[Never_Enough]

I've had to recover diminished value on a previous car, but that was back in 2007 & the guy that hit me then was not with Geico.

The idiot that hit me this time is with geico and they have the nerve to say I have to prove there is diminished value. Your client hit my car. There is your proof.

You put 2 identical cars side by side with the only difference being one was in an accident and no one is A) Going to buy the one that was hit first & B) No one is going to pay the same amount for both cars.

So I am supposed to pay for an appraiser or spend my days hunting for cars exactly like mine with my exact mileage and then pay for Carfax on all of them & find one with the exact damage?!

I don't want to get my insurance involved, but maybe I have to.

Anyone have recent experience with diminished value claims and possibly from Geico as well?

[shadow191]

Diminished value rules vary from state to state. There's no real set formula except for one put together by State Farm a while back. It's commonly used here in GA since that's where the legal precedent was set. It doesn't pay a ton, but it's easier than actually finding cars. And it's not legally required, they just use it here to speed things up.

I've had Allstate and State Farm pay diminished value claims without even asking. But last year, I was hit by a car Geico insured (he was at fault). I asked about diminished value and the adjuster acted like he had no idea what I was talking about. In the end, the damage was minor - only $800 or so in suspension components - so there wouldn't have been much of a payout in diminished value. I didn't pursue it since they did pay me $700+ in loss of use for the 20 days they had the car.

Since there's no uniform law, maybe Geico just doesn't pay.

[John 070]

I strongly believe that if you try to fight GEICO, you will lose.

I argued with them over a OEM windshield for almost 1 hour, and they finally caved. They have unlimited resources. My mom argued with an adjuster saying she won't pick up her car until they fix it right, and they refused and said they would begin charging $75/day storage if she didn't pick it up.

Even if you can beat them, think about how upset you would have gotten and how much time wasted of your life, when you are the victim....

[Never_Enough]

Originally Posted by John 070

I strongly believe that if you try to fight GEICO, you will lose.

I argued with them over a OEM windshield for almost 1 hour, and they finally caved. They have unlimited resources. My mom argued with an adjuster saying she won't pick up her car until they fix it right, and they refused and said they would begin charging $75/day storage if she didn't pick it up.

Even if you can beat them, think about how upset you would have gotten and how much time wasted of your life, when you are the victim....

All the insurance companies are bigger than we are. That attitude is why they treat people like they do. I will win this battle. I'm going to be the thorn in their side.

[UncleWede]

And then once they pay out, don't cash the check, make them re-issue it every few months, and eventually tell the state that you really DID want the money from the pay-out, they should send you a check.

[KingOfJericho]

What car was hit and what is market value of said car? Also, how much damage was done to the vehicle?

[kscarrol]

Originally Posted by KingOfJericho

What car was hit and what is market value of said car? Also, how much damage was done to the vehicle?

Good question! OP shows an '06 Mazdaspeed and a '97 Miata. With cars almost 10 and 20 years old, I can imagine a diminished value claim would be tough but the OP needs to provide more information.

I was rear-ended in my '11 M3 and discussed diminished value with Liberty Mutual (at fault driver's insurer). They were familiar with the process but not keen on pursuing. They also mentioned the Georgia formula for valuing a diminished value claim, but ultimately the damage was a bumper cover and paint so I never pursued the claim...

[Never_Enough]

Originally Posted by kscarrol

Good question! OP shows an '06 Mazdaspeed and a '97 Miata. With cars almost 10 and 20 years old, I can imagine a diminished value claim would be tough but the OP needs to provide more information.

I was rear-ended in my '11 M3 and discussed diminished value with Liberty Mutual (at fault driver's insurer). They were familiar with the process but not keen on pursuing. They also mentioned the Georgia formula for valuing a diminished value claim, but ultimately the damage was a bumper cover and paint so I never pursued the claim...

What car it was does not matter. Any car would be worth less after an accident.

I am familiar with the bs 17c standard they use after State Farm started that in the case in GA.

[Never_Enough]

I'm taking this up the chain. I just emailed several folks at Geico. We'll see what happens next.

[kscarrol]

I was not picking on you about your car but I would think it much easier to claim diminished value on a three year old car worth $45,000 than a 10 year old car worth $8,000. And I am making up hypothetical numbers here without knowing anything about your cars or the damage. That was my only point... Good luck with your claim, hope it works out for you!

[David70]

How much do you think you are owed on the diminished value claim? Just the reduced value, not the rest of the claim. Seems like you will need to know what to ask for when trying to get the money from them.

[JAYRICHFROMMIAMI]

Originally Posted by BoostedRide

I've had to recover diminished value on a previous car, but that was back in 2007 & the guy that hit me then was not with Geico.

The idiot that hit me this time is with geico and they have the nerve to say I have to prove there is diminished value. Your client hit my car. There is your proof.

You put 2 identical cars side by side with the only difference being one was in an accident and no one is A) Going to buy the one that was hit first & B) No one is going to pay the same amount for both cars.

So I am supposed to pay for an appraiser or spend my days hunting for cars exactly like mine with my exact mileage and then pay for Carfax on all of them & find one with the exact damage?!

I don't want to get my insurance involved, but maybe I have to.

Anyone have recent experience with diminished value claims and possibly from Geico as well?

