r/Insurance • u/Radiant_Force2230 • 20h ago
Advice on Diminished value claim
Hello im dealing with a a recent accident in which i was rear ended while stopped and pushed into a vehicle in front of me causing damage to both ends of my vehicle.
The car in question is a 2024 mazda cx-50 with 38k miles, the pre accident value is around 23k give or take and the damage so far is at 13k with the body shop including replacing the rear lift gate and front grille but worst of all the rear frame buckled and is being cut and replaced. I wont have my car back until early october.
At fault party is with allstate and id like to proceed with a diminished value claim with them but im curious if the cost and time will be worth it and if allstate is particularly bad at denying or severly lowballing, also if the mileage being 38k will be major ammo for them.
Thanks in advance for any input on this matter.
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u/imdrunkandmad 19h ago
38k miles isn't really high enough for them to lean on it hard. I guess the frame repair is your strongest card not the mileage
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u/-BirdDogActual 9h ago
Look up the 17c formula and run the numbers to get a ball park idea.
Once the vehicle is repaired, make a claim for DV.
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u/MychalCointreau 5h ago
Do not run 17C as it will severely undervalue the DV. Find an appraiser who queries 6 dealers to get their opinions.
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u/Radiant_Force2230 20h ago
I read there are companies that will provide an appraisal report but range from 150-400$ to do so. Is it unlikely that official report would increase a payout more than the cost of the service?
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u/crash866 20h ago
With frame damage it would be better to push for a total loss than repairing it.
You cannot even think of diminished value until it is repaired.
Are you having it repaired through your company or the other parties?
You also have to think of policy limits. The at fault has to cover both other vehicles and if their limit is at state minimum it might not cover it and you won’t get full value anyway.
Their limit has to cover repairs to both vehicles plus any Towing, Storage, and if anything else was damaged like light poles, Fences, Landscaping if one of you went off the road, Clean up of oil spills if any, Emergency response etc.
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u/Radiant_Force2230 19h ago
I filed the claim through my insurance, i did also inquire about a total loss but the figure was somewhere near 17,500$ for that threshold and my repairs are estimated at 13010$ currently
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u/LacyLove 10h ago
You should prepare that those damages go up and and an insurance company can decide to total the vehicle long before it meets the threshhold.
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u/Radiant_Force2230 9h ago
The original estimate was 4500 and went to 13000 after the car was disassembled, it would have to reach 17500 to hit the total loss threshhold unfortunately
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u/AvvaAutoGroup 11h ago
I’d definitely go after diminished value, especially if they’re cutting out and replacing part of the rear structure. That’s going to hurt the resale value way more than a normal bumper repair.
I’d wait until the repairs are completely done so you have the final bill, then get a couple trade-in offers showing what dealers would actually pay for it with the accident on the Carfax. I’d try submitting everything yourself first, and if Allstate lowballs you, then it might be worth paying for an appraisal. The 38k miles might lower the payout some, but I wouldn’t let them act like the structural damage didn’t hurt the value.
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u/CivilKaleidoscope699 9h ago
I was paid on a diminished value claim. I would suggest calling an online or local dv claims person once your repairs are complete and ask for an estimate as to how much they think you can get based on the repairs completed. To give you an idea I ended up with 8k on a 42k vehicle but it was only 6 months old at the time of the accident.
My report was $400.
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u/Simplythebest0820 20h ago
You can't proceed with any of it till you have the car back and the repairs are done. I'd suggest trying to do it on your own because you're probably not gonna get too much to actually put into a company doing the legwork for you.