View Full Version : accident question diminished value
lv2000
09-05-2014, 12:14 PM
has anyone on here had a accident in a s7 or s6 and went after diminished value for the carfax being reported ?
JSRS6
09-05-2014, 12:17 PM
Was there a claim filed with the insurance company and was it repaired by insurance?
agent47
09-05-2014, 12:21 PM
http://www.audizine.com/forum/showthread.php/611081-Solid-as-a-rock
Additionally , shoot me a pm if you need any guidance on DV
TunTap
09-05-2014, 02:07 PM
My gf is going through a DV process for the SQ5 right now. So far it's been nothing but a huge pain. Any advice is most welcome
turbonator S6
09-05-2014, 02:12 PM
The insurance company will likely fight you all the way. They will initially deny that DV exists, then will try and tell you that if the car is repaired properly there is no DV. Finally they will say there is no way to determine DV until you sell the car and get documentation proving that you received less for it b/c of an accident history. I went through this a few years ago and gave up. It was an older car that was only worth about $15k and it wasn't worth my time and energy for maybe a few hundred dollars. Obviously, if it was a new car a lot more is at stake. I would be curious to see how others have handled it.
agent47
09-05-2014, 02:25 PM
My gf is going through a DV process for the SQ5 right now. So far it's been nothing but a huge pain. Any advice is most welcome
You have the appraisals done? I had one done by a DV appraiser and got a few sell off quotes from dealerships- tell them the car was in a crash. And get detailed quotes of similarly priced vehicles, print them . Now you have tonnes of stuff to support what you are saying . If the insurance company still plays it hard , file a complaint with the state dept of insurance. That'll put some firecrackers in your adjuster's pants. Also, you will need to be very stubborn and at times rude to them. Or else, they will ride your butt. It's an uphill battle, but if you are patient and tough, you'll win.
TunTap
09-05-2014, 02:31 PM
You have the appraisals done? I had one done by a DV appraiser and got a few sell off quotes from dealerships- tell them the car was in a crash. And get detailed quotes of similarly priced vehicles, print them . Now you have tonnes of stuff to support what you are saying . If the insurance company still plays it hard , file a complaint with the state dept of insurance. That'll put some firecrackers in your adjuster's pants. Also, you will need to be very stubborn and at times rude to them. Or else, they will ride your butt. It's an uphill battle, but if you are patient and tough, you'll win.
Yep, got 2 quotes from dealers, both about $12k lower than what it would be worth without the accident. The insurance company have sent out their adjuster to look at it recently, we'll see what they come up with.
agent47
09-05-2014, 02:35 PM
Yep, got 2 quotes from dealers, both about $12k lower than what it would be worth without the accident. The insurance company have sent out their adjuster to look at it recently, we'll see what they come up with.
Lets do a little scenario - your quote is sent in for $10K . Insurance would just offer $1500-2000. Then they send their appraiser (who will be a dumbass) and the offer would go up by 500 to 1000 bucks. Keep fighting. If nothing happens, you have 2 options- go to court or use the appraisal clause. I used the appraisal clause and got a fair settlement. Good luck. Shoot me a PM if you need any help on that.
JSRS6
09-05-2014, 03:10 PM
Assuming you weren't at fault for the collision, you should be going for dv from the other insurance company. Good luck.
lv2000
09-05-2014, 05:07 PM
yea i work in high line exotic car business and a "bad carfax car " is something we generally dont want or hit it hard on value . i havent had it repaired yet i told the appraiser that if they cant give me a figure before i just need to seek legal council . my car held up very well my back has been in pain since and my right side has a huge bruise its been a over a week and still there . it was someone elses fault usaa is insurance company she has
agent47
09-05-2014, 06:41 PM
yea i work in high line exotic car business and a "bad carfax car " is something we generally dont want or hit it hard on value . i havent had it repaired yet i told the appraiser that if they cant give me a figure before i just need to seek legal council . my car held up very well my back has been in pain since and my right side has a huge bruise its been a over a week and still there . it was someone elses fault usaa is insurance company she has
Ouch. Sorry to hear about your injuries brother. Hope you feel better soon. Has the appraiser not given you the repair estimate?
JSRS6
09-05-2014, 07:36 PM
If it were me, I'd get the estimate, and use that as the figure to go after usaa for. Cancel the claim and use the money to get the car repaired. No carfax, and the car is fixed.
Diminished Value is a huge issue with the insurance industry. Think about it......EVERY vehicle that is in an accident has diminished value. If people all went after this, payouts would significantly increase for companies. In the end, they would raise rates, but it is still a PITA.
Insurance companies will deny that this exists. They will also try and say that you need to actually try and sell the vehicle to prove that the value is diminished. Neither of these things is true, especially on a higher end vehicle. Also, if you wait until you actually want to sell the car, you may not be able to sell it while in the process of pursuing your DV reimbursement.
1. You will need support from a company that specialized in DV claims.
2. Get an appraisal for your repaired vehicle from several sources (3-4)
3. Find the pricing for used vehicles with similar mileage that have not been in an accident (3-4)
4. Do not wait to start the process, but you will need an actual repaired car to be appraised
5. This will not be easy, especially on a big payout, but legally you have a case and diminished value payouts have been made. It is also much easier when the other party is clearly at fault. There are appraisers that specialize in DV claims that will actually give you a proper breakdown of the actual DV on your vehicle and prepare a comprehensive report. This usually costs a few hundred bucks.
lv2000
09-07-2014, 07:02 PM
Ouch. Sorry to hear about your injuries brother. Hope you feel better soon. Has the appraiser not given you the repair estimate?
Thank you agent47 no he hasn't yet. yes it was crazy I was fine day it happened next day not good. Was off work 4 days and haven't slept more than 3 to 4 hours a night the pain ans uncomfortable feeling sucks. I must say that our cars hold up amazing ! My damage was less than hers by far , I will pay for a real dv appraisal it's worth it I am honestly to the point where I will trade in car and get a new one if they need to see how hard the value dropped. Rs7 here I come [cool]