If you provide a letter from your dealer, Geico will send them a questionnaire (22 questions) that is almost impossible to respond to. We gave our diminished value appraisal to a company from Fort Pierce Florida who provided us with a great report. That report was what forced Geico to fold like a cheap camera. I suggest that you go the dealer route only if your dealer agrees to answer all of Geico's questions.

[HoustonRider]

There's a formula out there somewhere that insurance companies use.

It won't add much (if any) depending on miles on the car, regardless of value. I can't remember where I saw it, but there is a diminished value formula.

[kscarrol]

^ Yes, that's the Georgia formula previously mentioned... As with many claims, insurance companies will drag their feet and try to make things so complicated that you'll drop the claim or simply accept a lower payout to end the madness.

[KingOfJericho]

Originally Posted by BoostedRide

What car it was does not matter. Any car would be worth less after an accident.

Actually it matters quite a bit. If the car is new and has a higher NADA value, you will have a much stronger leg to stand on. This is why I asked you which car and how bad the damage was - it is absolutely relevant. Once the mileage of a car gets to a certain point or the car reaches a certain age, the value has reached a point where the price difference between an accident free car and one with history are so close that it's pointless. I know you've dug your heels in on this one but you could be putting in a tremendous amount of time and effort for what will likely end up being a $300 check, in the best case.

Regardless of all of the above, the burden of proof is on you. You have to know what you're asking for and have proper support to back up that number. We've already asked you how much you think you're owed and you haven't been able to answer and you've said the 17c calculation is BS but you don't have evidence to prove otherwise. You need to have your ducks in a row if you're going to escalate this.

[Maestro]

As many said this various by state and insurance company. I just did this research for my sons' GT Mustang that a driver hit the side of his car. Here is what I found one each states case law on the subject.

http://www.mwl-law.com/wp-content/up...-50-states.pdf

As you will see most states do not have much if any rules, laws or case law on this subject. FL seems to have most of the case laws.

There are companies out there which are legal insurance adjusters who will provide you what the car was worth pre and post accident to help fight for deminish value. Just look up deminish value adjusters for your state.

The battle is usually taken up with the other persons insurance company. From what I read it is a battle that should be taken up prior to any work being done. Once you accept the work being done your ability to win decreasely rapidly. You own insurance company most likely will not get involved, in many states they have no legal requirement to provide you deminish value on your car, this is what you have to figh with the other insurance company.

I am about to see if this will work with my son's car, the problem we have is the other person has the same insurance as we do and this could be a battle since State Farm does not have great history on paying out.

[UncleWede]

Originally Posted by Maestro

As State Farm does not have great history on paying out.

On anything, not just DV

[Maestro]

Originally Posted by UncleWede

On anything, not just DV

Actually I never has an issue with them, they always were quick to settle for the few times I had to make a claim. Even this time with my son's car they called him up the very next day, said they will arrange to have the car picked up and taken to be fix and they will also make sure the car is cleaned and detailed before it is returned and said they will drop the car off at the house. They said all work is warrant for the life of the car, which I find interesting. I was surprise they did not require any estimated of work. Our only concern is the damage on the fender flare and we do not want them pounding it out and bondo it, we want the metal replace. This may be the fight along with the deminish value.

[UncleWede]

Most of my claims have been on homeowners. I don't think they have EVER written a check with my name on it. . .

[Sara]

I had a diminished value claim with State Farm in 2011. When my then 2006 325i was hit.

The damage of the accident was only $2,500.00 for new passenger door and labor. They also cut me a $500.00 check for the diminished value of the car. The car had been in a previous accident from the previous owner and they told us the first accident gets the most money which is why we settled for $500.00

There was no going back and forth. No need to get an adjuster to look at my car. I just submitted pictures of the damage and they issued two checks. One for repairs, one for diminished value. Pretty painless.

[Never_Enough]

Originally Posted by KingOfJericho

Actually it matters quite a bit. If the car is new and has a higher NADA value, you will have a much stronger leg to stand on. This is why I asked you which car and how bad the damage was - it is absolutely relevant. Once the mileage of a car gets to a certain point or the car reaches a certain age, the value has reached a point where the price difference between an accident free car and one with history are so close that it's pointless. I know you've dug your heels in on this one but you could be putting in a tremendous amount of time and effort for what will likely end up being a $300 check, in the best case.

Regardless of all of the above, the burden of proof is on you. You have to know what you're asking for and have proper support to back up that number. We've already asked you how much you think you're owed and you haven't been able to answer and you've said the 17c calculation is BS but you don't have evidence to prove otherwise. You need to have your ducks in a row if you're going to escalate this.

New car just means more money. It's not the Miata. Back on topic please.

[Never_Enough]

Originally Posted by Sara504

I had a diminished value claim with State Farm in 2011. When my then 2006 325i was hit.

The damage of the accident was only $2,500.00 for new passenger door and labor. They also cut me a $500.00 check for the diminished value of the car. The car had been in a previous accident from the previous owner and they told us the first accident gets the most money which is why we settled for $500.00

There was no going back and forth. No need to get an adjuster to look at my car. I just submitted pictures of the damage and they issued two checks. One for repairs, one for diminished value. Pretty painless.

I certainly didn't have to deal w/this bs in 2007. Just like now, they knew their driver was at fault & they new there was now DV. They cut me a check for it. It wasn't Geico, though. Either way, I'm going to fight them.