Anyone with experience dealing with diminished value claims?

[Rosco P]

School me on initiating and following through with them please.

Thanks

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[goose77]

Most insurance companies will tell you to pound sand. Happened to my on my 2018 F150 Someone tapped my hitch at an intersection, 3 cars were involved the other 2 were damaged. My truck had zero damage but was written up in the police report. So I go to trade it and they say its been in an accident and offer me $10k less. I tried talking with the other peoples insurance they basically laughed at me. Carvana deducted $20k from the trade in value. Luckily it was a lease but I could have bought it for $15k lower than it was worth. I missed out on that $15k

An insurance agent friend once told me: In any accident that is not your fault no matter what get an ambulance and get checked out. Unfortunately that's what motivates these insurance companies to pay out. If you received medical attention, they will want to have you sign and settle fast. So you have a bargaining chip, don't settle till you get diminished value of your vehicle.

Not trying to be a scumbag, but in any accident you need to get checked out, who knows what happened to your neck or internal structure. The scumbags are the insurance companies who have one thing on their mind, pay you the least and get you gone so they can reap the profits.

 

[gsbrockman]

School me on initiating and following through with them please.

More details on your situation would be helpful; if you’re trying to file a diminished value claim on your insurance company, it will be more difficult than against the other insurance company.

 

[Rosco P]

Someone merged into me in my wife’s Escalade a while back…year or so. We both have geico. His fault. Wasn’t bad at all but now the incident is showing minor to moderate instead of minor. Hurting my trade in value some…prob $5-10k.

 

[gsbrockman]

Someone merged into me in my wife’s Escalade a while back…year or so. We both have geico. His fault. Wasn’t bad at all but now the incident is showing minor to moderate instead of minor. Hurting my trade in value some…prob $5-10k.

I’d imagine that filing a diminished value claim this late in the game may be much more difficult.

$5k to $10k is a big DV range....but be careful in perusing the internet in search of folks that tout accurate diminished value calculations, as some are a scam and will ding your credit card, then provide you with little to no useful information.

I received a $4,500 diminished value claim from Allstate back in 2014.

 

[lowmpg]

School me on initiating and following through with them please.

Thanks

Worked fine for me. Had my F350 flipped by a woman who ran a yield. Not only did the whole vehicle get rebuilt, to the tune of over 30k, but I got around 6-7k in 'diminished value' check from the insurance company as well. Important part was I mentioned this first thing. As soon as I spoke to a rep I said I wanted to discuss diminished value. No issue at all. That said, given you have waited so long they probably aren't going to be as amicable.

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