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 > Diminshed Value Claims

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ItsyRV

Desert SW

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Posted: 09/12/19 02:06pm Link  |  Print  |  Notify Moderator

TonyandLesley wrote:

ST Lucie Appraisal. Yes, you are correct, opinions seem to be what you must gather. However, in the eyes of the insurance company you are dealing with for the claim, we at least have been told, "statistical" data presented is not sufficient....basically all opinions you gather and present are not enough to satisfy your claim. So if not acceptable, what is??

That is a major problem with RV's, you don;t have tons of data to obtain values the insurance company will accept (or accept without fighting you tooth and nail). You are also faced with recorded "sales" that often can jump tens of thousands just by geography, time of year, or even from used RV dealers right next to each other.

This is why many say to use your own insurance as you have a contract with them and that contract spells out exactly what they must do for you. If it sets a standard for diminished value, they must abide by it. When dealing with the other party, they only have to do what the state regulators say them must do; often it's pretty weak protections at best. The other insurance company's duty is to save themselves money and protect their client. You are not their client so you have far less rights. Your insurance company has a duty to you, their client, to make it right so you have a while lot more rights and protections with your own company.

From past experience, you'll need to get enough comps from wherever to either satisfy them or to satisfy a state regulator that you have done about all that is reasonably possible and hope they can intervene without you having to sue.


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dodge guy

Bartlett IL

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Posted: 09/12/19 03:09pm Link  |  Print  |  Notify Moderator

ItsyRV wrote:

dodge guy wrote:

Diminished value is a joke. So if I had an accident that damaged a front axle on a vehicle or a fender. And it was replaced with new? How is the vehicle worth any less? The vehicle is repaired to how it was before the accident. So how is it now worth less? The only way it would be worth less is if the repair wasn’t done properly and corners were cut.

I don't think you understand the meaning of diminished value.

Try this, you go looking for a vehicle. You find two of the exact same year, make, model, color, miles, etc., etc. They both drive and were maintained in same shape. Now, you pull a vehicle history report and notice that one has an adverse notation of "Accident - Front End - Major" showing. Are you saying you would not value the one without the accident higher and the one with the accident lower?


No. That’s why you inspect it thoroughly. What if the one without the accident wasn’t maintained properly. I would take the one properly repaired and maintained properly over the non accident one that wasn’t taken care of.

You can’t just buy a car based on a history report.


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ItsyRV

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Posted: 09/12/19 03:40pm Link  |  Print  |  Notify Moderator

dodge guy wrote:

No. That’s why you inspect it thoroughly. What if the one without the accident wasn’t maintained properly. I would take the one properly repaired and maintained properly over the non accident one that wasn’t taken care of.

You can’t just buy a car based on a history report.

Like I said, you don't understand the meaning of diminished value. What you're talking about is standard valuations based on conditions which has nothing to do with a diminished value accident claim. You need to answer the question asked without throwing in conditions that have nothing to do with the subject. To make it easier, lets do it an even easier way:

You go to a dealer and there are two identical new cars on the lot. Same make, model, year, trim, miles, options, color everything. The price tag on both are exactly the same. However, one of the two was involved in a lot accident (rolled off carrier into a barrier) but was repaired by that dealer in their collision center. Would you be willing to pay the exact same amount for the damaged (repaired) car that is being asked for the pristine unblemished car?

That is the diminished value question.

Chum lee

Albuquerque, NM

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Posted: 09/12/19 04:11pm Link  |  Print  |  Notify Moderator

So, . . . . what happens when the insurance company (not yours) gets tired of dealing with you and inspects your vehicle VERY CLOSELY, then decides that its overall condition (and value) should be downgraded because of other wear/damage/corrosion/mechanical conditions? (which they found) IMO, there are NO two identical used vehicles, only similar vehicles.

How much money are we talking about here? Attorneys typically charge about $500/hr for this type of work. What's your time worth? Sometimes its best to just (over) state your initial settlement price, then negotiate to the mean, . . . . . . and move on.

IME, the more you want to play hardball with an insurance company, the more they play hardball with you. They already have all the attorneys they need, . . . . . on staff, and, they know the law in your jurisdiction. Do you?

Chum lee

dodge guy

Bartlett IL

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Posted: 09/12/19 05:32pm Link  |  Print  |  Notify Moderator

ItsyRV wrote:

dodge guy wrote:

No. That’s why you inspect it thoroughly. What if the one without the accident wasn’t maintained properly. I would take the one properly repaired and maintained properly over the non accident one that wasn’t taken care of.

You can’t just buy a car based on a history report.

