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Diminished Value Car Insurance from Your Own Insurer?

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Diminished Value Car Insurance from Your Own Insurer?

Old 03-02-2016, 04:51 PM
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Question Diminished Value Car Insurance from Your Own Insurer?

Let me preface this by saying I've had my share of my insurance dealings with cars including a significant diminished value claim ($6k) but this one is new to me.

I have Geico. About a month ago, my car was parked on the side of a narrow sidestreet in a legal parking spot while I was having dinner with friends.

When we came back to the car, the cops had blocked off the road at the intersection before I got to my car, and caution taped right in front of my car.

Some moron (pictured) rammed the back of the car parked in front of me and flipped. This is a street you should be doing 20 on, max. I'm sure they were going much more.

Turns out my car got scraped, probably with the mirror. It won't buff out.

My car is 2nd owner, clean carfax. I bought with 24k miles and now has just under 100k and is in near perfect condition but not a parking lot princess and has been meticulously maintained.

It is going to require re-painting the entire side, plus feathering into adjacent panels (so probably bumper, hood, etc and I expect its going to be $2500 or more to do this.

I find out today, from the police report the other party also has Geico. Darn. I'm thinking this amount of paint work, plus the carfax hit is going to affect my resale value.

Any suggestions on how to pursue this from essentially my own insurance company? I like Geico, and want to stick with them, but at the same time I don't want to eat the loss in resale.
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Old 03-03-2016, 12:38 AM
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Yes, no problem. You just have to do it through their policy, not yours. I have helped a few THTers with DV through their own company because the claimant had the same carrier. PM me if you have any additional questions.
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Old 03-03-2016, 01:29 AM
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Thank you, sir. PM on the way.
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Old 03-03-2016, 03:18 AM
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Do the police ride Segways there?
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Old 03-03-2016, 03:21 AM
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Originally Posted by doobs41378 View Post
Do the police ride Segways there?
I was out of town when this happened so I don't know for sure. I didn't even notice them until you mentioned it. There were some police and also some safety types of people around. I'm guessing it was the safety dudes riding them.
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Old 03-03-2016, 04:38 AM
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The only claims I've had over the last 15 years have been comprehensive claims through State Farm, and I bet they've sent me over $10K in diminished value checks over the years. I've had bad luck between Bambi and hail storms with some practically new vehicles.
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Old 03-03-2016, 05:49 AM
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Damn Chris, we're keeping you busy with the DV's !!
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Old 03-03-2016, 05:56 AM
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I tried to get diminished value for my recent accident (not my fault) and was denied. It was in the fine print that they didn't cover it. I wonder if it's a policy or state to state thing. Sucks because my pristine car fax is going to take a ding for less an $2k in damage. I saved pictures of the repairs and before and afters so I can prove it was minor. I was po'd when I couldn't get diminished value money because I know I'm going to take a hit larger than the repair. My ins co is Acuity.
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Old 03-03-2016, 06:17 AM
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Yup! Don't believe it when they say..."You're in good hands"...."Like a good neighbor"......

We learned our lesson the hard way. My wife had a BMW 328i, these ares are low so she damaged the under side of the front bumper a little from pulling up on the parking stones. Then one time at work she rubbed a co-workers car with her rear bumper. All that happened is the paint rubbed off the corner of the rear bumper.

So now with the front slightly damaged and the rear scratched we decided to get them fixed under our insurance. We have never had a claim except when Hurricane Wilma trashed her car years prior. Never an accident and she has a spotless record.

Anyway, the car goes in to get fixed, we paid the deductible and we got it fixed. All good right? Nope, a year after that we go to trade the car in and got hit with a ton of bricks.

Our scum bag insurance company reported on car fax that our car had been in a "front end collision" and a "rear end collision" and this took $6000.00 off the value of the car which totally screwed us!! They see no difference between a paint touch up and getting plowed by a dump truck!!!

Yes your own insurance company will do this to you. Think about it, once they destroy the value of your car they have to pay out a lot less in the event the car gets stolen or totaled. Plus now you're considered "high risk" so they can charge you more for insurance.

