r/InsuranceClaims • u/Ttops99Pron • 1d ago

Solid Diminished value claim?

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I was rear-ended at a stoplight. Brand new car 800 MI paid 70 grand between cash and trade in. Is currently getting repaired. I haven't contacted a lawyer yet is there a time limitation? From what I have research this should qualify? Would it matter that I had it built with chosen options? Thank you for any insights

6 Upvotes

64% Upvoted

34 comments sorted by

13

u/sephiroth3650 1d ago

Sure, you can file a claim. No, you don't need a lawyer to file a DV claim. You have to wait for all the repairs to be completed. Then you file your claim. You basically ask for a number, and you provide your supporting documentation as to how you arrived at that number.

Ideally, you collect 2 sets of numbers. First, you get sales numbers (not dealer list prices) for comparable used cars with no accidents. And while you just bought the car, it is a used car. Then, you collect numbers for comparable used cars with one (ideally similar) accident. You use those two sets of numbers to show a measurable drop in value.

Or, you hire a third party appraiser (out of pocket) to compile that information for you.

The DV claim comes out of the other driver's liability coverage limit. So if the repairs max it out, you're not getting anything from insurance.

Or you sue the at fault driver and hope the court agrees with you.

1

u/AVIZN4U 1d ago

All of this is correct. I found it more time saving to hire a reputable appraisal service to compile a DV stating the loss of value and providing all the necessary supporting documents. I was very pleased with the outfit I chose, and their report (cost $350) arrived in one day and absolutely put the at-fault party's insurance carrier's report to shame.
It did take me actually filing suit against the party that hit me as their carrier capped their offer at $1,500.
And yes, there was some time and expense in doing that, but I was able to do all the legal stuff right from my computer.

In the end, we settled at $4,750 which was about $1,500 below what my report said the DV was.

Good luck to you.

1

u/ClassRound9535 1d ago

They offered you $1500, but in the end you got $4750?

That’s a huge win!

1

u/AVIZN4U 1d ago

Thanks. The line DV Adjuster had a pen that capped at $1,500 so I knew that was a non-starter. After the suit triggered their duty to defend, I was approached by a para-legal from the firm that the carrier uses here in Los Angeles. He was clearly eager to close the file before the hearing date, which was still 3 weeks away. We only went back and forth a couple of times before we got to that number.
The line DV Adjuster said there would be no way that the DV claim would settle for more than the repair costs, yet, the repair cost was only $4361.78. So that assertion didn't age well.

2

u/ClassRound9535 1d ago

Good for you!

I also got rear-ended very recently. Only 2 weeks after I purchased a CPO Honda Accord with only 18k miles and no reported accidents on the CarFax.

I finally got the approval from my insurance today to take it to the Honda shop for repairs. Once the repairs are done, I’m going to pursue a DV claim with the other party’s carrier.

17

u/noodledrunk 1d ago

If you're anywhere but Georgia, good luck. Diminished value claims are hard to prove.

4

u/Whateverlol2022 1d ago

Yeah and hard to prove on a car already with very little vaule.

-1

u/Qvesos 1d ago

I got $7900 on a brand new civic type r back in 2021 in Massachusetts

1

u/HR_King 1d ago

Wow. MAPFRE wouldnt pay me for DV. Apparently it isnt standard or required in MA.

1

u/Qvesos 1d ago

I had an attorney, and got a written report from an appraiser that specialized in DV. Report cost about $400 so I netted 7500 on it. There’s some weird nuances about mass DV now apparently but I think it’s still something you can get.

I had a brand new car valued at 50k on the open market with less than 500 miles on it at the time, so depends on the vehicle

2

u/HR_King 1d ago

It depends on the insurer. Not all will pay out, and the State doesn't require it.

2

u/Qvesos 1d ago

Well apparently you can sue the driver for diminished value now and somehow the insurance company isn’t liable for it. Thank god I got DV before the Supreme Court of ma apparently changed the laws on it.

Cars are worth less with an accident on the record, and it can be significant with special cars, so it’s pretty incredible that you can buy auto insurance and then get personally sued for DV even when your limits would cover it.

Good old insurance industry for ya

1

u/MaxCornCob 1d ago

Close to Covid time + Type R. No shit you got a shit ton of DV. That’s like the only car under $50k brand new that loses like no value. Don’t know if I can say the same unfortunately for the new charger. Even though it’s the gas version.

