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 > Diminshed Value Claims

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Bird Freak

Dallas Ga.

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Posted: 09/14/19 01:04pm Link  |  Print  |  Notify Moderator

ST LUCIE APPRAISAL wrote:

Bert Ackerman wrote:

wildtoad wrote:

So what kind of damage was sustained in the first place? How much less in value (perceived) has the rig incurred? These things have very poor resale value as it is, so how much worse could the “fender bender” make it?


Yes Sir, the diminished value happened the day the sales contract was signed. More fitting to sue the dealer and RV manufacturer.


You are confusing Diminished Value with Depreciation.
Just a quick question. Do you own a rv or are you here to promote your business?
I just noticed there was no mention of one in your profile.


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ST LUCIE APPRAISAL

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Posted: 09/14/19 01:25pm Link  |  Print  |  Notify Moderator

You will look at it whichever way you want, Bird Freak, so what would be the point of answering your question? I honestly don't feel that pointing out "You are confusing Diminished Value with Depreciation." is promoting anything but a better understanding for the OP and everybody else.

Executive

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Posted: 09/14/19 01:57pm Link  |  Print  |  Notify Moderator

Everyone on here needs to compare apples to apples. Cars and depreciation, cars and diminished value, cars and whatever...these have nothing to do with this discussion. Kelly BB, Edmonds and others have a different 'book' and even CarFax has it's own 'bible' that has to do strictly with automobiles, which are cars and trucks. Recreational Vehicles are different animals and are treated differently. Run a CarFax on your RV and see what comes up. Most RV 'accidents' aren't even reported anywhere....Dennis


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winnietrey

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Posted: 09/14/19 02:29pm Link  |  Print  |  Notify Moderator

OP, I have no idea, if this accident caused diminished value. But I can suggest the following course of action, if you feel it has.

1) commercial trucking, insurance companies, are by default very hard to deal with
2) you have not yet, got their attention. they tend to deny, deny and deny, it is what they do.
3) You do not need to hire an attorney, because first you would have a very difficult time finding one to take it, on a contingent basis.
4) If it were me, I would hire and attorney to write a letter, with your demands. That should be $300ish
5) The magic words, that will get their attention are ( you feel they are negotiating in bad faith). And if they do not respond, you will file a complaint, with the insurance commissioner (OIC) and the attorney general.
6) that should get their attention, and you may find them more willing to talk.
7) the bad faith thing is "the big hammer" last thing they want is the OIC, calling them up and investigating them.

This of course, is only my opinion. But it is based on my 40 years of treating patients involved in MVA's. And that, two of my daughters are attorneys. So take it for what you feel it is worth. Maybe something, maybe nothing

* This post was edited 09/14/19 02:48pm by winnietrey *

westernrvparkowner

montana

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Posted: 09/14/19 02:49pm Link  |  Print  |  Notify Moderator

Without further information regarding the amount of damage, the type of damage and what the OP is seeking in Diminished value it is nearly impossible to offer advice. I don't even know if Carfax or a similar service even offers reports on non-motorized claims. If they do, I don't have a clue if they capture 99% of claims or 1%. Once repaired, no one may ever know a claim ever happened.

Repairs do not automatically reduce the value of a vehicle (or travel trailer). It would be a mini lottery win for me if someone hit the rear of my truck. I might get a new bumper, a new tailgate, and maybe even a new bed to replace the ones beat up by hauling gravel, concrete blocks, pallets of sod, multiple tons of garbage and everything else under the sun. The story is different if the damaged vehicle is a new Bugatti. Unless there is way more to the story, if the damage is cosmetic, I would move on once the damage is repaired. Five years down the road, the only thing that is going to matter is current condition.

winnietrey

seattle

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Posted: 09/14/19 02:53pm Link  |  Print  |  Notify Moderator

westernrvparkowner wrote:

Without further information regarding the amount of damage, the type of damage and what the OP is seeking in Diminished value it is nearly impossible to offer advice. I don't even know if Carfax or a similar service even offers reports on non-motorized claims. If they do, I don't have a clue if they capture 99% of claims or 1%. Once repaired, no one may ever know a claim ever happened.