Like I said, you don't understand the meaning of diminished value. What you're talking about is standard valuations based on conditions which has nothing to do with a diminished value accident claim. You need to answer the question asked without throwing in conditions that have nothing to do with the subject. To make it easier, lets do it an even easier way:

You go to a dealer and there are two identical new cars on the lot. Same make, model, year, trim, miles, options, color everything. The price tag on both are exactly the same. However, one of the two was involved in a lot accident (rolled off carrier into a barrier) but was repaired by that dealer in their collision center. Would you be willing to pay the exact same amount for the damaged (repaired) car that is being asked for the pristine unblemished car?

That is the diminished value question.


Yes, as long as the repaired car was done properly. Like I said, it’s all in the inspection. I know repaired cars that are put together better after an accident than before.

TonyandLesley

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Posted: 09/12/19 07:13pm Link  |  Print  |  Notify Moderator

itsyRV:

yes, what you say is generally the reality we face (if we are unfortunate to be on the receiving end) when dealing with the whole DV business.....to be honest, just reading all the folks on this forum, it is an eye opener. The one thing we have learned is that DV is REAL when it comes to significant value reduction on motor homes. Some consumer reports show up to 50% reduction in trade value, and that was with minor damage, BUT the coach had an accident (carfax) report attached to it. Also, its a legal obligation that if you sell private, you must inform all and any potential buyers, of all accidents reported!

That is a major problem with RV's, you don;t have tons of data to obtain values the insurance company will accept (or accept without fighting you tooth and nail). You are also faced with recorded "sales" that often can jump tens of thousands just by geography, time of year, or even from used RV dealers right next to each other.

This is why many say to use your own insurance as you have a contract with them and that contract spells out exactly what they must do for you. If it sets a standard for diminished value, they must abide by it. When dealing with the other party, they only have to do what the state regulators say them must do; often it's pretty weak protections at best. The other insurance company's duty is to save themselves money and protect their client. You are not their client so you have far less rights. Your insurance company has a duty to you, their client, to make it right so you have a while lot more rights and protections with your own company.

From past experience, you'll need to get enough comps from wherever to either satisfy them or to satisfy a state regulator that you have done about all that is reasonably possible and hope they can intervene without you having to sue.

Bird Freak

Dallas Ga.

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Posted: 09/12/19 09:21pm Link  |  Print  |  Notify Moderator

As someone thats been in the auto repair business all my life and doing rods, custom builds and restorations for the last 30 yrs I will say it depends on the amount of damage you had. Are you trying to get diminished value for $1500 dollars in damage?
Some folks get greedy with this stuff.
Just for the record diminished value does not apply to all autos such as rods and customs that were properly repaired.


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Bert Ackerman

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Posted: 09/13/19 03:16am Link  |  Print  |  Notify Moderator

Bird Freak wrote:

As someone thats been in the auto repair business all my life and doing rods, custom builds and restorations for the last 30 yrs I will say it depends on the amount of damage you had. Are you trying to get diminished value for $1500 dollars in damage?
Some folks get greedy with this stuff.
Just for the record diminished value does not apply to all autos such as rods and customs that were properly repaired.


Well go figure. I guess if someone backs into my $13K Chevy Spark and does $1.5K damage, I can not get a $5K check for diminished value? That really sucks.

JALLEN4

SouthWest Ohio

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Posted: 09/13/19 05:33am Link  |  Print  |  Notify Moderator

I think diminished value is a wonderful thing. The more claims paid the higher everyone's insurance rates will be which ultimately means my insurance stocks will go up in value. So, a big thanks to the trolls registering new on this Forum and many others to spread the word about diminished value...a growth industry!

ST LUCIE APPRAISAL

Fort Pierce

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Posted: 09/13/19 08:08am Link  |  Print  |  Notify Moderator

TonyandLesley wrote:

ST Lucie Appraisal. Yes, you are correct, opinions seem to be what you must gather. However, in the eyes of the insurance company you are dealing with for the claim, we at least have been told, "statistical" data presented is not sufficient....basically all opinions you gather and present are not enough to satisfy your claim. So if not acceptable, what is??

What makes you think that the unbiased opinions of six professionals in the business of buying and selling RVs aren't enough to satisfy your claim? I'm pleased that some of those who posted on this thread aren't magistrates. Ultimately, if the insurance company attempts to low-ball a claimant, the RV owner can obtain satisfaction (as well as reimbursement of costs) in a court of law.

I should add that your obtaining these dealer quotes will likely get you nowhere because the dealers could be considered "interested parties" whose objective is to make a profit. If an independent appraiser queries the dealers with the understanding that the RV isn't available for purchase or trade then they are unbiased opinions which has evidentiary value.

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