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Loss of value with Model 3 (Sept '22 to Jan '23)

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Hello all,
We were rear ended by heavy F150 truck (other driver older person, driving son's pickup and not on insurance). Other party accepted full liability. So it's not-at-fault on our side (documents confirm this). This was Sept '22 and now in Jan '23 after repairs got done (close to 20,000$ plus repairs from Tesla approved body shop) after multiple rounds. I am looking to resell 2019 Model 3 (30k miles).

Market has had significant transformation since Sept '22 and now (esp used vehicle market, and now price changes since '23)

How can I approach other insurance company for Loss of Value (or Diminished value claim in Connecticut) ? Anyone gone through this process?
My most recent check with Tesla for trade in resulted in 23-26k offer (without accident in history as I'm not sure what 'level' of damage I should select since body and otherwise it's fully repaired). Had I sold in Sept '22, this would have been closer to 45k-50k range (my guess based on reports and finding best rate)

Would appreciate any info/guidance on this matter (and what to expect in terms of time/money for this claim). Thanks!
 
Hello all,
We were rear ended by heavy F150 truck (other driver older person, driving son's pickup and not on insurance). Other party accepted full liability. So it's not-at-fault on our side (documents confirm this). This was Sept '22 and now in Jan '23 after repairs got done (close to 20,000$ plus repairs from Tesla approved body shop) after multiple rounds. I am looking to resell 2019 Model 3 (30k miles).

Market has had significant transformation since Sept '22 and now (esp used vehicle market, and now price changes since '23)

How can I approach other insurance company for Loss of Value (or Diminished value claim in Connecticut) ? Anyone gone through this process?
My most recent check with Tesla for trade in resulted in 23-26k offer (without accident in history as I'm not sure what 'level' of damage I should select since body and otherwise it's fully repaired). Had I sold in Sept '22, this would have been closer to 45k-50k range (my guess based on reports and finding best rate)

Would appreciate any info/guidance on this matter (and what to expect in terms of time/money for this claim). Thanks!
The best would be consult an attorney as they are familiar with local regulations and statue of limitations. You can try posting your query on https://www.avvo.com for some advice
 
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I think you may be over expecting on the DV. The DV equation would not be based on the value of your car in Sept. compared to the value now. It would be the difference between your current car’s value without an accident compared to the value with an accident.
May also help to post this in the Model 3 forum.
 
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You have to open a claim. Before you do you should have it professionally appraised. You will need to prove....and it may be hard...what is attributed to diminished value from the claim and what was loss in overall market value of the vehicle.

Loss in overall market value is not covered by a DV claim. What you can claim is the difference between current market value without the claimed repairs and the reduced market value when the repairs are factored in.

Get everything together before you approach!
 
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You have to open a claim. Before you do you should have it professionally appraised. You will need to prove....and it may be hard...what is attributed to diminished value from the claim and what was loss in overall market value of the vehicle.

Loss in overall market value is not covered by a DV claim. What you can claim is the difference between current market value without the claimed repairs and the reduced market value when the repairs are factored in.

Get everything together before you approach!
Love this info! Please stay on this w me..

1. So Loss of Value would ONLY look to cover (assuming market value is constant for used car) the price difference due to having accident in history (?).
2. What covers for the fact that I lost the opportunity to sell the car in Sept ‘22.. rather than today?
My assumption was that Loss of Value should be directly diffence of 2 quotes from Sept ‘22 (pre accident) and today. Simple as that? Kindly add on for any input on this. I could gather up popular sites that show market decline for used car prices in this timeframe (plus difference of quotes with and without accident in history as of today)?

3. What type of appraiser (where can I find one?) and what to request them?? Auto shop appraiser (?, and ask them what?)

4. I still don’t follow…. “What you can claim is the difference between current market value without the claimed repairs and the reduced market value when the repairs are factored in.” .. will try to take 2nd pass in a bit to make sense

Separate question - is decline in used car prices claimable under physical injury (and property?) claim. I’m new to this - there is already physical injury lawyer (spouse still going to PTs and regular dr visits cause of pain..) Any help would be so welcome
 
Regarding diminished value claim, you can only claim it against the at-fault driver's insurance, not you own insurance. The amount you would potentially recover would be the difference in value of your car with and without the damage history at this point in time. You should google or search in these forums about diminished value claims and potential appraiser to use to generate an appraisal.

