"Diminished Value": Should I pursue it? | FerrariChat

"Diminished Value": Should I pursue it?

Discussion in 'General Automotive Discussion' started by Husker, Jun 12, 2004.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,788
    western hemisphere
    Today, I received by enclosed truck a 2000 BMW 323 convertible that I purchased for my wife. It was shipped to my front door in Texas from Chicago.

    Me and my Dad jumped in to take it for a test spin, and...you know it...a son-of-a-gun changed lines right into us and tore up the driver's side of the car. That's right - less than 5 minutes after we unloaded the vehicle from the truck.

    My question is, I am assuming the car will be worth less no matter how good the body work (no frame damage on the car however). And I paid a king's ransom for the car because it was accident free and bright red, just what my wife wanted.

    The fellow who ran into me has Southern Farm Bureau Insurance. Do I stand any chance of recouping from them money for diminished value of the vehicle? Has anyone been through this? Any other words of wisdom on this subject?
     
  2. PaulC

    PaulC Formula 3

    Feb 11, 2003
    1,407
    San Antonio, TX
    Full Name:
    Paul
    I was hit on the right rear of the car, I feel fortunate because I managed to avoid being hit head on. The other driver had no insurance, expired license, and was liquored up to boot (it was 1pm on a Saturday). I have uninsured motorist coverage but here is what I had to do to get SOME money back from diminished value. I had the car repaired to my satisfaction in terms of the work, not value. I recieved two separate trade-in values from reputable dealers. My insurance company then sent out their adjuster and then sent out a second adjuster. At the end of the day I received about $3k in diminished value. That is the low end of the trade-in adjustment. I was told that you will generally be offered about 1/3 of the repair cost. In my case this was dead on. If I wanted to contest this, I would have to spend $500-$1000 and get an independent appraisal by an approved person who does diminished value. I did not pursue because I did not feel like spending the money to get an extra $1k. Hopefully your Ins Co will work with you in getting the DV, mine did not since it paid out everything and shared no costs. Good luck. let me know if you have more ?????.

    Paul
     

Share This Page