by Guest » Mon Jun 02, 2008 03:18 pm
I was in an accident 2 months ago. A guy ran a red light in Downtown Houston doing 40 and hit my truck in the side (front end). I was in my 2006 GMC 2500HD. It is a loaded out CC with the duramax diesel and allison transmission. The sticker was $45k when I bought it. It is not my DD and that is why it only has 15k miles and is over 2 yrs old. I am anal and maintain my vehicles very carefully. The repair bill is about $12k so far and is not done. There was minor frame damage according to the body shop. I am going to pursue a car accident diminished value claim. I was not looking to involve attorneys and make a big mess of it. From doing internet research it appears that the true "car diminished value" is more of a ghost figure and I need to employ a firm to assist in this. Is that the case? I am not trying to be difficult to the insurance company and would just assume have a reasonable conversation with some good information and be fair. I just can't find anything regarding how this value is determined.
What is the best way to handle this? TIA
What is the best way to handle this? TIA
Posted: Fri Jun 06, 2008 09:38 am Post Subject: state farm claim car repairs
They will stall on this issue unless they fear you have representation.
No ins company nor adjuster ever 'fears' representaion I assure you...If you think for one second that the largest insurer in the US (state farm) is going to cringe even a tiny bit over someone getting rep'd Mike you are more dilusional than I thought! :roll: More times than not it is the injured party that ends up on the losing end, after the fees are paid they generally get what they would've got on their own or less...(after the fees )
Leadfoot will need to make his/her own decisions regarding motivation for posting on this site...(just review some threads). Personally I think this OP is more than intelligent enough to make a few calls and prove his diminished value without having to pay someone to type up a report...Or fill in a few blanks on one...for a fee....but it's his money....
Again leadfoot if we can be of any further assistance please don't hesitate to ask...
Posted: Fri Jun 06, 2008 02:28 pm Post Subject:
No ins company nor adjuster ever 'fears' representaion I assure you...If you think for one second that the largest insurer in the US (state farm) is going to cringe even a tiny bit over someone getting rep'd Mike you are more dilusional than I thought! More times than not it is the injured party that ends up on the losing end, after the fees are paid they generally get what they would've got on their own or less...(after the fees )
Fear was probably not a good analogy, I think the reality is that the insurer will not respect your claim without representation, for then they will be requred to respond in good faith at that point. Until then they will do what they do best; Deny and delay owing you for this loss. What they want is to clear their files and desk of your claim, what annoys them, is your claim dragging on.
If you feel that about ten percent of your repair cost is a fair settlement (which is what they most likely will offer you) for the loss of value, then by all means negotiate on your own behalf, but if you feel that 12,000 dollars in damage on an 06 duramax will reduce the value by 25 percent or more, you'd better be prepared to have good documentation and an attorney that understands the value of property and how accident damage affects value. Your loss of value is the difference of the fair market value just prior to the loss or impact and the post repaired fair market value that your vehicle would sale for today disclosing all the damage and whether it was restored with oem parts or imitation parts.
Posted: Fri Jun 06, 2008 08:14 pm Post Subject:
will reduce the value by 25 percent or more, you'd better be prepared to have good documentation and an attorney
You'd also better be prepared for that puppy to total! Or come darn close...Salvage bid (round these parts) is gonna be 15-18k...you do the math Mike...subtract the salvage from the ACV (and I'm probably valueing it too low without know all his options)..that's how much you got to spend...add your 25% plus the 12k repair, then throw in the rental...bingo bango, that dog ain't huntin' no more! Course Leadfoot is gonna want to retain the salvage, he loves his truck (don't blame you by the way)...Now you want to talk about diminished value! Try selling that truck with a former salvage title and see what you get.. :roll:Posted: Fri Jun 06, 2008 09:31 pm Post Subject:
Course Leadfoot is gonna want to retain the salvage, he loves his truck (don't blame you by the way)...Now you want to talk about diminished value! Try selling that truck with a former salvage title and see what you get..
If he retains it and it does not total, (most likely won't) he will have some comfort in dollars to ease the pain of the loss of value. The poster most likey was going to take it in the shorts come trade in time with that much damage on car fax anyway. Those heavily damaged and repaired vehicles usually wind up at the auction with disclosure or on pay by the week lots if used as a trade.
Not sure what the laws are in Texas with regard to salvage and total losses, but my understanding is that sales tax, tires, batteries, air bags, seatbelts, radios, loss of use, do not figure towards the threshold of a property total loss in Missouri, could be the same there.
