Diminished Value Claim - Page 2 - Turbo Dodge Forums : Turbo Dodge Forum for Turbo Mopars, Shelbys, Dodge Daytona, Dodge SRT-4, Chrysler PT Cruiser, Omni and more!

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post #16 of 20 Old 03-25-2019, 04:42 PM
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Re: Diminished Value Claim

I can add one minor thing I have experience with and that's Special Interest vehicle value.

I used to do appraisals for individuals who had vehicles that were more valuable than "book"

Folks who had their vehicles appraised and submitted the appraisal to their insurance company typically received full value.

A couple of times folks had me appraise vehicles that were obviously mint before the crash and still only got book.

The point was according to the ins co, if your vehicle is worth more than book they should know in advance.

If they thought my appraisal was incorrect they could challenge it but I was never challenged.

Diminished value is another area, totally valid, and laws vary extensively.

In my opinion, folks who have Special Interest vehicles should have them independently appraised

AND

the appraisal presented to their ins co before any incident as you now have a starting point.

Among other things some ins. co's offer agreed value coverage.

Best of luck!!

Thanks
Randy

86 GLH S60
86 GLHS 373
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post #17 of 20 Old 03-25-2019, 05:58 PM Thread Starter
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Re: Diminished Value Claim

Quote:
Originally Posted by Dr. Johny Dodge View Post
well I hear ya .. and understand the thought but .. no I don't really agree

but looking with my eyes.. if it's fixed properly no it isn't going to make me offer you less for it

and I'll even through in the example of my 85 turismo

bought it in the fall of "88 for 5500 bucks

it had THE best paint job I HAVE EVER seen .. no kidding
it took me almost three years to find any evidence it had been painted - a few well hidden dust specks trapped in the paint
... and the rebar was crooked under the skin when I pulled it off

if anything the car was better BECAUSE it had THAT paint job on it

which helped as EVERYTHING in that car FAILED in the first year I had it
Well, if you cannot understand that let us try this instead:

Car 1
1984 Chrysler Laser
40,000 miles
No accident history
$5,000

Car 2
1984 Chrysler Laser
40,000 miles
Has accident history - minor
$5,000

The cars are otherwise identical in every which way. Which car would you buy? And YES you have to choose one of the cars.
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post #18 of 20 Old 03-25-2019, 06:01 PM Thread Starter
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Re: Diminished Value Claim

Quote:
Originally Posted by Glhs60 View Post
I can add one minor thing I have experience with and that's Special Interest vehicle value.

I used to do appraisals for individuals who had vehicles that were more valuable than "book"

Folks who had their vehicles appraised and submitted the appraisal to their insurance company typically received full value.

A couple of times folks had me appraise vehicles that were obviously mint before the crash and still only got book.

The point was according to the ins co, if your vehicle is worth more than book they should know in advance.

If they thought my appraisal was incorrect they could challenge it but I was never challenged.

Diminished value is another area, totally valid, and laws vary extensively.

In my opinion, folks who have Special Interest vehicles should have them independently appraised

AND

the appraisal presented to their ins co before any incident as you now have a starting point.

Among other things some ins. co's offer agreed value coverage.

Best of luck!!

Thanks
Randy
Thanks Randy,

I am looking into agencies that provide such an appraisal; however, I am not getting very far with this. Any suggestion would be great :)

Ideally I would be able to submit photos and/or videos of the car inside and out along with everything I know of the car, and in return I would get an appraisal. Does such a service exist (surely it does)?
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post #19 of 20 Old 03-26-2019, 12:08 PM
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Re: Diminished Value Claim

Quote:
Originally Posted by TwistedGray View Post
What is the function of insurance?
Insurance exist to make insurance company money, those companies make money by taking in money and minimize the payout.

I wish you luck, because it's all uphill battle from here.
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post #20 of 20 Old 03-28-2019, 03:00 PM Thread Starter
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Re: Diminished Value Claim

Quote:
Originally Posted by tryingbe View Post
Insurance exist to make insurance company money, those companies make money by taking in money and minimize the payout.

I wish you luck, because it's all uphill battle from here.
Lol, I didn't say how they made their money ;)


It's a coin flip right now as to what I am going to do. I think once I am ready to sell it (summer?) that I will list it with the damage and show the pictures of the accident (both cars, location, etc). The buyer can decide if they want me to fix it through the person's insurance or if they would prefer to fix it themselves to avoid potential ding on the report.

That seems to be the best course of action, and depending on what I end up getting for the car I may file a D.V.C. (or not).
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