STLUCIEAPPRAISAL

With automobile diminished value - in every state except Michigan - we're dealing with Case Law, not actual law. So what that means is that insurance adjusters will try their utmost to pare your diminished value down to almost nothing right up until they are faced with a court case. As long as your appraiser didn't use some formula or auto auction results to obtain the DV amount, and that he or she is a licensed appraiser in at least one US jurisdiction, threaten to get your attorney involved and your claim will get to a supervisor very quickly.

ST LUCIE APPRAISAL

If only it were as simple as hiring a licensed appraiser and submitting their automobile diminished value report to the insurance company. When prospective clients call us with questions, after they hear the answers, most of them disappear - never to be heard from again. St Lucie Appraisal prepares the best auto diminished value appraisal that can be obtained in any of the 50 states. We hate to turn away business but the cold hard truth is, regardless of the fact that you'll be submitting irrefutable evidence of how much value your car has lost after collision repairs, companies like Allstate, American Family, Farmers, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers and USAA will still offer settlements representing a fraction the actual diminished value. Where do these people vanish to? Perhaps other independent appraisal companies promise huge settlements or maybe people become frustrated and meekly accept these lowball payouts but being dishonest about our customers' prospects is no way to do business. A more reasonable reality is that you'll need to make a formal complaint to your state's insurance department for unfair claims practices and, perhaps, go so far as hiring an attorney. But in the event your complaint escalates into a courtroom battle, you'll be asking for compensation for appraisal and attorney fees on top of your diminished value and there's a good chance you'll win! Why? Read on.

The automobile diminished value report you receive from St. Lucie Appraisal is based entirely on the opinions of used car managers at automobile dealerships. Was your Honda wrecked and repaired? Our report provides six quotes from Honda dealerships that specifically address your actual vehicle and the exact amount and severity of damage that was repaired. When people trade their cars in, those are the guys who buy them so their opinions are valid. Other appraisal companies providing diminished value reports may use formulas such as the inappropriate (as ruled by The Georgia Supreme Court) Rule 17-C or collect data from auto auctions to formulate their figures. I'm not guaranteeing success if you march into court with this type of appraisal. Insurers can successfully argue that they do not address your specific car or the damages it incurred.

The Georgia Supreme Court's ruling on the inequity of Rule 17-C laid the foundation for fair automobile diminished value settlements in all 50 states. Formulas such as State Farm's Rule 17-C severely shortchanged vehicle owners and, in doing so, provided themselves and other insurers using formulas to determine diminished value with unjust enrichment.

Subsequent to your accident, the adjuster from the responsible driver's insurance company will offer you a settlement for diminished value. If you ask them how they came up with the figure they will either point to a formula, a "certified" appraiser's report or simply refuse to explain their process altogether. I have seen the diminished value reports prepared by independent appraisers hired by insurers and they are a joke. They contain no reasonable facts to back up their assumptions. Most of them are not licensed in any state. Note that "certified" appraisers belong to pay-to-be-certified organizations, not unlike the Better Business Bureau and should not be confused with "licensed" appraisers. A number of insurance company attorneys have contacted St. Lucie Appraisal in the past to inquire about hiring us. Once they learned about our process of using dealer quotes, however, their interest faded quickly as they realized that our reports would result in higher (translation: fair) diminished value settlements. In front of a magistrate or mediator, these types of reports provide actual evidence of how much less your car is worth in the real world. Appraisals based on formulas or auction results can not compare. And insurance company diminished value estimates made up out of thin air (yes, they do exist) will certainly be looked upon as unfair at best and possibly fraudulent in the eyes of a judge.

Face it, even your own insurance agent or broker hasn't informed you of your right to collect diminished value from the insurer of the responsible driver. Regardless of the fact that the settlement isn't even costing your own insurer a dime, agents are mum on the subject altogether. Automobile diminished value is the newest thorn in the insurance companies' side. Their mission is to keep it a secret and their hope is that it will go away.

speedstick15

What state are you in? This matters a lot, but work on getting an estimate for damage done and what you're entitled to. I had a similar wreck, about $8,500. Got it paid off for what the car was now worth.

www.CollisionLawCenter.com/

Shorebird10

I had a USAA insured car hit me, 100% his fault, did over 5K in damages. Asked for DV, they indeed agreed I was entitled to DV, offered me $43.00. USAA is a real pain to work with had to take car owner to small claims court. I settled out of court the day of the hearing for $1,300 and some change, was asking $3,300. Bad experience, did watch small claims case awaiting signing of out of court agreement and the judge rejected any recovery for DV. Made me feel happy I settle out of court. This all happened in CA, and car damaged was 2005 Mazda Miata Speed.

919cw313

I hope after 5 1/2 years the OP has settled.

Red Devil Z51

DV on a total loss vet or any car for that matter is why i have a stated value policy with NCM this way no hassles they pay out the total you have it insured for. I have 2007 Z51 3lt coupe loaded and low miles. I have a stated value policy for 35k no questions asked.

chrisM916vette

Sorry to resurrect this but was hoping for some help


So someone smashed into my 2016 vette with their 2013 tundra while it was parked at the dealership (No one was in the corvette at the time). $12k in damage.

