Diminished values claims help

[bigfitone]

So wifes car was hit in a parking lot.She wasnt in the car, and the pakring lot is private domain.

Insurer was fine in the repairs, and went well. Now though we have the diminished value issue. Car was 105k new. I had appraiser's (6 total) all set the diminished value at 8,500k. Insurer turns into a nightmare to deal with typically run around, tranfering to many managers, the basic dealings they are famous for. They offered 2k.

I should be hot with the 6500k difference due to someone hitting the car, she wasnt even in the car at the time.

I tried to negoitiate and state my points, but it's fruitless. So, need advice or better yet any recommendations on lawyers in the Phoenix area would be most appreiciated.

BTW, even if the lawyers cost most of the monies I am seeking, thats fine. I just want justice and to make them pay.

 

[VolAgent]

Let's take a step back because your numbers don't add up. 105k, 8,500k, 2k, 6,500k?

So it sounds like your wife's car was hit in a parking lot while she was not in it. Did the person leave a note, were you able to claim against their insurance or yours? Because if you claimed against yours, I'm surprised they even offered something for diminished value.

 

[bigfitone]

Wife was not in the car. She was paged in the store to come out and found some elderly guy rammed it and pushed it like 15'. My appraisers all stated it's a diminished value of $8,500 off of market value. The insurer offered me 2k. We ran through his insurer on the fix, and also for the diminished value claim.

 

[VolAgent]

Gotcha, makes a lot more sense now.

Diminished value is a hard one. Companies don't like to pay it and they fight it all the time. You can hire an attorney, don't know of any in the area to recommend, but as you know it may end up costing you more than you win, if you even win.

 

[adjusterjack]

Glad you mentioned Phoenix. Here's what Arizona has ruled on third party DV claims (first party DV on one's own policy is excluded):

Courts agree with jurisdictions that have "generally held that the measure of compensation to the owner of a negligently damaged motor vehicle may include the cost of repair and proven residual diminution in fair market value." Farmers Ins. Co. of Arizona v. R.B.L. Inv. Co., 138 Ariz. 562, 564, 675 P.2d 1381, 1383 (Ariz. Ct. App. 1983). "When the property is repaired or restored, however, the measure of damages includes the cost of repair with due allowance for any difference between the value of the property before the damages and the value after repairs, as well as the loss of use." Oliver v. Henry, 227 Ariz. 514, 516-17, 260 P.3d 314, 316-17 (Ct. App. 2011) (citing Restatement (Second) of Torts § 928 (1977)).

Then, the question becomes "how much?"

My appraisers all stated it's a diminished value of $8,500 off of market value.

They could have said $85,000 or 85 cents and it wouldn't make much difference. It's what you can prove in court that counts. The other driver's insurance company is not your insurance company and owes you nothing until a court of law says so and says how much.

If you can't negotiate better than the $2000 you will have to sue the other driver for the DV and convince a judge that you are entitled to the amount claimed.

If the car was $105K new, chances are that the current ACV is $80K or so if the car is a year or two old.

That being said, the stigma of an accident on a Carfax for a high value car is probably worth the $6500 that you would be satisfied with.

Still, if the other driver's insurance adjuster holds fast with the $2000 offer your only option is a lawsuit against the driver where you can get your appraiser into court to testify and hope he's got the expertise that can trump the experts that the insurance company will bring in defense of its policyholder.

Understand that whatever you pay your appraiser, you don't get back.

Oh, one more thing. Arizona small claims limit is $3500. If you want to sue for more than that it will have to be in Maricopa County Justice Court system which uses the same locations as small claims but the procedures and rules are more rigorous.

Another thing you have to watch out for in Arizona is "Offer of Judgment." The way that works is, let's say, you sue for the $8500. The insurance company turns around and offers you $4000. You say "no, let's go to trial." If you win $4000.01 or better, you are fine. But if you win $4000 or less, you pay the insurance company's attorney fees and expert's fees because you had the opportunity to accept the $4000 without having the insurance company incur additional fees. Attorney fees and expert's fees for a trial like that could easily amount to several thousands.

See Rule 68, specifically (g) Sanctions:

View Document - Arizona Court Rules

 

[Josh]

Insurer was fine in the repairs, and went well. Now though we have the diminished value issue. Car was 105k new. I had appraiser's (6 total) all set the diminished value at 8,500k.

Why did you have six?

And how can a $105,000 car have $8,500,000 in diminished value?

How old is the car?

 

[bigfitone]

I had 6 appraisals done to prove consistancy. All came back with a loss of 8-8,800 in value. Still iunsurer discredits them. I really don'tr care about the money, more so a scum bag insurer is getting off the hook. That doesn't sit well with me. Some 80 year old rams my car when no one was even in the car

 

[adjusterjack]

I had 6 appraisals done to prove consistancy. All came back with a loss of 8-8,800 in value.

No surprise there. They'd be out of business if they didn't tout big dollar appraisals. Are any of them willing to back up their appraisal in court and make it stick?

I really don'tr care about the money

Then take the $2000.

scum bag insurer is getting off the hook

You're the one letting the insurer off the hook if you don't take this to court.

 

[Josh]

I had 6 appraisals done to prove consistancy. All came back with a loss of 8-8,800 in value. Still iunsurer discredits them. I really don'tr care about the money, more so a scum bag insurer is getting off the hook. That doesn't sit well with me. Some 80 year old rams my car when no one was even in the car

Real talk:

How much do you think XYZ carrier really cares about $6,000? I also think that while it's true some insurance companies may have unfair claims policies, for the most part it's nowhere near as nefarious as some people seem to think it is.

 

[bigfitone]

Adjuster Jack. One, I do not care about the money, but do not want to give a pass ,the insurer. Two, I'm not letting him off the hook, that's why am here asking for advice is prior to contacting my counsel. Three, I don't understand your comment about coding big appraisals. Four of them are luxury Highline vehicle appraisers. Not looking to purchase a car, simply appraising the diminished value.