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Diminished Value

Diminished Value

Tessy was struck at the rear door / rear panel juncture about a month ago. The at-fault insurance has finally accepted liability and $4k of repairs are being scheduled. They claim Diminished Value can be addressed.

If my wife gets her way and we move to a condo within 24 months I may have to sell Tessy. This makes diminished value a real issue. Here is how I am considering determining what might be a good value to use:

enter data into a Blue Book and/or similar online service and get basic quotes including a cash value
take car to CarMax and get quote (assuming they look at accident report)

compare the quotes to get an idea of the presumably lower CarMax quote

base the asking amount off the difference, perhaps padding as an initial value. I expect cost/difficulty of selling to be a factor.

Any other suggestions?

hokiegir1 | 23 januari 2019

I'm using this calculator/system to talk to the insurance company after our car was hit. I figure it should give a good starting point and I can have something to show how I got to my numbers that they have to dispute.

https://www.finder.com/how-to-calculate-the-diminished-value-of-your-car

rxlawdude | 23 januari 2019

Get an expert on diminished value. You're likely to get a figure far greater than what the insurance company will offer, and it will more than pay for the expert opinion.

CorkChop | 23 januari 2019

Tessy.

roberttown | 23 januari 2019

I'm checking on some, but the base cost is at least $250, and the only promise is they'll get at least that much back.

awhiting | 23 januari 2019

Absolutely get an expert opinion. Without it, you will get almost nothing from the insurance company. They are not on your side.

I'm going through a DV claim right now. I hired an expert for about the same cost and then the insurance company sent in their appraiser that will cost them about $4k. You know if they're paying $4k they don't want to give me anything for the DV claim.

pjug03 | 23 januari 2019

The insurance company will give you max $1500 for diminished value.

RES IPSA | 23 januari 2019

You always have the option to not sign the release and file a lawsuit...

mehingle14 | 23 januari 2019

#rxlawdude. Would you happen to have a referral for such an expert in the Bay area?

TIA

howard | 23 januari 2019

Had a DUI pot head crash into the back of my brand new 2018 GM Denali 2500HD. 10k in damaged was their limit of liability for their out of state FL insurance so no diminished value. Lucky to get the repairs covered. Just lost about 6k if I trade in like normal. Paying for subsidized coverage for the majority. The few accidents I have had have always been minimum coverage at fault parties. Just stupid!!!

rxlawdude | 23 januari 2019

@mehingle, sorry I don't. But someone here will have the name of the guy many have used. He's not in California, as I recall.

mehingle14 | 24 januari 2019

Something tells me that I'm not going to find this person in the expert directories that I have available to me. Does anyone have the Tesla diminished value experts information? There probably aren't that many of them, particularly as to model 3s.

HollywoodFLM3 | 24 januari 2019

I had ican2000.com create a report for $250. Ican was going to use the purchase agreement to estimate diminished value, but now they are waiting for the NADA used 2018 Tesla model 3 resale value numbers to be released at my request. My month old P3D was backed into and the result was $7k in body damage (not including the $3k for ceramic and XPEL wrap) and rental car for a month. My insurance also doubled. We'll see what happens. Initial estimate was $5,000 in diminished value.

roberttown | 25 januari 2019

After googling a few firms I think I found a decent (but not cheapest) collision appraisal firm. They advised me to get the repairs (same as at fault insurance) then see what was offered. If within $5k-$7k, well and good. If not consider their fee which is reduced by taking specific pictures show car in pristine shape. I personally felt half that amount would be offered; but am willing to stand firm if insurance continues in the manner they started.
The firm will provide specific instructions on how to negotiate, written demand letter, etc. The demand should include reimbursement for their service. They had a number of testimonies on how insurance companies low bid at 10% levels and eventually paid up including costs.

zyzhang0118 | 15 maj 2019

@roberttown, I'm also from Bay area, I just got my M3 back after a 14K repair, curious what's the collision appraisal firm you were contacting? And what's the current status of your claim. TIA!

WantMY | 15 maj 2019

Rule #1 - stay away from used cars involved in any accident. You would get beating on trade in, ins co would outsmart you in any case though, probably already did.