Diminished Value Car Accident Claim

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Leesbro63
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Diminished Value Car Accident Claim

Post by Leesbro63 »

OK, so this morning we got rear ended in our five month old 2021 Subaru Crosstrek with 3000 miles. Fortunately, I don't think we are injured. I'm guessing that this $32,500 car has about $7000ish damage. Just a rough guess.

The state trooper said she was faulting the other driver and our USAA insurance already stated that they'll pay our claim and subrogate to other driver's insurance and we won't be charged with an at-fault accident. Here is my question: Assuming the car gets fixed OK etc, can we collect for diminished value (we are in Pennsylvania)? And if so, how do we do this? Via our own insurance or directly to the at-fault guy's insurance? We probably were only gonna keep this car for 2-3 years, 20-40K miles. So it's not like we'll keep it 7+ years where depreciation wouldn't matter. I know when we go to sell or trade the car, CARFAX will pick up the accident. I would have disclosed it anyway, because I wouldn't wanna buy someone else's previously repaired car without that being disclosed.

In all honesty, I'm glad we're OK and I'm not gonna get all hot and bothered. Speed bumps in life is why I'm a Boglehead...I have enough to pay the juice to move on. But I don't want to be a fool either. Any advice on the diminished value issue and other related stuff is appreciated.
fabdog
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Re: Diminished Value Car Accident Claim

Post by fabdog »

in this case, the search box is your friend.. many threads on this, not sure if you'll find PA specific, but certainly enough to get started.

An example viewtopic.php?t=274664

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8foot7
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Re: Diminished Value Car Accident Claim

Post by 8foot7 »

Based on this attorney's website, you may have a shot at a claim but it won't be as easy as the Penn Supreme Court has not come down on whether these types of claims are legitimate.

https://www.pghfirm.com/blog/when-the-v ... n-accident

This may be an instance where you should engage the help of an attorney to pursue the claim, as the insurance company may be more likely to try to swat you away if you are coming to them individually requesting payment. Sometimes a letter from an attorney with a reasonable request laid out may get you a payment because it's easier to make you go away than have the issue tested in court.
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Re: Diminished Value Car Accident Claim

Post by Katietsu »

Google seems to indicate that claims against a third party for diminished value are recognized while first party claims are not in Pennsylvania.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Reviving this. So what IS the diminished value? My $32,500 car (3000 miles, 6 months old) has about $9000 damage. If we keep it for 3 years/40,000 miles, it would probably be worth about $18,000 if never wrecked. I'm guessing that the Car Fax ding will reduce that value by about $3000. Just my guess, assuming a perfect repair. What do you guys think?
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MillennialFinance19
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Re: Diminished Value Car Accident Claim

Post by MillennialFinance19 »

I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

MillennialFinance19 wrote: Tue May 11, 2021 1:32 pm I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
I'm sure there's a ballpark number that is "rule of thumb".
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

UPDATE: We got the accident report and the other guy was cited and charged for hitting us. Interestingly, both of us have USAA insurance. So how does that play with regard to the diminished value claim? Will USAA be more likely to deal easily because they will be dealing with their own insured, or will they be tougher because even though THIS insured isn't at fault, they'll have to subrogate against themselves (meaning they'll eat this) since the also insure the guy at fault?
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MillennialFinance19
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Re: Diminished Value Car Accident Claim

Post by MillennialFinance19 »

Leesbro63 wrote: Tue May 11, 2021 1:33 pm
MillennialFinance19 wrote: Tue May 11, 2021 1:32 pm I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
I'm sure there's a ballpark number that is "rule of thumb".
There is a formula in some states, but this isn't a hard rule. If they make you an offer, you can most likely counter with an appraisal and subsequently increase that offer.
VTI and chill until 57...
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

MillennialFinance19 wrote: Tue May 11, 2021 2:08 pm
Leesbro63 wrote: Tue May 11, 2021 1:33 pm
MillennialFinance19 wrote: Tue May 11, 2021 1:32 pm I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
I'm sure there's a ballpark number that is "rule of thumb".
There is a formula in some states, but this isn't a hard rule. If they make you an offer, you can most likely counter with an appraisal and subsequently increase that offer.
Note that we just learned that the driver who caused the accident has the same USAA insurance as we do. I wonder how this enters into the equation?
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Re: Diminished Value Car Accident Claim

Post by iamlucky13 »

Leesbro63 wrote: Tue May 11, 2021 1:33 pm
MillennialFinance19 wrote: Tue May 11, 2021 1:32 pm I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
I'm sure there's a ballpark number that is "rule of thumb".
As I understand, the most common rule applied is called a "17c" calculation. It seems to have become semi-common in civil suits or insurance settlements, but I don't have experience with actually pursuing compensation (I looked it up to try to negotiate a price concession on a car with damage in its Carfax history). It's fairly simple, but based on an arbitrary formula rather than a market analysis. Keep in mind that diminished value theoretically affects the value of the car now, so when you plan to sell it isn't a consideration.

The formula that I found is: Current market value * 10% * X * Y

where:

10% is an arbitrary cap on how much damage can be considered to diminish value.

X = severity of damage multiplier (0 to 1, generally assessed at intervals of 0.25 ranging from no parts needing replacement to severe structural damage repaired)

Y = mileage multiplier (0 to 1, scaled to 0 diminished value at 100,000 miles. One source indicated it is assessed at 0.20 intervals)

So if your nearly new Outback's current value is $30,000 (check NADA or Kelly Blue Book for better numbers), the maximum possible diminished value after repair is $3,000. If it has less than 20,000 miles (mileage multiplier 1) and the damage is moderate (damage multiplier 0.5), then you theoretically suffered $1500 worth of loss to diminished value.

