Diminished Value

[500hp]

Has anyone successfuly collected diminished value from an insurance company for their viper? if so what was the damage and how much was the DV amount. Im battling with an insurance company now over this and any help would be great.

thanks,
mike

 

[500hp]

Also anyone know how to get Enthusiast changed to Owner in my profile?

 

[Magicboy2]

My ins company (Allstate) I believe specifically states in the policy that no compensation is given for diminished value... check the language in your policy.

 

[500hp]

Its not my policy its the insurance of guy that hit me. My attorney said I have all rights to it. I just dont want to get him involed if I dont have to.

 

[ViperJoe]

Also anyone know how to get Enthusiast changed to Owner in my profile?

Are you a member of the VCA? If so contact "Vipermad"

 

[Tomcat]

It is a state-by-state issue. In GA, the state insurance commissioner sets the formula that must be used by an insurance company doing business in the state. The formula works out to be about 10% of the amount of the damage. Damage of 20,000 would net you 2,000. Don't ask how I know. Hope this helps. Call the state insurance office.

 

[slaughterj]

If it were your own insurance, they likely exclude it, but since it was someone else's insurance covering an accident with you where they were at fault, they have to pay it - the way suggested on this site it to get professional quotes for an undamaged version of your vehicle versus damaged and repaired, for instance from Bill Pemberton at Woodhouse Dodge, to show the diminished value. Of course there might be state limits such as Tomcat describes, but if the insurance company doesn't mention them, then they probably don't exist.

 

[500hp]

ViperJoe-Im not a member of the VCA (long story, bad experiance)

thanks for the advice, I found a local appraiser that specializes in deminished value. he is going to look at the car after it is repaired.

 

[riverflyer]

500, I just finalized my settlement yesterday. My company specifically states they do not cover diminished value but there were some pretty gray areas that we hassled over for weeks. End result, no go. I ended up taking the settlement and sold the car to an enthusiat that fixes wrecked vipers. Sorry to see her go but I made out much better this was, in fact, made out very well, much better than repairing and later trying to sell an "accident story" car.