Diminshed Value Claims

Walaby wrote:
And yes, two vehicles of equal quality, one accident free, the other with reported accident, the value of the accident free vehicle will be higher. Higher trade in, higher resale, etc..

For regular cars and trucks, diminished value is very easy to see. The very thing the insurance companies use to calculate values in total loss claims is the very thing that shows the diminished value of a car with and without an accident.

In my case, we used some previously obtained valuation reports on total loss claims to get another $2,800 for diminished value after I got sideswiped. They paid for the repairs at the dealer and my rental, but they balked at the car being less valuable due to the stigma of the reported accident. The total loss valuation reports on similar cars clearly showed the insurance companies reduce the value of cars that were involved in accidents and they attached a dollar value to that deduction. I figured, if the insurance company and all the third party valuation companies use diminish value to reduce payout values due to a reported accident, why can't I use it also? It took a bit of pushing but they came around.

Just about everyone I know who understands diminished value and demanded it from the insurance company, ultimately ended up with the money. Not surprised some states are finally telling insurance companies to pay up what they owe without having to have the customer fight you for it. My state does not require automatic diminished values but they do require the insurance company to pay the customers lawyers fees if they had to hire a lawyer to get the money they are owed.