I would presume you can request this compensation regardless of state, but the likelihood of it being given may vary depend on whether state law mandates it or what the court precedence has been in your state. I'm sure others can provide input on the general process for filing insurance claims and disputing offers.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

iamlucky13 wrote: Tue May 11, 2021 2:58 pm
Leesbro63 wrote: Tue May 11, 2021 1:33 pm
MillennialFinance19 wrote: Tue May 11, 2021 1:32 pm I'm going through this now in another state. You'll need to get a diminished value appraisal. Some state that they have gotten trade-in estimates from dealers which sufficed, but I doubt that works every time.
I'm sure there's a ballpark number that is "rule of thumb".
As I understand, the most common rule applied is called a "17c" calculation. It seems to have become semi-common in civil suits or insurance settlements, but I don't have experience with actually pursuing compensation (I looked it up to try to negotiate a price concession on a car with damage in its Carfax history). It's fairly simple, but based on an arbitrary formula rather than a market analysis. Keep in mind that diminished value theoretically affects the value of the car now, so when you plan to sell it isn't a consideration.

The formula that I found is: Current market value * 10% * X * Y

where:

10% is an arbitrary cap on how much damage can be considered to diminish value.

X = severity of damage multiplier (0 to 1, generally assessed at intervals of 0.25 ranging from no parts needing replacement to severe structural damage repaired)

Y = mileage multiplier (0 to 1, scaled to 0 diminished value at 100,000 miles. One source indicated it is assessed at 0.20 intervals)

So if your nearly new Outback's current value is $30,000 (check NADA or Kelly Blue Book for better numbers), the maximum possible diminished value after repair is $3,000. If it has less than 20,000 miles (mileage multiplier 1) and the damage is moderate (damage multiplier 0.5), then you theoretically suffered $1500 worth of loss to diminished value.

I would presume you can request this compensation regardless of state, but the likelihood of it being given may vary depend on whether state law mandates it or what the court precedence has been in your state. I'm sure others can provide input on the general process for filing insurance claims and disputing offers.
I reviewed this and agree with your analysis. But in the real world, something seems "off". Let's say we keep the car for 3 years/36,000 miles. It would appear that the car should be worth $17,000 ish at that time. Would you buy this car that had $9000 of damage for $15,500 if you could get a non-wrecked car for $17,000? I wouldn't. It seems to me that the number should be close to double $1500. But of course I have an ax to grind here.
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Re: Diminished Value Car Accident Claim

Post by iamlucky13 »

Leesbro63 wrote: Tue May 11, 2021 3:01 pm
iamlucky13 wrote: Tue May 11, 2021 2:58 pm As I understand, the most common rule applied is called a "17c" calculation...It's fairly simple, but based on an arbitrary formula rather than a market analysis.
I reviewed this and agree with your analysis. But in the real world, something seems "off". Let's say we keep the car for 3 years/36,000 miles. It would appear that the car should be worth $17,000 ish at that time. Would you buy this car that had $9000 of damage for $15,500 if you could get a non-wrecked car for $17,000? I wouldn't. It seems to me that the number should be close to double $1500. But of course I have an ax to grind here.
I agree with the general idea behind your logic, and this is why I called the formula is arbitrary.

That said, I don't know what the real market response would be. The diminished value is not necessarily based on what you would pay, but what someone in general will pay. Some portion used car buyers out there probably place a lower value on lack of accident history than you do, presumably because they are more willing to accept a risk of resulting problems than you are.

By the way, the diminished value depreciates. Having the accident now, the diminishment may be $1500. Having the accident when the car is worth $17,000, the diminishment would be $850. Having the accident now but keeping it for several years until the accident-free value would have been $17,000, the diminishment resulting from the accident would still initially be $1500, but you will retire part of the risk reflected in that diminishment in your ensuing use, if that makes sense. Therefore, you would hopefully (because again, I'm relying on an arbitrary formula) sell it for $16,150, rather than $15,500.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

iamlucky13 wrote: Tue May 11, 2021 3:37 pm
Leesbro63 wrote: Tue May 11, 2021 3:01 pm
iamlucky13 wrote: Tue May 11, 2021 2:58 pm As I understand, the most common rule applied is called a "17c" calculation...It's fairly simple, but based on an arbitrary formula rather than a market analysis.
I reviewed this and agree with your analysis. But in the real world, something seems "off". Let's say we keep the car for 3 years/36,000 miles. It would appear that the car should be worth $17,000 ish at that time. Would you buy this car that had $9000 of damage for $15,500 if you could get a non-wrecked car for $17,000? I wouldn't. It seems to me that the number should be close to double $1500. But of course I have an ax to grind here.
I agree with the general idea behind your logic, and this is why I called the formula is arbitrary.

That said, I don't know what the real market response would be. The diminished value is not necessarily based on what you would pay, but what someone in general will pay. Some portion used car buyers out there probably place a lower value on lack of accident history than you do, presumably because they are more willing to accept a risk of resulting problems than you are.

By the way, the diminished value depreciates. Having the accident now, the diminishment may be $1500. Having the accident when the car is worth $17,000, the diminishment would be $850. Having the accident now but keeping it for several years until the accident-free value would have been $17,000, the diminishment resulting from the accident would still initially be $1500, but you will retire part of the risk reflected in that diminishment in your ensuing use, if that makes sense. Therefore, you would hopefully (because again, I'm relying on an arbitrary formula) sell it for $16,150, rather than $15,500.
I agree the diminished values depreciates. But isn't the amount of claim based on the immediate diminishment? Sort of like an injury claim...in the end we're all dead and the injury no longer matters, but right now it's a $10,000 (or whatever) injury.

