Posted: 4/14/2014 7:58:47 AM EDT
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I bought a new, 2014 Nissan Pathfinder in December last year. On January 10, with 825 miles on it, I was broadsided on the right side by a Volvo driver pulling out of a parking lot as I was driving down the street at 25 miles per hour.
I got my car out of the shop a few weeks ago, after her insurance paid over $15,500 for repairs. I live in Oregon, and they have a few statutes that relate to diminished value due to accident damage. I contact an appraiser who is a specialist in this field, and his appraisal determined that my diminished value was approximately $9,500. I made a claim for that amount to State Farm insurance, who is the carrier for the other driver. After about two weeks they made an offer of $4,500 verbally and followed it up with a written statement with that offer. One Oregon statute states that if I am awarded more than the offer made by the insurance company, they are required to pay my attorneys fees. I am not accepting their offer, and going to arbitration with my higher claim. My overall question is, does anyone have any experience in this matter, or any advice? |
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Same thing happened to my sister with her brand new Passat. She lives in Portland. Tried to convince her to do a DVC, but she didn't. Get a second opinion, if you can, to confirm your numbers. My take on it is that if they're offering $4500, they know you should get more. See if they'll negotiate. Maybe $6500 quick is better than fighting for $9500. |
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What has YOUR insurance company said about this. They will go to war with the other driver's insurance company on your behalf. Apparently, few if any carriers get involved in this type of claim. I can see that they have nothing to gain, and would be on the hook for attorney fees if your claim was denied by arbitration. They also will not reimburse your diminished value since they are not the at fault party. You're on your own and the amount is somewhat nebulous, in that you actually have to try and sell the car to find out how much the public will discount your vehicle due to the past damage. That's what the arbitrator has to define. |
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Same thing happened to my sister with her brand new Passat. She lives in Portland. Tried to convince her to do a DVC, but she didn't. Get a second opinion, if you can, to confirm your numbers. My take on it is that if they're offering $4500, they know you should get more. See if they'll negotiate. Maybe $6500 quick is better than fighting for $9500. Their claims adjuster said they do not negotiate when he made the offer. He also tried to convince me that there was really no laws regarding this, even though I had read them on line at org.gov. They do have until the 16th to make a better offer, since they received my claim on the 16th of last month. I doubt they will up it, but I'll post updates as they develop. BTW, I think your sister has up to 2 years to make a claim from what I have heard. |
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Yes, I sued my sister and brother in law over damages from their cat on a new car I'd just bought back in the late 80s. Numerous attempts and warnings ignored, and it had scratched two other cars of mine that were less than a year or two old. I normally kept covers on them, but one night after work it had been raining and the car was too wet and dirty.
When I say scratched it, I mean the thing intentionally used it as a playground and scratching post, and every inch had deep claw marks. For all I know my car could been a feline S&M club with the way it looked, but I did catch him on my car scratching it. They offered to pay for the paint job, but I hit them with depreciation as well, which was another several grand. I was a car salesman at the time, and traded a lot, and knew I was going to take a hit, and no way was I paying for it. Sadly, Mittens was taken from us just moments after he was spotted doing the hustle on the rooftop of the Mustang Club. |
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I had a diminished value claim paid in full, but I sold the car, and had the buyer sign a letter that he would have paid the full retail blue book value (listed the actual dollar amt) and had letter notarized.
