Need Diminished Value Advice

[chilman408]

I echo some of the comment here.

If your repair cost is $23k and that's what you want to recover, you should have an option to not accept the payment and go to arbitration.

Going through DV is a round about way to do this especially since DV is against the fair market value of the 2017 X. I really don't think a $23k DV could be established if you didn't total the car.

 

[OrbiterTI4]

Yeah it was an expensive repair. I agree, I’m talking to a lawyer who’s ready to take my case. American Family’s $8000 “final” offer is insufficient.

My first thought is "take the $8000 now vs lawsuit and potential payout later".
Is it close to the DV appraisal you have? No.
Is it higher than you will net compared to filing suit, paying lawyers fees and associated filing/deposition/mediation fees and a possible reduced judgment? Uncertain.
My experience influencing my thought process is discussed in Collision, Repair and DV/LoU Lawsuit: My Nearly 500 Days of Fun.

 

[mxnym]

Even if you go to court and you are awarded more, you don't know what the insured's coverage limits are. The insurance only has to pay up to the limits, and any overage may not quickly be recovered from the insured (nor would it necessarily be recovered for free). In such a scenario, I'm guessing you'd still be paying the court and lawyer fees in the meantime.

 

[OrbiterTI4]

Even if you go to court and you are awarded more, you don't know what the insured's coverage limits are. The insurance only has to pay up to the limits, and any overage may not quickly be recovered from the insured (nor would it necessarily be recovered for free). In such a scenario, I'm guessing you'd still be paying the court and lawyer fees in the meantime.

If discovery is allowed, you would liklely have the other drivers insurance declarations and know the coverages at the start.

I can't speak to other localities, but in my case my lawyer knew of precedent that my underinsured coverage WOULD cover the gap between the judgment and the other drivers coverage for a DV judgment, if the scenario you explained came to pass.

 

[mxnym]

If discovery is allowed, you would liklely have the other drivers insurance declarations and know the coverages at the start.

I can't speak to other localities, but in my case my lawyer knew of precedent that my underinsured coverage WOULD cover the gap between the judgment and the other drivers coverage for a DV judgment, if the scenario you explained came to pass.

Yes, if you have underinsured coverage, that would change things, and while I can't imagine why you wouldn't, it isn't guaranteed that everyone does. However, the way underinsured coverage works may be different from state to state and/or insurance company to insurance company. For instance, years ago, while not carrying comprehensive coverage because the vehicle I was driving didn't merit the cost, my insurance company indicated to me that if I'm in an accident caused by someone who is not insured, then I would be dealing with them as the uninsured's provider instead of as my provider. In such a scenario, potentially depending on state and contract, they might need to be involved in the lawsuit in order to be bound by it.

 

[MyWifeandI]

Would you care to provide an update?

 

[Rahul]

I hired the services of Schenk Podolsky Attorneys at Law around mid-November and proceeded with litigation. It is pending.

 

[Rahul]

I don't understand why the DV is more than the repair cost. When looking at the Tesla's used inventory, I've never seen a previously repaired vehicle with that level of DV. This estimate your received is super high and inflated. I wish you luck in recovering as much at you can though. Seriously doubt its any where near 23k you are looking for.

Wanted to follow up after all the dust had setttled. Took a while but I ended up getting the whole assessment.

If any of you have the unfortunate situation with needing help to fight for diminished value in AZ, I can’t recommend the team of Patrick of Collision Consulting and Jake at Schenk Podosky Attorneys at Law.

Personal Injury Lawyer Mesa | Mesa Injury Law Firm | Schenk Podolsky

Injured? Don't be a victim to the insurance companies, contact the East Valley's #1 Choice For Personal Injury Lawyers in Mesa, AZ. Call 480-757-5000 Today.

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Here were the facts of our DV case:

* 2017 Model X 100D, low miles, great condition, about 1.5 yrs old at time of accident (4/2019). We had purchased the car for $87K in 12/2018.
* Other driver is at fault, everything is captured on dash cam:

* Other insurance co, American Family, accepts responsibility
* Repair is completely covered, vehicle is repaired after 3 months for a total cost of around $22K
* We hire Patrick of Collision Consulting to do a DV assessment. His estimate is around $23K
* Initially we go straight to American Family and after a few aggravating rounds they refuse to offer any more than $8.5K. We would’ve settled for $12.5K
* I hire Jake and explain our situation that we have at least $8.5K and don’t want to end up with less than that. So we work out a tiered deal where the fees are based on amounts collected above that.
* Case ends up going to arbitration but COVID strikes so the arbitration doesn’t happen until this past spring 2021
* Jake and Patrick do an amazing job arguing our case during the arbitration hearing
* We are awarded the entire amount of the DV assessment! We end up with well over the amount that we would’ve taken.

The whole thing really sucks but when we got Jake involved a lot of the stress went away and all we had to do was be patient.

Hope this helps out anyone else. Feel free to
DM if you have questions.

 

[Les236]

I think you left off the word "enough" at the end of this sentence.

I can’t recommend the team of Patrick of Collision Consulting and Jake at Schenk Podosky Attorneys at Law.

 

[Rahul]

I think you left off the word "enough" at the end of this sentence.

Yes... It should read “I can’t recommend enough the team of Patrick of Collision Consulting and Jake at Schenk Podosky Attorneys at Law.”

Thanks!