Hello all, my 2022 Model S long range was rear ended and the cost to fix it was around $15k. I have sent a formal letter for diminished value for around $23K (got an appraisal for around that much). They said they would pay around 10% of the MSRP price of the model S which is $9,700.00. Should I just take that or should I be trying for more? This was my first accident and my first diminished value process. All help is welcome, thank you.
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Diminished Value
- Thread starter ridgeunknown
- Start date
dbldwn02
Active Member
I was able to get an insurance company to pay 100% of the DV appraisal. About $5k on a $10k fender replacement. If they don't budge, I think your only recourse is to sue who hit you for the remaining balance.
IMO, if the damage was purely cosmetic and it looks brand new, I'd just take what they give you and call it a day. I'm keeping my car for as long as I can, so the DV will depreciate just as much as my car will over the course of 8-12 years.
IMO, if the damage was purely cosmetic and it looks brand new, I'd just take what they give you and call it a day. I'm keeping my car for as long as I can, so the DV will depreciate just as much as my car will over the course of 8-12 years.
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OrbiterTI4
Member
You are in California, which does not have DV-friendly case law precedent.
It sounds like the repairs were not significant (i.e. frame damage, airbags deployed) otherwise the DV appraisal would likely have been higher.
If it were me, I'd take the $9700 and let it be. Most insurances offer $0 and call it a day until you sue, so having a significant offer at the start is rare, and the costs and time to try and recover the other $13k from the appraisal will likely negate any extra DV paid out by the insurance company.
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What exactly do you mean by a $23k appraisal? Who appraised your vehicle? Or how did you conclude that is the difference of your car in value after the accident?
Also, where can I get a DV appraisal? I am in a similar situation.
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Yeah when I tried settling for $20k they hit me with
"Unfortunately we will not be able to consider this amount. Our offer is consistent with industry standards and the California court venues have concurred our findings. Your appraiser's findings are not considered impartial. Please let me know if you decide to accept our offer, otherwise we will consider the property damage portion of your claim closed at this time."
I don't feel like suing and finding a lawyer etc.
I probably will end up taking the $9700.
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Personally I got mine done from Collision Claim Associates, Inc. They factored in cost of car + cost of repairs etc. I think I paid like $400 for their appraisal. Again this was my first accident and first diminished value claim so I'm also lost as to what I was doing.
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I guess I am going along with accepting the initial offer to settle it.
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You can probably try to tell them something along the lines of giving you a written statement that they are unwilling to pay the full amount of your depreciation so therefore you will have to sue take their client to small claims court. I have read something like this around the forums. Not entirely sure how helpful that is.
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i could but it wouldn't be small claims court. I think there is a dollar amount limit for small claims court, I think I will just settle for $10K, don't really feel like hiring a lawyer etc.
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Yeah I sent a physical letter to them with a registered mail stamp so someone had to sign it, then from there someone emailed me. I initially wanted to just email (cmon its 2023) but I was told to send a physical letter first to make it legit.
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