With that documentation they didn't bat an eye paying the full amount. But without selling the car your fighting an uphill battle. Duke |
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I bought a new, 2014 Nissan Pathfinder in December last year. On January 10, with 825 miles on it, I was broadsided on the right side by a Volvo driver pulling out of a parking lot as I was driving down the street at 25 miles per hour. I got my car out of the shop a few weeks ago, after her insurance paid over $15,500 for repairs. I live in Oregon, and they have a few statutes that relate to diminished value due to accident damage. I contact an appraiser who is a specialist in this field, and his appraisal determined that my diminished value was approximately $9,500. I made a claim for that amount to State Farm insurance, who is the carrier for the other driver. After about two weeks they made an offer of $4,500 verbally and followed it up with a written statement with that offer. One Oregon statute states that if I am awarded more than the offer made by the insurance company, they are required to pay my attorneys fees. I am not accepting their offer, and going to arbitration with my higher claim. My overall question is, does anyone have any experience in this matter, or any advice? i'm an insurance adjuster in NC. we have some different rules for claiming a DV claim, but it's probably pretty close to the same as oregon. unfortunately, a DV claim doesnt have an official set formula to figure it out. you just have to work it out with the person. i wish it did, it would make my life easier. the goal is to pay the person as little as possible to get it settled honestly. in my experience, i try to settle around 10-20% of the total repair costs. you have to take into account the amount of the repairs, condition of vehicle before the accident, value of the vehicle before the accident, location of damage and how well of a job did the shop do on the repairs. Was the frame bent? Were major repairs required or was the estimate so high because it’s a brand new vehicle and only OEM parts were used? Shit like that. the appraisers that go out and look at your car and tell you what you're owed are ALWAYS high. ive never paid off of one of thier estimates. if they told you what they really thought your DV claim was worth, you'd probably tear them a new one for paying them $200-$400 to come out and do their BS evaluation. i think $4500 is reasonable in this case. i dont know what you paid for your car, but even with just 825 miles on it, that's not what it's worth now. It probably depreciated $2-$3k as soon as you drove it off the lot. From my quick google search, MSRP looks to be around $30k. your appraisers estimate of $9500 is damn near a third of the value of a brand new vehicle. I don’t think so. It does give a good starting point. If you really wanna try and stick it to them, they’d probably settle at $5k even. But I think that is the top. Good luck. |
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I bought a new, 2014 Nissan Pathfinder in December last year. On January 10, with 825 miles on it, I was broadsided on the right side by a Volvo driver pulling out of a parking lot as I was driving down the street at 25 miles per hour. I got my car out of the shop a few weeks ago, after her insurance paid over $15,500 for repairs. I live in Oregon, and they have a few statutes that relate to diminished value due to accident damage. I contact an appraiser who is a specialist in this field, and his appraisal determined that my diminished value was approximately $9,500. I made a claim for that amount to State Farm insurance, who is the carrier for the other driver. After about two weeks they made an offer of $4,500 verbally and followed it up with a written statement with that offer. One Oregon statute states that if I am awarded more than the offer made by the insurance company, they are required to pay my attorneys fees. I am not accepting their offer, and going to arbitration with my higher claim. My overall question is, does anyone have any experience in this matter, or any advice? If you have an attorney, they should be handling it, not you. |
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Does GAP insurance come into play in this case? No. Gap only pays if the vehicle is totaled. I went through this with my truck wreck a few years ago. Brand new truck was rear ended. I got about 4k for DV. And that was after a lot of fighting. They are a lot better at fixing stuff now, and your vehicle doesn't loose that much value if fixed correctly. I had a new rear 3rd of the frame welded in when they fixed mine. Part of the loss of value will come down to how the vehicle history report shows the damage. |
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i'm an insurance adjuster in NC. we have some different rules for claiming a DV claim, but it's probably pretty close to the same as oregon. unfortunately, a DV claim doesnt have an official set formula to figure it out. you just have to work it out with the person. i wish it did, it would make my life easier. the goal is to pay the person as little as possible to get it settled honestly. in my experience, i try to settle around 10-20% of the total repair costs. you have to take into account the amount of the repairs, condition of vehicle before the accident, value of the vehicle before the accident, location of damage and how well of a job did the shop do on the repairs. Was the frame bent? Were major repairs required or was the estimate so high because it’s a brand new vehicle and only OEM parts were used? Shit like that. the appraisers that go out and look at your car and tell you what you're owed are ALWAYS high. ive never paid off of one of thier estimates. if they told you what they really thought your DV claim was worth, you'd probably tear them a new one for paying them $200-$400 to come out and do their BS evaluation. i think $4500 is reasonable in this case. i dont know what you paid for your car, but even with just 825 miles on it, that's not what it's worth now. It probably depreciated $2-$3k as soon as you drove it off the lot. From my quick google search, MSRP looks to be around $30k. your appraisers estimate of $9500 is damn near a third of the value of a brand new vehicle. I don’t think so. It does give a good starting point. If you really wanna try and stick it to them, they’d probably settle at $5k even. But I think that is the top. Good luck. Quoted:
