Got rear-ended. Appraiser for diminished value?
- Thread starter gray
- Start date
What are you talking about? Diminished value is a given these days if you are not at fault. If someone hits you and they are found to be at fault, you are entitled to diminished value from them and their insurance company. The amount is usually set by that insurance company. I'd call his insurance to get the value.
If you're not at-fault, you can go after the at-fault party for all damages you've incurred. This includes repairing your vehicle and any other property that was damaged, and reimbursing you for the diminished value of your car due to the accident.
When working with their insurance company, you'll want to make the claim of diminished value. You'll need to put together a valuation case for you car showing the loss of value. When I went through this, I was told that receiving written estimates from used car buyers/brokers (check with Tesla). It's not easy, but worth it with a Tesla as I believe that you'll have higher than normal diminished value as there is a smaller market of used Tesla buyers and any stigma of new technology being repaired. (this may be somewhat true, but use it anyways
)
If the insurance company wont budge when you talk with them, file suit and then the insurance company will give you more attention and likely to settle instead of incurring more legal costs.
Whatever you do, good luck and keep us updated.
When working with their insurance company, you'll want to make the claim of diminished value. You'll need to put together a valuation case for you car showing the loss of value. When I went through this, I was told that receiving written estimates from used car buyers/brokers (check with Tesla). It's not easy, but worth it with a Tesla as I believe that you'll have higher than normal diminished value as there is a smaller market of used Tesla buyers and any stigma of new technology being repaired. (this may be somewhat true, but use it anyways
)If the insurance company wont budge when you talk with them, file suit and then the insurance company will give you more attention and likely to settle instead of incurring more legal costs.
Whatever you do, good luck and keep us updated.
I think its a state by state law. I don't think IL is one of those states.
I think Ryan tried this in IL with his Vette and was told the same as I was with my Hail.
Read these three posts:
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1674.html#post3163687
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1674.html#post3163725
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1679.html#post3164635
Hopefully he chimes in...
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1674.html#post3163687
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1674.html#post3163725
http://www.thechicagogarage.com/forum/off-topic/144818-official-bored-thread-1679.html#post3164635
Hopefully he chimes in...
I had to have a Ford dealer appraise the truck. I got 2 appraisals from different dealers. Submitted them to the at-fault party's insurance. They cut me a check for the difference between "book value" and the average of the two estimates as they came in below average for having an accident being brand new.
Das this ^^^ is why you couldnt get it. It has to be an accident where the other person is at fault. Then you claim DV through their insurance.
So here is my understanding - Note: I AM NOT A LAWYER AND THIS IS NOT LEGAL ADVICE. I'm partially writing this as an exercise in clarifying and organizing my own research.
I'm not sure what people mean by "there is no DV law in IL" because it's a property damage tort claim (where the tort system is expressly designed to make the injured party whole).
So there are first and third- party claims. A first-party claim is one on your own insurance - for diminished value, my reading suggests that this is only possible in Georgia. Third-party claims are ones on someone else's insurance (when the accident is not your fault) - in this case the insurance of the guy who hit me. because this is a third party claim, I qualify for diminished value (aka accelerated depreciation)
I'm expecting the Insurance company to try to deny the claim, and I figure I'll have to go to small-claims court. At this point I'm hoping for the best, but expecting the worst. I was told that the small-claims route is also not optimal in all states as some have quite a few judges who had careers in insurance.
I'm not sure what people mean by "there is no DV law in IL" because it's a property damage tort claim (where the tort system is expressly designed to make the injured party whole).
So there are first and third- party claims. A first-party claim is one on your own insurance - for diminished value, my reading suggests that this is only possible in Georgia. Third-party claims are ones on someone else's insurance (when the accident is not your fault) - in this case the insurance of the guy who hit me. because this is a third party claim, I qualify for diminished value (aka accelerated depreciation)
I'm expecting the Insurance company to try to deny the claim, and I figure I'll have to go to small-claims court. At this point I'm hoping for the best, but expecting the worst. I was told that the small-claims route is also not optimal in all states as some have quite a few judges who had careers in insurance.
I apparently have a note in my policy that 10% of repair costs are paid in addition to repair costs due to value reduction. But it was not considered "Diminished value", I will have to call them sometime and see exactly what it was called, it added $4 total to my policy a month
Shitty part, I didn't have this when the Dart was hit with Hail and missed out on about $1500 bones.
Shitty part, I didn't have this when the Dart was hit with Hail and missed out on about $1500 bones.
Thread Info
-
Created
-
19Replies
-
917Views
-
Participants list