Now I am terrified of my insurance company. The company that is supposed to be my "good neighbor" and supposed to "be there" for me. When my boat trailer got stolen I did not report it to my insurance company. Because then I would be considered a "high risk" so they would jack up the premiums on the entire boat policy which they are already raping me for.

So be prepared to also get a massive hike in your premium in addition to the lost value of the car. The insurance company will "recover" the loss from you.

Friend of mine just went through it. He got in a minor fender bender with another car. His truck was fine but his insurance paid for the other drivers damage. It was under a thousand bucks to fix. His insurance company jacked the shit out of his premium. Then they said it's only for xxx amount of time. But when we did the math, the addition premium would put $3000 extra into the insurance companies pocket.

Sorry....I know we have some THT members in the insurance business.....but the insurance companies are crooks. It's legalized extortion. People with perfect driving records should not be terrified of dealing with the insurance company they have been with for 20 years for fear of them destroying your car's value over a paint touch up and raising rates so they can actually make a profit on your car damage.

Disgusting!

Rant over....
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Old 03-03-2016, 06:21 AM
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Chris car fax gets data like that from the repair shops. Most of what they get from insurance companies are only total loss reports. I'd bet that the shop you took it to reported it.

http://www.carfax.com/company/vhr-data-sources
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Old 03-03-2016, 06:25 AM
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Originally Posted by ScarabChris View Post
Yup! Don't believe it when they say..."You're in good hands"...."Like a good neighbor"......

We learned our lesson the hard way. My wife had a BMW 328i, these ares are low so she damaged the under side of the front bumper a little from pulling up on the parking stones. Then one time at work she rubbed a co-workers car with her rear bumper. All that happened is the paint rubbed off the corner of the rear bumper.

So now with the front slightly damaged and the rear scratched we decided to get them fixed under our insurance. We have never had a claim except when Hurricane Wilma trashed her car years prior. Never an accident and she has a spotless record.

Anyway, the car goes in to get fixed, we paid the deductible and we got it fixed. All good right? Nope, a year after that we go to trade the car in and got hit with a ton of bricks.

Our scum bag insurance company reported on car fax that our car had been in a "front end collision" and a "rear end collision" and this took $6000.00 off the value of the car which totally screwed us!! They see no difference between a paint touch up and getting plowed by a dump truck!!!

Yes your own insurance company will do this to you. Think about it, once they destroy the value of your car they have to pay out a lot less in the event the car gets stolen or totaled. Plus now you're considered "high risk" so they can charge you more for insurance.

Now I am terrified of my insurance company. The company that is supposed to be my "good neighbor" and supposed to "be there" for me. When my boat trailer got stolen I did not report it to my insurance company. Because then I would be considered a "high risk" so they would jack up the premiums on the entire boat policy which they are already raping me for.

So be prepared to also get a massive hike in your premium in addition to the lost value of the car. The insurance company will "recover" the loss from you.

Friend of mine just went through it. He got in a minor fender bender with another car. His truck was fine but his insurance paid for the other drivers damage. It was under a thousand bucks to fix. His insurance company jacked the shit out of his premium. Then they said it's only for xxx amount of time. But when we did the math, the addition premium would put $3000 extra into the insurance companies pocket.

Sorry....I know we have some THT members in the insurance business.....but the insurance companies are crooks. It's legalized extortion. People with perfect driving records should not be terrified of dealing with the insurance company they have been with for 20 years for fear of them destroying your car's value over a paint touch up and raising rates so they can actually make a profit on your car damage.

Disgusting!

Rant over....
So your GF hits two things and the insurance co reports the damage as they are suppose to and your pissed at them. The dollar amount goes on the car fax so blame the dealer for busting your balls on the trade in. I would also guess if you purchased a car that had been damage and not on the car fax you would be pissed at the insurance co once again.
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Old 03-03-2016, 06:26 AM
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You will need to check your policy but a lot of plans exclude DV and more than likely you'll have to sue (or start the process) to get it from the other people's insurance.
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Old 03-03-2016, 06:28 AM
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Originally Posted by ScarabChris View Post

Sorry....I know we have some THT members in the insurance business.....but the insurance companies are crooks. It's legalized extortion. People with perfect driving records should not be terrified of dealing with the insurance company they have been with for 20 years for fear of them destroying your car's value over a paint touch up and raising rates so they can actually make a profit on your car damage.

