How to calculate diminished value after accident?

[holto01]

Howdy all,

So I purchased my 2023 157” wheelbase Powerboost in November. Two weeks ago, a large truck pulling a trailer full of gravel couldn’t stop in time when traffic came to an abrupt stop. He ended up crunching an 8 month old Powerboost and pushed him into my truck which damaged my front passenger door and right front quarter panel. Mine was bad but the driver of the other Powerboost had way more damage than I did. Fortunately, everyone was fine after the wreck.

Texas allows drivers to request payment from the insurance company to cover diminished value of you vehicle but you will most likely have to be able to justify the value. Even though my vehicle has lots value since leaving the lot, it is now worth less due to the damage that was caused.

Unfortunately, the driver that caused all of this was driving a landscaping vehicle on a corporate insurance account held under Amtrust Financial. I am having difficulties finding repair shops that will work with them and I am being told they are difficult to work with.

My questions are how can I get appraisals to show the diminished value of my vehicle as well as does anybody have guidance on how to work with this insurance company that doesn’t appear to be respected in Central Texas?

Thanks in advance,

Torrey

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[Calson]

I would consider hiring an attorney to handle your claim. What it costs to repair the truck and to rent a truck in the interim is the bare minimum to get. But the laws vary between states as to your rights or lack of rights.

Another approach is to get the valuation from an auto auction house for the truck "as is".

I would go after the business and let them deal with their insurance company. It is their responsibility, especially as their employee was negligent.

 

[LCF]

Did this a few years back with a Jeep gladiator. I hired an attorney that specializes in this. Cost was $300 and he took care of all paperwork and communication. Ended very well. He also had a clause that if he didn’t get what he stated…value…he would refund the $300. Would give you his info but he only works in NJ. Good luck.

 

[UNCGrad]

Look into Collision Safety Consultants in NC. They work in all the states. Charge a flat fee.

 

[gijoesgt]

I just had my new 2023 t boned. Was referred to DV Check. Com. Former lawyer does great work for $350. They do all the comparisons to determine the amount and then provide you a demand letter to send to the liable company. Couldn’t get much easier great results.

 

[holto01]

Thank you all for the replies and ideas.

 

[Jesup]

Hello, i got same problem before. The insurance alway paid cheap. But i hired car appraisal and paid them $300. they do research all market car market and they give all prices from different market and you submit to insurance . Make sure you pick the price you happy. Good luck.
best

 

[themcmercslr]

Did this a few years back with a Jeep gladiator. I hired an attorney that specializes in this. Cost was $300 and he took care of all paperwork and communication. Ended very well. He also had a clause that if he didn’t get what he stated…value…he would refund the $300. Would give you his info but he only works in NJ. Good luck.

Would you mind sharing this information with me in NJ? I'm still chasing Geico for their driver hitting my 2020 last year, and just two weeks ago my 21 was rear ended so I have two checks to collect. Tiger DV's demand letter and comparison was.. well worded but Geico is notoriously stingy. I had to argue my own way to a $400 offer which I never accepted.

 

[jhelrey]

Pics? Ya know, for fun.

 

[f150gen14.com]

Diminished value claims can be tricky, especially when insurance companies try to lowball you. I went through a similar situation, and after doing some research, I learned that insurers often undervalue the loss your vehicle takes after an accident. If you’re getting pushback or an unfair offer, Bad Faith Insurance lawyers in Tulsa might be worth looking into. They deal with these tactics all the time and know how to handle them.

 

[bjl95mustang]

Don’t know if this would have a negative impact on your insurance.

But you could file the claim on yours and then let your insurance go after them.

 

[Powerboost_Law]

I had my 2018 King Ranch smashed by a woman who turned in front of me, the accident was ruled 100% her fault, the truck was a Lease, so I was going to get kicked in the teeth upon trade in as it was an open end lease. I sued for diminished value and got an additional $6000.00 the damage claim was $22,000.00 in the end, I broke even. Oh, the truck had 34,000 KM on it at the time of the collision.

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