The reality is that there is enough damage that we'll get the car fixed as well as possible and probably trade it in the fall for a new 2022. Had the accident not happened, it would have been a 3 year car. I get it that even if not wrecked, it would hugely depreciate in that first year. So we'll have that PLUS the accident diminished value. It's why I'm a Boglehead...to have money to "buy off" bad stuff when I can. Driving a car that wrecked/repaired qualifies as that for me. Stuff happens. Thank goodness it doesn't appear that anyone was hurt.
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Re: Diminished Value Car Accident Claim

Post by MishkaWorries »

Look at carvana etc. I just did a test of our 2020 Subaru with one accident with $9,000 damage and without an accident. They offered 2,600 less for the same car with an accident. They'll send you a written estimate and you can give that to the insurance company.
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Re: Diminished Value Car Accident Claim

Post by iamlucky13 »

Leesbro63 wrote: Tue May 11, 2021 4:08 pmI agree the diminished values depreciates. But isn't the amount of claim based on the immediate diminishment? Sort of like an injury claim...in the end we're all dead and the injury no longer matters, but right now it's a $10,000 (or whatever) injury.
Yes. I added that part of my post simply because your example of sales price expectation 3 years from now used the $1500 value. It's not a major correction, but it seemed worth bringing up in case it helped with decisions one way or another.
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Re: Diminished Value Car Accident Claim

Post by Cash is King »

Morris
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Re: Diminished Value Car Accident Claim

Post by Morris »

I got T-bone once in a nearly new car, it was $10,000 in damage. I asked the other insurance company for diminished value, they said get an estimate. I paid some random company online $20 and sent a copy of the body shop estimate and the online company said diminished value was $3500. I forwarded that to the insurance company and was paid immediately without question.
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

MishkaWorries wrote: Tue May 11, 2021 5:34 pm Look at carvana etc. I just did a test of our 2020 Subaru with one accident with $9,000 damage and without an accident. They offered 2,600 less for the same car with an accident. They'll send you a written estimate and you can give that to the insurance company.
Now THAT is excellent "action step" advice!
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Re: Diminished Value Car Accident Claim

Post by bbqguru »

We were hit while on vacation. Other driver was at fault and had GEICO. When I asked about diminished value, the adjuster was willing to pay, but didn't have much basis. He offered the difference between a very clean and clean vehicle if it were totaled--- a few hundred bucks.

Our Navigator was new at the time and had just come out so I knew they were in short supply. Total damage to the car was around $6-8,000 if I remember correctly. (The headlight alone was around 2k. Minor damage to front quarter panel, wheel, and bumper.)

I ended up hiring an auto appraisal company to come and grade the entire car. I had a ton of pictures of the accident damage and parts/repair work done. They spent about an hour going over the car inside and out. Measured the paint thickness of the repair vs rest of vehicle, interior, engine compartment, and on and on.

The appraisal cost around $450, but they provided a multi-page report with pictures and the entire list of recent auctions with amounts the comparable vehicles sold for and also the amounts of any recent that were totaled. In the end, the appraisal came up with a value that was just over $3,000. Sent that to the adjuster and he promptly issued a check. He made the comment that they don't do much in diminished value because people don't know to ask. So as long as he had enough documentation to justify the payment, he didn't care what it was.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

bbqguru wrote: Tue May 11, 2021 8:15 pm We were hit while on vacation. Other driver was at fault and had GEICO. When I asked about diminished value, the adjuster was willing to pay, but didn't have much basis. He offered the difference between a very clean and clean vehicle if it were totaled--- a few hundred bucks.

Our Navigator was new at the time and had just come out so I knew they were in short supply. Total damage to the car was around $6-8,000 if I remember correctly. (The headlight alone was around 2k. Minor damage to front quarter panel, wheel, and bumper.)

I ended up hiring an auto appraisal company to come and grade the entire car. I had a ton of pictures of the accident damage and parts/repair work done. They spent about an hour going over the car inside and out. Measured the paint thickness of the repair vs rest of vehicle, interior, engine compartment, and on and on.

The appraisal cost around $450, but they provided a multi-page report with pictures and the entire list of recent auctions with amounts the comparable vehicles sold for and also the amounts of any recent that were totaled. In the end, the appraisal came up with a value that was just over $3,000. Sent that to the adjuster and he promptly issued a check. He made the comment that they don't do much in diminished value because people don't know to ask. So as long as he had enough documentation to justify the payment, he didn't care what it was.
Hiring an appraisal company is an idea. $450 seems steep, but cheaper than hiring a lawyer. And that assumes a lawyer would even take a small case like this. So, yeah. I guess you’re saying to hire the appraiser AFTER the repair is complete?
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Re: Diminished Value Car Accident Claim

Post by Dagwood »

Your diminished value claim will also depend on the nature of the damage and the quality of the repair (original or aftermarket parts? etc.). Don't forget, these aren't collectible Ferraris that most of us drive. A body repair, done properly, is no different than any other work that the car needs, and shouldn't have that great an impact, assuming it was done properly. Really no different than any other repair or service record - don't have the record, so so parts, spotty maintenance - all equal lower value on sale / trade-in.

So that's where I would start - make sure they fix your car properly first, then get them to compensate the remainder with the DV claim to the extent that you can do so.
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Re: Diminished Value Car Accident Claim

Post by bbqguru »

Leesbro63 wrote: Wed May 12, 2021 5:52 am
bbqguru wrote: Tue May 11, 2021 8:15 pm We were hit while on vacation. Other driver was at fault and had GEICO. When I asked about diminished value, the adjuster was willing to pay, but didn't have much basis. He offered the difference between a very clean and clean vehicle if it were totaled--- a few hundred bucks.

Our Navigator was new at the time and had just come out so I knew they were in short supply. Total damage to the car was around $6-8,000 if I remember correctly. (The headlight alone was around 2k. Minor damage to front quarter panel, wheel, and bumper.)

I ended up hiring an auto appraisal company to come and grade the entire car. I had a ton of pictures of the accident damage and parts/repair work done. They spent about an hour going over the car inside and out. Measured the paint thickness of the repair vs rest of vehicle, interior, engine compartment, and on and on.

The appraisal cost around $450, but they provided a multi-page report with pictures and the entire list of recent auctions with amounts the comparable vehicles sold for and also the amounts of any recent that were totaled. In the end, the appraisal came up with a value that was just over $3,000. Sent that to the adjuster and he promptly issued a check. He made the comment that they don't do much in diminished value because people don't know to ask. So as long as he had enough documentation to justify the payment, he didn't care what it was.
Hiring an appraisal company is an idea. $450 seems steep, but cheaper than hiring a lawyer. And that assumes a lawyer would even take a small case like this. So, yeah. I guess you’re saying to hire the appraiser AFTER the repair is complete?
That's what I'd think. Take lots of pictures beforehand and have all the documents from the body shop. I only went the appraisal route after I got the initial offer from GEICO and they indicated there was room to increase the amount, but I needed to have proof on what it should be.

