Diminution in value (DIV) info

[Gibs]

I figured since I had never heard of this before myunfortunate accident that alot of you had not either. I am in the process of getting my claim ready to present to the other guys Insurance company. I will update the original post with moreinfo as I find it. To start here is a quick response from my insurance about whether it existed and whether they made the claim or not. In California it can be claimed. This does only work if there was another party involved and it is their fault. Look back for more info later on.

A diminution in value claim can only be submitted by you to the other insurance company. We are not allowed to submit this on your behalf. The following is some information on diminution in value. Please let me know if you have any questions.

•Diminution in value (DIV) is the difference, if any, between a vehicle's market value immediately before the loss and the value of the vehicle AFTER proper repairs have been or would have been completed.
•DIV should not be assumed solely because a vehicle has been damaged. The burden of proving that there is DIV after proper repairs is with the vehicle owner. A "proper" repair is one performed to industry standards or manufacturer's recommendations for those repairs. Improper repairs do not support DIV claims.

Gib

 

[GT400SC]

I have used this to my advantage several times.

Guy hits you, damages your car and his insurance pays for it. All good, right?

Not so fast!

Now I have to live with the fact that my car has been hit and repaired.

If I were to try to sell this car, I would have to be totally open and honest and add to my sale ad that the car had been hit but was professionally fixed.

Tell me THAT won't scare away a few would-be buyers? The fact that it was damaged makes it harder to sell OR forces you to accept less. This is your devaluation and it is REAL!

But only if you're HONEST.

Doesn't exist if you don't tell anyone and keep it to yourself.

 

[GT400SC]

Here's another way of looking at it.

Ask anyone what they would prefer when buying a USED car.

If all things were EXACTLY equal between two cars (same car, same mileage, same options, same color, same everything) which would you buy? The one that's never been hit or the one that's been in an accident but fixed? If you won't buy the one that was hit for the asking price, how much would I have to lower the price to get you to buy it?

THAT AMOUNT is what I consider the devaluation.

 

[pouya]

$400 drop

 

[GT400SC]

At least!

 

[Gibs]

Well the difference in my vehicle based on the Edmunds conditions

Excellent(Prior to accident): 18192

Good(Possibly this one after repairs if done very well): 16400

Average(After due to being repaired): 15550

Difference of: 2642(using excellent and average for Trade in Values)


Since I am on the waiting list for the 2010 Camaro, I am going to use the Chevy dealer and have them give me a quote for trade in value. I am also going to use my Ford dealership for a quote. That way it will show 2 quotes on the difference due to the one time damage. I may also take it to Car Max so they can tell me they will not buy my car due to the damage. That will help as a third one. Those will be submitted to Allstate as evidence for the claim.


GT400 if you have any information about this I could use some help. Thanks.

I am also going to request 80% of the devaluation amount in an attempt to get them to settle quicker and without a big hassle.

Gib

 

[GT400SC]

I think you're on the right track and asking for only a PORTION of the devaluation shows you are not a greedy SOB and willing to negotiate. If they jerk you around even AFTER you've made it clear that you only seek 80%, then say "Fine, forget the 80% I was asking for, I now demand 100% of the devaluation. You had your chance. I tried to be MORE than fair with you and you STILL tried to take advantage of me. Make up you minds soon because in a short time, you and I will never speak again and this will all go between our representatives".

Representatives could mean attorneys, colleagues or anything else, they don't know. Heck, even I could represent you and not claim to be an attorney. It's just someone who speaks on your behalf.

This is so freakin' basic, it's amazing that it goes on this long. Part of the responsibility is yours, Gibs. You have to put your foot down and say NO!

"No, this is NOT acceptible. I was NOT at fault. I did NOT hit anyone. For you peple to insnuate that ANY of this was my responsibility is stupid. I will NOT accept to or agree that any of this is my fault. You WILL repair my car and make me whole or I will take this to the next level and it will cost you more than if you would just fix it and in a timely manner."

Take control of the situation, get in their face, rattle a few cages!

Tell them you're going to the media! Tell them you're consulting with legal help.

Take charge!!!!

 

[Gibs]

I already made that call to my insurance about the no I will not accept anything other than 100%...I also stated that it is crap that it has been a month and I have not had my ride repaired because of indecision.....

I was thinking that Hendrix from Bangastang could benefit from this also....follow me on this one. He put his products on my car as advertisement from my excellent condition car. Well since the accident I have not been able to attend 4 events and have 3 more coming up soon. With that, he is losing out on possible sales due to nobody seeing my car. He had a 1K investment in my car and is not getting a return on it due to being damaged.......Bet he would win that one!


Gib

 

[Gibs]

You can be my lawyer anytime GT400!

 

[GT400SC]

Stay on their asses! You have to be a pain in the ass and a thorn in their side. I hate to dig up old sayings but, inthis case, it is true that.....

"The squeaky wheel gets the grease"!

KEEP SQUEAKING, every day!!!!

 

[sdsubzero4]

GT, you can be my rep if I ever have a problem.

 

[eleetryder]

I agree, I would have gt400sc represent me!