[kennix]

So what is Diminished Value and how does it affect me? Diminished Value, or DV as many call it, is the depreciation of value on a vehicle that has been wrecked, even if it has been completely repaired to manufacture specifications. Buyer perception plays an important role in Diminished Value, as a buyer is less likely to purchase a vehicle that has had previous damage when compared with a vehicle that has never had any damage.

Nearly all states acknowledge Diminished Value, though few have specific laws to protect you.

Yesterday I found that there are a lot of people who have no idea what Diminished Value is. I'd like to try and correct that. If you have a question, ask away.

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[djwhiplash2001]

I've been in two prior wrecks and have since switched insurance companies. Is it possible to amend the DV to those prior claims?

 

[DUSlider]

What kind of accident would affect diminished value? Is there some type of rule on dollar amount or what is damaged?

 

[jthj]

In my mind it would be any case where the damage was more than cosmetic...

 

[kennix]

I've been in two prior wrecks and have since switched insurance companies. Is it possible to amend the DV to those prior claims?

Actually North Carolina is like Oregon and has some very good consumer laws protecting you. That may be possible. You should get a free consultation with an attorney and he should be able to advise you. In Georgia and North Carolina, the insurance companies may owe Diminished Value to their policyholders on 1st party claims as well.

What kind of accident would affect diminished value? Is there some type of rule on dollar amount or what is damaged?

Of course A major wreck is going to cause more loss than a minor hood replacement. Diminished Value is judged several ways. Normally you would get an appraiser to determine the Diminished value caused by either the vehicle not being repaired properly. Inherent Diminished Value deals with deals with the immediate depreciation due to the perception of a buyer. Example: 2 brand new Passats, Both MSRP 30,000 one fell off the truck during transit (it happens) had $12,000 in repairs done to it. How much would you pay for that car when compared to the new car with no damage? That's inherent Diminished Value.

In my mind it would be any case where the damage was more than cosmetic...

Depending on the Amount of damage, It could still lose 5-30% of it's value pretty easy.

 

[0non]

i got several fender bender, does that count?

 

[kennix]

i got several fender bender, does that count?

Actually yes, it could count. Depends on whether it was being reported to carfax or autocheck. If it was, a buyer may not want to pay as much for the car as a car that doesn't have a blemish on its history.

 

[GeorgiaRabbit]

Hi Ken. Hoping you could help me with my DV situation. I am living in Columbus OH currently. What do I need to know? The insurance company I am going to have to file the claim through is All State.

You can see pictures in the carnage thread on the last page.
Also, being as long as it has been would I be able to get it from the accident I was rear ended in?

Thank you for all your help in advance. see link below for carnage thread.

http://volkswagenownersclub.com/vw/showthread.php/3631-Carnage-Photos?p=317721#post317721

 

[kennix]

Wow, that is a lot of "carnage".

 

[GeorgiaRabbit]

Thank you Ken, I'm going to contact him tomorrow morning!!

 

[humunie]

This doesn't have anything to do with diminished values but i figured it would be worth asking anyways. I was rear ended by a lady doing 55 while i was sitting stopped behind another person who was letting cars turn in front of him. this was in front of a school and the speed was limited to 25mph. My car was reported to be a total loss and that payment was received rather quickly. now it gets into the hairy legal stuff and if you cant answer it i understand. I received medical care from 4 different facilities for my injuries and have turned in the necessary paperwork releasing my medical files from the date of the accident forward. it has been almost 3 weeks and i still haven't heard a peep from the claims rep. I read everything i could about filing claims and it was stated that the insurance company has up to a year to resolve all claims. therefore my questions are: will they try to cut it as close as they canto the year mark, should i call and harass my claims rep every week, and how long should i wait before seeking legal advise? i feel bad for asking but i thought i would give it a try.

thank you for any advise. :]<input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden">

 

[kennix]