The appraisal should also help when it comes to resale value as well. I've got documented before/after and quality of repairs, condition, etc.... which should help offset any apprehension about what damage actually occurred. Like I mentioned, we got dinged on the amount of the claim only because the parts were all OEM and on a brand new vehicle. The lions share was the headlight and 22" rim.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

bbqguru wrote: Wed May 12, 2021 11:43 am
Leesbro63 wrote: Wed May 12, 2021 5:52 am
bbqguru wrote: Tue May 11, 2021 8:15 pm We were hit while on vacation. Other driver was at fault and had GEICO. When I asked about diminished value, the adjuster was willing to pay, but didn't have much basis. He offered the difference between a very clean and clean vehicle if it were totaled--- a few hundred bucks.

Our Navigator was new at the time and had just come out so I knew they were in short supply. Total damage to the car was around $6-8,000 if I remember correctly. (The headlight alone was around 2k. Minor damage to front quarter panel, wheel, and bumper.)

I ended up hiring an auto appraisal company to come and grade the entire car. I had a ton of pictures of the accident damage and parts/repair work done. They spent about an hour going over the car inside and out. Measured the paint thickness of the repair vs rest of vehicle, interior, engine compartment, and on and on.

The appraisal cost around $450, but they provided a multi-page report with pictures and the entire list of recent auctions with amounts the comparable vehicles sold for and also the amounts of any recent that were totaled. In the end, the appraisal came up with a value that was just over $3,000. Sent that to the adjuster and he promptly issued a check. He made the comment that they don't do much in diminished value because people don't know to ask. So as long as he had enough documentation to justify the payment, he didn't care what it was.
Hiring an appraisal company is an idea. $450 seems steep, but cheaper than hiring a lawyer. And that assumes a lawyer would even take a small case like this. So, yeah. I guess you’re saying to hire the appraiser AFTER the repair is complete?
That's what I'd think. Take lots of pictures beforehand and have all the documents from the body shop. I only went the appraisal route after I got the initial offer from GEICO and they indicated there was room to increase the amount, but I needed to have proof on what it should be.

The appraisal should also help when it comes to resale value as well. I've got documented before/after and quality of repairs, condition, etc.... which should help offset any apprehension about what damage actually occurred. Like I mentioned, we got dinged on the amount of the claim only because the parts were all OEM and on a brand new vehicle. The lions share was the headlight and 22" rim.
This is good advice. Thank you. And thank you to the other Bogleheads who chimed in here. I'll get the car fixed, make my best deal on diminished value and move on!
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Re: Diminished Value Car Accident Claim

Post by RickBoglehead »

Leesbro63 wrote: Tue May 11, 2021 2:06 pm UPDATE: We got the accident report and the other guy was cited and charged for hitting us. Interestingly, both of us have USAA insurance. So how does that play with regard to the diminished value claim? Will USAA be more likely to deal easily because they will be dealing with their own insured, or will they be tougher because even though THIS insured isn't at fault, they'll have to subrogate against themselves (meaning they'll eat this) since the also insure the guy at fault?
USAA vs. USAA is irrelevant and will have zero impact.

It MIGHT have an impact if you were going to court, in that the people handling the two sides might be more willing to settle than to cost their company legal costs.

My mother had a claim against someone with USAA, like hers, and everything was handled separately and they even increased the pain and suffering payment without having to go to court.
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Re: Diminished Value Car Accident Claim

Post by bbqguru »

Another thing that might help your case--- check your policy. For example, my personal policy covers diminished value. I let GEICO's adjuster know that I had coverage for it, and if I needed, I would file a claim on my policy and they could subrogate back to GEICO...

Always worth knowing what your policy covers and using it to your advantage. Diminished value, OEM vs non-OEM parts, rental coverage, etc... The threat of subrogation isn't a huge deal, but it makes the adjuster's life move complicated and they're evaluated on how fast a claim can be closed and settled.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

bbqguru wrote: Sat May 29, 2021 8:30 pm Another thing that might help your case--- check your policy. For example, my personal policy covers diminished value. I let GEICO's adjuster know that I had coverage for it, and if I needed, I would file a claim on my policy and they could subrogate back to GEICO...

Always worth knowing what your policy covers and using it to your advantage. Diminished value, OEM vs non-OEM parts, rental coverage, etc... The threat of subrogation isn't a huge deal, but it makes the adjuster's life move complicated and they're evaluated on how fast a claim can be closed and settled.

I'm the original poster with an update: The car is still being repaired. The original parts arrived but they found some additional minor exhaust system parts that will be needed. He says the repair will take 4 days once they actually start putting it back together. The car probably would have been totaled had USAA known they'd be paying even more for repair ($13,000 so far on a $30,000 car) a diminished value claim as well. But the work has started to it's too late to turn back now, to quote the Cornelius Brothers & Sister Rose. USAA did send me a form for diminished value...they agree that we have been harmed in that way and that "it's a thing". I'll see what their offer is then decide whether to spend the money for a professional appraisal. As I stated above, we'll probably get the car fixed, make our best diminished value claim and trade it for a new Crosstrek in the fall once the 2022 cars arrive. And yeah, it will STILL probably cost me $8-$10,000 once both diminished value and "only 1 year old" are factored in. That's why I'm a Boglehead...so I can shrug this type of stuff off, more or less.
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
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Re: Diminished Value Car Accident Claim

Post by Tingting1013 »

Leesbro63 wrote: Thu Jun 24, 2021 9:20 am Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
Get a lawyer.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Tingting1013 wrote: Thu Jun 24, 2021 9:21 am
Leesbro63 wrote: Thu Jun 24, 2021 9:20 am Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
Get a lawyer.
Is there enough in it for a lawyer? Is there enough in it for me after the lawyer takes his cut?
Tingting1013
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Re: Diminished Value Car Accident Claim

