[viciouz]

Hi Guys,

As some of you know from my previous thread, I was involved in an auto accident as witnessed by my Dash Cam. My car was sitting pretty in front of random person's house and that person backed out his driveway and hit my car with his truck.

So being that its a 2015 vehicle and only 4 months old. I am filing a Diminished Value Claim in the State of California against Geico. Geico said this was reasonable but I have to prove the diminished value on the car. I asked if they could have an appraiser just negotiate a number with me, which they replied, no they need "proof" of some sort.

Upon further discussion, this "proof' is nothing specific.

The damages to my car were the front bumper, left headlamp, and a few miscellaneous radiator parts (nothing mechanical really). The final damage was 5100 dollars after it was said and done.

So my question is, because my car now has a DIRTY (1 incident) CarFax and I am filing a DIMINISHED VALUE CLAIM, what would be the estimated value of the car now compared to one that doesn't have an accident. How much should I ask for? How would you go about obtaining "proof?"

Thanks Guys.

[gblansten]

http://kielichlawfirm.com/insurance-...-value-claims/

[DiamondGCoupe]

Let me save you the time. I am an insurance agent, and pursued a similar claim for my E92 M3, in CA against Allstate AND Progressive.

CA law doesn't require an insurer to pay a diminished value. If the structure of you car was not damaged etc, you really have no claim whatsoever. You can Google, call, email as much as you want, you're not entitled to it (by CA law), you'll have a hard time proving actual diminished value until you sell the car. Long story, don't lose sleep over it. It happens to us all, it happened to me, you won't get a dime unless there is major structural damage and your vehicle was totaled or something along those lines. Exactly why I leased my new M4, if nothing happens I may buy it but if there's an accident not my problem now.

[Padfan9]

Originally Posted by viciouz

Hi Guys,

As some of you know from my previous thread, I was involved in an auto accident as witnessed by my Dash Cam. My car was sitting pretty in front of random person's house and that person backed out his driveway and hit my car with his truck.

So being that its a 2015 vehicle and only 4 months old. I am filing a Diminished Value Claim in the State of California against Geico. Geico said this was reasonable but I have to prove the diminished value on the car. I asked if they could have an appraiser just negotiate a number with me, which they replied, no they need "proof" of some sort.

Upon further discussion, this "proof' is nothing specific.

The damages to my car were the front bumper, left headlamp, and a few miscellaneous radiator parts (nothing mechanical really). The final damage was 5100 dollars after it was said and done.

So my question is, because my car now has a DIRTY (1 incident) CarFax and I am filing a DIMINISHED VALUE CLAIM, what would be the estimated value of the car now compared to one that doesn't have an accident. How much should I ask for? How would you go about obtaining "proof?"

Thanks Guys.

I had a similar scenario. A shop recommended an appraiser to me. He will do research, charge you a flat fee, write his recommendation on company letterhead with his contact info if geico needs verification, and you will give that to Geico. They will then pay that to you or counter.

[evanescent03]

from the sounds of it (reading what our fellow experts have to say), maybe printing photos of the accident and damage report will help you convince the next buyer that it wasn't a big deal and the value shouldn't be less ... especially considering lots of "clean car fax" cars are actually NOT clean. at least you are offering full disclosure!

I was wondering about this for future reference (hope for the best, plan for the worst) .. good thread.

[04RC51]

I wouldn't even bother if I was happy with the bodywork that was done to fix my car back to normal. People really wanna get paid for anything nowadays, huh?

[gblansten]

Originally Posted by 04RC51

I wouldn't even bother if I was happy with the bodywork that was done to fix my car back to normal. People really wanna get paid for anything nowadays, huh?

My wife and I lost $3000 on her last car when we traded it in because of diminished value from being hit from behind while sitting at a light. Now, I have been fortunate and $3000 is not a devastating loss that will change my life (and probably not for most of you) but it is also not money I would throw out of the window of my car on whim.

You really do lose value when a car has been in a serious accident and people are savvy not to pay for a car with damage attached to the VIN.

I sure as hell wish I had gotten diminished value for an accident with that car that was absolutely not my wife's fault.

If you would walk by $3000 on the road and not stop to pick it up then fair enough.

[Labeef]

Pretty hard to prove diminished value. Have you dealer write you a letter stating that the value is lower due to the title being tarnished. If they look at carfax, it shows value gained or lost depending on the title history.

[guarnibl]

Originally Posted by 04RC51

I wouldn't even bother if I was happy with the bodywork that was done to fix my car back to normal. People really wanna get paid for anything nowadays, huh?

The OP has a reasonable expectation that he should be paid for the loss in value to his car that was caused by another driver. He will lose money on the sale of his car now that he otherwise would have received because of the accident -- and likely have issues selling it at all private party. He's lucky it was an M3/M4 and not a Porsche. That Porsche essentially becomes impossible to sell once it's got an accident on the carfax (private party). Dealers will still take them, but even my previous Prius got knocked down $3,000 in value on trade (ended up keeping it for quite a while longer) because it had a fender bender on the carfax. Sold it later, but I absolutely got less than I would have if it wasn't in an accident. Thankfully, depreciation had already taken it's toll at that point and the accident affected it quite a bit less than two years prior to that.

[MVier]

While different states follow different rules in this area, California does allow diminished value claims. (If this becomes contested, pm me and I will send you the authority).
You need to submit an appraiser's report of the diminished value to Geico. Good that you identified the culprit. Best of luck on your claim!

