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Discussion Starter #1 (Edited)
Gentlemen,
I’d like to do my service to my fellow STIs out there a favor and give you the power to take back what was taken from you.

In May, a trash dumpster was thrown from a forklift into my 4 month old 2013 STI. It was horrific. Damage ranging in estimates of $4k-$6k. I was of course not at fault, so my employer’s insurance provider took care of rentals and repairs for it.

dumpster1.jpg Photo by krazzykarl27 | Photobucket
dumpster.jpg Photo by krazzykarl27 | Photobucket

As we all know, a car with damage isn’t worth as much after the carfax report shows certain levels of damage from the insurance companies….I would not be able to see it for as much because those repairs would be disclosed in the sale, prompting it to be worth less.

This is where YOU can peruse Diminished Value damages from the offender (or insurance provider). I elected to hire a 3rd party appraiser familiar with these claims to evaluate the damage, repair, and repair report to calculate a diminished value claim to demand to the insurance provider. I went with Collision Claims. For $375, they sent an appraiser, created a report, and sent me instructions on how to handle the manipulating insurance companies.
Per the accident (reference picture above) they established damaged of $4,450 for diminished value (DV) and claimed the $375 for the appraisal. Totaling $4,825.00. I submitted a demand letter via certified mail with my demands and with the enclosed report.

Earlier, the insurance company I was dealing with tried saying that there was no such thing as DV. What a lie. Now they try to stick holes in the report. After some strong conversation, they are willing to negotiate because they know I have them ball their balls. Remember, you have 2 years to peruse your claim after the repairs. 2 years is CO state law, check yours as they apply.
I’m actually unwilling to negotiate because I have several cards to still play. I have reminded them that their client threw a dumpster at my car out of GROSS NEGLEGENCE and that my demand was reasonable considering the legal actions that could unfold if I was dissatisfied. I have inside information stating that this forklift operator has had his license suspended twice in 12 months and they STILL employ this liability. These pieces of info show that the company is irresponsible and it has resulted in damage to my property. Once I reminded him of the legal action, he was on his heels.

In Georgia, DV is calculated in your estimates so it’s going to be hard to get additional DV. Also, the calculation is VERY SMALL, which sucks.

tmyk.jpg Photo by krazzykarl27 | Photobucket
-Karl
 

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I'm still amazed that people that don't to at least TRY for DV.

My STi was hit on i95 last year in a multi-car wreck (you can see my build thread for details if you care). Long story short, after 17k worth of damage and 2.5 months I got my car back.

I pursued DV since I was found not at fault, but the guy that hit me only had state minimum coverage in the state he was from, NC, which is 20k of personal property damage. There were 2 other vehicles in the wreck, and my insurance company was only paid 12k for the damages. We used my insurance to fix the car for various reasons. They were pursuing action to dock his wages or some form of settlement to make up for the 5k. Since they hit his policy limits, his insurance company refused to pay any more.

After working with my insurance company, I got them to agree they would pay me DV under my "under insured / uninsured" motorist coverage (coverage of up to 50k per claim) since I could not get anything more out of the person who hit me. We settled a number we were both happy with, and they tacked that onto the 5k they were going after the person that hit me for. While the guy that caused the accident was really nice and didn't fight taking the blame, he got totally screwed from this. BUY GOOD INSURANCE PEOPLE!

There is no one solution for DV, but persistence is key. I talked to my insurance claims rep almost daily for 2 months to get it. While always polite, I was very adamant on my stance and she was great to work with. At the end I sent a nice hand written letter to her supervisor and she got a promotion. I use Travelers and because of this claim I will continue to do so as they always provided great service.
 

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I completely agree with this post, I found out about this claim from my last car.... my 2010 Hyundai Genesis Coupe was rear ended about 3 months ago, and had nearly $7,000 in damage.....

During the repair process my buddy Steve dad owns a body shop (Sal's Auto Body in Greenbrook, NJ) where the car was done at he told me to submit this claim and so I did.... Originally they estimated about $5500 of diminished value, and I ended up settling with insurance for a check of $5,000 which went straight toward the down payment of my 2013 White Satin Pearl STI Hatch!!!

These claims are NOT a myth they are 100% legit but do vary state to state.... You do have to have a 3rd party consultation done on the car and for me that cost $275.00 but to get back that $5,000 it was well worth it!!

Thank you
Rob Ferone!!!!!!
 

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Diminished value depends on the state. Here in NY, insurance companies do not recognize it as when a vehicle is repaired, it is repaired back to its pre-accident condition and therefore there is diminished value. NYS says that we do not have to address it.

However, I handles claims for New England a few years ago and there was such a thing. I can't recall what state though. IIRC, in that state, you couldn't claim diminished value until you sold the car because technically you didn't have a loss until that time.

YMMV and different state laws would apply. The last one i did see required an attorney to get involved as the insurance carrier would not address the DV claim.

Hope this helps, good luck!
 

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thank you schranzkt! I gotta look into this now.....

does anybody know if this law is valid in state of california????
 

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Discussion Starter #7
thank you schranzkt! I gotta look into this now.....

does anybody know if this law is valid in state of california????
Per 'law' the offender's insurance company is 'to make you whole' that is an open statement that may apply to car damages, medical bills, emotional damanges, diminished value...etc.

It is up to YOU to argue your case, whether it be for medical bills or DV. Call Collision Claims and they can get your the CA state laws.
 

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Wow! I have no tolerance for this kind of shit. I would have lost it. Some guy a while back working for another crew on the same job as me leaned his door into my car and put a small crease in the fender. My coworkers thought I was going to kill the guy... almost did. He was from Oregon or something... and went back there before I could make him pay for damages. Luckily it was an easy fix with PDR. I always try to watch where I park. I just went up to Denver this weekend and made sure to park in a garage. I don't care about the extra cost since the parking in a garage is usually safer. I'm kinda weird though. My vehicles are more important to me than anyplace I'm going so if I know parking is going to be bad or risky I pass on it. The DV thing is good to know though.
 

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You do have to have a 3rd party consultation done on the car and for me that cost $275.00 but to get back that $5,000 it was well worth it!
 

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thank you schranzkt! I gotta look into this now.....

does anybody know if this law is valid in state of california????
I have successfully filed a diminished value claim in California two times. My Tacoma was rear ended and I recouped $4600 and my tundra was rear ended and I recouped ~$5900.

When I sold the tundra I got significantly less than BB for it, however the tacoma held its value despite the accident.
 
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