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I bought a new, 2014 Nissan Pathfinder in December last year. On January 10, with 825 miles on it, I was broadsided on the right side by a Volvo driver pulling out of a parking lot as I was driving down the street at 25 miles per hour. I got my car out of the shop a few weeks ago, after her insurance paid over $15,500 for repairs. I live in Oregon, and they have a few statutes that relate to diminished value due to accident damage. I contact an appraiser who is a specialist in this field, and his appraisal determined that my diminished value was approximately $9,500. I made a claim for that amount to State Farm insurance, who is the carrier for the other driver. After about two weeks they made an offer of $4,500 verbally and followed it up with a written statement with that offer. One Oregon statute states that if I am awarded more than the offer made by the insurance company, they are required to pay my attorneys fees. I am not accepting their offer, and going to arbitration with my higher claim. My overall question is, does anyone have any experience in this matter, or any advice? i'm an insurance adjuster in NC. we have some different rules for claiming a DV claim, but it's probably pretty close to the same as oregon. unfortunately, a DV claim doesnt have an official set formula to figure it out. you just have to work it out with the person. i wish it did, it would make my life easier. the goal is to pay the person as little as possible to get it settled honestly. in my experience, i try to settle around 10-20% of the total repair costs. you have to take into account the amount of the repairs, condition of vehicle before the accident, value of the vehicle before the accident, location of damage and how well of a job did the shop do on the repairs. Was the frame bent? Were major repairs required or was the estimate so high because it’s a brand new vehicle and only OEM parts were used? Shit like that. the appraisers that go out and look at your car and tell you what you're owed are ALWAYS high. ive never paid off of one of thier estimates. if they told you what they really thought your DV claim was worth, you'd probably tear them a new one for paying them $200-$400 to come out and do their BS evaluation. i think $4500 is reasonable in this case. i dont know what you paid for your car, but even with just 825 miles on it, that's not what it's worth now. It probably depreciated $2-$3k as soon as you drove it off the lot. From my quick google search, MSRP looks to be around $30k. your appraisers estimate of $9500 is damn near a third of the value of a brand new vehicle. I don’t think so. It does give a good starting point. If you really wanna try and stick it to them, they’d probably settle at $5k even. But I think that is the top. Good luck. Repair plus any sort of reasonable DV would have scrapped the vehicle. I bet it was a close call anyway. |
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Yes, I sued my sister and brother in law over damages from their cat on a new car I'd just bought back in the late 80s. Numerous attempts and warnings ignored, and it had scratched two other cars of mine that were less than a year or two old. I normally kept covers on them, but one night after work it had been raining and the car was too wet and dirty. When I say scratched it, I mean the thing intentionally used it as a playground and scratching post, and every inch had deep claw marks. For all I know my car could been a feline S&M club with the way it looked, but I did catch him on my car scratching it. They offered to pay for the paint job, but I hit them with depreciation as well, which was another several grand. I was a car salesman at the time, and traded a lot, and knew I was going to take a hit, and no way was I paying for it. Sadly, Mittens was taken from us just moments after he was spotted doing the hustle on the rooftop of the Mustang Club. Wow, I bet you are popular at family gatherings. I don't blame you for making them pay to have it repainted. But I can't believe you would lose any trade value because it just had a paint job. Also surprised cats got down deep enough to require anything more than buffing. |
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i'm an insurance adjuster in NC. we have some different rules for claiming a DV claim, but it's probably pretty close to the same as oregon.
unfortunately, a DV claim doesnt have an official set formula to figure it out. you just have to work it out with the person. i wish it did, it would make my life easier. the goal is to pay the person as little as possible to get it settled honestly. in my experience, i try to settle around 10-20% of the total repair costs. you have to take into account the amount of the repairs, condition of vehicle before the accident, value of the vehicle before the accident, location of damage and how well of a job did the shop do on the repairs. Was the frame bent? Were major repairs required or was the estimate so high because it’s a brand new vehicle and only OEM parts were used? Shit like that. the appraisers that go out and look at your car and tell you what you're owed are ALWAYS high. ive never paid off of one of thier estimates. if they told you what they really thought your DV claim was worth, you'd probably tear them a new one for paying them $200-$400 to come out and do their BS evaluation. i think $4500 is reasonable in this case. i dont know what you paid for your car, but even with just 825 miles on it, that's not what it's worth now. It probably depreciated $2-$3k as soon as you drove it off the lot. From my quick google search, MSRP looks to be around $30k. your appraisers estimate of $9500 is damn near a third of the value of a brand new vehicle. I don’t think so. It does give a good starting point. If you really wanna try and stick it to them, they’d probably settle at $5k even. But I think that is the top. Good luck. Well, I appreciate your input but let me clarify some numbers. My MSRP was over $43,000 so my claim was approximately 22% of new value. It is a Platinum Edition with most options. The vehicle has no frame, it's a unibody construction. The appraiser states that part of the basis for the claim is that this type of vehicle with heavy damage, (High Repair Costs) typically takes a big hit on resale due to the uncertainty of the strength of the repairs due to metal fatigue. Even though the unibody can be straightened, damage and repair flexing invariably weakens the structure. He reviewed the repair costs that relate to "Straightening" and used that argument in the appraisal. Essentially, it's still damaged, (Weakened) although it looks normal. He has over 20 years in this business, and so has my attorney. Additionally, my wife is now somewhat apprehensive about riding in the car. She was a passenger in the right front seat, and two airbags deployed, causing her some abrasions. I will probably be trying to sell the car if she doesn't get over her uneasiness. |
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Additionally, my wife is now somewhat apprehensive about riding in the car. She was a passenger in the right front seat, and two airbags deployed, causing her some abrasions. I will probably be trying to sell the car if she doesn't get over her uneasiness. Just list it now and look to sell it. Have the buyer sign and notarize a form indicating how much more he'd be willing to pay if it wasn't for the damage to the unibody. Make it clear that there is no way to determine the structural strength left after such a crash. |
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As most are saying, it seems like an uphill battle with all the burden of proof on the party that is making the DV claim.
