lost in value compensation

[Keith909man]

HI team,
So long story short, Model S was hit and repaired with about $20k in damages. Ive read on here awhile back about some folks were able to get their insurance company to compensate them for the lost in value due to the reported accident on the cars history. I forget what this was called.. any insight from anyone what this is called and how to go about it?
Thanks

 

[spooky981]

The word you're looking for is diminished value. On cheaper cars you can just ask the other guy's insurance for an offer and take what they give you, but on a $100,000 car sustaining $20,000 in damages you should be talking to a lawyer that specializes in DV.

 

[Keith909man]

It was a hit and run case.. so my insurance ended up paying but not at fault

 

[demundus]

It was a hit and run case.. so my insurance ended up paying but not at fault

IMO this is the toughest "behind the curtain" kind of situation. You'd have to pursue your own insurance for DV, but whats to keep them from raising your rates to make up for it? Nothing, so you leave... but other insurance companies use this information to set your rates, so its a crapshoot if you get a better rate or not.

 

[imsachin]

Diminished value claims work best where you are the claimant and against the other driver's insurance company. You may need a lawyer, not only to get the best value but also to make sure your rates aren't affected due to this.

 

[Keith909man]

Diminished value claims work best where you are the claimant and against the other driver's insurance company. You may need a lawyer, not only to get the best value but also to make sure your rates aren't affected due to this.

Thanks. I just hire someone. They are saying I would likely get $15k-18k for the claim... dang, hope it all plays out well!