Diminished Value Claim question

[gotoma8]

Hi Members,

I have a question for all you insurance buffs. My M3 LR was hit while parked and I am working with the person who hit the car's insurance company.

The damage is minor and Tesla quoted repairs for about $3400. Not parts needed, just some panel work and painting. I wonder if anyone know if I were to request for diminished value compensation, how much do you think it would be?

This is not going through Tesla insurance FYI, it's Progressive.

Thoughts?
TIA

Tuan

 

[Mkaiseraz]

Hi Tuan,

I have the same question. Similar situation. I was hit in the rear by a Progressive customer. The repairs have been done and the car looks great. Total repair costs were $2,355.26. Progressive now tells me a Diminished Value Claims Specialist will contact me to discuss a DV claim. Have you had any success on your claim?

Thanks.

Mike

 

[gotoma8]

Hi Tuan,

I have the same question. Similar situation. I was hit in the rear by a Progressive customer. The repairs have been done and the car looks great. Total repair costs were $2,355.26. Progressive now tells me a Diminished Value Claims Specialist will contact me to discuss a DV claim. Have you had any success on your claim?

Thanks.

Mike

Mike, did you get it repaired at Tesla SC? I have not been able to get mine repaired yet, so, no contact yet, besides the initial contact with them. I guess I have to wait on you for the process to know what I need to do. My estimate is about $1k more than yours to fix.

Please keep me updated if you can.
Thanks!

 

[TMYB-C1]

My cars at a Tesla Certified Collision Center because they do not handle any bodywork.

Repairs are quoted at $17K + $2.5K bringing the total in damages to $19.5k, this is going through my collision coverage because the at fault party only has 25K in personal liability coverage which I did not want to eat into before filing for diminished value and loss of use.

Below is how I understand the process to work, please correct where I may be wrong.

1 - My insurance (GEICO) will cover the repair costs of ~20K via a collision claim filed against my policy.

2 - I do not have rental coverage, so my rental will be repaid @ 50/day up to $1,500 from the at fault parties policy.

3 - I will file a loss of use claim for the 30 days the repair is expected to take. I am renting a Model Y from Hertz at
$2,400/month and am expecting that receipt to be accepted as proof for my loss of use claim. Will this be paid on top of the rental coverage, will they only pay the difference or are they expecting me to only take the $1,500 for rental coverage and go away?

3 - Once all repairs are completed I'll file the diminished value claim.

 

[Mkaiseraz]

Mike, did you get it repaired at Tesla SC? I have not been able to get mine repaired yet, so, no contact yet, besides the initial contact with them. I guess I have to wait on you for the process to know what I need to do. My estimate is about $1k more than yours to fix.

Please keep me updated if you can.
Thanks!

Tuan, my insurance company (USAA) selected Autobody Solutions Peoria to do the repairs. When I left my car, they had 23 other Teslas being worked on. As I said, the damage was relatively minor, but they did a great job. It appears they do good work on Teslas.

Now I'm trying to decide how to pursue a diminished value. Progressive offered me $1,000, then $1,300, then $1,500. They said that is their final offer.

Mike

 

[gotoma8]

Tuan, my insurance company (USAA) selected Autobody Solutions Peoria to do the repairs. When I left my car, they had 23 other Teslas being worked on. As I said, the damage was relatively minor, but they did a great job. It appears they do good work on Teslas.

Now I'm trying to decide how to pursue a diminished value. Progressive offered me $1,000, then $1,300, then $1,500. They said that is their final offer.

Mike

Mike did you decline the first and second before they offer the final? Did you take the final settlement? What was your reasons to them that you thought the first two offers were not enough? Thanks

 

[snorp]

How does one determine diminished value in this crazy used car market where Teslas are selling for over book? And over new for that matter.

I have a similar story to the ones above, and I’m trying to figure this out. Progressive offered me $150 diminished value on a $3k repair to my front bumper and headlight. Other party was determined to be fully at fault. I suspect an accident showing up on Carfax will cost me more in resale than the total repair cost.

Maybe I could sell my car as soon as it’s repaired and then try to compare that price to other recent sales. Problem is there isn't a large pool of recent sales to choose from.

Are there any success stories out there that someone could share? I’m prepared to get screwed in this situation, but willing to put forth some effort to minimize the pain.