I had a similar thing happen to a new car a few years back. Car was T-boned, repair estimate came in at almost 60% of the sticker price of the car, at-fault party's insurance decided they would repair the car since it was a model that held it's value very well. I initially petitioned them to total it as I didn't want to drive a car that was wrecked that badly, then I began looking into the whole diminished value thing once they began repairs. I got appraisers lined up, body shop estimates, KBB prices, sales listings, even had a couple of dealerships say they would write a letter on my behalf stating what the car would be worth "trade-in wise" now vs. if there was never an accident, etc... The other people's insurance company just laughed and said they'd take it to court and then put me on the hook for their attorney fees once this was all dismissed because in PA at least, there aren't really any laws pertaining to this type of thing. It's bullshit, but after driving myself nuts over this for 3 weeks I said fuck it and traded the car in as soon as I got it back. |
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Same thing happened to my sister with her brand new Passat. She lives in Portland. Tried to convince her to do a DVC, but she didn't. Get a second opinion, if you can, to confirm your numbers. My take on it is that if they're offering $4500, they know you should get more. See if they'll negotiate. Maybe $6500 quick is better than fighting for $9500. I'm back on line researching the Oregon statutes. I misquoted the Statute of Limitations for Oregon, it's actually 6 years from date of loss. |
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Quoted: I am unfamiliar with this. So you can file a claim saying your car is now worth 9k less because it was wrecked and then repaired? The wrecked vehicle is worth less because it was wrecked. On a very new fairly expensive vehicle that is especially important. |
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Quoted: Wow, I bet you are popular at family gatherings. I don't blame you for making them pay to have it repainted. But I can't believe you would lose any trade value because it just had a paint job. Also surprised cats got down deep enough to require anything more than buffing. Quoted: Quoted: Yes, I sued my sister and brother in law over damages from their cat on a new car I'd just bought back in the late 80s. Numerous attempts and warnings ignored, and it had scratched two other cars of mine that were less than a year or two old. I normally kept covers on them, but one night after work it had been raining and the car was too wet and dirty. When I say scratched it, I mean the thing intentionally used it as a playground and scratching post, and every inch had deep claw marks. For all I know my car could been a feline S&M club with the way it looked, but I did catch him on my car scratching it. They offered to pay for the paint job, but I hit them with depreciation as well, which was another several grand. I was a car salesman at the time, and traded a lot, and knew I was going to take a hit, and no way was I paying for it. Sadly, Mittens was taken from us just moments after he was spotted doing the hustle on the rooftop of the Mustang Club. Wow, I bet you are popular at family gatherings. I don't blame you for making them pay to have it repainted. But I can't believe you would lose any trade value because it just had a paint job. Also surprised cats got down deep enough to require anything more than buffing. back in the late 80's.
