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So my 2017 Genesis G80 was rear ended. (30 days after I bought it!) It has 18K miles on it. Guy has progressive. They are working on it now. $4,200 worth the damage. I told them I wanted to do a Diminished value claim. What should I know about getting the most out of these guys? Train how you intend to Fight Remember - Training is not sparring. Sparring is not fighting. Fighting is not combat. | ||
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Member |
My insurance company told me I could make that claim when I sell or trade my vehicle. The dealership told me they could give me a diminished value estimate. Have not pursued it since I am keeping the vehicle for the foreseeable future. Your insurance may do it differently. CMSGT USAF (Retired) Chief of Police (Retired) | |||
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There was a discussion back in Dec. https://sigforum.com/eve/forums...390073154#6390073154 "I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared." Thomas Jefferson | |||
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There's a formula in Georgia they will likely use. Pretty straight forward. I would expect something around $1000. If you really want to maximize your claim, you'll have to come out of pocket for an appraiser to come and inspect the vehicle after repairs and do a report. Make sure he follows uspap standards and has been successful in court. The cost to that will be probably $600 and likely won't be reimbursed by the insurance company. Not really worth it in this scenario. Remember that diminished value is the diminished retail value of the vehicle, not to cover the dealer trying to screw you on the trade. | |||
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| Savor the limelight |
The guy that ran a stop sign and plowed into my 6 month old truck with 6,500 miles on it only had $25,000 of coverage which was just enough to cover repairs to my truck and a rental for 2 months while my truck was repaired. There was nothing left for me to make a diminished value claim. The entire frame was replaced. I've got great pictures of my cab on a lift, my engine and transmission sitting in a corner, my bed sitting outside loaded with boxes of parts, and my new frame as rolling chassis as the mechanic was bolting the parts on. Despite what the other thread said about if your vehicle was fixed with oem parts and brought back to pre-accident condition, I can guarantee the extent of the repairs to my truck have caused it to lose value. Given two 8 month (took 2 months for the repair) old trucks with 6,500 miles, one has had $21,000 of repairs and one hasn't, which would you buy? | |||
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| Member |
Progressive told me that they would send out a 3rd party appraiser after the repair work was done. I guess I'll have to review the assessment and see what they say. Train how you intend to Fight Remember - Training is not sparring. Sparring is not fighting. Fighting is not combat. | |||
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| Member |
Sure but a $2100 bumper hit and a $21000 frame replacement are two hugely different scenarios. If you have underinsured coverage on your policy, you could have probably made a claim for it. You can still take the driver to court for the diminished value. Just becausentheresnno coverage left doesn't mean you aren't owed compensation. | |||
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Res ipsa loquitur |
How friendly is your dealer? They should know the value of the car better than anyone. __________________________ | |||
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| Savor the limelight |
Yes, there is a difference and for a minor fender bender, there probably isn't much diminished value. I have under insured coverage, but was told my insurance company that it only covered repairs and any diminished value claim would be the responsibility of the other company or the guy that hir me. Yes, I could have taken him to court. I decided not to based on how the guy looked, the vehicle he was driving, and the fact he only had $25k in property damage coverage in the first place. | |||
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Sadly this is incorrect. Dealers see an accident history and immediately give you wholesale value for it. Then they will keep it on th loss for a little bit too try and squeeze full retail out of it or send it to the wholesale auction. You'll never find a car at a franchise dealer that's been hit that has any type of actual steep discount. They'll tell you their techs inspected it and determined all the repairs were done right and it's still worth full retail. | |||
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| Eschew Obfuscation |
For what it's worth, my wife's 2012 Highlander got rear-ended by a guy who had Progressive. I talked about making a diminished value claim with a friend who's an insurance agent and she told me she thought it'd be a non-starter. Progressive was great to deal with. I got the Highlander fixed by my shop, and they paid for physical therapy at my chiropractor without much pushback. Since the important things were handled without any argument, I elected not to bring up the diminished value issue. _____________________________________________________________________ “One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.” – Thomas Sowell | |||
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Member |
Your car has enough damage that you’re entitled to money for diminished value. It is a loss so insurance is required to pay it in most states. I go into detail about what to do in the other thread that is linked. Some people choose to not go after money that is owed to them, and that is fine. ——————————————— The fool hath said in his heart, There is no God. Psalm 14:1 | |||
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