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Diminished value claim...

Discussion in 'Model S' started by zambono, Apr 14, 2017.

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  1. zambono

    zambono Member

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    Has anyone completed a diminished value claim after being in a collision not at fault? Bonus points if you have any experience in MD.
     
  2. RichardD

    RichardD Supporting Member

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    In Texas on my Yukon, and it went very smoothly depends alot on the insurance but I got a fair judgement.

    You need to show what the car would be worth traded in with no damage, and then what it is worth now. A good idea is to deal with Tesla and pose the question as if you were going to trade it in for a new Model S, they will give you a fair assessment.
     
  3. zambono

    zambono Member

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    thank you
     
  4. Rockster

    Rockster Active Member

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    I'm in the process of doing so now. After the repairs were complete I obtained DV estimates from two companies specializing in diminished value claims. We're currently butting heads with the at-fault insurer, Progressive, who is reported to be the absolute worst to deal with for diminished value claims.
     
  5. JHWJR

    JHWJR Member

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    Tesla gave me a rough idea what they would offer on my car on trade. Then I took pictures and completed the paperwork. The paperwork did not ask about accidents, but the report I got back was that Tesla's background check revealed an accident about 3 years earlier, and that their offer was significantly lower as a result, perhaps $2,500 or $3,000. It's hard to subtract from the original "range."

    At the time of the accident, I did get my insurer to pay for the damage to my car in terms of repair, but I was given nothing for the reduced value of the car. I doubt my insurer covered such damage. But I should have sued the woman who ran into my back end and claimed diminution in value of the car. I could have had someone estimate the diminished sale value then and claim it. But I didn't think of it.
     
  6. anthony

    anthony Member

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    I have in NH. Pm me if you want details.
     
  7. cab

    cab Member

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  8. BOOMER7

    BOOMER7 Member

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    Airbag deployment in a front end wreck moderately severe usually will be totaled regarding Tesla cars.
    If not totaled you can expect $100k car that has a Carfax accident showing your airbag went off is worth less than half off a car with clean history
    Example car is currently worth 75k retail
    will now be worth 35-40k max if you can even find a buyer.
     
  9. ⚡️ELECTROMAN⚡️

    ⚡️ELECTROMAN⚡️ Fritterer and waster of hours in an off hand wayer

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    I just settled my DV claim. $4,500 door replacement cost. $6,200 DV paid to me. $2,000 paid to my lawyer. Total paid by the insurance company: $12,700. If they would have just paid for the complete repair of my car, I wouldn't have bothered with hiring a lawyer, but they left me having to pay $1,300 out of pocket to the auto body shop, because they refused to pay the "Tesla" labor rates.
     
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  10. artsci

    artsci Sponsor

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    I’ll be filing a DV claim in a few weeks to State Farm — the insurer for the driver who rear-ended me at a traffic light on June 30. We’ll see how it goes.
     
  11. MP3Mike

    MP3Mike Active Member

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    Interesting that the DV they agreed to was more than the cost of the repair. That seems like a very large settlement for a Model S 60. What is that like 10% of the value of the car?
     
  12. RogerHScott

    RogerHScott Active Member

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    What's your definition of "moderately severe"?
     
  13. RogerHScott

    RogerHScott Active Member

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    Wasn't this all settled as part of the estimation process before any labor was done? Did you agree to have the shop go ahead and do the work even though the on-the-hook insurance company hadn't signed off on the cost? I'm curious about this because I've been dealing with some very similar issues in repairing my own car where my insurance company (State Farm) is really unhappy with the labor rates changed by the only Certified Tesla shop in my state.
     
  14. JHWJR

    JHWJR Member

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    Personally, I've done that several times. Professionally (I'm a lawyer), I've done that many times. The opposing insurer/expert can look at the car and decide what they think, but then I get it fixed in a "commercially reasonable manner," and I really couldn't care less what the opponent thinks. Taking it to the dealer to get it done is the consummate example of "commercial reasonableness." Having your brother-in-law do it is what is suspicious. Then, I hand them the bill and give them 30 days to reimburse me. If they need 60 days (some do), fine. But if they don't pay me every penny, it's off to court. And I've never lost. There's nothing to negotiate.

    Diminished value may have to be negotiated. That can be rather subjective.
     
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  15. RogerHScott

    RogerHScott Active Member

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    Thanks for the explanation. I assume things are different in cases like mine where there's no opponent (or, perhaps more accurately, I am my own opponent ;))?
     
  16. spooky981

    spooky981 Member

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    Not in my Tesla but I can give you two examples in Maryland.

    Vehicle: Hyundai Tucson

    Estimated Value Before Collision: $17,650.00

    Damage: Rear ended. Most of the trunk had to be replaced.

    Cost to Repair: $1,765.00

    Diminished Value Offer: $882.50

    Vehicle: Hyundai Tucson

    Estimated Value Before Collision: $15,950.00

    Damage: T-boned in an intersection. Side of car replaced and frame had to be corrected.

    Cost to Repair: $3,275.00

    Diminished Value Offer: $1,300.00
     
  17. mkjayakumar

    mkjayakumar Active Member

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    Is DV only relevant when the car is repaired? Waht about when it is a total loss?
     
  18. MP3Mike

    MP3Mike Active Member

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    You can't claim DV when a car is totaled, because you are supposed to get paid the FMV, full market value, of what the car would have been worth before the accident.
     
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  19. JHWJR

    JHWJR Member

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    #19 JHWJR, Nov 3, 2017
    Last edited: Nov 3, 2017
    Hi, Roger. I don't see where you posted more above, and I'm having trouble understanding your situation. I'd be happy to shed what light I can if you were to explain more fully what's going on.

    If you simply mean that you had damage to your car, State Farm insures you, you are getting it fixed at Tesla, and State Farm is unhappy with the charges, then I say this: "State Farm can be unhappy. It's not your job to make State Farm happy."
     
  20. JHWJR

    JHWJR Member

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    That is correct, but, another way to look at it is you DO get the diminished value. Before the accident, the car was worth... say $12,500 and after the accident the car is worth $0. You get the amount the value of the car has been diminished. But that is a very circuitous way to calculate it. Getting the value of the car just before it was totaled, and having to surrender the car is better.
     
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