Posted: Sat Jun 07, 2008 03:57 pm Post Subject:
Fear was probably not a good analogy, I think the reality is that the insurer will not respect your claim without representation, for then they will be requred to respond in good faith at that point.
I think what you really mean is that the insurance company might take the claim more seriously if an attorney is involved. Good faith would mean that the insurance company reacted in a timely manner.What they want is to clear their files and desk of your claim, what annoys them, is your claim dragging on.
Ain't that the truth... I have injured people to pay and people with _actual_ losses to send checks to. :)Not sure what the laws are in Texas with regard to salvage and total losses, but my understanding is that sales tax, tires, batteries, air bags, seatbelts, radios, loss of use, do not figure towards the threshold of a property total loss in Missouri, could be the same there.
Huh? Certainly sales tax and LOU is not considered when determining if the cost to repair the vehicle is close to it's value but certainly the other items would be.Posted: Sat Jun 07, 2008 05:08 pm Post Subject:
Huh? Certainly sales tax and LOU is not considered when determining if the cost to repair the vehicle is close to it's value but certainly the other items would be.
The cost to repair was not what was being considered. The discussion was those costs driving the threshold of reaching the states determination of what constitutes issuing a new prior salvage title if the vehicle is retained thus lowering the trade value. In Missouri, those items mentioned do not go against the salvage title threshold but they certainly apply to the cost which insurers determine is their contractual right to determine and whether they wish to repair or pay for the total loss.
I only suggested that possibly other states use this methodology to brand vehicles as prior salvage or salvage titling.
article on the subject of excluding air bags, etc.
http://www.search-autoparts.com/searchautoparts/Industry+News/Missouri-exempts-airbags-from-total-calculations/ArticleStandard/Article/detail/131835
Posted: Mon Jun 09, 2008 11:24 am Post Subject:
Not sure what the laws are in Texas with regard to salvage and total losses, but my understanding is that sales tax, tires, batteries, air bags, seatbelts, radios, loss of use, do not figure towards the threshold of a property total loss in Missouri, could be the same there.
In Missouri, sales tax, tow, and airbags, are they only things that don't figure into the PERCENTAGE threshold...they do however figure into the economic total loss (which is what I was talking about)...and a vehicle totals (in this state)..if it reaches either one...most times it will hit the the economic total before it hits the percentage total...don't know where you got the tires, battery, radio business...loss of use, or rental also isn't figured...all it amounts to (percentage total wise)...is theses things (sales tax, tow, and airbags) can be removed from the estimate....this in no way is the only nor most common way a vehicle totals in this state. especially a newer higher priced vehicle.Posted: Mon Jun 09, 2008 11:29 am Post Subject:
The cost to repair was not what was being considered.
The cost of repair is EXACTLY what's being considered!
In Missouri, those items mentioned do not go against the salvage title threshold but they certainly apply to the cost which insurers determine is their contractual right to determine and whether they wish to repair or pay for the total loss.
I don't know if your mixed up or just saying it different...It doesn't have ANYTHING IN THE WORLD to do with a salvage title...it has to do only if the cost of repair reaches the percentage (70-or 75 I have to look at this every time, they just changed it from 80 about a year ago) of the vehicles ACV..if so it's a total loss period and it gets a salvage title period...again as to the percentage rule...sales tax, tow, and airbags come out...of the estimate ONLY on the percentage rule...NOT the economic total loss...thus lowering the cost of repair and perhaps saving the vehicle from the percentage total loss ONLY..MOST vehicles are economic total losses (cost of repair is greater than acv minus salvage).....Posted: Mon Jun 09, 2008 02:06 pm Post Subject:
The total cost of repairs to rebuild or reconstruct the vehicle shall not include the
229 cost of repairing, replacing, or reinstalling inflatable safety restraints, tires,
230 sound systems, or damage as a result of hail, or any sales tax on parts or
231 materials to rebuild or reconstruct the vehicle. For purposes of this definition,
232 "fair market value" means the retail value of a motor vehicle as:
In Missouri, sales tax, tow, and airbags, are they only things that don't figure into the PERCENTAGE threshold...they do however figure into the economic total loss (which is what I was talking about)...and a vehicle totals (in this state)..if it reaches either one...most times it will hit the the economic total before it hits the percentage total...don't know where you got the tires, battery, radio business
Batteries were in the original language of the bill but may have been elimentated.
Posted: Wed Jul 07, 2010 03:06 am Post Subject: NON OEM PARTS /USED PARTS
My Chrysler 300C was damaged in a hail storm the cost for repair was 12,000 plus a rental for 4 weeks. It looks good but most parts were non oem or used. what can you do to be sure you have the best replacement parts?
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