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If you were looking at two cars that were exactly the same, including price, and the only difference between them was one had had the entire side of it mashed in and pounded out (although done so well you couldn't tell the differece), which one would you buy? The wrecked vehicle is worth less because it was wrecked. On a very new fairly expensive vehicle that is especially important. Quoted:
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I am unfamiliar with this. So you can file a claim saying your car is now worth 9k less because it was wrecked and then repaired? The wrecked vehicle is worth less because it was wrecked. On a very new fairly expensive vehicle that is especially important. This is a great explanation and the reason my DV might seem high to others. This was a $43,000+ car, 5 weeks old, with only 825 miles on it. There is no way to tell what the residual damage is to the unibody, or what unseen suspension, alignment, 4 wheel drive, rust, squeaks, leaks, etc. will develop as a result of this crash. It looks great now, but in a year or two?????? I'm not particularly crazy about owning it now, and I doubt that many others are interested in buying now either. |
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This is a great explanation and the reason my DV might seem high to others. This was a $43,000+ car, 5 weeks old, with only 825 miles on it. There is no way to tell what the residual damage is to the unibody, or what unseen suspension, alignment, 4 wheel drive, rust, squeaks, leaks, etc. will develop as a result of this crash. It looks great now, but in a year or two?????? I'm not particularly crazy about owning it now, and I doubt that many others are interested in buying now either. Quoted:
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I am unfamiliar with this. So you can file a claim saying your car is now worth 9k less because it was wrecked and then repaired? The wrecked vehicle is worth less because it was wrecked. On a very new fairly expensive vehicle that is especially important. This is a great explanation and the reason my DV might seem high to others. This was a $43,000+ car, 5 weeks old, with only 825 miles on it. There is no way to tell what the residual damage is to the unibody, or what unseen suspension, alignment, 4 wheel drive, rust, squeaks, leaks, etc. will develop as a result of this crash. It looks great now, but in a year or two?????? I'm not particularly crazy about owning it now, and I doubt that many others are interested in buying now either. You might be able to set your mind at ease by taking the car to a different shop for an examination of the work done. A list of all the parts replaced would help, for example, if a subframe was replaced but the attachments to the unibody did not require straightening or other repair, that would reduce my worry. I would not be happy with straightened flanges in the unibody, despite all the baloney around about energy absorbing structure, the exact shape of the parts that are supposed to be wavy and the parts that are supposed to be straight is critical. Whether the mechanical properties of the materials in the parts was materially affected depends on the alloy, whether it was heat treated or intentionally strengthened by work hardening, the amount of deformation from the accident, and the nature of the work required to return the parts to a usable shape. Just to say that straightening weakens the material is simplistic and mostly wrong in the absence of the details. Hopefully the shop installed factory parts and not the "equivalent" after market junk the insurance companies love to buy. |
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What you are suing for is the difference between a clean title and a salvage title. This is usually the difference between "clean retail" and "loan", where loan is typically 50% of retail.
Hold out for at least 8k, as when you sell it, you won't get nearly as much for it due to the damage indicated on both CarFax and the title. If you have it repaired, it will have a "salvage" title when transferred. If you sell it to the insurance company, it will have a "salvage" title. If it isn't hit too badly, a repairable car lot will buy it from the auction to re sell to somebody who can fix it where labor is much cheaper, such as around the midwest. There are places that will repair your vehicle while keeping a "clean" title, but they usually don't fix the vehicle correctly, making it far worse for the next owner, who is thinking he is buying a straight used car that has been maintained and always repaired correctly. Those are the guys that give repairables a bad name. New law is > $4,000 damage, it gets a salvage title. Reason for this was theives were buying clean titled totaled cars and then putting all the VIN plates/tags on a stolen vehicle of same year/make/color then reselling it. Used to be $2k and it would get a damage disclosure, and only when damage exceeded 50% of clean retail the salvage would be tagged on the title. Now, due to mexicans swapping VINs around, anything above a slight bumper scratch will result in your vehcile being marked "salvage", which can't be titled to drive again in CA and IL (rest of states are fine). |
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I have experience w/ diminished value... DON'T talk to their appraisers/inspectors (they'll document EVERY little thing you say to your demise)... ALL of your communication should be in writing... I wrote letters w/ delivery confirmation... (they'll try to trick you on the phone).