I was rear-ended in October, 2021, and filed a DV claim against the other driver's insurance. I obtained a report from St Lucie Appraisal company and sent to the insurance company (All State). They gave me a low offer compared to the report, and upped it a little bit after a couple of back and forth emails. I didn't really push that hard and accepted their offer.
 
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Regarding diminished value claim, you can only claim it against the at-fault driver's insurance, not you own insurance. The amount you would potentially recover would be the difference in value of your car with and without the damage history at this point in time. You should google or search in these forums about diminished value claims and potential appraiser to use to generate an appraisal.

I was rear-ended in October, 2021, and filed a DV claim against the other driver's insurance. I obtained a report from St Lucie Appraisal company and sent to the insurance company (All State). They gave me a low offer compared to the report, and upped it a little bit after a couple of back and forth emails. I didn't really push that hard and accepted their offer.
All very useful. Thanks!
What kind of “appraiser” should I look for if I need to Google/find one? Auto appraiser may be? What I’m unsure is what will they do - cause vehicle has been repaired, and only thing is the theoretical diminished value (due to having an accident in history now) that should be obtainable from web/usual sources based on car make, model and location? It’s not like appraiser is estimating initial damage to need to physically look at the damaged/unrepaired car?
 
All very useful. Thanks!
What kind of “appraiser” should I look for if I need to Google/find one? Auto appraiser may be? What I’m unsure is what will they do - cause vehicle has been repaired, and only thing is the theoretical diminished value (due to having an accident in history now) that should be obtainable from web/usual sources based on car make, model and location? It’s not like appraiser is estimating initial damage to need to physically look at the damaged/unrepaired car?
I believe appraiser doing DV reports is just doing some research that you might be able to do yourself. The one I used said he got quotes from 6 dealers in my area for the car with and without damage and arrived at a diminished value. I searched this site quite a bit and gathered a lot of information regarding DV claims. Considering that I didn’t even know about DV before joining TMC, I was satisfied to at least get something for it.

You don’t necessarily need to pay an appraiser for a report if you think you can gather good enough information to show how much the damage devalued your car. I would search TMC for “diminished value” and google for “Tesla diminished value” and try to come to some conclusion on how you would like to proceed.
 
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Love this info! Please stay on this w me..

1. So Loss of Value would ONLY look to cover (assuming market value is constant for used car) the price difference due to having accident in history (?).  Correct
2. What covers for the fact that I lost the opportunity to sell the car in Sept ‘22.. rather than today? Nothing that I'm aware of. Nothing covers the insurer if the value goes up and they have to pay more to make you whole. The timing sucks but I doubt you will get anywhere with this argument.
My assumption was that Loss of Value should be directly diffence of 2 quotes from Sept ‘22 (pre accident) and today. Simple as that? Kindly add on for any input on this. I could gather up popular sites that show market decline for used car prices in this timeframe (plus difference of quotes with and without accident in history as of today)? That would be nice. I believe it will compare current market value at the time you make the claim. I'm not an insurance expert but in a falling market time isn't on your side.

3. What type of appraiser (where can I find one?) and what to request them?? Auto shop appraiser (?, and ask them what?) Good question. A lot of insurance policies have an appraisal clause which allows the insured to get an independent appraisal in the event you don't agree with the assessment of the insurer. I would say a certified auto appraiser. Call explain situation and see if they can help. You may have to call a few.

4. I still don’t follow…. “What you can claim is the difference between current market value without the claimed repairs and the reduced market value when the repairs are factored in.” .. will try to take 2nd pass in a bit to make sense
Let's say a car with no damage history has a value of $40,000 and one with the damage claim in question has a lower value of 35,000. Then you may have a diminished value claim of $5,000
Separate question - is decline in used car prices claimable under physical injury (and property?) claim. I’m new to this - there is already physical injury lawyer (spouse still going to PTs and regular dr visits cause of pain..) Any help would be so welcome. Not an insurance expert but can tell you this would not be covered under PIP or medical. I would talk to the attorney you already have to see if they can help with a DV claim.
 
IMO the time to play the DV card is before the repairs start after the insurer decides they will attempt repair. Knowing there will be additional costs to the claim may put pressure for them to declare it a total loss.

All this is my opinion. I would talk to your atty first since your already working a medical claim and see what she/he says.