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post #1 of 20 Old 03-13-2019, 04:14 PM Thread Starter
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Diminished Value Claim

Has anyone had to do a "diminished value claim" on their car before? If so, would you mind sharing the details (online or privately)?

My otherwise mint 1984 Laser XE was rear ended, and while it is quite minor the rear bumper will either need replaced (unlikely) or repaired and painted (likely). The car was accident free until today when it got bumped in a parking lot, and now it will carry and accident on its record.

Any suggestions would be appreciated for those who have gone through the process...I am about to call their insurance company which I dread.
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post #2 of 20 Old 03-13-2019, 07:23 PM
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Re: Diminished Value Claim

if not reported yet.

can you work directly with the other party for an off the insurance cash repair that keeps the title clean?
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post #3 of 20 Old 03-13-2019, 07:40 PM Thread Starter
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Unfortunately they said they have to (want to) report it. Would have only cost them about $500-1000, but whatever.
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post #4 of 20 Old 03-14-2019, 08:14 AM
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Re: Diminished Value Claim

Don't be offended when the first insurance offer is $500 to TOTAL you car. Not repair, but total.

I'd hire an appraiser now.

Read this Insurance and Accident Do and Dont's
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post #5 of 20 Old 03-14-2019, 10:12 AM Thread Starter
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I have nothing but time, so I'll wait to see what they come up with first before I do my own thing (re: appraisal). I know it's going to be a nightmare...fun times ahead
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post #6 of 20 Old 03-14-2019, 04:10 PM
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Re: Diminished Value Claim

My friend got rear-ended in his Spirit R/T and his own insurance company wouldn't give him more than $500 to total his car because there isn't a agree upon value.

Good luck.
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post #7 of 20 Old 03-14-2019, 04:49 PM Thread Starter
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Re: Diminished Value Claim

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Originally Posted by tryingbe View Post
My friend got rear-ended in his Spirit R/T and his own insurance company wouldn't give him more than $500 to total his car because there isn't a agree upon value.

Good luck.
Why wasn't there an agreed upon value? What was his argument? What was their argument? Any more details other than it just not working out for him?
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post #8 of 20 Old 03-15-2019, 07:18 AM
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Re: Diminished Value Claim

should be able to show prices of similar R/T's being sold.
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post #9 of 20 Old 03-15-2019, 11:44 AM
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Re: Diminished Value Claim

There are 2 types of policies. Agreed value (usually requires an appraisal) and stated value (most common). On stated value policies, the claim is for whatever you said your car is worth or fair market value whichever is less. That little piece at the end is what screwed me. My understanding that my car was covered up to the stated value was in error and I got screwed out of enough money to fix the car. I had a 25 page full color document submitted to my insurance as well as the other guys insurance showing other R/T's for sale and the rarity of the car (1 of 68) backing up my stated value, but none of that came into play because all they used was KBB. Logic and common sense doesn't come into play here as the insurance rules aren't written for us, they are there for the insurance company to make money.

My advice; get your cars appraised with an agreed value and keep lots of pictures.
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post #10 of 20 Old 03-15-2019, 12:12 PM Thread Starter
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Re: Diminished Value Claim

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Originally Posted by DOHCRT View Post
There are 2 types of policies. Agreed value (usually requires an appraisal) and stated value (most common). On stated value policies, the claim is for whatever you said your car is worth or fair market value whichever is less. That little piece at the end is what screwed me. My understanding that my car was covered up to the stated value was in error and I got screwed out of enough money to fix the car. I had a 25 page full color document submitted to my insurance as well as the other guys insurance showing other R/T's for sale and the rarity of the car (1 of 68) backing up my stated value, but none of that came into play because all they used was KBB. Logic and common sense doesn't come into play here as the insurance rules aren't written for us, they are there for the insurance company to make money.

My advice; get your cars appraised with an agreed value and keep lots of pictures.
I appreciate your information. I just talked with the Allstate Claim Adjuster, and she was nothing but helpful.

I told her my concerns about the situation both from the diminished value perspective and one that I felt that any body shop will have a hard time matching 35 year old paint. I told her I was not going to take it to a "regular" body shop and would instead seek out one that has done work on "older" cars.

She told me to take the car to a shop that specializes in classic and antique vehicle restoration, show them the estimate that Allstate gave me for repairs ($700), let them decide the actual cost ("they may have to paint the whole car because they will have a hard time paint matching"), and have them submit the diminished value report based on their expertise.

