Diminished value claim approved!

[bb1857]

So finally after 6 months of jockeying back and forth with insurance companies and having to use under-insured motorist because the idiot that hit me carried state minimum coverage I finally got an approval for my diminished value claim!!! My damages were almost $14000 and they determined my car lost just over $7k in value due to the rap sheet my car has now. A check is on the way which is a nice victory sort of with all things being equal....moral of the story...fight your ass off if some dipshit hurts your M car!!!

[M-Pilot]

Congrats on your victory! Who determined your car lost $7k in value? Did you work with an attorney?

[IK6SPEED]

Originally Posted by bb1857

So finally after 6 months of jockeying back and forth with insurance companies and having to use under-insured motorist because the idiot that hit me carried state minimum coverage I finally got an approval for my diminished value claim!!! My damages were almost $14000 and they determined my car lost just over $7k in value due to the rap sheet my car has now. A check is on the way which is a nice victory sort of with all things being equal....moral of the story...fight your ass off if some dipshit hurts your M car!!!

Interesting that anyone would be excited about diminished value.

I certainly would not.

[Aaaaaaaaa]

https://en.m.wikipedia.org/wiki/Diminished_value

[bb1857]

Originally Posted by IK6SPEED

Interesting that anyone would be excited about diminished value.

I certainly would not.

Really?!?!? Your insight is magical and so enlightening

The diminished value happens if your car gets in an accident so I would rather at least have the money to help offset it versus nothing at all. I dont have the kind of power it takes to twist time so my car would have never been in the accident which would have been the best scenario...Its called making the best of a shitty situation

[FriedPiston]

OP, is your car leased or financed? I would consider DV a double-win if it's leased.

[bb1857]

Originally Posted by cntzl

Congrats on your victory! Who determined your car lost $7k in value? Did you work with an attorney?

I started the process with a company that only does DV claims. Spoke with them a couple times before moving forward because the report cost me $300 so I wanted to think I would at least get something. He compiles the accident report, body shop report, carfax, book values before and after accident and gave me a 30 page report to submit to the insurance company. It helped a lot because the initial value insurance gave was less than $5k then they referred to the report and increased the number. The longest part of the process was because they had to use under insured motorist.

[bb1857]

Originally Posted by nars3000

OP, is your car leased or financed? I would consider DV a double-win if it's leased.

It's financed...unfortunately the insurance companies are keen to the lease and you cant even file a diminished value claim if leased. Tried to with my GTI that is leased and got hit in a driveway by a big ass pickup truck.

[Fortyb]

That's a Win The only thing with the vehicle now is that you will have no choice but to sell it privately if you wanted to make something off of it.

[IK6SPEED]

Originally Posted by bb1857

Really?!?!? Your insight is magical and so enlightening

The diminished value happens if your car gets in an accident so I would rather at least have the money to help offset it versus nothing at all. I dont have the kind of power it takes to twist time so my car would have never been in the accident which would have been the best scenario...Its called making the best of a shitty situation

I’d rather not have a wrecked car.

[Aaaaaaaaa]

Originally Posted by IK6SPEED

I’d rather not have a wrecked car.

He didn't really have a choice to get hit by an uninsured driver :

[bb1857]

Originally Posted by IK6SPEED

I’d rather not have a wrecked car.

Again your comments are so insightful. I am pretty sure I would love to have the ability to avoid being hit by the person that caused the accident but I guess I don't have the skill level behind the wheel to avoid any and all things...congratulations on your awesomeness.

[IK6SPEED]

Originally Posted by IK6SPEED

Interesting that anyone would be excited about diminished value.

I certainly would not.

Originally Posted by pheerlx

He didn't really have a choice to get hit by an uninsured driver :

You and OP totally missing point.

Would rather have diminished value paid instead of nothing.

But All said, even with all that said, I wouldn’t be whopping it up on a “Diminished Value Win!!!!!”

I’d still be pissed off I still have a car that with $14k in damages that is a wrecked car that isn’t going to be right most likely.