This doesn't have anything to do with diminished values but i figured it would be worth asking anyways. I was rear ended by a lady doing 55 while i was sitting stopped behind another person who was letting cars turn in front of him. this was in front of a school and the speed was limited to 25mph. My car was reported to be a total loss and that payment was received rather quickly. now it gets into the hairy legal stuff and if you cant answer it i understand. I received medical care from 4 different facilities for my injuries and have turned in the necessary paperwork releasing my medical files from the date of the accident forward. it has been almost 3 weeks and i still haven't heard a peep from the claims rep. I read everything i could about filing claims and it was stated that the insurance company has up to a year to resolve all claims. therefore my questions are: will they try to cut it as close as they canto the year mark, should i call and harass my claims rep every week, and how long should i wait before seeking legal advise? i feel bad for asking but i thought i would give it a try.

thank you for any advise. :]<input id="gwProxy" type="hidden"><!--Session data--><input onclick="jsCall();" id="jsProxy" type="hidden">

Anytime there is a "hairy" situation, you should probably speak to an attorney. You can usually either find local free legal help or a local attorney that will only charge you a small fee for consultation, normally about $35.

 

[Crash Kowalski]

I joined this site to get info about something else but on the way to doing that I happened upon this thread which I can respond to quickly. I had a third-party diminished value claim in New Mexico against Allstate. They did not accept the first two diminished value appraisals I purchased, one of which cost $400. They were from companies in Oregon and Georgia and the reason they were rejected by Allstate was that they were based on formulas and auto auction results instead of actual quotes from VW dealers that were specific to my car and the damages that were repaired. I found an appraiser from Fort Pierce, FL that does their appraisals that way and Allstate accepted it. If you are going to hire a diminished value appraiser, make sure they have a state license from any state and that they obtain at least 6 dealer quotes. And DO NOT pay $400 for an appraisal.

 

[kennix]

Diminished value st. Lucie florida auto appraisers

I joined this site to get info about something else but on the way to doing that I happened upon this thread which I can respond to quickly. I had a third-party diminished value claim in New Mexico against Allstate. They did not accept the first two diminished value appraisals I purchased, one of which cost $400. They were from companies in Oregon and Georgia and the reason they were rejected by Allstate was that they were based on formulas and auto auction results instead of actual quotes from VW dealers that were specific to my car and the damages that were repaired. I found an appraiser from Fort Pierce, FL that does their appraisals that way and Allstate accepted it. If you are going to hire a diminished value appraiser, make sure they have a state license from any state and that they obtain at least 6 dealer quotes. And DO NOT pay $400 for an appraisal.

THINGS THAT MAKE YOU GO HMMMMMMMMM.......

Yes, "CRASH", your IP address was recorded and traced to St. Lucie Appraisal Company. In my opinion, it appears the reason you registered was so you could pretend to be a consumer.

 

[jcruse64]

Re: Diminished value st. Lucie florida auto appraisers

My TDI Jetta was accidentally damaged by the sealer during a service visit. Their shop door came down on the top, knocking the satellite antenna off and making a large crease/dent across the top. They kept it and fully repaired it, but were pretty vague with me on covering any DM, should I sell or trade with them. Any advice?

 

[kennix]

Re: Diminished Value Claim

My TDI Jetta was accidentally damaged by the sealer during a service visit. Their shop door came down on the top, knocking the satellite antenna off and making a large crease/dent across the top. They kept it and fully repaired it, but were pretty vague with me on covering any DM, should I sell or trade with them. Any advice?

Hi jcruse64, you do have a diminished value claim in this situation. Depending on the severity of the damage to the top of the car, you could have a large claim. If there is a crease, many times they'll have to replace the roof braces, that would require a structural damage disclosure if sent to a NAAA auto auction. https://www.naaa.com/standards/NAAA_Summary_2015.pdf You'll need a diminished value appraisal to prove your loss of value. That's what I do, or you can also hire someone else, just make sure they have an auto appraiser's certification from some government entity, not a bogus internet certification. FYI, Auto damage appraiser's license and adjusters license are not auto appraiser's licenses or certifications. These are for body shop estimators, insurance adjusters, etc. and few have any experience in actual fair market value or retail sales experience prior to proclaiming themselves an "Auto Appraiser". I'm licensed in Oregon, and that gives me credibility in most states as there are only 3 states in the U.S. who certify or license auto appraisers.