How to figure diminished value..........
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More Turbo
Joined: Dec 2003
Posts: 660
Likes: 62
From: Southeast Kansas
How to figure diminished value..........
I know that some people have faced the situation where their vehicle was damaged in an accident, and were re-imbursed for damages to their vehicle.
My son's vehicle, (not an F-150), was hit in a parking lot, and the driver tried to get away with it, by NOT reporting it. (The driver actually works where my son does). BUT, was caught on security camera !! Including perfectly clear shot of his license plate. The cops were called, and the driver, (a 19 year old) was given a ticket for leaving the scene.
Is there a formula for figuring how much can be collected for damages incurred??
There was about $5,200.00 damage.
Thanx for any input
My son's vehicle, (not an F-150), was hit in a parking lot, and the driver tried to get away with it, by NOT reporting it. (The driver actually works where my son does). BUT, was caught on security camera !! Including perfectly clear shot of his license plate. The cops were called, and the driver, (a 19 year old) was given a ticket for leaving the scene.
Is there a formula for figuring how much can be collected for damages incurred??
There was about $5,200.00 damage.
Thanx for any input
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From: San Antonio, TX
Laughing Gas
Joined: Jan 2013
Posts: 1,052
Likes: 57
You can do a google search and come up with several.
I know some states use different formulas.
My wife damaged a rental car.... not only did we pay rent while it was in the shop,( fair enough) we paid diminished value... on a rental...
I know some states use different formulas.
My wife damaged a rental car.... not only did we pay rent while it was in the shop,( fair enough) we paid diminished value... on a rental...
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More Turbo
Joined: Dec 2003
Posts: 660
Likes: 62
From: Southeast Kansas
I had/have no idea how much $5k will equate to. AND, "my luck" probably will not collect much. BUT, I bet they will hit the trade-in hard at trade-in time. THAT's "My luck". LOL
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4wd Low
Joined: Oct 2010
Posts: 14
Likes: 0
From: Fort Pierce, Florida
This is the real scoop on, not only your diminished value claim, but a rule of thumb for others.
Your vehicle did not have any airbag deployment or structural damage. All cars in this category will lose 10% - 15% of their pre-accident values. If either of those two factor in then the diminished value could be as high as half of the vehicle's value.
If an appraiser did proper research - no formulas, algorithms, ad comparisons, book value comparisons or other short cuts - which will get kicked back by the insurance companies - it may reveal that a vehicle lost $5,000.00 in value. The insurance company will send back a lowball offer. It is then that you need more than just an appraiser, you need an advocate to help respond to anything the insurer sends your way. Choose wisely or waste your time and money. You will need two things, a good appraisal with support and persistence. Best of luck.
Your vehicle did not have any airbag deployment or structural damage. All cars in this category will lose 10% - 15% of their pre-accident values. If either of those two factor in then the diminished value could be as high as half of the vehicle's value.
If an appraiser did proper research - no formulas, algorithms, ad comparisons, book value comparisons or other short cuts - which will get kicked back by the insurance companies - it may reveal that a vehicle lost $5,000.00 in value. The insurance company will send back a lowball offer. It is then that you need more than just an appraiser, you need an advocate to help respond to anything the insurer sends your way. Choose wisely or waste your time and money. You will need two things, a good appraisal with support and persistence. Best of luck.
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Fleet Owner
Joined: Aug 2010
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From: Reynoldsburg, Ohio
@Ford Fat Boy when this situation is fully and finally settled please update this thread with your results. Typically I don't post in this thread but the title was of interest as I'm sure others would find it also.
Best of luck on your pending settlement!
Best of luck on your pending settlement!
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Joined: Dec 2003
Posts: 660
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From: Southeast Kansas
I've got a call in to start talking to the insurance company. I didn't tell them "what I wanted yet", just that I'd like to talk.
The other drivers insurance company is SHIELD OF SHELTER. I used to have them as a carrier, but have since moved on to State Farm.
Right now, the ball is in their court. If I don't hear back from them by noon on Monday, I will call them again.
The other drivers insurance company is SHIELD OF SHELTER. I used to have them as a carrier, but have since moved on to State Farm.
Right now, the ball is in their court. If I don't hear back from them by noon on Monday, I will call them again.
More Turbo
Joined: Jan 2008
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From: Ojai California
I've got a call in to start talking to the insurance company. I didn't tell them "what I wanted yet", just that I'd like to talk.
The other drivers insurance company is SHIELD OF SHELTER. I used to have them as a carrier, but have since moved on to State Farm.
Right now, the ball is in their court. If I don't hear back from them by noon on Monday, I will call them again.
The other drivers insurance company is SHIELD OF SHELTER. I used to have them as a carrier, but have since moved on to State Farm.
Right now, the ball is in their court. If I don't hear back from them by noon on Monday, I will call them again.
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More Turbo
Joined: Dec 2003
Posts: 660
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From: Southeast Kansas
UPDATE: I talked to the insurance adjuster yesterday. Didn't much care for the conversation though.
She said that the $5,100.00 DAMAGE "MORE THAN LIKELY WOULD NOT SHOW UP ON CAR FAX", BUT we'd take upon completion of the repair.
I am NOT signing off on anything. Am un-sure of the next move.
She said that the $5,100.00 DAMAGE "MORE THAN LIKELY WOULD NOT SHOW UP ON CAR FAX", BUT we'd take upon completion of the repair.
I am NOT signing off on anything. Am un-sure of the next move.
Fleet Owner
Joined: Aug 2010
Posts: 21,255
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From: Reynoldsburg, Ohio
Not sure this will be useful but what I'd do is appraise the vehicle as though it was in excellent condition then in poor condition. The "loss" would be what I'd consider as fair compensation.
That's just my opinion so take it for what its worth!
That's just my opinion so take it for what its worth!