05-28-2019, 10:13 AM | #1 |
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Diminished Value
Who has experience here with Diminished value claims?
I was hit this past Saturday. Other party is 100% liable. Damage totals are roughly $12,000 2018 M2 LCI, base, white, 25k miles. Car was near mint before the accident. What should I be expecting? |
05-28-2019, 10:25 AM | #2 |
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You need to get a diminished value evaluation. They estimate the value of your car before and after the accident repair. The difference is the diminished value. I have found that their estimate is usually 50% of the repair bill on a newer BMW.
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05-28-2019, 11:27 AM | #3 |
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I think 25k on an '18 is already diminished value.
j/j I've been in a few accidents and wondered about a DM claim/effect. I'd say document the entire process, so when you do sell, the buyer might feel more at ease.
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05-28-2019, 01:55 PM | #5 |
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I had a wreck in my Evo in 2014. In Georgia the insurance companies by law, have to pay diminished value. I've heard you can get a lawyer and get even more (in GA). I think it just depends on your state's laws.
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05-28-2019, 10:06 PM | #6 |
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Ultimately what you will need is evidence quantifying the diminished value. To that end, you need to obtain a diminished value valuation and present it to the insurance company. If the insurance company tries to low ball you or not pay, file a lawsuit. You can typically get a trial date pretty quickly in small claims court if the amount in dispute is within the jurisdictional limits of the small claims court. In Tennessee, it's $25k or less.
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05-29-2019, 01:05 PM | #7 | |
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In any accident that is not your fault, you should be receiving diminished value. The nice thing about that is the longer you keep the car, the less diminished value matters for cars that depreciate (which is almost all of them) over time. |
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05-29-2019, 01:39 PM | #8 |
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Hypothetically, has anyone attempted to sue BMW for Diminished Value as a result of bringing out a new model?
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05-29-2019, 04:31 PM | #9 | |
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In an accident there is a clear valuation that is lost as a direct result of physical damage |
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05-30-2019, 05:30 AM | #11 |
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look up Georgia diminished value calculation. also run a carfax and get value now before it hits. then run one once it hits. this is your diminished value. though with 25k miles, you'll see the Georgia diminished value calculation will take that into account. Call the other party insurance and advise them you would like to file a DV claim.
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05-30-2019, 03:06 PM | #12 |
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Thanks for all the help and tips. As i mentioned above i've been speaking with an attorney out of NY who deals with these scenarios all the time.
I can say for sure that the claims adjuster for other party's insurance (Progressive) would not acknowledge the words "diminished value". I kept getting the workaround and would not get a clear answer to the matter. I had to submit documents proving the accident will negatively impact the cars value for them to speak up. |
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05-30-2019, 05:02 PM | #13 |
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1. I don't think all States allow diminished value.
2. Even if you are to get it, the argument that I got was "you have no diminished value until you go to sell the car" Meaning, your hit today is a lot worse than tomorrow - but ultimately you have no real loss... unless you are selling the car today. I really wish there was some general across the country formula. For me (actually my wife) the diminished value on her 2010 Cooper Clubman ended up being near $0 as she kept is an additional 7 years. But had she sold it immediately after the 96 year old lady parked next to it, turned her wheel the wrong way and then backed up, removing the side of the car... it would have been more.
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05-30-2019, 05:14 PM | #14 |
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05-30-2019, 07:54 PM | #15 | |
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05-31-2019, 03:51 PM | #16 |
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05-31-2019, 06:51 PM | #17 |
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I know that there is no formula in Washington. Here we need to get a diminished value appraisal to get an insurance company to pay a diminished value claim.
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05-31-2019, 08:01 PM | #18 | |
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Some of them just don't want to pay these claims. |
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06-01-2019, 08:34 PM | #19 |
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06-03-2019, 04:14 PM | #20 |
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12% of the value of the car or 12% of the cost of the repair?
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06-03-2019, 04:16 PM | #21 | ||
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