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Reply to Diminished Value Claim and a Second Collision...     
Old 01-11-2017, 10:00 AM   #11
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision... owen6288 is the thread starter for: Diminished Value Claim and a Second Collision...

I'll keep everyone posted.

Lost Dollar - yes that is my argument. Two exact cars in every way, side by side, the one that had $5k in damage repairs will be worth less. My appraiser says it is worth $4,500 less. State Farm's "desktop appraisal" says $500. I'm meeting with their "on-site" appraiser today.
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Old 01-11-2017, 10:15 AM   #12
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Out of curiosity what does your appraiser value the car at?
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Old 01-11-2017, 10:30 AM   #13
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VolAgent on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
I was curious and looked into this a little.

From what I see, insurance companies have a formula they use to determine diminished value. Now attorneys will tell you the formula is horrible and should never be used. I'm sure insurance companies will say it is beyond fair. Probably somewhere in the middle.

The real point is, the way the formula is structured, you are likely to see little on a diminished value claim. Also, since it has been accepted by various courts, you will have a very hard time overcoming it. I say this not to say you shouldn't pursue it, but that you should expect it to be difficult and you may have to decide if the effort is worth the potential reward.

How insurance companies calculate diminished value claims - Employment Law | Family Law | Bedford | Fort Worth | Dallas

FYI, this is written by an attorney who goes after insurance lawsuits, so it is definitely biased as he sees things. I am willing to accept he has accurately represented the formula, however his commentary is definitely anti-insurance company.

Here is another article on a mechanics' site. Again, not exactly pro-insurance company.

https://www.yourmechanic.com/article...by-elan-mcafee

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You can pay the premium or you can own the loss.
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Old 01-11-2017, 12:14 PM   #14
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BlockO on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Originally Posted by VolAgent View Post
I am willing to accept he has accurately represented the formula.
I don't get the logic of double dipping mileage. why?

It may be the accurate formula, but it makes me think this is the formula for motorcycles, not autos.

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Dan Lyles
Lyles Insurance

Serving Ohio, Michigan, Pennsylvania, Indiana, Virginia and West Virginia.
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Old 01-11-2017, 03:28 PM   #15
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VolAgent on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Originally Posted by BlockO View Post
I don't get the logic of double dipping mileage. why?

It may be the accurate formula, but it makes me think this is the formula for motorcycles, not autos.
Neither does anyone else. They are taking the current value of the car which represents mileage, and then applying a mileage factor as well.

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  Reply With Quote to Diminished Value Claim and a Second Collision...
Old 01-11-2017, 05:04 PM   #16
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BlockO on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
that's why I was thinking motorcycles, since mileage isn't much of a factor as are autos.
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Old 01-11-2017, 05:06 PM   #17
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VolAgent on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Originally Posted by BlockO View Post
that's why I was thinking motorcycles, since mileage isn't much of a factor as are autos.
I get what you are saying, however 17c has been used for autos. And everyone who has commented on the formula basically calls it double dipping.

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  Reply With Quote to Diminished Value Claim and a Second Collision...
Old 01-11-2017, 05:42 PM   #18
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BlockO on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
well, at least I learned a little bit.... before you posted that link, that 17c stuff was pig latin to me.
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Old 01-19-2017, 01:27 AM   #19
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
What did your insurance agent say?

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Shawn Camp Insurance Agency, Inc.
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Old 01-25-2017, 11:10 AM   #20
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dvexpert on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Just Fyi, the 17C formula was created by a court simply to settle a Georgia class action lawsuit against State Farm. It has never been "approved" by ANY dept of insurance in any state and there is no case law that supports this formula(or any any other).
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