FLYCT

My elderly mother's 2013 Honda Accord was rear ended and sustained $6,000 in damage. She just got it back from the body shop after 3 weeks.

I suggested she pursue a Diminished value claim with the "at fault" insurance company, Geico. They sent her a letter, which I haven't seen, that she said states that Geico doesn't pay diminished value unless the car is sold? Then they offered her $100 to sign a release from further claims.

Does anyone have first hand experience with diminished value claims and can offer advice from that experience?

DIMINISHED

You do not have to sell the vehicle to claim diminished value as per any insurance or case law. In fact, you need not even have the car repaired. Ask Geico to provide the statute or ruling that says that. The car, if it did not have unibody damage or air bag deployment, has at least $2,000 in diminished value. If frame or air bags are involved, that amount soars.

JETII

I had one this year with AAA. My agent told me to go for 25% of the repair cost. Mine was around 9,000. I didn't start by giving them a dollar amount I told them the needed to compensate me for the diminished value caused by their insured. Their first offer was $1000 I told them that wouldn't work, The next day I got another call and the offer was $1800. I was still dealing with some repairs so I told me I wouldn't consider their offer until the car was 100%. After everything was fixed and I knew the total dollars I called the manager of the department directly and told him I would accept $2400. He called me back two days later and told me they would be sending me a check. Like most things related to resolving issues it's typically best to get with someone above the person calling your with their offer....they typically don't have the ability to increase the offer or accept your terms. I hope this helps.

tromly

I agree with the 2k, once a future owner runs the carfax and sees the 6k in repair it will be much harder to sell.

fensterlip

This is absolutely negotiable. You do have Diminished Value. As the OP suggested, you probably need to escalate this. 25% is in the hunt. I would start there.