How do I go about getting a "diminished value" inspection?
#1
10-23-2008, 12:37 PM
Join Date: Mar 2008
Location: NOVA
Posts: 154
Rep Power: 23 
How do I go about getting a "diminished value" inspection?
Yesterday, while at a light, a 16 year old teenager slammed my commuter car in the rear going about 40mph.
There is clear frame damage. Most likely the car will be repaired to look new again (it's a 2007, only 5 months old, 5k mls).
How/where do I go about getting a diminished value inspection for my claim?
Anyone been down this road?
There is clear frame damage. Most likely the car will be repaired to look new again (it's a 2007, only 5 months old, 5k mls).
How/where do I go about getting a diminished value inspection for my claim?
Anyone been down this road?
#2
10-23-2008, 03:30 PM
Registered User
Join Date: Apr 2004
Location: Towson, Maryland
Age: 45
Posts: 450
Rep Power: 39 
#5
10-23-2008, 04:45 PM
I went own this road years ago. My opinion is that diminished value has become more hype than reality - with many people believing that it is almost a foregone conclusion (not saying you are). In my experience - DV is pretty hard to prove and even harder to get. A lot of insurance companies will just tell you to that the car will be repaired to pre-accident condition and they don't entertain DV claims. Expect resistance - a LOT of it (even if you are very dedicated to getting it).
I ended up getting it after recruiting my dealer to jump in on my side and sign an affidavit certifying the DV and stating that if the car was traded - what the DV would be. Then my lawyer went to work with it. Even given this - it was really HARD. If you have a good relationship with your dealer - they would be a good place to start with a DV inspection.
The other person's insurance company has little interest in making you happy - because you aren't their paying customer. So they will give you what they legally need to give you - and no more.
I know people that have tried to sue for DV - and in most cases the suit was going to cost more than the claim - and the probably of winning the DV claim was iffy.
Insurance companies have an army of lawyers so they aren't THAT afraid of lawsuits.
It isn't impossible - but they don't make it easy.
I ended up getting it after recruiting my dealer to jump in on my side and sign an affidavit certifying the DV and stating that if the car was traded - what the DV would be. Then my lawyer went to work with it. Even given this - it was really HARD. If you have a good relationship with your dealer - they would be a good place to start with a DV inspection.
The other person's insurance company has little interest in making you happy - because you aren't their paying customer. So they will give you what they legally need to give you - and no more.
I know people that have tried to sue for DV - and in most cases the suit was going to cost more than the claim - and the probably of winning the DV claim was iffy.
Insurance companies have an army of lawyers so they aren't THAT afraid of lawsuits.
It isn't impossible - but they don't make it easy.
Last edited by Estoril; 10-23-2008 at 05:03 PM.
#6
10-24-2008, 09:33 AM
Registered User
Join Date: Nov 2003
Location: Bangladesh/Herndon VA & DC
Posts: 7,049
Rep Power: 320 
been that road in the past on my sister's car and going to go through it again with brother's car in a week or so.
PM me a number and I will call you to give you details.
PM me a number and I will call you to give you details.
#7
10-28-2008, 12:54 PM
Join Date: Mar 2008
Location: NOVA
Posts: 154
Rep Power: 23 I'll post an update down the road, I think more people need to KNOW about diminished value.
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