vehicle appraisal for diminished value claim

[TexasRedneck]

Yeah, but the other guys insurance company (State Farm) is who I have to deal with...I don’t get to choose that.

Actually, you do. Turn this mess over to YOUR insurance company and let them subrogate it. I'd be willing to bet THEY won't want to have a policy on that truck after the repairs are jacklegged.

 

[lonestardiver]

Actually, you do. Turn this mess over to YOUR insurance company and let them subrogate it. I'd be willing to bet THEY won't want to have a policy on that truck after the repairs are jacklegged.

My insurance company after talking to them is going to look at it today or tomorrow so I have a second opinion. I may likely have to file it under collision less the $500 deductible and let them deal with it. But they may also negate some of the abilities to get more from State Farm.

 

[TexasRedneck]

My insurance company after talking to them is going to look at it today or tomorrow so I have a second opinion. I may likely have to file it under collision less the $500 deductible and let them deal with it. But they may also negate some of the abilities to get more from State Farm.

The other driver will be responsible for reimbursing you the deductible. The only thing you'll lose is being able to get anything more for the vehicle - any injury claims will still be theirs. Had that happen in 2000, when I was rear-ended by a truck doing 90-100 mph when I was at a dead stop due to another accident ahead. My insurance stepped in, paid ALL losses/claims, and pursued the other driver.

 

[oldag]

Two things are arising that I can see. The other parties insurance is paying for the damages because they were at fault.

First of all, they don't want to total the vehicle, probably due to it's value. Industry standard is about 75% to 80% of the current value of the vehicle to amount of damages to repair costs to total the vehicle. When the amount of damages exceed that threshold, they usually determine the vehicle a total loss, pay the current market value of the vehicle, and they send the vehicle to salvage auction to recoup some of the money they have expended.

Second, this is YOUR vehicle. You hold the upper hand here at all times. You get to pick and choose what repair shop does the work, what parts are used, and whether the vehicle when repairs are completed as to whether those repairs meet your expectations as to be a safe and reliable vehicle.

Two things you need to do. One get your own insurance company involved, which you are doing. Get an attorney involved and sue the other parties insurance company.

Personally, even though I have worked in the collision industry many years ago, and in some really great shops where quality of work set was very high standard, when a vehicle approaches that threshold of being totalled and are repaired, there are always problems with that vehicle after the repairs are done, and even if you accept the vehicle after the repairs are done, time later, when you decide to sell or trade that vehicle in, those repairs show up and will automatically reduce it's value. And by law, those repairs have to be disclosed when selling it, or trading it by a dealership. Me personally, I'd push very hard to have the vehicle totaled as well. I would never fully trust that vehicle or feel it was as good as it was before the damages occurred.

Don't sue. If you have to, just have counsel send a letter. That usually does the trick in these situations and far cheaper.

 

[oldag]

My insurance company after talking to them is going to look at it today or tomorrow so I have a second opinion. I may likely have to file it under collision less the $500 deductible and let them deal with it. But they may also negate some of the abilities to get more from State Farm.

They should recover your deductible for you from the other insurance company.

 

[lonestardiver]

They should recover your deductible for you from the other insurance company.

Yes, I have had that happen in the past when the motorcycle was totaled.

 

[Axxe55]

Don't sue. If you have to, just have counsel send a letter. That usually does the trick in these situations and far cheaper.

I should have been more clear. My point was, you want the other parties insurance company to know you have retained legal counsel and are thinking about filing a lawsuit. That tends to get their attention and gets them to stop dragging their feet and trying to low-ball the figures.

 

[EdLaCrosse]

Anyone that you guys can recommend in Ft. Worth, especially on the West Side ?

I pursued a diminished value claim in 2007 and used Stated Value Automobile Appraisal Company on Aviator Dr. in Ft. Worth. (That's far north Ft. Worth.) The cost to me was just under $400 but it was well worth it. After all repairs were done to put the car (a 2005 Lexus RX) back to pre-accident condition, I received a check from the at-fault insurance company of just under $6,000.

In my case, my insurance company was State Farm but the at-fault company was Allstate. I advised Allstate of my intent to pursue a diminished value claim and then followed the advice of Stated Value. I elected to have my car repaired at Sewell Lexus in Dallas. If the at-fault company is the same as your company, things might be a bit trickier. Insurance companies do not want you to know about "diminished value", and they do not have to pay a diminished value claim if you're at fault.

Call Stated Value and they'll advise you on how to proceed. In my case, they inspected my car after repairs were done and generated a punchlist of additional work that was required of the shop, right down to missing clips under the hood. After all this work was completed, I signed a release and received a check for the diminished value.

 

[Axxe55]

I pursued a diminished value claim in 2007 and used Stated Value Automobile Appraisal Company on Aviator Dr. in Ft. Worth. (That's far north Ft. Worth.) The cost to me was just under $400 but it was well worth it. After all repairs were done to put the car (a 2005 Lexus RX) back to pre-accident condition, I received a check from the at-fault insurance company of just under $6,000.

In my case, my insurance company was State Farm but the at-fault company was Allstate. I advised Allstate of my intent to pursue a diminished value claim and then followed the advice of Stated Value. I elected to have my car repaired at Sewell Lexus in Dallas. If the at-fault company is the same as your company, things might be a bit trickier. Insurance companies do not want you to know about "diminished value", and they do not have to pay a diminished value claim if you're at fault.