Post by Tingting1013 »

Leesbro63 wrote: Thu Jun 24, 2021 9:27 am
Tingting1013 wrote: Thu Jun 24, 2021 9:21 am
Leesbro63 wrote: Thu Jun 24, 2021 9:20 am Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
Get a lawyer.
Is there enough in it for a lawyer? Is there enough in it for me after the lawyer takes his cut?
Real estate attorneys make $600 on each transaction in my old state. This would seem to be a similarity routine matter.
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8foot7
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Re: Diminished Value Car Accident Claim

Post by 8foot7 »

Leesbro63 wrote: Thu Jun 24, 2021 9:20 am Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
Your value is likely way too high -- probably double what it ought to be -- if the repairs are carried out in a satisfactory way. Some value from the accident is restored via the repair; it's not a loss on top of the overall value loss. Remember, DV is compensating you now for a probable loss you will take down the road in selling the vehicle. If an equivalenty used vehicle otherwise identical is worth, say $27,500, you are saying your post-accident, fully repaired vehicle is only worth $20,000. Are you confident particularly in this very hot used car market that there are not customers who would pay n where 20k<n<27.5k?

My recommendation is to counter for 3500 and settle for 3000.
yoocanfly
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Re: Diminished Value Car Accident Claim

Post by yoocanfly »

I had my car rear ended in March 2020.
My car was a brand new SUV bought for 35k just 3 months before the accident, with 2k on odometer.
The other driver was at fault, and he had USAA. I only dealt with his insurance company.

damage repair was about 10k
luckily, we were not hurt, but USAA paid $1000 for pain & suffering.

initially, there was no diminished value offer. We asked for it, and their initial offer was 1.7k
after a couple of phone calls, it went up to 2.5k (like $200 every phone call). This was all based on "17c" formula, but the value of the car was in question because it was so new, there was no "used car" market data.

I did my own research, got a few appraisals, and sued the driver for $9k diminished value claim in a small claims court based on my research/appraisals. I did this all on my own without an attorney
just a week before the court date, USAA called to settle for 7k, I took it. When everything was said and done, it was like September.

If I went with a lawyer, he would take 1/3 of the cut. It's up to you, it was very stressful process, I may just go the lawyer route next time.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

8foot7 wrote: Thu Jun 24, 2021 10:34 am
Leesbro63 wrote: Thu Jun 24, 2021 9:20 am Follow up: The car has been repaired to the tune of $16,431. USAA (represents both sides) offered $1946 diminished value money. My estimate is that the true diminished value is about $7500. Are there companies who will take this case on a contingent or for some other fee arrangement? This is just too much money to leave on the table.
Your value is likely way too high -- probably double what it ought to be -- if the repairs are carried out in a satisfactory way. Some value from the accident is restored via the repair; it's not a loss on top of the overall value loss. Remember, DV is compensating you now for a probable loss you will take down the road in selling the vehicle. If an equivalenty used vehicle otherwise identical is worth, say $27,500, you are saying your post-accident, fully repaired vehicle is only worth $20,000. Are you confident particularly in this very hot used car market that there are not customers who would pay n where 20k<n<27.5k?

My recommendation is to counter for 3500 and settle for 3000.
No, DV is compensating you now for CURRENT MARKET diminished value. The fact that DV depreciates with the actual value has nothing to do with the fact that my car was worth $27,500 before and worth $20,000 now. (I do agree that it DOES have a lot to do with the fact that people often don't fully chase down diminished value and often don't understand it.)

And to that point, as I mentioned in one of my earlier posts, I plan to trade the car soon, as soon as the 2022 cars are on the lot. I just don't want to be driving a rebuilt car.
Last edited by Leesbro63 on Thu Jun 24, 2021 2:22 pm, edited 2 times in total.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

yoocanfly wrote: Thu Jun 24, 2021 10:55 am I had my car rear ended in March 2020.
My car was a brand new SUV bought for 35k just 3 months before the accident, with 2k on odometer.
The other driver was at fault, and he had USAA. I only dealt with his insurance company.

damage repair was about 10k
luckily, we were not hurt, but USAA paid $1000 for pain & suffering.

initially, there was no diminished value offer. We asked for it, and their initial offer was 1.7k
after a couple of phone calls, it went up to 2.5k (like $200 every phone call). This was all based on "17c" formula, but the value of the car was in question because it was so new, there was no "used car" market data.

I did my own research, got a few appraisals, and sued the driver for $9k diminished value claim in a small claims court based on my research/appraisals. I did this all on my own without an attorney
just a week before the court date, USAA called to settle for 7k, I took it. When everything was said and done, it was like September.

If I went with a lawyer, he would take 1/3 of the cut. It's up to you, it was very stressful process, I may just go the lawyer route next time.
Your situation is almost exactly the same as ours. About a $7500 to $10,000 diminished market value and I can see that no one is going to offer that voluntarily. Accordingly I just filed at the magistrate as you did. That cost $200 and I suspect another $300ish for a full diminished value evaluation that I'll do before the hearing. We'll see what happens.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

8foot7 wrote: Thu Jun 24, 2021 10:34 am
Your value is likely way too high -- probably double what it ought to be -- if the repairs are carried out in a satisfactory way. Some value from the accident is restored via the repair; it's not a loss on top of the overall value loss. Remember, DV is compensating you now for a probable loss you will take down the road in selling the vehicle. If an equivalenty used vehicle otherwise identical is worth, say $27,500, you are saying your post-accident, fully repaired vehicle is only worth $20,000. Are you confident particularly in this very hot used car market that there are not customers who would pay n where 20k<n<27.5k?

My recommendation is to counter for 3500 and settle for 3000.
Let me ask you this: If you were in the market for a slightly used car (3000 miles) and there were two on the car lot, how much would you pay for number 2:


Number 1: A 2021 Subaru Crosstrek with every option, stickered new in January for $32,500 and actually sold for $30,500, now priced at $27,500. Never wrecked.

