by gwyatt1 » Tue Aug 02, 2011 04:31 am
I have a question for anyone who wishes to share their experience and or advice.
I bought a 2011 Ford F250 Superduty Crew 4x4 6.7l Diesel in January. Two weeks later, an elderly woman decided she needed to make a uturn into the side of my new truck with less than 1,000 miles on it. She was cited for failure to yield.
Her insurance company called within a few hours claiming full liability and sent me to the body shop. Turns out, there was $9,796 damage to my truck, including structural damage to the floor and the rear right side of the cab had to be replaced. The welds were broken on the rear portion of the cab. Both doors had to be replaced along with the right rear wheel and tire, and the nerf bars.
At first the insurance company (state farm) was working with me. I forced them to give me a truck for a rental as I had a truck that I just bought, not a car. They agreed to do that for me. They paid for the repairs. Then it came time for me to file DV claim. Now they suck! They will only offer me $4,200 for DV. This is not a fair offer in my opinion. This is a $52K truck, and now car fax show major accident and I will never get what my truck would have been worth when I try sell.
I bought a 2011 Ford F250 Superduty Crew 4x4 6.7l Diesel in January. Two weeks later, an elderly woman decided she needed to make a uturn into the side of my new truck with less than 1,000 miles on it. She was cited for failure to yield.
Her insurance company called within a few hours claiming full liability and sent me to the body shop. Turns out, there was $9,796 damage to my truck, including structural damage to the floor and the rear right side of the cab had to be replaced. The welds were broken on the rear portion of the cab. Both doors had to be replaced along with the right rear wheel and tire, and the nerf bars.
At first the insurance company (state farm) was working with me. I forced them to give me a truck for a rental as I had a truck that I just bought, not a car. They agreed to do that for me. They paid for the repairs. Then it came time for me to file DV claim. Now they suck! They will only offer me $4,200 for DV. This is not a fair offer in my opinion. This is a $52K truck, and now car fax show major accident and I will never get what my truck would have been worth when I try sell.
Posted: Tue Aug 02, 2011 11:05 pm Post Subject:
mikeftheozarks, does that mean since the repairs on my truck were a little over $9700 that this should be what the diminised value should be? That is what I would think....at least that amount. What is your opinion?
Posted: Wed Aug 03, 2011 01:52 am Post Subject:
The fact that your vehicle was nearly new increases your loss of value, and the severity of your damage will affect the value. You will need to prove your loss and you will need a competent appraisal that will stand in court performed by someone in your state that can examine your vehicle post repair. They will need a copy of your repair invoice and will need to be able to examine whether there were repairs ommitted simply because the shop worked from the insurer estimate rather than a blue print for repair based on a repair expert. There are items often overlooked such as seat belt harnesses that should be inspected and possibly replaced that you may still be owed for re-repairs. Your vehicle may look okay to you, but a thorough examination by an expert may reveal issues that were not addressed by the initial repair. If the shop that repaired your vehicle was also a direct repair shop for the insurer, they may not have been looking out for your best interests and quality, they may have been only looking out for their partners bottom line and repair guidelines criteria. This is why you need an independent appraisal from someone who understands what the original manufacturer guidelines for repair are and not what an insurer and their drp think you are only owed.
Depending on the state in which you live, I may be able to make a recommendation for a post repair inspection and appraisal by a competent DV appraiser who may also work with an attorney or be able to name an attorney that may help you resolve your claim. Drop me a private message with regard to your location.
Posted: Thu Aug 04, 2011 03:48 am Post Subject: DV, claims, settlements and case law
First, contrary to what someone else has stated, you do NOT need to sell the vehicle and actually sustain a financial loss to file, settle or be awarded compensation for loss of value. See Oliver v Henry, AZ Appeals Court, CV 2009-092598. Actually, the Appeals Court said that even an actual sale may not accurately reflect the post-repair value - presumably due to low-ball rade-in offers, over-anxious sellers and all sorts of motivation on the part of either seller or buyer.
Second, since each loss is unique, there is no "formula" for assessing the diminishment of value.
The best way to determine the amount of value lost as a result of an accident is to have an appraisal performed by a qualified, unbiased professional.
In your case I do not believe your loss to be the $17k you think it is (in fact, I am sure it's not that much), nor do I believe it is the $4,200 the insurer has offered.
DO an internet search for "Diminished Value" and the nearest major city (such as "Phoenix") and see if there are any appraisers in your area.
Posted: Thu Aug 04, 2011 11:29 pm Post Subject:
If you have one of those genuine auto auction houses nearby, you could talk to one of their appraisers. Ask them, sight unseen, what your vehicle would fetch if in pristine condition, then show them the damage that was repaired. That will give you a pretty good idea of the ballpark figure you need to look for.
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