Diminished Value?

  1. Driveitlikeuboughtit

    Driveitlikeuboughtit Senior Member

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    Anyone successfully claim this before from someone else's insurance? I'm supposed to gather evidence and send it to the insurance agency, but there is no clarity as to what "evidence" is.

    Car listings for similar mileage and then get an appraisal from a dealership?
     
  2. Z06Chris

    Z06Chris Senior Member

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    They usually use a formula based off the damage amount. It isn't much.
     
  3. OP
    OP
    Driveitlikeuboughtit

    Driveitlikeuboughtit Senior Member

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    I see you're in Georgia and diminished value is codified into law there with a formula. Other states, it's an uphill value to get anything and I was hoping someone might have some insight.
     
  4. CnoEVO

    CnoEVO New Member

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    My vehicle was rear ended when it was 8 months old. It did $5400 worth of damage. New rear hatch and bumper. I was able to get $3000 dimnished value fairly easily. Allstate used a formula combined with the approximate value of the vehicle to come up with that number. I could have got more but dealers in my area were reluctant to give me a trade in value in writing.

    I paid $250 for a report from www.ican2000.com. They are basically an a online appraiser specifically for diminished value claims. I was skeptical about this website/company but the experience and report was professional. I hope this helps. It will force the insurance company to hire there own appraisers.
     
  5. GraphiteAZ

    GraphiteAZ Senior Member

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    Hire a lawyer. Mine got me a check for 5K.
     
  6. OP
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    Driveitlikeuboughtit

    Driveitlikeuboughtit Senior Member

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    Like just call up a local lawyer? Did you find/hire a specialist?

    Was it major damage? Does diminished value look at the cost of repairs or simply the diminished value of having an "accident" on your history?
     
  7. GraphiteAZ

    GraphiteAZ Senior Member

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    I just called around to accident attorneys locally. Did 3 free consultations and went with the one that had the most experience.

    The claim was based on value lost because of an accident on file.
     
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