Diminished value claim possibilities?

[dmhenderson]

So on the fourth of July, I was ironically hit by a deer (and not the other way around). Sadly, the deer did not survive the impact but she managed to destroy my front left fender, door panel and ding my rear quarterpanel. The car is 3 months old.

Seems that Maryland *does* allow for diminished value auto claims and the various legal websites about seem to think that if my insurance is paying the claim (which it is), I possibly could ask for diminished value damages to the car...?

The insurance company has already ruled the deer strike as a non-"at fault" accident. Is it worth pursuing a diminished value claim? Various legal websites seem to think so but I don't want to waste time fighting with an insurance company that has been very good to me but if I'm entitled, I'd like to at least breach the subject with them.

I have zero at-fault accidents on my insurance and no claims at all in several years.

Anyone have any experience in this area? Apologies if this isn't posted in the right forum but I'm not sure where it belongs.

[Rockcrawler]

The whole intent is for you to be made whole less your deductible. The Ins company should automatically do that..... but they tend to make errors in their favor.

I had a 9 yr old one ton dodge/cummins catch fire.... had to fight them for 6 months before they got in the real world with their settlement. a 5k swing.

Do your homework.... will their be a negative car fax on your car? then it's worth less no matter how well a repair is executed.

[OKC Z]

If i could go back to 10/2011 i would of done it cause my car is worth less according to the dealerships because of the accident it was in. They offered me 19k for a 2009 370z touring with 26,850 miles... and its the 3rd dealer that says the same thing. First was nissan, chevy, then ford. So i would go for it if possible.

But mine was $7745 in damages though. It should of gotten totalled if you ask me.

[theDreamer]

Diminished value claims, the way I view it, is the be funded the loss of what your car is worth if you attempt to sell it.
When my Z was hit I got a check for $600 bucks because the damage was just on the right rear & will show up when I resell, but for your claim if it is not going to alter your cars resale value it is not worth the hassle.

[dmhenderson]

Well, the deer strike did ~$4100 worth of damage. No idea if I will have a negative carfax entry since the police were not involved.

Just for the heck of it, I contacted my insurance company and asked them about it and they said that I absolutely qualify for it and that they'll send me the paperwork today so if this happens to it's definitely worth talking to your insurance company about.

The woman I spoke to said that diminished value is a separate claims process so be sure to ask for it!

[MattP725]

This is a subject that I doubt many people have success with...

First off how can you say what losses you are out? Insurance is about being made whole... if your car is repaired and driving fine that should be it. You can't really prove that someone wouldn't be willing to give you full value. Additionally what would they even base it on? Is it fair to the company to give you a 3k diminished value payment based upon a value of say $20k after accident/23k mint? What if you kept the car until the resale is 10k... you wouldn't have the same diminished value... maybe someone would take 1k off due to it being in an accident several years ago.

I just find it hard to believe that an insurance company would compensate someone for a loss they have not yet realized.

Also a dealership is going to look for any excuse to give you a lower price on the trade in so that argument is hard to prove... I am sure they would list a clean car and a car that had a small fender bender for pretty much the exact same price. They are just trying to increase their profit margin by giving you a reason for a lower offer.

[theDreamer]

Originally Posted by MattP725

This is a subject that I doubt many people have success with...

First off how can you say what losses you are out? Insurance is about being made whole... if your car is repaired and driving fine that should be it. You can't really prove that someone wouldn't be willing to give you full value. Additionally what would they even base it on? Is it fair to the company to give you a 3k diminished value payment based upon a value of say $20k after accident/23k mint? What if you kept the car until the resale is 10k... you wouldn't have the same diminished value... maybe someone would take 1k off due to it being in an accident several years ago.

I just find it hard to believe that an insurance company would compensate someone for a loss they have not yet realized.

Also a dealership is going to look for any excuse to give you a lower price on the trade in so that argument is hard to prove... I am sure they would list a clean car and a car that had a small fender bender for pretty much the exact same price. They are just trying to increase their profit margin by giving you a reason for a lower offer.

Insurance do not like to do it, which is why it is buried deep in the fine print.
Most usually even deny they will do it at first and then finally pay out. The idea behind it is to bridge the gap between the loss of value if/when you resell the car. It is just an estimate based on years of statistical data they have.

[dmhenderson]

Worst-case scenario the claim is rejected (although USAA takes really good care of me). Best case I get 3-5k in my pocket which I will promptly spend on headers/HFCs and a tune

[murphman]

in my opinion a diminished value claim against your own insurance company is pointless. when the claim is against someone elses insurance then yeah but your own seems like your just asking for your insurance rates to get jaked up to recoup that diminished value calim you just filed against your own insurance. I dont work for an insurance company so i dont know but I could always ask a friend who is an adjuster to see if he might know.

[MattP725]

Originally Posted by murphman

in my opinion a diminished value claim against your own insurance company is pointless. when the claim is against someone elses insurance then yeah but your own seems like your just asking for your insurance rates to get jaked up to recoup that diminished value calim you just filed against your own insurance. I dont work for an insurance company so i dont know but I could always ask a friend who is an adjuster to see if he might know.

If you are asking your company, you are already making a damage claim with them which means your rates are already going to increase. At this point you might as well tack on the claim assuming they will pay it.

[dmhenderson]

Originally Posted by murphman

in my opinion a diminished value claim against your own insurance company is pointless. when the claim is against someone elses insurance then yeah but your own seems like your just asking for your insurance rates to get jaked up to recoup that diminished value calim you just filed against your own insurance. I dont work for an insurance company so i dont know but I could always ask a friend who is an adjuster to see if he might know.

Not sure how that works since I was ruled not at-fault in the accident (animal strike). I was already told the repair claim would not increase my rates. Why would the diminished value claim be any different?

[dmhenderson]

Here I go quoting something off of The Internet(tm) but for whatever it's worth:

What is Diminished Value

Will a Claim for Diminished Value Increase my Insurance Rates?

If you are not at fault in the collision, your insurance rates will not increase. If you are at fault then it is possible that your rates will increase as a consequence of the higher settlement required by the insurance company.

Seems it won't affect my rates at least.

[PapoZalsa]

Diminished value is paid when another vehicle is at fault in most states and still is a pain on the rear to get it from the other insurance.

In your case is totally different...