Call Stated Value and they'll advise you on how to proceed. In my case, they inspected my car after repairs were done and generated a punchlist of additional work that was required of the shop, right down to missing clips under the hood. After all this work was completed, I signed a release and received a check for the diminished value.

Welcome to TGT.

 

[EdLaCrosse]

Welcome to TGT.

Thank you! I've been hanging around for a couple months and did introduce myself, but I don't say much. Most folks around here know far more than I do about most things!

 

[lonestardiver]

At this moment I have advised the other parties insurance company that my insurance company is also looking at the vehicle to assess the damage and whether or not they would continue to insure the vehicle if repaired. I have also indicated that I would likely not accept any repairs to the vehicle due to the extensive repair to an already compromised cab and that any such repairs would be suspect as the vehicle could not be returned to 100% of it original condition.

 

[EdLaCrosse]

At this moment I have advised the other parties insurance company that my insurance company is also looking at the vehicle to assess the damage and whether or not they would continue to insure the vehicle if repaired. I have also indicated that I would likely not accept any repairs to the vehicle due to the extensive repair to an already compromised cab and that any such repairs would be suspect as the vehicle could not be returned to 100% of it original condition.

Good luck to you as you move forward with your claim.

Just a couple points here, in case I was unclear, then I'll step aside.

Under a diminished value claim, the basic idea is you get your truck back in the same (or "equivalent", perhaps) condition it was in just prior to the accident, plus you get a check for the amount by which the value after repairs is less than the value before repairs -- that's the "diminished value" amount. This diminished value amount depends on a lot of things, but especially the value of the truck before the accident, its age, mileage, options, and any damage that existed before the subject accident.

When you advise the at-fault insurance company and the body shop that you're pursuing a diminished value claim, that puts them on notice that there will be a post-repair inspection and if the repairs don't pass muster, they'll have to be done again until they're right. Depending on what ends up on the punch list, those additional repairs will be the responsibility of the shop or the at-fault insurance company. When the at-fault insurance company recognizes that an independent appraiser is going to assess the repairs, then that insurance company might opt to total the truck out rather than risk lots of extra money doing the repairs right.

If the independent appraiser (in my case, Stated Value) thinks the truck is a total loss, they will say so, and a different process will unfold with the at-fault company. In this case, there is no diminished value claim, but you still might owe the appraiser for any work they did on your case.

Again, good luck to you in whatever you decide to do.

 

[TexasRedneck]

I should have been more clear. My point was, you want the other parties insurance company to know you have retained legal counsel and are thinking about filing a lawsuit. That tends to get their attention and gets them to stop dragging their feet and trying to low-ball the figures.

Actually, the second you say/imply "I have a lawyer", all discussions cease. The trick is to let them know you WILL seek counsel if you have to.

 

[lonestardiver]

My insurance company just called me back.
It was deemed a chasing damage claim with preliminary numbers at $25k in damage and they agreed with the shop it should be a total loss.

State Farm still has not showed up to look at the vehicle.

Looks like I need to file with my company and take choices away from State Farm. They can pay out the total money to my insurance company.

 

[Axxe55]

Actually, the second you say/imply "I have a lawyer", all discussions cease. The trick is to let them know you WILL seek counsel if you have to.

Twice I had to get my lawyer involved because of some very similar events as the OP with my vehicles. The other parties insurance company was dragging their feet and trying to cut some serious corners, one of which was wanting used parts for replacements. One of those accidents I was injured in the accident, and they were refusing to pay the medical claims. Their claim, was because I didn't go from the accident to the hospital was grounds that for them, I wasn't injured.

 

[TexasRedneck]

Twice I had to get my lawyer involved because of some very similar events as the OP with my vehicles. The other parties insurance company was dragging their feet and trying to cut some serious corners, one of which was wanting used parts for replacements. One of those accidents I was injured in the accident, and they were refusing to pay the medical claims. Their claim, was because I didn't go from the accident to the hospital was grounds that for them, I wasn't injured.

Don't get me wrong - when it's time for a lawyer, get one - but I've had good success over the years by not using 'em directly.

 

[lonestardiver]

While doing a little search I have not been able to find a definitive answer...maybe someone here can shed a little more light on this for me.

If I file under my insurance and surrender the vehicle to them, when they go to subrogate their claim to the other parties insurance, do they claim the entire value or the value minus what they recovered on the truck at auction?

 

[TexasRedneck]

While doing a little search I have not been able to find a definitive answer...maybe someone here can shed a little more light on this for me.

If I file under my insurance and surrender the vehicle to them, when they go to subrogate their claim to the other parties insurance, do they claim the entire value or the value minus what they recovered on the truck at auction?

As a practical matter, who cares. That's between them.

 

[lonestardiver]

I just want to find the route that impacts State Farm the most at this point....if that makes any sense.

 

[TexasRedneck]

I just want to find the route that impacts State Farm the most at this point....if that makes any sense.

Having to deal with YOUR insurance company vs you is going to do just that. They don't play nice over claims - your insurance is going to tell them EXACTLY how the cow ate the cabbage - just before they shove said cow up their ass.