Author Topic: Diminished Value Claim  (Read 1365 times)

Bogturtle52

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Diminished Value Claim
« on: May 31, 2020, 07:43:41 PM »
I was rear ended this morning while stopped at a red light.
My 2017 Shelby GT 350 sustained several thousands of dollars damage.
The car has only 2,250 miles on it and the car fax will now show it was in a accident.
How do I file a Diminished Value Claim?
This is the first accident I have endured since getting my license in 1968.
I enjoyed many accident free years with SFM 5S231.
I don't even know how to find a competent body shop in SE PA.
I am not a happy man.
Thanks for any help.

2112

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Re: Diminished Value Claim
« Reply #1 on: May 31, 2020, 07:58:38 PM »
I have recently read that the insurance companies have been aggressively fighting diminished value claims as of late as they want to set precedent that it doesn't exist.

I am on your side. Please keep us updated.

2112

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Re: Diminished Value Claim
« Reply #2 on: May 31, 2020, 08:08:15 PM »
Interesting topic.

Maybe the moderator can merge the two threads.

owenkelley

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Re: Diminished Value Claim
« Reply #3 on: May 31, 2020, 08:12:50 PM »
Diminished value is hard to determine. I dealt with it in the rental car business and it's hard to prove what the diminished value amount is. Insurance companies will argue that you can't put a value on it unless you sell it and the amount you accept less than the book value is the diminished value. Maybe you could get an appraisal from a car dealer in your area and ask them to put it in writing what they would pay you for it if it hadn't had previous damage and what they would pay you for it repaired.

Hockeylife

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Re: Diminished Value Claim
« Reply #4 on: May 31, 2020, 08:16:01 PM »
Read your policy. Does it explicitly state you have diminished value coverage? Did you ask/pay for such coverage?

S7MS427

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Re: Diminished Value Claim
« Reply #5 on: May 31, 2020, 10:01:37 PM »
I don't even know how to find a competent body shop in SE PA.

Bogturtle52,

I also live in SE PA.  Specifically in Limerick.  Contact me and maybe I can network you in with the folks around here who are competent and honest.
Roy Simkins
http://www.S-TechEnt.com/Shelby.htm
1966 G.T.350H SFM6S817
1967 G.T.500 67400F7A03040

2112

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Re: Diminished Value Claim
« Reply #6 on: May 31, 2020, 11:09:56 PM »
Read your policy. Does it explicitly state you have diminished value coverage? Did you ask/pay for such coverage?

I think in this case the OP is thinking the person at fault owns this liability.

As would I.

deathsled

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Re: Diminished Value Claim
« Reply #7 on: June 01, 2020, 07:47:47 AM »
Found this online.  "Pennsylvania is a diminished value state, which means you  may be entitled to the diminished value of your vehicle after an auto accident. The statute of limitation on diminished value claims in Pennsylvania is 2 years, and Pennsylvania does not have uninsured motorist coverage for diminished value."
 
Caveat: I am not licensed to practice in Pennsylvania.
Diminished value can be proven through expert testimony. You need to weigh the cost of litigating versus the actual diminished value before going forward. Make the insurance claim for it and see what they do.
"Low she sits on five spoke wheels
Small block eight so live she feels
There she's parked beside the curb
Engine revving to disturb
She's the princess from his past
Red paint gold stripes damned she's fast"

jwtdvm

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Re: Diminished Value Claim
« Reply #8 on: June 01, 2020, 09:03:59 AM »
Diminished value is common claim in the business--talk to the insurance companies appraiser who looked at the car post wreck--if he is not forth coming in discussing it call your insurance guy--they are usually fair about the whole thing--there are also independant appraisers that will take up a diminished value claim that you can hire--they are everywhere.