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Diminished Value of Vehicle as a result of an accident

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Diminished Value of Vehicle as a result of an accident

Old 04-07-2012, 12:31 PM
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Default Diminished Value of Vehicle as a result of an accident

On Saturday 17 March I went to my local Toyota dealer, who I know from church, and bought a new 2012 Camry SE. He was also generous on my trade in. I left the dealership and drove 1.5 miles and a guy came off a side street and whacked me in the right rear quarter panel. Other driver immediately admitted it was his fault. I called the cops and they came and I made a police report and other driver received a citation for failure to yield. Damage to my car was $1500. The other guys' insurance, Geico, admits their client is at fault. The questions I have are in regard to filing a claim for Diminished Value. My insurance company, USAA, says in FL I have to file directly with Geico. USAA won't even give me an estimate of the value of this claim, they refer me to Geico. Anybody know how this works and what the diminished value is? Any help is greatly appreciated. I'd rather go in armed with information when I contact Geico on this subject.
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Old 04-07-2012, 12:55 PM
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1500. ain't much damage today. I have owned a body shop for the last 30 years.
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Old 04-07-2012, 12:55 PM
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Good read.

http://www.insure.com/car-insurance/...car-value.html
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Old 04-07-2012, 12:59 PM
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Good luck dealing with Geico.....you'll most likely need a lawyer to get anything other than the $1500......
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Old 04-07-2012, 01:08 PM
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I've been in similar situations and it's never been an issue. Bring it to a reputable body shop and I doubt you or any potential buyer would ever know that it was repaired.
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Old 04-07-2012, 01:11 PM
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It's not a question of the quality of the repair. It's all about Carfax and the like. If I take my car in today to trade for a new car I take a hit. I want to know how much that will be.
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Old 04-07-2012, 01:21 PM
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Had an accident similar to that in my wife's Lexus. I got the best body shop in Baton Rouge to do the repair and they gave me an estimate of "diminished value". I then took it to the Lexus dealer and they gave me an estimate of same. I then supplied those to the other insurance company and was paid the average of those two. I think(??) the other insurance company was Allstate - not really too sure about that as it was 4-5 years ago and all went well so it didn't imprint too much on my little brain.

Good luck with yours
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Old 04-07-2012, 01:26 PM
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State of Florida does not support "Diminished Value", so the insurance companies will not pay.
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Old 04-07-2012, 01:38 PM
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Originally Posted by Mardi-Gras View Post
State of Florida does not support "Diminished Value", so the insurance companies will not pay.
According to the link I posted that is true for first party claims (comp&coll), but not necessarily third party (liability) claims.
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Old 04-07-2012, 02:54 PM
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Originally Posted by Mardi-Gras View Post
State of Florida does not support "Diminished Value", so the insurance companies will not pay.
^^^^^^^^^^^^
answer
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Old 04-07-2012, 03:31 PM
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What do you mean that State of Florida does not support diminished value claims? If it is just not in the statutory law, you still may be able to sue and recover. If courts have held that it is not recognized under Florida law, they it would seem you can't recover. Where are our legal advisors?
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Old 04-07-2012, 03:44 PM
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^^^

The majority of these courts have ruled that comprehensive and collision coverage limit liability to payments for proper repairs and do not provide for payments for losses in value, he says. State supreme courts that have set this precedent include those in Delaware, Indiana, Florida, Maine, Massachusetts, South Carolina, South Dakota and Texas. A few appellate courts have made similar rulings, including those in Illinois, Louisiana, Missouri, Pennsylvania, Tennessee and Wisconsin.
http://www.insure.com/car-insurance/...car-value.html
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Old 04-07-2012, 04:00 PM
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I am currently being sued in Fl for diminished value so I hope the state does not recognize diminshed value.
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Old 04-07-2012, 04:01 PM
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It's not even going to affect Nada value hardly at all. What it could effect is a potential buyer down the road, and if its a quality repair I wouldn't be worried. I work at a body shop also.
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Old 04-07-2012, 04:45 PM
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Speaking with a friend who works in insurance I'm hearing that you should ask for the diminishing value. He would not accept repairs only on a car that was just driven off the dealers lot. He did acknowledge that all states have their own insurance laws of which some protect the owners while some favor the insurance companies.
I know your feeling. This happened to me on a new car in the 90's. All I recovered was the repairs. Good luck.
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Old 04-07-2012, 07:18 PM
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I just went through this with a brand spanking new $40k F150 in Tampa FL. USAA will not entertain a diminished value claim period.
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Old 04-07-2012, 07:25 PM
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Originally Posted by jimsea View Post
I just went through this with a brand spanking new $40k F150 in Tampa FL. USAA will not entertain a diminished value claim period.
Curious, comp/coll or liability?
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Old 04-07-2012, 07:38 PM
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Originally Posted by Mardi-Gras View Post
State of Florida does not support "Diminished Value", so the insurance companies will not pay.
This is NOT accurate. As against the at-fault driver/GEICO you have three elements of collectible damage cost to repair, loss of use during repair and diminished value.

As against your own carrier, collision only covers repair. It does not cover loss of use or diminished value.

Further, loss of use is NOT dependent on whether you rent a vehicle.
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Old 01-17-2014, 04:38 PM
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Originally Posted by tango tomas View Post
On Saturday 17 March I went to my local Toyota dealer, who I know from church, and bought a new 2012 Camry SE. He was also generous on my trade in. I left the dealership and drove 1.5 miles and a guy came off a side street and whacked me in the right rear quarter panel. Other driver immediately admitted it was his fault. I called the cops and they came and I made a police report and other driver received a citation for failure to yield. Damage to my car was $1500. The other guys' insurance, Geico, admits their client is at fault. The questions I have are in regard to filing a claim for Diminished Value. My insurance company, USAA, says in FL I have to file directly with Geico. USAA won't even give me an estimate of the value of this claim, they refer me to Geico. Anybody know how this works and what the diminished value is? Any help is greatly appreciated. I'd rather go in armed with information when I contact Geico on this subject.
its a car, not a wife or kid - you will have 10s of them in your life. go in get it fixed and move on. you can always trade it.
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Old 01-17-2014, 04:46 PM
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Originally Posted by dannyroche View Post
its a car, not a wife or kid - you will have 10s of them in your life. go in get it fixed and move on. you can always trade it.
I hope it was fixed, it happened almost two years ago!

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