Number 2: The exact same car as number 1, but was rebuilt to the tune of $16,400. Looks good and rides good, but rebuilt. How much of a discount off of number 1, above, would you require to buy this car vs number 1. I don't believe $3000 would be enough to entice you to take the rebuilt car.
yoocanfly
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Re: Diminished Value Car Accident Claim

Post by yoocanfly »

Leesbro63 wrote: Thu Jun 24, 2021 2:14 pm
yoocanfly wrote: Thu Jun 24, 2021 10:55 am I had my car rear ended in March 2020.
My car was a brand new SUV bought for 35k just 3 months before the accident, with 2k on odometer.
The other driver was at fault, and he had USAA. I only dealt with his insurance company.

damage repair was about 10k
luckily, we were not hurt, but USAA paid $1000 for pain & suffering.

initially, there was no diminished value offer. We asked for it, and their initial offer was 1.7k
after a couple of phone calls, it went up to 2.5k (like $200 every phone call). This was all based on "17c" formula, but the value of the car was in question because it was so new, there was no "used car" market data.

I did my own research, got a few appraisals, and sued the driver for $9k diminished value claim in a small claims court based on my research/appraisals. I did this all on my own without an attorney
just a week before the court date, USAA called to settle for 7k, I took it. When everything was said and done, it was like September.

If I went with a lawyer, he would take 1/3 of the cut. It's up to you, it was very stressful process, I may just go the lawyer route next time.
Your situation is almost exactly the same as ours. About a $7500 to $10,000 diminished market value and I can see that no one is going to offer that voluntarily. Accordingly I just filed at the magistrate as you did. That cost $200 and I suspect another $300ish for a full diminished value evaluation that I'll do before the hearing. We'll see what happens.
How are you filing before you know the appraisal value?
I had my appraisals done before filing, so I could ask for exact amount in the small claims court.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

yoocanfly wrote: Thu Jun 24, 2021 2:26 pm
Leesbro63 wrote: Thu Jun 24, 2021 2:14 pm
yoocanfly wrote: Thu Jun 24, 2021 10:55 am I had my car rear ended in March 2020.
My car was a brand new SUV bought for 35k just 3 months before the accident, with 2k on odometer.
The other driver was at fault, and he had USAA. I only dealt with his insurance company.

damage repair was about 10k
luckily, we were not hurt, but USAA paid $1000 for pain & suffering.

initially, there was no diminished value offer. We asked for it, and their initial offer was 1.7k
after a couple of phone calls, it went up to 2.5k (like $200 every phone call). This was all based on "17c" formula, but the value of the car was in question because it was so new, there was no "used car" market data.

I did my own research, got a few appraisals, and sued the driver for $9k diminished value claim in a small claims court based on my research/appraisals. I did this all on my own without an attorney
just a week before the court date, USAA called to settle for 7k, I took it. When everything was said and done, it was like September.

If I went with a lawyer, he would take 1/3 of the cut. It's up to you, it was very stressful process, I may just go the lawyer route next time.
Your situation is almost exactly the same as ours. About a $7500 to $10,000 diminished market value and I can see that no one is going to offer that voluntarily. Accordingly I just filed at the magistrate as you did. That cost $200 and I suspect another $300ish for a full diminished value evaluation that I'll do before the hearing. We'll see what happens.
How are you filing before you know the appraisal value?
I had my appraisals done before filing, so I could ask for exact amount in the small claims court.
I had two preliminary estimates of $7500. Perhaps "just filing" will bring them to the table. I get it that I'll need the full $300+ analysis if it goes to court but common sense would suggest that the number is in that range. See my other post asking how much discount it would take for one to buy the rebuilt car.
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8foot7
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Re: Diminished Value Car Accident Claim

Post by 8foot7 »

Leesbro63 wrote: Thu Jun 24, 2021 2:19 pm
8foot7 wrote: Thu Jun 24, 2021 10:34 am
Your value is likely way too high -- probably double what it ought to be -- if the repairs are carried out in a satisfactory way. Some value from the accident is restored via the repair; it's not a loss on top of the overall value loss. Remember, DV is compensating you now for a probable loss you will take down the road in selling the vehicle. If an equivalenty used vehicle otherwise identical is worth, say $27,500, you are saying your post-accident, fully repaired vehicle is only worth $20,000. Are you confident particularly in this very hot used car market that there are not customers who would pay n where 20k<n<27.5k?

My recommendation is to counter for 3500 and settle for 3000.
Let me ask you this: If you were in the market for a slightly used car (3000 miles) and there were two on the car lot, how much would you pay for number 2:


Number 1: A 2021 Subaru Crosstrek with every option, stickered new in January for $32,500 and actually sold for $30,500, now priced at $27,500. Never wrecked.

Number 2: The exact same car as number 1, but was rebuilt to the tune of $16,400. Looks good and rides good, but rebuilt. How much of a discount off of number 1, above, would you require to buy this car vs number 1. I don't believe $3000 would be enough to entice you to take the rebuilt car.
That's the exact question I asked in the bolded part of my original post.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

UPDATE: So the car has been fixed ($16,400) and looks good. There are a few imperfections and a lingering problem with the fuel indicator not always showing "full" after a fill up, but basically it does feel like our "new car" again, more or less. At any rate, I paid $325 to CollisionClaimsAssociates for a full diminished value appraisal. They say the car is worth $5300 less than would be the case had it not been basically rebuilt. The insurance company is hardballing me with an offer of $1945. I filed a small claims suit that will be heard later this summer. I have $525 into this for the appraisal and court costs. I'm not sure if I did the right thing and how much more of my energy this is worth.