[viciouz]

Originally Posted by MVier

While different states follow different rules in this area, California does allow diminished value claims. (If this becomes contested, pm me and I will send you the authority).
You need to submit an appraiser's report of the diminished value to Geico. Good that you identified the culprit. Best of luck on your claim!

Where can I find a decent priced appraiser?

[Powaup]

Originally Posted by Padfan9

I had a similar scenario. A shop recommended an appraiser to me. He will do research, charge you a flat fee, write his recommendation on company letterhead with his contact info if geico needs verification, and you will give that to Geico. They will then pay that to you or counter.

Did you end up getting a check in the end?

[Padfan9]

Originally Posted by Powaup

Did you end up getting a check in the end?

No... In California and my insurance plan doesn't allow for diminished value unless I have the 3rd parties insurance info.

[Powaup]

Originally Posted by Padfan9

No... In California and my insurance plan doesn't allow for diminished value unless I have the 3rd parties insurance info.

Sorry to hear. I was hit by a turkey and my door had to be replaced do you think it's worth it for me to hire an appraiser?

[lorinzo]

This is WRONG, WRONG, and WRONG! This is coming from an agent for a company that does not want to pay you what you are entitled.

You cannot collect from your OWN insurance company, in most instances, diminished value claims are excluded.

However, if some other person causes damage to your car and the repairs DO NOT restore the car to its pre-damaged value, then, the other driver (and their insurance company) is required to compensate you for ALL damages. (California Civil Code section 3333; Merchant Shippers Assn. v. Kellogg Express & Draying Co. (1946) 28 C.2d 594)

There is no requirement that the damage must be "major" or involve "structural damage." There is no requirement that your car be "totaled." There is no requirement that you sell your car.

You are going to have to fight for your diminished value claim. There is no established formula. You will likely need to hire an automotive expert. The more minor the damage, the more difficult it will be to prove that you will suffer diminished value.

Originally Posted by DiamondGCoupe

Let me save you the time. I am an insurance agent, and pursued a similar claim for my E92 M3, in CA against Allstate AND Progressive.

CA law doesn't require an insurer to pay a diminished value. If the structure of you car was not damaged etc, you really have no claim whatsoever. You can Google, call, email as much as you want, you're not entitled to it (by CA law), you'll have a hard time proving actual diminished value until you sell the car. Long story, don't lose sleep over it. It happens to us all, it happened to me, you won't get a dime unless there is major structural damage and your vehicle was totaled or something along those lines. Exactly why I leased my new M4, if nothing happens I may buy it but if there's an accident not my problem now.

[Padfan9]

Originally Posted by lorinzo

This is WRONG, WRONG, and WRONG! This is coming from an agent for a company that does not want to pay you what you are entitled.

You cannot collect from your OWN insurance company, in most instances, diminished value claims are excluded.

However, if some other person causes damage to your car and the repairs DO NOT restore the car to its pre-damaged value, then, the other driver (and their insurance company) is required to compensate you for ALL damages. (California Civil Code section 3333; Merchant Shippers Assn. v. Kellogg Express & Draying Co. (1946) 28 C.2d 594)

There is no requirement that the damage must be "major" or involve "structural damage." There is no requirement that your car be "totaled." There is no requirement that you sell your car.

You are going to have to fight for your diminished value claim. There is no established formula. You will likely need to hire an automotive expert. The more minor the damage, the more difficult it will be to prove that you will suffer diminished value.

Yes, I agree with you, but in my case, I don't know who the third party was so I had to use my own insurance, therefore, no claim was possible.

[FASN8N]

I have had a good experience using autoloss.com

[Lone Star M3]

Originally Posted by 04RC51

I wouldn't even bother if I was happy with the bodywork that was done to fix my car back to normal. People really wanna get paid for anything nowadays, huh?

What a asinine statement.

[FL335]

I dealt with this in 2007. My 2006 Legacy GT was hit and there was 2k in damage. I'm in FL but this is how it went:

I called my attorney who is my client...he said to get an estimate using a guy who specializes in DV claims. This happened to be one guy who, basically "owns" North Florida. He was referred to me. I suspect in any area there is someone similar. The "appraiser" looked over my car after it was repaired. He measured the depth of the paint in the repaired area and the OEM, non-repaired areas. He reviewed what was fixed and wrote up report...$375 out of pocket.

I then had my attorney send the report to the contra insurance co. on his letterhead. They came up with an "appraised" DV of $1600....- the $375 and $100 Ruth's Chris GC for my attorney, $1125 in compensation.

That was my deal. I loved that car and was livid when the girl hit me. I was willing to do whatever to recover any loss.

GL...get that $$. It's BS someone hit you. Get what is rightfully yours.

[04RC51]

Originally Posted by essdb1

What a asinine statement.

The level of irony in this reply is overwhelming!

I don't know where all these people come from and why the all gravitated to the F8X.

[Lone Star M3]

Originally Posted by 04RC51

The level of irony in this reply is overwhelming!

I don't know where all these people come from and why the all gravitated to the F8X.

[Efthreeoh]

Originally Posted by 04RC51

I wouldn't even bother if I was happy with the bodywork that was done to fix my car back to normal. People really wanna get paid for anything nowadays, huh?

Not sure this is good advice.