 

[kleinja]

How does one determine diminished value in this crazy used car market where Teslas are selling for over book? And over new for that matter.

I have a similar story to the ones above, and I’m trying to figure this out. Progressive offered me $150 diminished value on a $3k repair to my front bumper and headlight. Other party was determined to be fully at fault. I suspect an accident showing up on Carfax will cost me more in resale than the total repair cost.

Maybe I could sell my car as soon as it’s repaired and then try to compare that price to other recent sales. Problem is there isn't a large pool of recent sales to choose from.

Are there any success stories out there that someone could share? I’m prepared to get screwed in this situation, but willing to put forth some effort to minimize the pain.

Same boat here, unfortunately. Got side swiped last week in stop and go traffic. Just starting this whole process. I have a preliminary estimate from a Tesla Collision Center near me, and am going to get another quote from a Tesla Certified Repair Shop later this week.

The preliminary quote is $5k, and the damage was pretty minor. Small dent in the drivers door below the handle, larger dent in the rear drivers-side door, and some slight damage to the rim of the wheel. Some other marks on the rear quarter panel, but they should buff out fairly easily. From the looks of it I am going to need a new rear drivers-side door and wheel, but I think everything else can be repaired in its current state.

I have been looking into diminished value because I know having an accident report on a carfax is going to kill my resale value. Even though the damage was pretty light, all things considered. I was trying to do some work ahead of time, but it seems within a reasonable range there are no Tesla's for sale with accident reports.

Would be nice to hear from everyone else here how their cases played out, as this thread seems to be the most recent on the topic of diminished value. TIA

 

[gotoma8]

FWIW, update on my posts. So, I was offered $2k then $2.8k and finally $3k for my DV from insurance. I had to go back and forth, but was able to go up from $2k to $3k on damages totally $3.5k to fix. Get support and make your case. Good luck!

 

[steph280]

Similar situation here. Our new X got rear ended in stop and go traffic, minor damage to bumper and hatch costing $4500 in repairs. Car only has 900 miles on it and has been in Tesla certified body shop for over a week now. I read some insurance will want proof of diminished value, and there are paid services for this kind of proof. So I entered my info on theautomediator.com based on yelp review, and got back a diminished value of $12,000! To get the full report they want to charge me $1199, basically 10% cut but with no guarantee we'll get that much back. That report cost seems high as some said they paid around $250 for it. Does anybody know of a reliable source for this type of report that doesn't cost this much?

 

[gotoma8]

Similar situation here. Our new X got rear ended in stop and go traffic, minor damage to bumper and hatch costing $4500 in repairs. Car only has 900 miles on it and has been in Tesla certified body shop for over a week now. I read some insurance will want proof of diminished value, and there are paid services for this kind of proof. So I entered my info on theautomediator.com based on yelp review, and got back a diminished value of $12,000! To get the full report they want to charge me $1199, basically 10% cut but with no guarantee we'll get that much back. That report cost seems high as some said they paid around $250 for it. Does anybody know of a reliable source for this type of report that doesn't cost this much?

just go to KBB or Edmunds and do a value your car without accident then one with the accident and see what the difference is. Honestly, I don't think the insurance company cares what that site is estimating as it seems that site is trying to get money from you, the claimant!

 

[snorp]

I went to several websites like KBB and Edmunds and there either isn't a selection to indicate the vehicle was in an accident, or making the selection had zero impact on vehicle value. I suspect those websites are pulling a limited history report in the background that indicate if the vehicle has been involved in a collision.

First I have ever heard of theautomediator, so thanks for that info. I just submitted a request and will update this thread when they respond.

 

[IROAR]

Before retirement, I handled these cases in Arizona. The first thing you should do is check to see if your state authorizes compensation for diminished value. For those that allow this component of damages, it is available only from the 3rd party carrier(at fault parties insurance company). There are auto appraisers that will research the value of your car in light of the severity of damage sustained. Be prepared to pay for the report and use it as evidence of diminished market value.

Be aware that carriers hate this type of claim. Their thinking is once they fix the car you are whole. Be prepared for resistance.

 

[S3XY T]

I'm dealing with same situation.... Progressive insured driver at fault. $7,554.09 in damage to front end (plus what ever costs to replace PPF) but trying to also recover the DV Claim.