If you feel like they're BSing you, report them to your state's "Department of Insurance" for 'unfair claim practices' and failure of meaningful negotiation. (They can get fined $XXX,XXX.00 for pulling shady stuff - paying you and resolution = cheaper for them.) Remember you have the right to be made WHOLE again! This includes diminished value. Though, I remember they pulled some BS statistic from their legal department that the industry standard for DV was 10% of the value and it'd be hard to get a judge to give you more than that... *It's stressful, a pain, and takes up a lot of your time arguing (professionally) with these nitwits - the extra G might not be worth it... plus it can drag on for months! |
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AeroE,
"Whether the mechanical properties of the materials in the parts was materially affected depends on the alloy, whether it was heat treated or intentionally strengthened by work hardening, the amount of deformation from the accident, and the nature of the work required to return the parts to a usable shape. Just to say that straightening weakens the material is simplistic and mostly wrong in the absence of the details. Hopefully the shop installed factory parts and not the "equivalent" after market junk the insurance companies love to buy." I appreciate your comments and insight. The body shop is one of the best in town. They do a lot of exotics and their shop is as clean as the Mercedes factory. Both right doors were replaced with factory parts. The right rear 20" stock alloy wheel also. Because of the overhead curtain airbag deployment, the headliner also was replaced, as was the right passenger seatback, since it contained a side impact airbag. The lower portion of the pillar between the right doors was pushed in, and then pulled out as a repair. I was hit hard enough that there was some minor body panel displacement on the LEFT side of the vehicle in the rear. Basically, it was "Tweaked" quite a bit, and the body shop did a great job, but with all this, I have my doubts that it's "As Good As New". Then there's the question of the paints aging at different rates. Who knows what this vehicle will be like in a few years? Want to buy a car? LOL |
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Diminution in Value (DIV) is based off a formula with some moderation based off the car value. I know there is one adjuster who advised it is 10-20% which may be what you go by although if it goes to court you need to back up your 10-20%. So you need to have the formula to defend your stance. North Carolina is a 3rd party start for Diminution in Value, meaning a person cannot file with his or her own insurance company. I am sure Oregon is the same where you cannot file with your own carrier. Also North Carolina is a contributory state which means if any party is just 1% negligent they cannot recover any payment from the other insurance. I am also shocked that you would say you just pay as little as you can to close your claim, which you may not be acting in good faith.
Diminution in Value is also based on preexisting, miles and which parts were placed on his car. Since your car is 2014 and under 1,000 miles you are able to maximize your diminution of value. I would have to agree with the prior person on the 9k is way above what one would consider reasonable. You cannot go by what a dealership or some website says. You can hire an independent company to write a review for what they believe the Diminution of Value should be. State Farm would review it and see if they believe there should be any adjustments to their offer. Also if your car is financed the insurance company should make the payment to both you and the lienholder. If you make a payment to only the person and not the lienholder you can be found in bad faith if the lienholder decides to file a claim since the lien holder is the true owner of that car. GAP insurance covers the car if it is a total loss and pays the difference of the actual cash value vs what you actually owe. GAP is nothing to do with DIV. |
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Both right doors were replaced with factory parts. The right rear 20" stock alloy wheel also. Because of the overhead curtain airbag deployment, the headliner also was replaced, as was the right passenger seatback, since it contained a side impact airbag. The lower portion of the pillar between the right doors was pushed in, and then pulled out as a repair. I was hit hard enough that there was some minor body panel displacement on the LEFT side of the vehicle in the rear. Basically, it was "Tweaked" quite a bit, and the body shop did a great job, but with all this, I have my doubts that it's "As Good As New". Then there's the question of the paints aging at different rates. Who knows what this vehicle will be like in a few years? Want to buy a car? LOL Paints today last for 20 years or more, so you need not worry about that, unless there is a mismatch now. The "tweaking" isn't a huge deal, as it is a unibody, and the frame shop aligned the car to as new tolerances before the paint work was done. You can verify this a bit by making sure all the gaps are equally spaced and line up. Gap between hood edges should be the same as gap between door and fender, which should be same as gaps on both sides between doors and quarter panels, which should be same as gap on lift back. If any are narrow/offset/overly wide, it wasn't fixed properly. It's very hard to fix it improperly and have the gaps line up. You'll have a fine ride for as long as you want to keep it. If you were to try and sell it now, the accident would take a huge chunk off the value of the vehicle. However, if you want to sell it in a few years when there are 60k miles on it, a wreck when it was < 1k miles won't be more than a blip, as it would be 'proven reliable' in the 60k miles you've driven it, and not such a loss. If you are financing the vehicle, the bank will want the truck to be worth the most it can, so take any money you get from the value difference and pay off a loan if you needed to get one for the truck. Being beholden to a leinholder is a pain. |