It appears that used cars are fetching whopping amounts. I'd like to trade this for a 2022 Crosstrek as soon as they hit the lots. Anyone know exactly when that will be? Yes, I understand that I'll take the usual "first year" depreciation hit as well as the diminished value. It seems that 2022 model Outbacks & Legacys are on lots now, but not yet Crosstrek. I'm hoping the cash difference between my rebuilt 2021 and a new 2022 will be less than $10,000, but am willing to suck it up to about that amount if need be (my net will be lessened by whatever I finally get from the guy who caused the accident's insurance for diminished value). Any thoughts?
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Re: Diminished Value Car Accident Claim

Post by Jags4186 »

Leesbro63 wrote: Sun Jul 04, 2021 3:09 pm UPDATE: So the car has been fixed ($16,400) and looks good. There are a few imperfections and a lingering problem with the fuel indicator not always showing "full" after a fill up, but basically it does feel like our "new car" again, more or less. At any rate, I paid $325 to CollisionClaimsAssociates for a full diminished value appraisal. They say the car is worth $5300 less than would be the case had it not been basically rebuilt. The insurance company is hardballing me with an offer of $1945. I filed a small claims suit that will be heard later this summer. I have $525 into this for the appraisal and court costs. I'm not sure if I did the right thing and how much more of my energy this is worth.

It appears that used cars are fetching whopping amounts. I'd like to trade this for a 2022 Crosstrek as soon as they hit the lots. Anyone know exactly when that will be? Yes, I understand that I'll take the usual "first year" depreciation hit as well as the diminished value. It seems that 2022 model Outbacks & Legacys are on lots now, but not yet Crosstrek. I'm hoping the cash difference between my rebuilt 2021 and a new 2022 will be less than $10,000, but am willing to suck it up to about that amount if need be (my net will be lessened by whatever I finally get from the guy who caused the accident's insurance for diminished value). Any thoughts?
Who are you filing a small claims suit against?

I think you’re essentially wasting your time and its going to cost you way more than you think. About 15 years ago my parked car was hit by a hit and run. At the time I had a $1000 deductible collision, and $500 deductible UI. The insurance company wanted me to pay $1000 saying this was a collision claim. I said it should be $500 because it was a UI claim. My father, an insurance attorney, sued them in small claims and I eventually prevailed. When renewal time came up my rate went from roughly $800 every 6 months to $6000. And of course I had to switch. They fired me as a customer. I ended up having to pay $1300 to get insurance elsewhere…there goes that $500 savings and then some as that compounded for several years.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Jags4186 wrote: Sun Jul 04, 2021 3:16 pm
Leesbro63 wrote: Sun Jul 04, 2021 3:09 pm UPDATE: So the car has been fixed ($16,400) and looks good. There are a few imperfections and a lingering problem with the fuel indicator not always showing "full" after a fill up, but basically it does feel like our "new car" again, more or less. At any rate, I paid $325 to CollisionClaimsAssociates for a full diminished value appraisal. They say the car is worth $5300 less than would be the case had it not been basically rebuilt. The insurance company is hardballing me with an offer of $1945. I filed a small claims suit that will be heard later this summer. I have $525 into this for the appraisal and court costs. I'm not sure if I did the right thing and how much more of my energy this is worth.

It appears that used cars are fetching whopping amounts. I'd like to trade this for a 2022 Crosstrek as soon as they hit the lots. Anyone know exactly when that will be? Yes, I understand that I'll take the usual "first year" depreciation hit as well as the diminished value. It seems that 2022 model Outbacks & Legacys are on lots now, but not yet Crosstrek. I'm hoping the cash difference between my rebuilt 2021 and a new 2022 will be less than $10,000, but am willing to suck it up to about that amount if need be (my net will be lessened by whatever I finally get from the guy who caused the accident's insurance for diminished value). Any thoughts?
Who are you filing a small claims suit against?

I think you’re essentially wasting your time and its going to cost you way more than you think. About 15 years ago my parked car was hit by a hit and run. At the time I had a $1000 deductible collision, and $500 deductible UI. The insurance company wanted me to pay $1000 saying this was a collision claim. I said it should be $500 because it was a UI claim. My father, an insurance attorney, sued them in small claims and I eventually prevailed. When renewal time came up my rate went from roughly $800 every 6 months to $6000. And of course I had to switch. They fired me as a customer. I ended up having to pay $1300 to get insurance elsewhere…there goes that $500 savings and then some as that compounded for several years.
We are suing the guy who hit our car from behind and admitted so on the police report. And his insurance company, USAA, which also happens to be our company. Allegedly the fact that we have the same carrier won’t bite us since there’s no question that the other guy caused the accident. There are two separate claim numbers, one for our side of the accident (who will subrogate to his side) and his claim member. His adjuster says he can’t even access our side because that would ne a conflict. But I share your concern that despite this being no fault of ours, it’s gonna bite at insurance renewal time. My attorney son (not this type of law) pointed out that they made us whole but we’re not whole. Falls into the “stuff” happens category, I guess. No injury is the main point that we focus upon.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Update: I am the original poster. I spend $325 with Collision Claims Associates for a full diminished value report. They estimated the DV was about $5400. The insurer originally offered just under $2000 and wouldn't budge, so I spend another $175 to file at the magistrate. The hearing was scheduled for tomorrow, but the attorney for USAA contacted us and offered near the amount ($5400) and we accepted. Thank you all for the great advice here.

I guess my take from this that you have to be willing to push the issue to collect on a diminished value claim. And that the insurance companies probably win, big time, by hardballing these claims. For everyone like me, there are probably many who accept the pittance they offer initially.
thecarlton27
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Re: Diminished Value Car Accident Claim

Post by thecarlton27 »

Congrats on the win. Currently going through the exact same process. Did you ever cash the original check and then collected the remainder from USAA? Or did you ignore the first check and collect all at the end? I ask because I have their original check but it expires within 180 days and don't want to let that void before I get the total DV from them.
Leesbro63 wrote: Wed Oct 06, 2021 1:03 pm Update: I am the original poster. I spend $325 with Collision Claims Associates for a full diminished value report. They estimated the DV was about $5400. The insurer originally offered just under $2000 and wouldn't budge, so I spend another $175 to file at the magistrate. The hearing was scheduled for tomorrow, but the attorney for USAA contacted us and offered near the amount ($5400) and we accepted. Thank you all for the great advice here.

