Diminished Value Help

https://www.expertappraisalgroup.com/

 

Thank you for this reply. I’m not in the insurance industry, but have unfortunately found out a lot about it/how claims work after being involved in a couple accidents I wasn’t at fault for over the years. Basically everything Tony said is incorrect in my experience.

This is exactly the kind of reply I’d expect someone in the insurance field to come up with when they get called out for being completely full of it.

 

I used www.WreckCheck.com they have lawyers that represent you of course it will cost you a % of your claim.

 

I wasnt aware that u could file a dimished value claim that long after an accident. I thought it needed to be done at the same time as the regular claim

 

Absolutely not true. A claim regardless of fault will count against you. We are talking risk management and a claim regardless of fault increases risk. While a no fault claim probably won't raise your rates, it is a claim none the less and will factor in if you have an accident that you are at fault. Your insurance company does NOT represent you. You should never make that assumption.

Your first course of action is the other person's insurance. Only bring your insurance company in if they deny your claim and you need to file a comprehensive claim against your own insurance. Obviously they will fight to keep from paying it which they will take action needed to not have to pay you.

 

^^ This. I've had a claim where I went through the other guy's insurance because the other drive was issued a summons for running a stop sign which made fault clear. I've also had one claim where the other driver's insurance refused to repair my vehicle, so I went through my company to get the car repaired. A couple of months later I got a letter from my company saying they had successfully subrogated the claim and enclosed a check for my deductible. I wasn't about to sit for weeks with a wrecked car while the insurance companies had their pissing contest about liability. My rates did not go up.

I wouldn't waste my time for two reasons. One, you obviously know everything so I'm not going to convince you of anything despite my real world experiences. Two, I don't give a crap that you think what I said was ludicrous. There are ways to disagree with someone here and be respectful rather than insulting.

 

That is great, but you do realize that your insurance company is not your friend? They are in business to make money. That is what they do. They have algorithms to determine what they charge you. While those accidents may not have been your fault, each one increases the risk that at some point they may have to pay out. It doesn't mean that they automatically will, but each time you call them, you cost them money. Your comprehensive claim where it was your fault or they were able to recover from the other company is a claim against you. It cost them money to get money from someone else. If you didn't have comprehensive coverage, your company would not have went after the other company. You are paying for that service. It isn't free.

 

All these people saying you are at risk for having your rates go up if you go thru your own carrier for a claim that is not your fault and it is subrogated so you and the insurance company get the money back,

are any of you an insurance UNDERWRITER for a major carrier? If not you cannot speak with authority on how points are assigned on a persons policies and how rate structure is applied. You are guessing, assuming, or extrapolating from a prior experience or story you have heard.

 

Straight from NC DOI. All insurance policies are derived from the state’s department of insurance.

EDiT—-an insurance company can DROP you if you keep getting in accidents as they see you as a high risk

https://www.ncdoi.gov/consumers/aut...re-with-the-other-driver’s-insurer-any-advice

 

Maybe I have this all wrong, but I thought this site was mostly about exchanging ideas, opinions, and learning from the experiences of others. When I relate something it's either something I've actually done, experienced, etc., or I clearly say it's hearsay in my post. Does that mean my circumstances and experiences are exactly the same as someone else's? Of course not. But I've benefited quite a bit from the knowledge and experiences of others on here and feel I should give back when I might have something helpful to add to the discussion. I weigh all the comments and decide for myself whether the advice, opinion, experience etc will work or apply to my situation. I think the OP can do the same. And yea, I will occasionally get trashed because someone thinks they know better, but that's the nature of dealing with other people. Some are more reasonable, respectful, and open minded than others.

 

They don't charge you points. They get around this by "tiering you up". Meaning a higher pricing tier. Because of your perceived increased profile of risk. Please gentlemen, for all of our benefit, please post up the names of these insurance companies that reduce your rate when you have a claim. Or the names of the companies whose rates do not go up when you have a claim. Or the names of the companies that do not go up when you don't have a claim. I'll buy their insurance, and I'd like to represent them. For once I'd like to be able to tell my clients, "We have a new company we are representing, and I have it on good account from several insurance professionals on a Toyota truck forum that their rates don't go up when you make a claim."

 

Yea, sorry I got a little uppity.

Drives me nuts when people give out bad information about something so important. It is more than a debate about tires, it can affect someones life choices. It involves laws and statutes and when being discussed the person giving advice should know them and not generalize.

 

I am always careful not to name my prior employers. They have peeps that do nothing but scan the internet for the company name. Last thing I want is a call from them saying I am discussing something I shouldn’t.

 

It's ok, it's Friday and we all have our hot buttons. No worries

My experience was with State Farm (other driver's carrier) and Geico (my carrier). I got T-boned at an intersection by someone illegally passing on the shoulder to get around traffic that had yielded for me to make a turn. I contacted State Farm to have them repair my vehicle. They refused, so I put in the claim with Geico who repaired my vehicle under collision. A couple of months later Geico set me a letter indicating that they had subrogated the claim successfully and returned my deductible. My rates did not increase immediately after the incident and only went up a token amount at renewal, which according to Geico was because of a general rate increase and not based on my record. How that all works internally in the insurance industry I have no idea. All I know is that's the experience I had.

 

The accident was in May and you're just looking to file the DV claim now? You should have hired a DV claims adjuster to give you an estimate. Shooting a random number at an insurance company will just get you laughed at.
Did you have a dash cam and/or does the police report clearly state the other driver was 100% at fault for the accident? If not, then the other party's insurance wouldn't pay out a DV claim if they aren't taking responsibility for the accident. Sounds like your insurance paid because the other party's insurance wouldn't accept responsibility.

 

Unrelated, but nice e30! Ive had 3 and here was the last:

i am in the same situation company wise and the at fault driver also ran a stop sign

 

The initially wouldn't accept responsibility because their driver would not answer them. They cannot base anything on a police report unfortunately. I did not want to wait who knows how long for them to hunt down their driver for something to be done and myself pay in the meantime. And I'm waiting 5 months because the truck just got done and you can only file after the work is complete.

 

You can only file diminished value if the other driver is at fault. If they are 100%, you could get 100% DV. The issue is if they were found only a certain percentage at fault, you would only get that amount of the DV claim. Sounds like the other party's insurance didn't take fault, so you may be wasting your time trying to get reimbursed. I hope you have a dash cam now.

 

No im saying initially they didnt. It took a week for them to talk to their driver, but he admitted to fault 100%. It was also obvious by pictures and police report. But since their driver admitted fault, there is no fighting over it.

 

I'm not going to read through this entire thread, but you need to hire a diminished value specialist or find a company that specializes in diminished value claims. They'll do all the leg work, but you'll have to present your case to the at fault insurance company with a demand letter. If that doesn't work you'll have to sue the at fault insurance company in court to try and recoup your diminished value claim. If the diminished value amount is significant you really should consult with an attorney to discuss all your options.