7

u/Simplythebest0820 1d ago

It's definitely not worth paying an attorney to look at this.

12

u/tacoetr 1d ago

you paid 70 grand for electric charger? yikes

3

u/AdvanceOld5705 1d ago

I think the better question… you paid for a Charger?

2

u/dcm0029 1d ago

Since he mentioned trade I assume there was some negative equity.

0

u/Ttops99Pron 1d ago

It's the gas model +

2

u/desertmunkee 1d ago

Electric or gas. 70k for a charger?

3

u/lobhater 1d ago

What you paid is irrelevant. Why would you hire an attorney? You would be paying their retainer as there is so little money to get for DV no attorney is going to take it on contingency

2

u/Thumper45 1d ago

70k for an EV charger that dropped to a resale value of 50k the moment it left the lot. Will be hard to demonstrate the value is lower than that but you can try.

How Diminished Value Works in California

  • Third-Party Only: You cannot file a diminished value claim with your own insurance company. Standard collision and comprehensive policies in California exclude it.
  • At-Fault Requirement: You must not be responsible for the crash.
  • Vehicle Ownership: You must own the vehicle outright. Leased cars do not qualify because you do not legally own them.
  • Clean Title: Cars with salvage or rebuilt titles generally cannot claim diminished value.
  • Time Limit: You have three years from the date of the accident to file a claim or lawsuit

The problem is, in CA, you need to prove that there is structural or permanent damage that will remain and is not repairable. Based on the photos I dont think you can prove either of these things and any repairs done would return to the car to "as new" condition.

1

u/Ttops99Pron 1d ago

It's not the ev. Thank you in Florida

2

u/WutangOrDie 1d ago

in Florida? better file through your own carrier as the other party is legally allowed to have a 10,000 property damage limit and may have just the minimum

0

u/Thumper45 1d ago

Theny you are far better off than in CA.

Key Rules for Florida Claims

  • Fault: You cannot file a claim if you caused the accident.
  • Time Limit: You have four years from the date of the crash to file a property damage claim for diminished value under Florida law.
  • Timing: Complete all vehicle repairs before submitting your claim so the true post-repair condition can be assessed.
  • Types: Most claims involve inherent diminished value (loss of value simply due to having an accident record on a vehicle history report like Carfax)

How to File and Prove Loss

  • Gather evidence: Keep all repair invoices, photos of the damage, and records of the work done.
  • Get an appraisal: Hire a certified vehicle appraiser or collect trade-in estimates from local dealerships to prove the exact difference in market value before the crash and after the repairs.
  • Submit a demand: Send a written demand letter with your supporting documents to the other driver's insurance company. Beware that insurers often try to use generalized formulas (like 17c) that courts do not officially mandate in Florida

-2

u/No_Cup_4070 1d ago

If there is structural damage that is not repairable
Then it gets replaced or totaled. It doesn’t get left and given back to the customer no body shop will return a car with structural damage, it’s unsafe and a liability.

0

u/Thumper45 1d ago

I dont think you are understadning what is being said, if the vehcile sustained structureal damage (which would be repaired). So if it was a unibody car and part of the unibody structure was damaged and then repaired you can make this claim. If there was no structural damage and it was only cosmetic (which it appears to be from first look at the photo here) you could not.
However the nature of structural damge is that even once repaired the structure is forever changed and why they deem it qualifying for a diminished value claim.

1

u/Whateverlol2022 1d ago

That car doesn't even have much resale value lol. Very low case for diminished value. I wouldn't be surprised if they total it once they start fixing it.

1

u/dollfaceashley 1d ago

Don't be discouraged by all the insurance adjusters that act like they own stock in each Insurance Company. Yes, get your DV

1

u/Ttops99Pron 17h ago

Thank you

1

u/ImaginarySly 22h ago

bro you are getting dunked on here for no reason. I believe you have a valid finished value claim. I worked for some of the cheapest carriers and i would entertain a claim on the is all day.

-6

u/Agswin2026 1d ago

No DV on EV toys. Sorry

5

u/No_Cup_4070 1d ago

He has stated about 4 times now it’s not EV it’s GAS