I guess my take from this that you have to be willing to push the issue to collect on a diminished value claim. And that the insurance companies probably win, big time, by hardballing these claims. For everyone like me, there are probably many who accept the pittance they offer initially.
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8foot7
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Re: Diminished Value Car Accident Claim

Post by 8foot7 »

Congratulations on the result.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

thecarlton27 wrote: Thu May 26, 2022 11:36 am Congrats on the win. Currently going through the exact same process. Did you ever cash the original check and then collected the remainder from USAA? Or did you ignore the first check and collect all at the end? I ask because I have their original check but it expires within 180 days and don't want to let that void before I get the total DV from them.
Leesbro63 wrote: Wed Oct 06, 2021 1:03 pm Update: I am the original poster. I spend $325 with Collision Claims Associates for a full diminished value report. They estimated the DV was about $5400. The insurer originally offered just under $2000 and wouldn't budge, so I spend another $175 to file at the magistrate. The hearing was scheduled for tomorrow, but the attorney for USAA contacted us and offered near the amount ($5400) and we accepted. Thank you all for the great advice here.

I guess my take from this that you have to be willing to push the issue to collect on a diminished value claim. And that the insurance companies probably win, big time, by hardballing these claims. For everyone like me, there are probably many who accept the pittance they offer initially.
I filed suit before they sent the first check, so they never sent it. Filing suit ended the negotiation. The only check was the check that arrived after we filed suit and the USAA attorney offered the acceptable amount. It wasn't clear to me if we had cashed any first check if that would have meant we accepted it as payment in full. I suspect that was their game. So I'd be careful in deciding to cash their "not agreed to" amount check.
Last edited by Leesbro63 on Thu May 26, 2022 5:55 pm, edited 2 times in total.
coffeeblack
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Re: Diminished Value Car Accident Claim

Post by coffeeblack »

Leesbro63 wrote: Wed May 05, 2021 1:05 pm OK, so this morning we got rear ended in our five month old 2021 Subaru Crosstrek with 3000 miles. Fortunately, I don't think we are injured. I'm guessing that this $32,500 car has about $7000ish damage. Just a rough guess.

The state trooper said she was faulting the other driver and our USAA insurance already stated that they'll pay our claim and subrogate to other driver's insurance and we won't be charged with an at-fault accident. Here is my question: Assuming the car gets fixed OK etc, can we collect for diminished value (we are in Pennsylvania)? And if so, how do we do this? Via our own insurance or directly to the at-fault guy's insurance? We probably were only gonna keep this car for 2-3 years, 20-40K miles. So it's not like we'll keep it 7+ years where depreciation wouldn't matter. I know when we go to sell or trade the car, CARFAX will pick up the accident. I would have disclosed it anyway, because I wouldn't wanna buy someone else's previously repaired car without that being disclosed.

In all honesty, I'm glad we're OK and I'm not gonna get all hot and bothered. Speed bumps in life is why I'm a Boglehead...I have enough to pay the juice to move on. But I don't want to be a fool either. Any advice on the diminished value issue and other related stuff is appreciated.
This might help.

http://autoloss.com/diminished-value/?g ... gK-z_D_BwE
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

coffeeblack wrote: Thu May 26, 2022 1:14 pm
Leesbro63 wrote: Wed May 05, 2021 1:05 pm OK, so this morning we got rear ended in our five month old 2021 Subaru Crosstrek with 3000 miles. Fortunately, I don't think we are injured. I'm guessing that this $32,500 car has about $7000ish damage. Just a rough guess.

The state trooper said she was faulting the other driver and our USAA insurance already stated that they'll pay our claim and subrogate to other driver's insurance and we won't be charged with an at-fault accident. Here is my question: Assuming the car gets fixed OK etc, can we collect for diminished value (we are in Pennsylvania)? And if so, how do we do this? Via our own insurance or directly to the at-fault guy's insurance? We probably were only gonna keep this car for 2-3 years, 20-40K miles. So it's not like we'll keep it 7+ years where depreciation wouldn't matter. I know when we go to sell or trade the car, CARFAX will pick up the accident. I would have disclosed it anyway, because I wouldn't wanna buy someone else's previously repaired car without that being disclosed.

In all honesty, I'm glad we're OK and I'm not gonna get all hot and bothered. Speed bumps in life is why I'm a Boglehead...I have enough to pay the juice to move on. But I don't want to be a fool either. Any advice on the diminished value issue and other related stuff is appreciated.
This might help.

http://autoloss.com/diminished-value/?g ... gK-z_D_BwE
Take a look at this entire thread. It's all been resolved.
Wanderingwheelz
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Re: Diminished Value Car Accident Claim

Post by Wanderingwheelz »

A couple of days ago I was sideswiped by a driver in NJ in my brand new car (where personal property coverage for NJ can be as low as $5,000, unfortunately). I’m guessing the damage to my vehicle is over $10,000- perhaps way over since every side panel was damaged as well as both wheels and the front bumper. The state trooper told me I wasn’t at fault, but I don’t have a copy of his report, yet.

I want to get compensated for diminished value. I live about 3 hours away in another state, but it sounds like it’s worth my time to go the lawsuit route if it’s necessary. Thanks to everyone who commented here as I learned quite a lot.

Bogleheads rocks.
Being wrong compounds forever.
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Leesbro63
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Re: Diminished Value Car Accident Claim

Post by Leesbro63 »

Wanderingwheelz wrote: Mon Aug 15, 2022 1:45 pm A couple of days ago I was sideswiped by a driver in NJ in my brand new car (where personal property coverage for NJ can be as low as $5,000, unfortunately). I’m guessing the damage to my vehicle is over $10,000- perhaps way over since every side panel was damaged as well as both wheels and the front bumper. The state trooper told me I wasn’t at fault, but I don’t have a copy of his report, yet.

I want to get compensated for diminished value. I live about 3 hours away in another state, but it sounds like it’s worth my time to go the lawsuit route if it’s necessary. Thanks to everyone who commented here as I learned quite a lot.

Bogleheads rocks.
Keep us informed, please.
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