But you go ahead and party....

I just won’t blow smoke...

[Teeone]

Some people are just post whores and many of their posts have no value.

Good for you, OP. I am happy for you.

[Aaaaaaaaa]

Originally Posted by IK6SPEED

You and OP totally missing point.

Would rather have diminished value paid instead of nothing.

But All said, even with all that said, I wouldn’t be whopping it up on a “Diminished Value Win!!!!!”

I’d still be pissed off I still have a car that with $14k in damages that is a wrecked car that isn’t going to be right most likely.

But you go ahead and party....

I just won’t blow smoke...

Oh ok. Congrats for not ever being in an accident.

[gatorfast]

Originally Posted by IK6SPEED

You and OP totally missing point.

Would rather have diminished value paid instead of nothing.

But All said, even with all that said, I wouldn’t be whopping it up on a “Diminished Value Win!!!!!”

I’d still be pissed off I still have a car that with $14k in damages that is a wrecked car that isn’t going to be right most likely.

But you go ahead and party....

I just won’t blow smoke...

You must be fun at parties.

OP wasn't excited that his car was wrecked and is now worth less. He was excited that his insurance company agree to pay a substantial diminished value claim which likely was a long and tedious process with an uncertain outcome. Seems reasonable to be joyous about recouping $7k from a bad situation.

[Blindside_137]

Originally Posted by bb1857

Really?!?!? Your insight is magical and so enlightening

The diminished value happens if your car gets in an accident so I would rather at least have the money to help offset it versus nothing at all. I dont have the kind of power it takes to twist time so my car would have never been in the accident which would have been the best scenario...Its called making the best of a shitty situation

Agreed, my E93 was nearly totaled. I had 9k in repairs and at the time it was probably worth 25k. Very surprised it wasn't totaled, but I think it was because the initial estimates were lower. I was never able to get a diminished value, thus am keeping the car for as long as it runs well or depreciates to the point the diminished value is negligible.

Congrats!

[DB323]

7k is really good considering your car had only 14k in damage. My father's X5 was hit head on from someone that lost control coming from the opposite direction. 17k in damages and we were only able to recoupe 3k in diminished value. Adjuster said there was no structure damage so they wouldn't give more. We paid someone for a diminished value report similar to yours. Cars financed with around 3k miles at the time of accident.

Congrats on recouping 7k to help relieving the hit you will take on resale. That's a win in my book!

[bb1857]

Originally Posted by DB323

7k is really good considering your car had only 14k in damage. My father's X5 was hit head on from someone that lost control coming from the opposite direction. 17k in damages and we were only able to recoupe 3k in diminished value. Adjuster said there was no structure damage so they wouldn't give more. We paid someone for a diminished value report similar to yours. Cars financed with around 3k miles at the time of accident.

Congrats on recouping 7k to help relieving the hit you will take on resale. That's a win in my book!

The guy who did my report said because it was an M car that bumps the number in a big way. The relatively low production numbers compared non M cars makes the hit bigger as well as a reduced selling market based on it being a "specialty" vehicle. I liked what he was saying and thankfully the insurance did too.

[IK6SPEED]

Originally Posted by gatorfast

You must be fun at parties.

And you are the person who celebrates at your parents funeral as you see a big payout from their Estate?

Little to no difference.

[Clark_Kent]

Originally Posted by bb1857

The guy who did my report said because it was an M car that bumps the number in a big way. The relatively low production numbers compared non M cars makes the hit bigger as well as a reduced selling market based on it being a "specialty" vehicle. I liked what he was saying and thankfully the insurance did too.

Sounds like a win to me. Good for you! Care to share the company you went through?

[Killed by Death]

Originally Posted by bb1857

The guy who did my report said because it was an M car that bumps the number in a big way. The relatively low production numbers compared non M cars makes the hit bigger as well as a reduced selling market based on it being a "specialty" vehicle. I liked what he was saying and thankfully the insurance did too.

Can you share the name of your guy or company? Sounds like he did great work!