OT: auto insurance claim- diminished value

[stevestrat2]

My daughter was in an auto accident (she is OK), and her car had about $5k of damage. It was not totaled and is being repaired. It was the other driver's fault. Their insurance is Progressive. How will the insurance company determine diminished value? Any idea?
Thx- Steve

 

[Garnet chicken]

They will pay the lesser of the 2 according to their book value.

 

[LegalTiger]

They may try to utilize a crazy formula that double dips for mileage and users multipliers to drop the value.

You should talk to a dealer or body shop and ask them to give you a diminished value estimate. Depending on the car's age, condition and the amount/type of damage, it may vary greatly from what the carrier said.

I do not handle wreck work generally , but I am helping a friend with one right now. The at-fault party's carrier tripled their first offer when I sent them an email with the dealer's estimate. It is still not enough.

We are in a different world now with Carfax, etc. Folks generally do not like to buy wrecked vehicles and the info is easy to find.

 

[Gamecock122]

if in SC, tell them you will bring a lawsuit in small claims (go for full amount of 7500) on a certain day if they do not pay the value to fix the car. they will cave in knowing they will ultimately pay for your damage, some pain and suffering, and punitive damages for all the headaches PLUS their attorney fees. Worked for me one year ago. Geico caved in 36 hours.

 

[LegalTiger]

If you are in SC, you can also file for property damage arbitration. It's before a panel of 3 lawyers. Your county website should have the info and it only costs $5.00 to file.

I suspect that is the route we will take as we are still $4k apart.

 

[cocknjax]

My daughter was in an auto accident (she is OK), and her car had about $5k of damage. It was not totaled and is being repaired. It was the other driver's fault. Their insurance is Progressive. How will the insurance company determine diminished value? Any idea?
Thx- Steve

GET YOU a CERTIFIED AUTO Appraiser!
He can professionally give you the before and AFTER value on the vehicle.
For about 300 dollars he can do this for you and provide ALL the data you need to make the at faults insurance company pay up. I just went thru this in FLA, rear-ended by a careless PROGRESSIVE driver, And the ins. Co will pay for the appraisal. GO get them!

 

[garnet_reign]

I'm in a similar situation now. I'm awaiting the "offer" from the insurance company, so I can review.

 

[Anna_Nimmitty]

If you are in SC, you can also file for property damage arbitration. It's before a panel of 3 lawyers. Your county website should have the info and it only costs $5.00 to file.

I suspect that is the route we will take as we are still $4k apart.

What he said. Had to do just that back in 2011 and it tremendously worked in my favor regarding GIECO - the insurance provider for the guy that hit me.

 

[cocknjax]

I'm in a similar situation now. I'm awaiting the "offer" from the insurance company, so I can review.

I wouldnt wait too long. I would be proactive and have the appraisal IN Hand. Then nail them.

 

[stevestrat2]

GET YOU a CERTIFIED AUTO Appraiser!
He can professionally give you the before and AFTER value on the vehicle.
For about 300 dollars he can do this for you and provide ALL the data you need to make the at faults insurance company pay up. I just went thru this in FLA, rear-ended by a careless PROGRESSIVE driver, And the ins. Co will pay for the appraisal. GO get them!

Thanks- where did you go to get a certified auto appraiser??

 

[cocknjax]

Thanks- where did you go to get a certified auto appraiser??

Just google it for the place you live. Good luck

 

[stevestrat2]

What he said. Had to do just that back in 2011 and it tremendously worked in my favor regarding GIECO - the insurance provider for the guy that hit me.

Thx- did you have to provide 2 estimates of damage by 2 different estimators?

 

[stevestrat2]

Just google it for the place you live. Good luck

I did that- didnt see any local, so was curious if you could recall who you used?...Thx again- Steve

 

[Anna_Nimmitty]

Thx- did you have to provide 2 estimates of damage by 2 different estimators?

In all honesty, because the wreck happened in a different county than where I live, I hired a local attorney (an old buddy of mine I grew up with) there while already going through all that BS. I had already paid the arbitration fee ($5.00), and the attorney I hired simply took what we got from there and settled with GEICO outta court (I'm talking around $7K more than what they originally offered me before I hired him). Perhaps he used the original estimation from GEICO, an estimation from someone he knew, and the arbitration estimation that I paid for. Not sure of those details, but LegalTiger can tell you more on that.

 

[cocknjax]

I did that- didnt see any local, so was curious if you could recall who you used?...Thx again- Steve

My guy is in Fla. Would probably cost too much unless it was a new expensive car totalled.

 

[Anna_Nimmitty]

I did that- didnt see any local, so was curious if you could recall who you used?...Thx again- Steve

SC Porperty Arbitration

Try that. If you're actually in Jacksonville, just google "property damage arbitration in FL"

 

[stevestrat2]

Thx guys- just gotta feeling they are going to try to royally screw us. So I am trying to be prepared. Thx- Steve

 

[santee]

Thx guys- just gotta feeling they are going to try to royally screw us. So I am trying to be prepared. Thx- Steve

Do not wait for them to make an offer...tell them what you want...would say total damages plus at least 20% of the value of the car before it was wrecked....if they start iving you crap tell them your sons back is hurting as well as his left leg and you will need to see a physician and have tests such as an MRI

 

[COCK of the WALK...]

My daughter was in an auto accident (she is OK), and her car had about $5k of damage. It was not totaled and is being repaired. It was the other driver's fault. Their insurance is Progressive. How will the insurance company determine diminished value? Any idea?
Thx- Steve

Your insurance co. should offer advice for you.

 

[cocknjax]

Thx guys- just gotta feeling they are going to try to royally screw us. So I am trying to be prepared. Thx- Steve

UPDATE TO prior INFO: My appraiser here in JAX, FL is DWAYNE WILSON , owner of NE FLA/Geogia Appraisal Services; his # is: 904 396 3991.
He is a member of the national auto appraisers assn but I dont remember that exact name. He can probably give you the name of someone in your area, OR can give you the National Org to contact. Good luck.

 

[stevestrat2]

UPDATE TO prior INFO: My appraiser here in JAX, FL is DWAYNE WILSON , owner of NE FLA/Geogia Appraisal Services; his # is: 904 396 3991.
He is a member of the national auto appraisers assn but I dont remember that exact name. He can probably give you the name of someone in your area, OR can give you the National Org to contact. Good luck.

Thx so much cocknjax- Ill call him. I appreciate it.