Diminished Value Claim

Discussion in 'Auto Insurance Forum' started by dstone84, Jan 22, 2017.

  1. dstone84
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    dstone84 New Member

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    I have a 2010 Dodge Ram 1500 and earlier this past summer I was in an accident in which the other driver was at fault. There was about $7,000 worth of damages to my truck.

    I have filed a diminished value claim with the insurance company. How can I ensure that the amount they offer is a fair amount? The truck has been in 2 other accidents. About how much could I expect from the diminished value claim?
     
  2. LostDollar
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    LostDollar Well-Known Member

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  3. InsCommentary
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    InsCommentary Well-Known Member

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    There are firms that employ DV software, though I don't know how accurate it is.
     
  4. DIMINISHED VALUE
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    DIMINISHED VALUE Member

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    The insurance company will allege that you are owed nothing which is unfair, of course. Your car still had value prior to this accident. You'd have to hope that they deduct a portion of the full diminished value because of the prior accidents. How much, of course, should be based on the severity of the two prior losses.
     
  5. dvexpert
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    dvexpert New Member

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    If the other losses were anything other than minor, it's gonna be very tuff to get the insurance company to pay anything.
     
  6. DIMINISHED VALUE
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    DIMINISHED VALUE Member

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    Your best strategy is to hire an appraiser who can then speak for you in terms of what percentage of the full diminished value from this loss should be deducted. No sense in not trying to get half. Good luck.
     
  7. VolAgent
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    VolAgent Well-Known Member

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    Look at the thread that LostDollar posted. That got me to looking into diminished value claims. If the company uses the 17c formula, you will have a rough row to hoe.

    I wish you luck on it, but don't hold your breath. Again, follow the link and look up 17c.
     
  8. AnzhelaDvorkina
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    AnzhelaDvorkina Member

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    To recover on a diminished value claim you must have a claim against a third party. That means the damage your vehicle sustained had to be the fault of somebody else. If you cause the damage then insurance company does not give you the right to recover for diminished value.
     

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