Repairs do not automatically reduce the value of a vehicle (or travel trailer). It would be a mini lottery win for me if someone hit the rear of my truck. I might get a new bumper, a new tailgate, and maybe even a new bed to replace the ones beat up by hauling gravel, concrete blocks, pallets of sod, multiple tons of garbage and everything else under the sun. The story is different if the damaged vehicle is a new Bugatti. Unless there is way more to the story, if the damage is cosmetic, I would move on once the damage is repaired. Five years down the road, the only thing that is going to matter is current condition.
.

And the older the rig gets, and the less it is worth. The less the potential buyer will care. But if relatively new, and you wish to sell soon, I can see where it might be a concern. As you said, so x2 imho

Dale.Traveling

Newport News, VA

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Posted: 09/14/19 06:00pm Link  |  Print  |  Notify Moderator

Executive wrote:

,,, Recreational Vehicles are different animals and are treated differently. Run a CarFax on your RV and see what comes up. Most RV 'accidents' aren't even reported anywhere...Dennis


That's what I've been thinking. Reading thru the posts I don't recall anyone posting regarding pulling an RV history report that showed anything more that DMV activity. At least that is all that was shown for my coach. No service records, no dealer inspections, no warrant work, no Ford recall work, nothing. The report was from 2011. Has anything changed since?


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ItsyRV

Desert SW

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Posted: 09/14/19 07:03pm Link  |  Print  |  Notify Moderator

Dale.Traveling wrote:

That's what I've been thinking. Reading thru the posts I don't recall anyone posting regarding pulling an RV history report that showed anything more that DMV activity. At least that is all that was shown for my coach. No service records, no dealer inspections, no warrant work, no Ford recall work, nothing. The report was from 2011. Has anything changed since?

Carfax (and some others) now get direct reports from insurance companies, police and motor vehicles. That's why you'll see cars that show accidents that were reported through the state motor vehicles dept. Some states require a report to motor vehicles on all damages above a certain amount or under certain driver conditions. Police have always provided the reports but it was time consuming for the services to get everything. Now it's all automated so the can get it as it's finalized.

RV's are another beast as there isn't enough data to support many DV claims. But as insurance companies and valuation companies issue reports where they dinged a person for a prior fixed accident, the lawyers gather those and build profiles and algorithms to make their case.

If you had a vehicle history report from years ago and buy another one today, it is possible previously unreported information may show up. Just like the federal NMVTIS has added new reported items on vehicle titles.


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JALLEN4

SouthWest Ohio

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Posted: 09/15/19 06:02am Link  |  Print  |  Notify Moderator

Bird Freak wrote:

ST LUCIE APPRAISAL wrote:

Bert Ackerman wrote:

wildtoad wrote:

So what kind of damage was sustained in the first place? How much less in value (perceived) has the rig incurred? These things have very poor resale value as it is, so how much worse could the “fender bender” make it?


Yes Sir, the diminished value happened the day the sales contract was signed. More fitting to sue the dealer and RV manufacturer.


You are confusing Diminished Value with Depreciation.
Just a quick question. Do you own a rv or are you here to promote your business?
I just noticed there was no mention of one in your profile.


He is here to promote his business which I understood to be against the forum rules. I have encountered him on other vehicle forums.

rgatijnet1

Florida

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Posted: 09/15/19 09:39am Link  |  Print  |  Notify Moderator

This is one of those "for what it's worth posts".
I went to the Carvana website where they will buy your vehicle and give you an estimate of the value.
I picked a 2017 Corvette convertible as the vehicle and went through their list of options, etc. One of the things they ask is if the vehicle had been in any accidents and the overall condition.
I kept everything the same EXCEPT that I listed it with NO accidents in great condition and then I did the exact same thing with ONE accident in great condition.
The difference in the price that they would offer for the vehicle was approximately 10% LESS for the same vehicle with one accident vrs the identical vehicle with no accidents.
Obviously this is their wholesale offer to buy the vehicle and it does NOT reflect the retail value when the vehicle is sold.

I also ran through the same process with an older vehicle, 2009 Chevrolet HHR(my tow vehicle). There was NO difference in the value of the vehicle if it had no accidents or if it had one accident. Obviously the newer the vehicle, the greater the value difference with one accident.
You can go to the CARVANA website and do your own comparison. The values they are offering for the vehicles seems quite low but I was only interested in the difference with or without an accident.

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