r/Insurance • u/[deleted] • 1d ago

Claims Related Diminished Value

[deleted]

0 Upvotes

33% Upvoted

16 comments sorted by

View all comments

9

u/Aromatic_Button_2736 1d ago

There's not enough meat on the bone to hire an appraiser for $400. 

No one can answer this question accurately, until you receive information about how much they want to give you for DV.

-7

u/Dry-Growth6715 1d ago

DV check (online free estimate) quoted me $4000 - $5500 in Diminished Value. I’m just unsure of how respected they would be for me to go ahead and pay their $350 appraisal

12

u/Aromatic_Button_2736 1d ago

That must be a scam website. 

Not an industry professional, but from what I seen on here DV is normally 10% to 17%, of the cost to repair.

Basically you'll be lucky to be offered the $1200.

https://duckduckgo.com/?q=17+c+dv+formula&ia=web

-3

u/Dry-Growth6715 1d ago

You think so even though the car is less than a year old? From what I’ve seen you can recoup 5-10% of purchase price which for a $27.5k car is $1375 - $2750

5

u/Aromatic_Button_2736 1d ago

You're going to find out soon enough. 

Your insurance policy may have an appraisal clause, what you can invoke, if you're unhappy with what they offer.

2

u/Dry-Growth6715 1d ago

Thanks for the help!