question about diminished values..

[FORDTEXAS]

if one seeks for diminished value after repairs are made to a vehicle, is it an automatic process or would said person have to bring up a specific number to the insurance company? TIA

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[powerboatr]

Best to speak to your agent
State laws, specific policies etc

 

[FORDTEXAS]

Best to speak to your agent
State laws, specific policies etc

yes and no, knowing their agents, they'll try their best to make sure you get nearly nothing back.

 

[powerboatr]

yes and no, knowing their agents, they'll try their best to make sure you get nearly nothing back.

i have farm bureau i would call the 800 number if my agent proved dumb...which there have been in the past for sure

 

[travisN000]

if one seeks for diminished value after repairs are made to a vehicle, is it an automatic process or would said person have to bring up a specific number to the insurance company? TIA

Per https://www.dvcheck.com/diminished-value-claim/texas :

Summary – Texas Diminished Value Claims

Statute of Limitations: 2 years

Third Party Diminished Value Claim: Yes

First Party Diminished Value Claim: No, most insurance policies will exclude diminished value

Texas Property Damage Minimum Limits: $25,000 in coverage

Uninsured Motorist Coverage for Diminished Value: Yes, diminished value is covered when you’re struck by an uninsured driver and a hit and run with physical contact. You must file a police report as well. $250 deductible applies.

Underinsured Motorist Coverage for Diminished Value: Yes

Texas Small Claims Court Limit: $20,000, attorney representation and appeals are permitted

How to File a Diminished Value Claim in Texas
Step 1. Obtain proof of your car's diminished value.

The best way to prove your claim is to hire licensed, highly qualified, competent, and independent diminished value experts. The better the appraisal, the better the chance of the insurance company accepting the appraisal and paying the claim faster and for more money.

Step 2. Submit your documentation (diminished value appraisal) and demand letter for review.

The ideal time is right after you get your vehicle repaired. The sooner you file your diminished value claim, the better. Typically, if the accident wasn’t your fault, you would file a diminished value claim with the at-fault driver’s insurance company.

It’s covered under their property damage liability.

Step 3. Settle your claim.

The role of the claims adjuster is to negotiate the lowest possible settlement for the insurance company. They will either accept your claim, offer a lower settlement, or deny the claim.

 

[UNCGrad]

Check out collisionsafetyconsultants.com

They go up against the insurance companies for a flat fee. Check your policy for the appraisal clause.

 

[Probity]

if one seeks for diminished value after repairs are made to a vehicle, is it an automatic process or would said person have to bring up a specific number to the insurance company? TIA

In my specific and fairly recent (late '22) experience there's nothing automatic about it. As others have mentioned, contact your insurance co. and/or the at-fault party's insurance co. (I assume you're not at fault, right?), contact a bona-fide/recognized/certified appraiser (ex. ASE certified in Collision Damage Analysis, completed courses in diminished value appraising offered by the International Society of Appraisers, good BBB ratings, etc).

I used this company Diminished Value & Total Loss Claim Experts | Collision Claim Associates (collisionclaims.com) in late '22, everything was online (yes it's a racket but it is what it is), at the time a fixed fee of $345 for my DV 'report', they do all 50 states. After they did my DV report, an example of the instructions they gave me.

After many months and a lot of back and forth/'negotiating' between me and the at-fault insurer, I finally accepted their DV offer.

 

[FORDTEXAS]

if you paid the fee of $345, what was your take home then?

 

[B-real]

Nothing automatic in a payout of any form from an insurance company, and be prepared for them to fight/ignore you.

Had someone rear end my wife's car recently and total it. Had to start the claim on with my carrier as it took weeks for the police to release the other parties info. Since the claim is on my carrier I of course am out my deductible and am supposed to be able to get that reimbursed from the at fault party's carrier. When I asked USAA to reimburse me my deductible they told me that their own investigation determined we were partially at fault and therefore they do not owe my deductible. They will not respond to emails or voicemails to explain to me how we would be found partially at fault when we were rear ended.

All insurance carriers will fight any payout if they see any possible way to do so. I think that they all hope those who they owe money to wont take the time to pressure them, but then again, they just ignore you.

 

[Probity]

if you paid the fee of $345, what was your take home then?

At the end of the day, net-to-me was around $3150. I originally demanded ~$4200 (which included the $395 appraisers fee), Geico (at-fault party's insurer) started at just over $2400, after PITA 'negotiations' over a month or so period of time, we 'agreed' at ~$3500.

 

[Rob67]

At the end of the day, net-to-me was around $3150. I originally demanded ~$4200 (which included the $395 appraisers fee), Geico (at-fault party's insurer) started at just over $2400, after PITA 'negotiations' over a month or so period of time, we 'agreed' at ~$3500.

How bad was the accident? Were you totaled? Moderatly damaged? The reason I ask now is because I'm going through the same thing with my truck. I was struck from behind recently and the formulas online for DV all seem kind of low... If I follow them, I'd only get back about $1500ish...

 

[Probity]

How bad was the accident? Were you totaled? Moderatly damaged? The reason I ask now is because I'm going through the same thing with my truck. I was struck from behind recently and the formulas online for DV all seem kind of low... If I follow them, I'd only get back about $1500ish...

Nope, car (a new at the time ’22 Honda Civic base trim model that cost me ~$22K) wasn’t totaled (I was stopped in traffic when a truck hit me at ~5 mph), had rear passenger side door/quarter panel damage. Cost to repair started at ~$4800 (Geico office-based estimate from photos/accident description), I finally picked my repair facility, they laughed and told me “oh that $ will be going up after we thoroughly examine it and present supplements to Geico”. Final repair cost after 3 supplements was $10,427 – almost ½ the value what I paid for it (gotta love those unibody cars, doesn’t take much to seriously rack up repair costs).

A huge factor in getting your DV money is the at-fault driver’s insurance company. If they’re big/reputable, you’ll still be in for a fight but eventually something will happen. If they’re fly-by-night, hunker down for a very long drawn out fight (many months) where eventually you’ll consider cost-benefit analysis of going through small claims court or otherwise.

Here was my starting point:

 

[Rob67]

Nope, car (a new at the time ’22 Honda Civic base trim model that cost me ~$22K) wasn’t totaled (I was stopped in traffic when a truck hit me at ~5 mph), had rear passenger side door/quarter panel damage. Cost to repair started at ~$4800 (Geico office-based estimate from photos/accident description), I finally picked my repair facility, they laughed and told me “oh that $ will be going up after we thoroughly examine it and present supplements to Geico”. Final repair cost after 3 supplements was $10,427 – almost ½ the value what I paid for it (gotta love those unibody cars, doesn’t take much to seriously rack up repair costs).

A huge factor in getting your DV money is the at-fault driver’s insurance company. If they’re big/reputable, you’ll still be in for a fight but eventually something will happen. If they’re fly-by-night, hunker down for a very long drawn out fight (many months) where eventually you’ll consider cost-benefit analysis of going through small claims court or otherwise.

Here was my starting point:

This is very helpful. Thank you for the explanation. The at-fault driver has Progressive. So, we'll see how it goes.

 

[Probity]

This is very helpful. Thank you for the explanation. The at-fault driver has Progressive. So, we'll see how it goes.

You are welcome. And thank you for your service - "AH...F-F-W"

 

[Rob67]

You are welcome. And thank you for your service - "AH...F-F-W"

Sounds like you were in as well! But thank you for your support!

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