumper some bumper paint and a tail light nothing more. In the Ferrari world this car is now virtually un-sellable.

I had Ferrari of NA write me a letter telling me in their experience the diminished value was $20k-$30k. I also had my local Ferrari dealer do the same thing and an independant local Lamborghini dealer do the same for me. I got $28k in deminished value for the car due to the back up experts proof I submitted.

All I can say is get as much proof of DV as you can and do not settle with them until you get what you feel is right??? If they try to push you to settle tell them your "neck is srarting to hurt"! LOL

Good Luck

Do you have time to talk via phone? I'll PM you with my number (or vice-versa)?

Originally Posted by TopDownInFL

Do you have time to talk via phone? I'll PM you with my number (or vice-versa)?

Sure PM me your name and # and I will try to call you tomorrow

Quick update - After I presented my appraisals (two from colleagues of Mike (White Drop Top) and one of my own, I was able to get $4000 (which I consider fair) from State Farm. Sucks to be in an accident, but would be even worse to take another hit in 2 years because of it when I go to trade the car in.

Nice, good work.

Glad to help! Alot of people just settle and do not understand their right to be made whole. Good work

Nick, very good work and good result! You might pull a carfax report in a few months to see if/how the accident info gets reflected (sometimes there are mistakes...)

Good job! Now you have to buy $4K worth of gold (to beat the inflation) and cash it out when buying a new car in 2 years.

Originally Posted by petros2r

Good job! Now you have to buy $4K worth of gold (to beat the inflation) and cash it out when buying a new car in 2 years.

This is the smartest comment posted in a while!

By me or in general? LOL

I was coming in my neighborhood yesterday, & the guard gate came down on my car. It only put a small 1/2" scratch in my hood ( to the metal ), but the guards called the cops to document the incident. This will surely cause me a CARFAX do to the report. The hood will have to be touched up, then cleared. Does anyone know how to estimate the diminished value, that I should receive. This is the 2nd time in one week this guard gate has attacked a car!

Thanks!

Try http://www.autoappraisalnetwork.com/

Thanks for the info!

Quite welcome!

Originally Posted by HerbP

I was coming in my neighborhood yesterday, & the guard gate came down on my car. It only put a small 1/2" scratch in my hood ( to the metal ), but the guards called the cops to document the incident. This will surely cause me a CARFAX do to the report. The hood will have to be touched up, then cleared. Does anyone know how to estimate the diminished value, that I should receive. This is the 2nd time in one week this guard gate has attacked a car!

Thanks!

Just my 2-cents, but a gate causing just a paint scratch (even one to the metal) on the hood probably won't amount to terribly much "diminished value" if any at all. A pain in the butt that it happened though.

Originally Posted by Leslierc

Just my 2-cents, but a gate causing just a paint scratch (even one to the metal) on the hood probably won't amount to terribly much "diminished value" if any at all. A pain in the butt that it happened though.

Agreed. On these cars DV would really only be if there was accident damage from a collision. Painted work for rock chips, scracthes, being keyed etc should not cause DV. I would take pictures and document the before, during and after repair. That way you can prove to the next owner that is was just a scratch.

I have already taken pics, for future reference. I am worried that the police report might trigger a CARFAX, causing a loss of value. CARFAX's just scare people away, they just aren't specific on the amount of damage.

Thanks

Originally Posted by HerbP

I have already taken pics, for future reference. I am worried that the police report might trigger a CARFAX, causing a loss of value. CARFAX's just scare people away, they just aren't specific on the amount of damage.

Thanks

I am not sure but I think only dealers and repair shops can update carfax?? Could be wrong

Originally Posted by TopDownInFL

Some of you may remember my accident in late February. It's finally been determined that the accident was 100% the other drivers fault. So now I want to get compensated for diminished value of the car. It's all *very* subjective, but it's obvious that the car will be worth *something* less than it would be if it wasn't in an accident.

Has anyone had experience with a DV claim and can share their experience on documentation, appraisal, how much, etc?

Thanks.

Originally Posted by White Drop Top

Glad to help! Alot of people just settle and do not understand their right to be made whole. Good work

Thanks to the two of you for educating the rest of us that this is even a possibility. I had no idea and in 26 years of car ownership never even broached the subject with my insurance carrier.

Originally Posted by tampamark

Thanks to the two of you for educating the rest of us that this is even a possibility. I had no idea and in 26 years of car ownership never even broached the subject with my insurance carrier.

Well don't feel bad I never thought about it either! It was only thru Ferrari ownership that I realized any storied car was the kiss of death for resale and so then educated myself on the subject to not make a big $$$ mistake.