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What you are suing for is the difference between a clean title and a salvage title. This is usually the difference between "clean retail" and "loan", where loan is typically 50% of retail. Hold out for at least 8k, as when you sell it, you won't get nearly as much for it due to the damage indicated on both CarFax and the title. If you have it repaired, it will have a "salvage" title when transferred. If you sell it to the insurance company, it will have a "salvage" title. If it isn't hit too badly, a repairable car lot will buy it from the auction to re sell to somebody who can fix it where labor is much cheaper, such as around the midwest. There are places that will repair your vehicle while keeping a "clean" title, but they usually don't fix the vehicle correctly, making it far worse for the next owner, who is thinking he is buying a straight used car that has been maintained and always repaired correctly. Those are the guys that give repairables a bad name. New law is > $4,000 damage, it gets a salvage title. Reason for this was theives were buying clean titled totaled cars and then putting all the VIN plates/tags on a stolen vehicle of same year/make/color then reselling it. Used to be $2k and it would get a damage disclosure, and only when damage exceeded 50% of clean retail the salvage would be tagged on the title. Now, due to mexicans swapping VINs around, anything above a slight bumper scratch will result in your vehcile being marked "salvage", which can't be titled to drive again in CA and IL (rest of states are fine). This is not even accurate. |
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This is not even accurate. Quoted:
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What you are suing for is the difference between a clean title and a salvage title. This is usually the difference between "clean retail" and "loan", where loan is typically 50% of retail. Hold out for at least 8k, as when you sell it, you won't get nearly as much for it due to the damage indicated on both CarFax and the title. If you have it repaired, it will have a "salvage" title when transferred. If you sell it to the insurance company, it will have a "salvage" title. If it isn't hit too badly, a repairable car lot will buy it from the auction to re sell to somebody who can fix it where labor is much cheaper, such as around the midwest. There are places that will repair your vehicle while keeping a "clean" title, but they usually don't fix the vehicle correctly, making it far worse for the next owner, who is thinking he is buying a straight used car that has been maintained and always repaired correctly. Those are the guys that give repairables a bad name. New law is > $4,000 damage, it gets a salvage title. Reason for this was theives were buying clean titled totaled cars and then putting all the VIN plates/tags on a stolen vehicle of same year/make/color then reselling it. Used to be $2k and it would get a damage disclosure, and only when damage exceeded 50% of clean retail the salvage would be tagged on the title. Now, due to mexicans swapping VINs around, anything above a slight bumper scratch will result in your vehcile being marked "salvage", which can't be titled to drive again in CA and IL (rest of states are fine). This is not even accurate. How so? I've been working in the field on and off for 20 years, both on the insurance side, auction, repairable dealer and frame/body shop sides. Most of my experience is in the east side of the US, but the laws are pretty universal, outside IL, anyway. If an insurance agency buys a car, it's automatically salvage. Depending on state, if over x% value of vehicle in damages, it should be a salvage title, though many shops will work to not have that tagged, though it will still be on carfax. --ETA: the problem is we are talking about two different aspects of the same incident, so it makes more sense to me now. |
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Quoted:
Diminution in Value (DIV) is based off a formula with some moderation based off the car value. I know there is one adjuster who advised it is 10-20% which may be what you go by although if it goes to court you need to back up your 10-20%. So you need to have the formula to defend your stance. North Carolina is a 3rd party start for Diminution in Value, meaning a person cannot file with his or her own insurance company. I am sure Oregon is the same where you cannot file with your own carrier. Also North Carolina is a contributory state which means if any party is just 1% negligent they cannot recover any payment from the other insurance. I am also shocked that you would say you just pay as little as you can to close your claim, which you may not be acting in good faith. Diminution in Value is also based on preexisting, miles and which parts were placed on his car. Since your car is 2014 and under 1,000 miles you are able to maximize your diminution of value. I would have to agree with the prior person on the 9k is way above what one would consider reasonable. You cannot go by what a dealership or some website says. You can hire an independent company to write a review for what they believe the Diminution of Value should be. State Farm would review it and see if they believe there should be any adjustments to their offer. Also if your car is financed the insurance company should make the payment to both you and the lienholder. If you make a payment to only the person and not the lienholder you can be found in bad faith if the lienholder decides to file a claim since the lien holder is the true owner of that car. GAP insurance covers the car if it is a total loss and pays the difference of the actual cash value vs what you actually owe. GAP is nothing to do with DIV. I don't know where the part in red came from, but I never said anything remotely close to what you mentioned. Also, I did hire an independent company to review my damage and write a review for DV, that's what my appraisal is, and it is the basis for my claim. As far as the payment to the lien holder, I didn't mention it, but that would depend on how much is financed in my opinion. I put $17,000 down, so their equity in the vehicle is not in jeopardy. Based on your quoted 10%-20% formula, assuming my $43,000 vehicle depreciated $3,000 from the MSRP in 5 weeks, 10%=$4,000, 20%=$8,000. So, it would appear their offer of $4,500 was at the lower end of what you think is reasonable. Additionally, in Oregon you are allowed to file a DV claim with your insurance carrier for an uninsured motorist if you have that coverage (I Do). There seems to be many differences between the States after all. |
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Quoted:
Not to derail the thread but will your insurance rates go down since the value of the car they are insuring is less? When pigs fly. They'll say it was offset by having an accident I imagine. LOL, Even though I was V2 according to 3 independent witnesses. |
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Good luck. You are going to have to get a lawyer to go that route. I tried, I'm pretty aggressive, but I don't know what strings to pull...
