Viper Diminished Value Claims

[russellesq]

Update:

Finally got the car repaired. Jim McHugh's shop here in South Florida did a great job putting the Viper back together. Bill Pemberton from Woodhouse Dodge was kind enough to take time out to help me with this claim. The first step was to get his expert opinion as the lost value in the Viper due to having an accident on its record. Bill gave me a written opinion on his dealer's stationary and now I will be submitting a demand package to the insurer for the party that crashed into me. This demand package will contain the original purchase invoice for the vehicle showing the amount paid, the repair invoices for the crash and Bill's opinion as to the diminished value. Next update will be the insurer's response.

 

[redlineviper]

This may not apply directly in this case, but it's something to think about. If your car isn't a daily driver, an agreed value ploicy is the way to go. Particularly now with the values dropping and a larger base of hammered cars that will only serve to lower values even more. As of late I've seen some really bad cars out on the streets, mostly rebuilt cars with washed titles being peddled by used car charlatans.

I agree but one thing to consider about agreed value policies is if the car is not stolen you will almost always end up keeping the car. Let's say you have a car typically worth 35k but have it insured for 60k. If you get in an accident causing 20k in damage you are well within to repair percentage with repmacement being 60. At 35k they would likely total the car and cut you a check.

 

[russellesq]

Final Update: Florida Diminished Value Claims

Received a $7,000.00 check from the other driver's insurance company for the diminished value plus my deductible. No lawsuit was required nor did I have to hire an expert or appraiser. There is hope for you all if something unfortunate like this should happen to you.

Do not give up your rights or eat all those damages! Being a lawyer, these claims now intrigue me as I am sure many people just do not know their rights or how to go about making such a claim. I already handle insurance claims so I am adding this to my law practice tool box. Here is an article explaining the same: Florida Diminished Value Claims and Lawyer

 

[TowDawg]

Glad to see you got it handled fairly. $7,000? Hmmm, just about enough for a Paxton. Anybody want to hit mine so I can throw I can through a blower on for
basically "free". I plan on keeping this car in the stable forever anyway, so the diminished value won't really hurt me.

 

[AZTVR]

Final Update: Florida Diminished Value Claims

Received a $7,000.00 check from the other driver's insurance company for the diminished value plus my deductible.

I was just wondering about the deductible? Did your insurance company pay for the repair, but the other insurance company paid for the diminished value plus your deductible? Is this a no-fault insurance kind of situation? I never have read about how that works, since I never encountered it in states that I have lived.

 

[johniew398]

Final Update: Florida Diminished Value Claims

Received a $7,000.00 check from the other driver's insurance company for the diminished value plus my deductible. No lawsuit was required nor did I have to hire an expert or appraiser. There is hope for you all if something unfortunate like this should happen to you.

Do not give up your rights or eat all those damages! Being a lawyer, these claims now intrigue me as I am sure many people just do not know their rights or how to go about making such a claim. I already handle insurance claims so I am adding this to my law practice tool box. Here is an article explaining the same: Florida Diminished Value Claims and Lawyer

Congrats on that and thanks for the information.

 

[russellesq]

Glad to see you got it handled fairly. $7,000? Hmmm, just about enough for a Paxton. Anybody want to hit mine so I can throw I can through a blower on for
basically "free". I plan on keeping this car in the stable forever anyway, so the diminished value won't really hurt me.

That certainly is one way of looking at it!

 

[russellesq]

I was just wondering about the deductible? Did your insurance company pay for the repair, but the other insurance company paid for the diminished value plus your deductible? Is this a no-fault insurance kind of situation? I never have read about how that works, since I never encountered it in states that I have lived.

I had my own insurance company do the repairs since I can control them better than the other side. There is no consequence to having my own insurance company run the repairs since I was not at fault. My insurance company sends this bill to the other guy's insurance anyways. Finally, the claim for diminished value must be made with the other guy's insurance since your own insurance company is not responsible for such losses, only the party at fault is. I chose to have them also pay my deductible back so everything could be handled together. I have no control over my own insurance company trying to get my deductible back, they are notorious for only getting their own piece of the pie which is why I went after the other insurance company directly for the deductible. The whole strategy that I used is to minimize loss and maintain control.

 

[mattdillon]

Give Jon B. at Partsrack a call or send him an email. He has helped others with diminished value claims.

How can you help undo whats already been done. In the end, its still been hit.

 

[russellesq]

How can you help undo whats already been done. In the end, its still been hit.

Well that is the point. The damage itself cannot be undone, but you can recover your monetary loss now. It is undisputed that your car is worth less because of the accident. Just go an ask any dealer what they will give you on a trade-in for the car with an accident compared to it not having an accident. Either you can eat that loss or you can seek recovery for it. That is the point of diminished value claims.

 

[lagalaxy13]

I just hope if I'm in the same boat my car is trash enough not to be repaired. I won't want it back, would rather have the cash for something new.

 

[PDCjonny]

You don't have to ask any dealer what they will give you on a trade in.
Most won't take in a car that's been hit, period.

 

[DodgeViper01]

This thread is very informative. Congrats on things going the way they should.