Depreciation after an accident. Insurance low balling me

I got in a wreck in May, and I was at fault. I had no idea about depreciation value until I went to get it appraised by my dealer and saw they only offered me $32k BECAUSE of the moderate damage when NADA says its worth 39k with no damage. Contacted my insurance agency and they agreed to give me $1k, but I rejected the offer and said I wanted more. I told them about my offer and showed written proof from the dealership and they said they look regionally using NADA to see what its worth after an accident. Anyone have any advice? Should I just take the $1k?

I live in GA btw, one of the friendliest states for people trying to get diminished value.

 

super common for the first offer to be low. Don't cash the check. Fight if you want more.

 

Please tell me you have a reputable insurance company....

 

I'm a bit confused here (maybe it's just me). Is your truck being totaled and you're arguing about the value or how much it costs to get repaired?

 

also slightly confused;

edit: just confused

 

IDK, I've never had to deal with it personally, but I know people who have gotten up to $4k for fairly minor damage. They were not at fault and the other insurance paid for the depreciation

 

No just moderate damage. Me and the insurance are arguing about the amount it has depreciated after its fixed.

 

Yeah I just need to know how to argue. I assume suing them would be pointless because the repair costs of the truck was like 4k

 

so your saying insurance says it worth 33k after repairs?

 

Insurance says it’s worth 37000 after the fixes but dealerships say otherwise. I have an offer of 32 in writing from a dealership because it has moderate damage on carfax.

 

probably need to clarify more... year, trim, miles???

 

In my experience, you would need to get a lawyer who specializes in depreciated value. They will work up the claim for the depreciated value. In my experience, insurance companies tell you to shove off when you bring something like that up and then they say if that is the route you want to go the burden of proof is on you. You have to find a lawyer who does that type of thing, pay the fee for their services out of pocket. usually I've seen $250-$500 depending on the lawyer. They will work everything up for you to submit to the insurance company. basically you have to have all of your i's dotted and t's crossed to show beyond reasonable doubt that the accident caused depreciation and that they need to compensate for that. I have also heard after those claims that some people went through all that mess, got the payout and then their insurance company dropped them for one reason or another. I don't know that this was the exact reason but... so they claim. ultimately, if you want depreciated value paid, the burden is on you to pay someone to prove it to the insurance company. They know damn well it lost value but they will make you jump through hoops to spell it out in crayon for them so that they can get away with paying the bare minimum.

 

Read the policy very closely. Sometimes diminished value does not apply if the vehicle was repaired to previous condition with a first party claim. Some policies it may be paid thru the under insured/uninsured possible if the other partys insurance won’t pay it. Some policies will only pay it on total loss. Need to see how your policy is set up and state requirements. Good luck.

 

Ther are also companies that specialize in DV.

 

anybody can tell you what your truck is worth... but what people or dealer will pay is different...

 

Company they offered 1k already so it’s covered in my policy,

 

The NADA quote means nothing as it was done with no damage.

 

IKR but how do I prove that

 

Or they wanted you to shut up. What are you wanting.? I bet if take to 3 or 4 different dealer and get quotes you won’t get near the nada quote.