The vehicle I was driving wasn't worth enough to justify the lawyer costs, so I didn't FO. If it was a 9K problem....I'd have gone to the lawyer. |
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Quoted:
I don't know where the part in red came from, but I never said anything remotely close to what you mentioned. Also, I did hire an independent company to review my damage and write a review for DV, that's what my appraisal is, and it is the basis for my claim. As far as the payment to the lien holder, I didn't mention it, but that would depend on how much is financed in my opinion. I put $17,000 down, so their equity in the vehicle is not in jeopardy. Based on your quoted 10%-20% formula, assuming my $43,000 vehicle depreciated $3,000 from the MSRP in 5 weeks, 10%=$4,000, 20%=$8,000. So, it would appear their offer of $4,500 was at the lower end of what you think is reasonable. Additionally, in Oregon you are allowed to file a DV claim with your insurance carrier for an uninsured motorist if you have that coverage (I Do). There seems to be many differences between the States after all. Quoted:
Quoted:
Diminution in Value (DIV) is based off a formula with some moderation based off the car value. I know there is one adjuster who advised it is 10-20% which may be what you go by although if it goes to court you need to back up your 10-20%. So you need to have the formula to defend your stance. North Carolina is a 3rd party start for Diminution in Value, meaning a person cannot file with his or her own insurance company. I am sure Oregon is the same where you cannot file with your own carrier. Also North Carolina is a contributory state which means if any party is just 1% negligent they cannot recover any payment from the other insurance. I am also shocked that you would say you just pay as little as you can to close your claim, which you may not be acting in good faith. Diminution in Value is also based on preexisting, miles and which parts were placed on his car. Since your car is 2014 and under 1,000 miles you are able to maximize your diminution of value. I would have to agree with the prior person on the 9k is way above what one would consider reasonable. You cannot go by what a dealership or some website says. You can hire an independent company to write a review for what they believe the Diminution of Value should be. State Farm would review it and see if they believe there should be any adjustments to their offer. Also if your car is financed the insurance company should make the payment to both you and the lienholder. If you make a payment to only the person and not the lienholder you can be found in bad faith if the lienholder decides to file a claim since the lien holder is the true owner of that car. GAP insurance covers the car if it is a total loss and pays the difference of the actual cash value vs what you actually owe. GAP is nothing to do with DIV. I don't know where the part in red came from, but I never said anything remotely close to what you mentioned. Also, I did hire an independent company to review my damage and write a review for DV, that's what my appraisal is, and it is the basis for my claim. As far as the payment to the lien holder, I didn't mention it, but that would depend on how much is financed in my opinion. I put $17,000 down, so their equity in the vehicle is not in jeopardy. Based on your quoted 10%-20% formula, assuming my $43,000 vehicle depreciated $3,000 from the MSRP in 5 weeks, 10%=$4,000, 20%=$8,000. So, it would appear their offer of $4,500 was at the lower end of what you think is reasonable. Additionally, in Oregon you are allowed to file a DV claim with your insurance carrier for an uninsured motorist if you have that coverage (I Do). There seems to be many differences between the States after all. My friend most of the information was to in response to what the NC adjuster had wrote. If the person has insurance IE State Farm you can not file under UMPD. You are 100% correct each state has many different laws. Like I stated in my message you can not go by 10-20% formula. There are different formulas that each company should use. Please reread my original post. |