Diminished Value update
Pole Position
Joined: Mar 2016
Posts: 2,598
Likes: 300
From: Missouri
Well if the car is totalled, you are SOL. But if it is fixable and you get it fixed, you only need to worry about diminished value if you plan to sell it in the future. Otherwise, this is not an issue. Thanks for updating us on the insurance report and decision.
Racer
Joined: Feb 2017
Posts: 1,345
Likes: 215
From: North Carolina
Great news. It looked so sad last night. My Baby was looking bad but, The Lexus Dealership called and told me that the estimate is about 4800 Bucks !!!!!! OMG, What a relief. 250 dollar deductible even if it goes up double. I must be living right, even if I can't drive worth a **** !!!
Driver School Candidate
Joined: Mar 2013
Posts: 22
Likes: 2
From: FL
If no structural damage or air bag deployment, your car's loss in value will only be about 15% of the pre-accident trade-in value. With either of the above, more like 35%. Best of luck to everyone going through diminished value hell with a large insurance company.
Driver
Joined: Jun 2014
Posts: 73
Likes: 13
From: Alabama
My 2017 LX was 10 days old when lady backed into it in parking lot. She admits fault, police come write up as her fault etc.
Her Ins (Geico) says we are both at fault ( I had backed out and was pulling forward she’s hit me and admitted never looking). To go ahead with repairs my Ins Allstate paid claim and pursued subrogation against Geico. Allstate could not get them to budge so I filed complaint with state Ins Dept including all correspondence police reports etc.
Geico suddenly reversed their position and paid PD claim about $3800.
Then I pursued Diminished Value claim and after much haggling got $2000. This was lower than I wanted but after everything I went through for about 10 weeks on PD Claim was quite frankly tired of it.
i was an insurance broker before retirement and had multi-million claim settlements easier than this.
Her Ins (Geico) says we are both at fault ( I had backed out and was pulling forward she’s hit me and admitted never looking). To go ahead with repairs my Ins Allstate paid claim and pursued subrogation against Geico. Allstate could not get them to budge so I filed complaint with state Ins Dept including all correspondence police reports etc.
Geico suddenly reversed their position and paid PD claim about $3800.
Then I pursued Diminished Value claim and after much haggling got $2000. This was lower than I wanted but after everything I went through for about 10 weeks on PD Claim was quite frankly tired of it.
i was an insurance broker before retirement and had multi-million claim settlements easier than this.
Instructor
Joined: Jan 2013
Posts: 1,062
Likes: 68
From: TN
You should check your policy, or with your agent. Typically, if the accident is your fault and your insurance pays, there is a provision in your policy that prohibits a diminished value claim.
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