What's the best way to claim diminished value after accident?

[mcbrunnhilde]

A friend of mine was hit by someone running a red light, and her car (non-Prius) has at about $10,000 in damage. For those of you who have successfully gotten an insurance company to compensate you for diminished value, what is the best way to go about it? Have her own insurance company pursue the company of the guy who hit her? Have an independent auto appraiser determine what the difference is? Threaten legal action? Also, any tips on what she should (or shouldn't) do as far as working with her insurance company would be greatly appreciated. BTW there was a witness, so it is likely to be determined that my friend has zero liability for this accident.

Thanks in advance for your help!

[apriusfan]

<div class='quotetop'>QUOTE(mcbrunnhilde @ Aug 2 2007, 05:43 PM) [snapback]489678[/snapback]</div>

A friend of mine was hit by someone running a red light, and her car (non-Prius) has at about $10,000 in damage. For those of you who have successfully gotten an insurance company to compensate you for diminished value, what is the best way to go about it? Have her own insurance company pursue the company of the guy who hit her? Have an independent auto appraiser determine what the difference is? Threaten legal action? Also, any tips on what she should (or shouldn't) do as far as working with her insurance company would be greatly appreciated. BTW there was a witness, so it is likely to be determined that my friend has zero liability for this accident.

Thanks in advance for your help![/b]

A good attorney can call into question even eye witnesses credibility.... Actually, the damage to your friend's car is a better explanation of who is at fault - police departments are well trained to identify who hit who. Presuming a police report of the accident was filed, they will have identified who was at fault.

Responding to diminished value, determining the amount to which the value has been diminished is something of an art. However, the best measure is what a willing buyer is ready to pay with the knowledge of the damage that the car has sustained. The difference between Kelley Blue Book dealer trade and the quote for the damaged car is the diminished value. The best willing buyer to use is a dealer used car manager. They also have the best credibility for refuting the other side's attempts to inflate the present value of the car.

In terms of how to get the diminished value, unless your friend's insurance company offers to go after the other party's insurance (doubtful), your friend is basically on their own. They can retain an attorney (any personal injury as a result of the accident?) who would handle the diminished value as part of an overall representation. There may be other ideas on recovery, but those are what immediately occur.

Hope this helps.

[mcbrunnhilde]

<div class='quotetop'>QUOTE(apriusfan @ Aug 2 2007, 07:46 PM) [snapback]489744[/snapback]</div>

The best willing buyer to use is a dealer used car manager. They also have the best credibility for refuting the other side's attempts to inflate the present value of the car.

[/b]

Who would have thought that anyone connected with used cars could be a source of credibility!!!

[apriusfan]

<div class='quotetop'>QUOTE(mcbrunnhilde @ Aug 4 2007, 12:41 PM) [snapback]490590[/snapback]</div>

Who would have thought that anyone connected with used cars could be a source of credibility!!!
[/b]

It is their industry.... I am also suggesting going to the used car sales manager at a dealer that sells the same manufacturer's cars as your friends car - further boosting the credibility of the valuation. The insurance company is going to kick and scream at the number, so might as well have the most defensible source possible.

[edselpdx]

I got a reduction in value claim a few months ago after someone hit my baby. It was determined to be the other driver's fault. I worked directly with her insurance company to get the claim, although I used my State Farm to do the repair (in order to get their lifetime warranty on the work done and parts used) and they sought reimbursement from Allstate for the damage. They (Allstate) were pretty nice about it. Once the car was completely repaired to my satisfaction, I had to go into a Toyota dealer and get a written appraisal of the car pre-damage (never wrecked) and post-damage. The sales manager really just used the KBB numbers available on-line and typed up a 3-sentence letter on letterhead for me. I forwarded it to the claim rep at Allstate and about 10 days later I had a check.