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Discussion Starter · #1 ·
This is something an attorney told me about that North Carolina and some other states allow - it's called diminished value. I'm sure some of you have heard of this.
Here's link with the value calculator:
Your car doesn't have to be involved in a crash; it can be from some other form of damage such as incidents in the dealership or other shop. If your state allows this as a legal option, I thought to post it as an FYI. This could be valuable if your Challenger is one of those that have a low production number. Mine is 1 of 9 in the US and no exports. With the sales codes changes that were made, it's 1 of 1. I called a couple of collector car insurance companies and they are estimating my car at $50 - 52K. Based on North Carolina laws, I wouldn't get nearly that amount if my car was totaled. However, collector car insurance would pay the value they wrote for your car. I expect after Christmas, I'll get that collector car insurance policy. People around here drive like they have lost their mind.
 

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Where are you in NC? I make somewhat frequent runs to Salisbury.

I actually was involved in an accident in 2014 in my 2013 RAM 3500 Tradesman pickup. I wound up with about a $4,500 check from Allstate in regards to diminished value.
 

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It seems to me that when the insurance company pays for the repairs, they should also reimburse the owner for the diminished value UNLESS the policy specifically excludes diminished value reimbursement. How many of us will check their policies to find out? I suspect I will.

SFCR - Thanks for that link. It's quite interesting.
 

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I've pursued DM several times with insurance co's.
They really dont think most people even know about it, and certainly dont just sign over a check to you, they make it a real PITA. (least in my case). Its well worth it to get all your documentation, several appraisals/comps, etc and ask for the max amount applicable.
 
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Discussion Starter · #5 ·
Where are you in NC? I make somewhat frequent runs to Salisbury.

I actually was involved in an accident in 2014 in my 2013 RAM 3500 Tradesman pickup. I wound up with about a $4,500 check from Allstate in regards to diminished value.
I'm in a little community area a few miles outside of Wilmington. Salisbury? Sounds like a good road trip! I checked into the DM issue after that tech dinged and scratched my driver's door. If they had not taken care of it, I was ready to smoke 'em on DV, but it wouldn't been very much at all. My paint guy made the repair perfectly, so I was good with that.

It seems to me that when the insurance company pays for the repairs, they should also reimburse the owner for the diminished value UNLESS the policy specifically excludes diminished value reimbursement. How many of us will check their policies to find out? I suspect I will.

SFCR - Thanks for that link. It's quite interesting.
You're welcome! As a note, regardless if the other person's insurance has DV, you can still take them or whoever did the damage to your car to court. Depending on the amount of damage, it could be well worth the time and effort.
 

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FYI, You can make a third-party inherent diminished value claim in any state. This means that the accident had to be the fault of another party and you make the claim through their insurer. One poster wrote that it is a PITA which is generally true. You'll need two tools, a good appraisal and persistence. One without the other won't cut it.
 

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I tried diminished value here in Kentucky for my wife's Silverado that was rear ended. The other parties insurance wouldn't even discuss it. I was lucky to get her truck fixed properly. Would have had to get a lawyer, wasn't worth it...
 

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I tried diminished value here in Kentucky for my wife's Silverado that was rear ended. The other parties insurance wouldn't even discuss it. I was lucky to get her truck fixed properly. Would have had to get a lawyer, wasn't worth it...
And sadly that's why many will say they are hurt to try to make up the difference, insurance companies are &@$(#!

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My agent was the one that told me about diminished value but we were dealing with the other parties insurance. One of the ones that advertise about their low rates. In Virginia the insurance companies are regulated, Kentucky not so much....
 

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I tried diminished value here in Kentucky for my wife's Silverado that was rear ended. The other parties insurance wouldn't even discuss it. I was lucky to get her truck fixed properly. Would have had to get a lawyer, wasn't worth it...
Seems to me in reading the formula used, diminished value numbers aren't huge but they are still worth pursuing. I'm thinking a small claims court filing might be the way to go.
 
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We thought about it but it was just a new painted bumper and bumper trim. Really wasn't worth the time or effort. As it turned out,after the body shop made it good as new, I was using her truck to move our boat around and the Jack on the trailer broke and rammed the new bumper scratching and denting it. She was happy.....
 

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Discussion Starter · #12 ·
Seems to me in reading the formula used, diminished value numbers aren't huge but they are still worth pursuing. I'm thinking a small claims court filing might be the way to go.
Indeed! Some seem to think that the only way you can use DV is if you're involved in a crash, but in North Carolina at least, it can used for other damages incurred to your vehicle. Such was my case where the driver's door was dinged and scratched. Had I filed, it would have been against the dealership, not someone's car insurance. Even though negligible, the DV was $1100.00. However, my Challenger has appreciated enough and the repair made the door is as good as new. I didn't think it would have been worth the claim for a repair spot of about 3" x 2". Otherwise, the dealership has been good so far.
 

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I tried diminished value here in Kentucky for my wife's Silverado that was rear ended. The other parties insurance wouldn't even discuss it. I was lucky to get her truck fixed properly. Would have had to get a lawyer, wasn't worth it...
the insurance companies rely on consumer ignorance, they intentionally lie, deny, delay and confuse.

There are DV specialists out there that just take a fixed fee and handle everything.

This is one good example. Collision Safety Consultants

The highest DV payout I have seen is $79,000 on a $73,000 repair. Yes, those numbers are correct.
 

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The highest DV payout I have seen is $79,000 on a $73,000 repair. Yes, those numbers are correct.
The amount of the repair isn't as important as whether any structural damage or air bag deployment occurred. I testified in a case where the client won a $40,000.00 settlement + reimbursement of all costs. $79,000.00 in diminished value is a definite possibility.
 
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