I asked for DV since my car is practically brand new and she said theres no such thing as DV in CA and since whoever hit me was under a business insurance policy they wouldnt have it pay it anyway,and therefore will not pay a dime.


Is this true? Is there any recourse i have? Im steaming right now.

richhoff

The answer is different in every state. The insurance company always says they don't pay DV until you push it. My wife's Nissan got rear ended in Ohio a few months ago. We live in Alabama. I researched and found out Alabama does not pay it, but Ohio does. I got a quote showing what the value would be if I sold it and ended getting a $2500 check for DV.

chrisM916vette

How are they allowed to straight up lie?

chrisM916vette

How are they allowed to say theres no such thing as DV and just deny everyone and then keep paying out after being challeneged or sued? How is that legal? Theyre literally telling me there is no such thing as DV and they wouldnt even pay one dollar under any circumstance. Isnt that basically lying?

LowRyter

You need to find about California law. Start with google, then call a lawyer if you have to.

sounds like a lying crap answer but each state is different. I've gotten DV on two occasions but there was a relevant state Supreme Court ruling that allows it. And then you have to battle the claim.

STLUCIEAPPRAISAL

Misinformation is often not spread intentionally. In fact, it is usually contributed by people who are trying to be helpful. Third party inherent diminished value is allowed in every state. Some states have funky restrictions..West Virginia, last I heard, does not allow for diminished value unless there was structural damage to the car. Unless someone challenges that law it will stand. In New York, the repair cost + diminished value can't exceed the value of the car.

One last thing - nobody can tell what some clueless magistrate will or won't do so bear that in mind when you go to court. The main thing is to obtain a diminished value report that will convince an insurance company supervisor or defense attorney that they will lose in court.

echelonphoto

My two cents....I had a girl cut off my wife who was driving straight down a main road...the girl got a ticket for careless. I did file a dim claim with her carrier...at first they laughed at me, but I found a guy online who writes up these reports for a 100 bucks...its about 4 pages long. Anyhow...I got 5600 on a car with a value of maybe 15grand.

saplumr

Your information is incorrect. I was successful in getting dmv on my wife's new vehicle with less than 1K miles when rear ended. After repaired it was traded. $7,000 damage and dmv was $3,500.The insurance companies will stand by the statement " when any vehicle is properly repaired to pre accident condition there is no dmv". Of course that is a ridiculous stance. Unfortunately some times you must trade the vehicle to show actual loss of value. It is always a very difficult thing to pull off but "sometimes" with the right documentation it can be done. More times than not it's a futile struggle.

Knob Jockey

I settled for around half of the cost of the repairs in my DV claim.

I used a company called AutoLoss to file the 3rd Party claim. They provided plenty of documentation and testimonials as well as information about how to rebut/refute the attempts that a typical insurance company will use to try to deny your claim.

I had to be patient as the at-fault's company (State Farm) initially stated there was no such thing if the car is repaired properly. Total BS and I told the guy to **** off. Eventually I was contacted by their "DV Specialist" and arrived at a fair settlement.

Good luck with this PITA.

STLUCIEAPPRAISAL

My information is not incorrect and here is a link to Ellis v. King that shows in West Virginia there must have been structural damage done in order for a vehicle to qualify for diminished value. I called the West Virginia Insurance Department this morning to verify. If you wish to do the same, the person to speak to is Jeff Black at 304-558-3386.

Like I wrote before, misinformation is often spread with good intentions but in the end it only proves detrimental to the people who follow it.

In addition, selling your car for a loss will not sway an insurance company in the least. They can allege that you sold it artificially low or to a relative or for a partial cash payment....

http://law.justia.com/cases/west-vir...0/19792-5.html

saplumr

The insurance commissioner has absolutely no input connected to diminished value. That is strictly between 2 parties. There was no frame damage on my wife's vehicle. If a attorney is involved it's difficult at best for any insurance company to come to the conclusion "it was sold low to artificially gain diminished value". BTW...selling a vehicle intentionally below actual value simply defeats the value trying to be recaptured, makes absolutely no sense. Getting all the information is truly important and this isn't brain surgery.

saplumr

I took your advice and called the insurance commissioner just out of curiosity only to find the link you referenced is a court case than can be referenced as an example and yes I was told anything is possible through any legal proceedings or in court. Accurate information.

STLUCIEAPPRAISAL

Exactly. It is case law in West Virginia and would have to be reversed by another magistrate since the original plaintiff did not appeal.

@saplumr, I'm only going by the many people who have hired us to prepare diminished value reports after they sold their cars and had their claims rejected by insurers.

C5fourj

FWIW

I was stopped at a traffic light and rear ended by a company service truck.
My truck was I month old 3/4 loaded GMC PU. $15,000 in repairs, after the repairs were complete I asked for DV and they told me to contact my insurance.
It was repaired at the dealership I bought it from so, I took it back and asked for a trade-in value. Sent that document to the insurance adjuster and they sent me back a letter stating to contact my insurance so, I called her back and said I planned a suing for personal injury and they sent me a check for $10,000