^ Her suggestion to me.

I am still quite skeptical that all this will work out, and I won't accept any claim until I know I am not going to get the short end.

I'd rather have a dented bumper than a fixed bumper and a tainted history. I think the new owner would prefer a dented bumper over a fixed bumper with an accident on the history UNLESS the price was low enough to offset the diminished value from the accident.

We will see ... I will keep you all updated.
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post #11 of 20 Old 03-15-2019, 04:34 PM
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Re: Diminished Value Claim

diminished value ... tainted history..

first , no offence intended, but if you're actually lucky enough to have a rot free lazer that may ACTUALLY be worth 3-4 ,5 , maybe even 6 grand
be happy
and if it needs a bumper cover
no big deal

NO ONE ELSE WILL EVER CARE..it's not going to affect the value of your 80's lazer , now

just fix it
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post #12 of 20 Old 03-15-2019, 05:53 PM Thread Starter
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Re: Diminished Value Claim

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Originally Posted by Dr. Johny Dodge View Post
diminished value ... tainted history..

first , no offence intended, but if you're actually lucky enough to have a rot free lazer that may ACTUALLY be worth 3-4 ,5 , maybe even 6 grand
be happy
and if it needs a bumper cover
no big deal

NO ONE ELSE WILL EVER CARE..it's not going to affect the value of your 80's lazer , now

just fix it
I think we can agree someone will pay as much for a car as they think it's worth. I think we can also agree a car without an accident record is worth more than one that does if all things are otherwise equal.

This car is worth undoubtedly $4-5k.

I won't simply fix it without knowing that their insurance is going to cover the difference of perceived value.
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post #13 of 20 Old 03-15-2019, 06:14 PM
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Re: Diminished Value Claim

again , no offence intended
but WHAT perceived lower value (at 3-5K there is none)

and more importantly , perceived by who?

replacing the bumper cover on a 30 ood year old car means NOTHING

be happy they fix it.. don't expect them to pay you for the privilege of fixing it

and again , no offence as I'm a car nut too .. but your car's only worth 4-5 grand
--to people like us
not the world in general who would laugh and buy something 25 years newer

so there comes a fine line between expecting fair compensation and getting geeked out as a car dork crying is one of three with a tape recorder and a mirror on the visor

it's thirty years old and has incendential value by it's existence , only
be happy if they OFFER to fix it... bottom line

and if you've had it forever and planed to keep it so.. then the value point is moot as you're not likely to sell it anyways

and , mostly,
sorry to hear your ride got tagged !!
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post #14 of 20 Old 03-25-2019, 03:53 PM Thread Starter
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Re: Diminished Value Claim

Quote:
Originally Posted by Dr. Johny Dodge View Post
again , no offence intended
but WHAT perceived lower value (at 3-5K there is none)

and more importantly , perceived by who?

replacing the bumper cover on a 30 ood year old car means NOTHING

be happy they fix it.. don't expect them to pay you for the privilege of fixing it

and again , no offence as I'm a car nut too .. but your car's only worth 4-5 grand
--to people like us
not the world in general who would laugh and buy something 25 years newer

so there comes a fine line between expecting fair compensation and getting geeked out as a car dork crying is one of three with a tape recorder and a mirror on the visor

it's thirty years old and has incendential value by it's existence , only
be happy if they OFFER to fix it... bottom line

and if you've had it forever and planed to keep it so.. then the value point is moot as you're not likely to sell it anyways

and , mostly,
sorry to hear your ride got tagged !!
No offense taken, but your comments are extremely flawed...maybe if we lived in a world where insurance did not exist I would agree with you.

What is the function of insurance? To bring "something" back to the condition it was prior to the claim. It is therefore the insurance company's obligation to repair the car to the condition it was prior to their insuree hitting it.

Why would I be happy that the insurance company is doing its job to bring the car up to the condition it was prior to an accident. That is what we pay insurance for. My boss is never happy that I am doing my job; however, they are happy when I go above and beyond.

So to your point, I will not be happy until the value of the car is where it was prior to being rear ended.

It doesn't matter if the car was worth $4-5k before the accident or $40-50k...the point is still the same. Yes, we are talking MUCH smaller amounts here, but the fact is that the car is now worth less than an identical car without an accident history. Would you agree with that?
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post #15 of 20 Old 03-25-2019, 04:33 PM
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Re: Diminished Value Claim

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
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