Been an absolute pain in the butt dealing with Progressive. The person assigned my claim has failed to follow through on everything she said she was doing... never returns my calls when she says she will. Course we didn't get off on a good start as they drug their feet on even accepting responsibility for their insured for 2 weeks and kept suggesting that I file claim with my insurance provider. I even provided my dash cam footage (but issue was likely the driver of the insured vehicle was driving w/o a license?)

I was sitting stopped at a red light when the other parties tried to beat their light and collided and then caromed into my and another vehicle. The claims person even had the gull to suggest i should have taken evasive maneuvers?

 

[enemji]

Hi Members,

I have a question for all you insurance buffs. My M3 LR was hit while parked and I am working with the person who hit the car's insurance company.

The damage is minor and Tesla quoted repairs for about $3400. Not parts needed, just some panel work and painting. I wonder if anyone know if I were to request for diminished value compensation, how much do you think it would be?

This is not going through Tesla insurance FYI, it's Progressive.

Thoughts?
TIA

Tuan

Just ask carmax how much they will pay for this “damaged” Tesla. You will have your answer

 

[312viper]

Same boat here, unfortunately. Got side swiped last week in stop and go traffic. Just starting this whole process. I have a preliminary estimate from a Tesla Collision Center near me, and am going to get another quote from a Tesla Certified Repair Shop later this week.

The preliminary quote is $5k, and the damage was pretty minor. Small dent in the drivers door below the handle, larger dent in the rear drivers-side door, and some slight damage to the rim of the wheel. Some other marks on the rear quarter panel, but they should buff out fairly easily. From the looks of it I am going to need a new rear drivers-side door and wheel, but I think everything else can be repaired in its current state.

I have been looking into diminished value because I know having an accident report on a carfax is going to kill my resale value. Even though the damage was pretty light, all things considered. I was trying to do some work ahead of time, but it seems within a reasonable range there are no Tesla's for sale with accident reports.

Would be nice to hear from everyone else here how their cases played out, as this thread seems to be the most recent on the topic of diminished value. TIA

This sounds similar to my damage except mine hit a few more panels. Mine is in the shop for repairs so haven't heard anything back yet on the diminished value claim but I'm expecting (hoping maybe?) its significant. My repair estimate was close to $10k.

 

[snorp]

Front right corner of mine was sideswiped at a traffic light. I was barely moving and other vehicle going 5mph. Very slow accident. $8k damage. I googled and paid a service that specializes in diminished value. They appraised the vehicle and then the insurance company sent an appraiser out to my house after it was repaired. Right now the two sides, the company I hired and Progressive, are negotiating a settlement. If they can’t come to an agreement, they will hire an “umpire” to decide the amount. I’m told to expect an amount equal to the damage estimate ($8k) and that the process will take 30 days or so. 4 days in right now but I’ll update when something happens.

 

[312viper]

Front right corner of mine was sideswiped at a traffic light. I was barely moving and other vehicle going 5mph. Very slow accident. $8k damage. I googled and paid a service that specializes in diminished value. They appraised the vehicle and then the insurance company sent an appraiser out to my house after it was repaired. Right now the two sides, the company I hired and Progressive, are negotiating a settlement. If they can’t come to an agreement, they will hire an “umpire” to decide the amount. I’m told to expect an amount equal to the damage estimate ($8k) and that the process will take 30 days or so. 4 days in right now but I’ll update when something happens.

That aligns with what I've heard and read so far....that the diminished value check is usually about the same as the total value of the repairs.

 

[snorp]

To conclude my story, Progressive originally sent me a check for $150 for diminished value. They never mentioned this check in writing or on the phone, and I never cashed it.

When I went to pick up my repaired vehicle, an employee at Tesla Collision put me in contact with a company that does appraisals and works with insurance companies to get a fair diminished value payment. So I hired them for around $500 and today progressive has notified me that they are sending me a check for $8k for my diminished value.

 

[312viper]

To conclude my story, Progressive originally sent me a check for $150 for diminished value. They never mentioned this check in writing or on the phone, and I never cashed it.

When I went to pick up my repaired vehicle, an employee at Tesla Collision put me in contact with a company that does appraisals and works with insurance companies to get a fair diminished value payment. So I hired them for around $500 and today progressive has notified me that they are sending me a check for $8k for my diminished value.

Thats awesome. How much was the final repair bill? Is the appraisal company national? I should be getting my Y back this weekend so will be getting the diminished value process started soon.