Last month, I was rear ended at a light by another driver. His insurance is fixing my 06 GX470 with 7000 miles. They have put a new frame under it! Close to 12-13k in damage. I don't think that I want this lovely truck anymore and am going to trade it...possibly for a IS250-350.

I have been told by my attorney and others that I can collect 'diminished value' from his insurance since my car is not worth near what it was 6 weeks ago. Any advice? I have spoken with my attorney and have spoken with my Lexus dealer who says that they do that all the time. I have not spoken with the other insurance company. My attorney said to wait til the car was back in my possession.

Thanks

Rick

 

Go to Google and enter:

Need Help with a 'Diminished Value' claim

~ Cap

 

Jeez Capirato, that was really helpful.

Here is a link from Sate Farm, I would suggest talking to your own insurance company regarding the claim.

http://www.statefarm.com/about/media...r/dimvalue.asp

T.

 

The State of Georgia actually passed a law a few years ago that requires insurance companies to pay diminished value. I thankfully haven't had to use it, but I have heard from friends who were satisfied with what was paid to them. I think I saw info on Edmund's web site. Try checking there.

Rick in Atlanta

 

try here:

http://www.lossinvalue.com/

 

Hey Tom.....

If you had Googled as I suggested, you would have seen many links regarding Diminished Value.

~ Cap

 

I did google it. Most of what I found was 'ambulance chaser' ads. I was curious if anyone had any personal experience as to what I should ask for/expect. KBB and NADA do not have values for 06s that I can see. I am planning on getting a letter from my dealer as to what it was worth before the accident and what it would be worth now. I then figured that I would drive it a month or so and see how it did.

Thanks

 

Gr8smiles - Any Diminished Value claim is generally a creature of state insurance statutes. It could also be found under common law (case law) if there is no specific statute. You need to first check out whether there are such laws in your state.

The problem is that alot of this stuff isn't exactly intuitive to find and sometimes just a generic internet search can be hit or miss. If you are savvy with searches, I'd suggest going to your state's website and look at the code:

http://198.187.128.12/tennessee/lpex...s-main.htm&2.0

You can try to do a table of contents search or browse to find the insurance laws. But keep in mind that it is very unlikely to be called "Diminished Value" in the law as it would be more likely found in sections regarding payout of damages and liability insurance parameters. There is also another set of statutes in most states, the state administrative code.

On the other hand, if you already have counsel that you have talked to, he/she should be able to find the legal support you need to make a credible claim and argument with the other's insurance carrier.

Just making a claim like that without much backup may not net you much unless you can put on a great bluff. But, as with any damages that you can claim from someone else, you actually have to prove up your loss and this means that you may have to hire a professional appraiser to value your car at before and/or after the wreck -- a letter from the dealer or a KBB printout may not cut it.

Obviously appraisals and attorneys fees will cost you out of pocket but I think it can save you some time and aggravation if this is a valid claim. And with a nice highline vehicle like a GX (especially a brand new one), this nominal expense could be worth it. Generally insurance companies will see you are serious if you have engaged counsel and if in fact there are DV laws in that state, they may not try to push back as hard as they would if it was just your word against theirs.

Anyway, good luck.