Disgusting!

Rant over....
You know who else gets just as frustrated about stuff like this, your agent. It drives us crazy. But I tell all of my customers you should be shopping your home, auto, commercial every four years. If you get hit by an increase you should shop it. We spend a fair amount of time at our office dealing with crap just like this for our clients. When you have a claim is when having an independent agent working for you is where they can really show their value.
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Old 03-03-2016, 06:32 AM
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Originally Posted by crazybeard View Post
Chris car fax gets data like that from the repair shops. Most of what they get from insurance companies are only total loss reports. I'd bet that the shop you took it to reported it.

http://www.carfax.com/company/vhr-data-sources
I'm not sure if it was actually car fax, maybe it was. We did some digging and it was the insurance company that destroyed the cars value. The car went to the BMW dealer, the same dealer we bought it from. I can't imagine the dealer wanting to report the car like this. It was nothing more than a new plastic part for the underside of the front bumper and repainting the rear bumper cover.

We called the insurance company and they told us directly that this is how it works. Any front end or rear end repairs are considered a "front end collision" or a "rear end collision" regardless of the extent of the damage. And with that kind of language the diminished value would be the same no matter if the car was rammed by a dump truck or they just had to repaint the bumper. With this damage and repair there should have been ZERO diminished value much less 6 friggin grand!

I don't care what carfax and the insurance people here will say. The facts are simple. We have been with our insurance company for 20+ years and the repair was in their hands. The insurance company recommended the dealer for the repair. This is why we pay insurance so they can take care of us.

My ass got more of a rear end collision than the car did.
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Old 03-03-2016, 06:36 AM
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Originally Posted by ScarabChris View Post
I'm not sure if it was actually car fax, maybe it was. We did some digging and it was the insurance company that destroyed the cars value. The car went to the BMW dealer, the same dealer we bought it from. I can't imagine the dealer wanting to report the car like this. It was nothing more than a new plastic part for the underside of the front bumper and repainting the rear bumper cover.

We called the insurance company and they told us directly that this is how it works. Any front end or rear end repairs are considered a "front end collision" or a "rear end collision" regardless of the extent of the damage. And with that kind of language the diminished value would be the same no matter if the car was rammed by a dump truck or they just had to repaint the bumper. With this damage and repair there should have been ZERO diminished value much less 6 friggin grand!

I don't care what carfax and the insurance people here will say. The facts are simple. We have been with our insurance company for 20+ years and the repair was in their hands. The insurance company recommended the dealer for the repair. This is why we pay insurance so they can take care of us.

My ass got more of a rear end collision than the car did.
So you want people to believe that the dollar amount of the damage has nothing to do with how much diminished value there is? As for it being considered a front and rear end collision how else should it be described? She hit something both times.
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Old 03-03-2016, 06:37 AM
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Originally Posted by fishingfun View Post
So your GF hits two things and the insurance co reports the damage as they are suppose to and your pissed at them. The dollar amount goes on the car fax so blame the dealer for busting your balls on the trade in. I would also guess if you purchased a car that had been damage and not on the car fax you would be pissed at the insurance co once again.
My WIFE did not hit two things. Only one thing. Reporting the damage is not my problem. The damage should have been reported ACCURATELY! At the most the value of the car should have been diminished to the extent of the repair which would still be out of line but it would have been under 2 grand.

You're assuming things about me, you must be in the insurance business. I don't know where you get the idea that I would be pissed at an insurance company for not reporting damage to a vehicle. Report it accurately.

Would I buy a car that shows has having been in a "front end collision" and a "rear end collision"? Hell no! But I would have no problem buying a car that showed as having the rear bumper repainted to fix a scratch and having the plastic under the front bumper replaced from scraping a parking stop.

THERE IS A DIFFERENCE!
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Old 03-03-2016, 06:41 AM
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Originally Posted by ScarabChris View Post
My WIFE did not hit two things. Only one thing. Reporting the damage is not my problem. The damage should have been reported ACCURATELY! At the most the value of the car should have been diminished to the extent of the repair which would still be out of line but it would have been under 2 grand.

You're assuming things about me, you must be in the insurance business. I don't know where you get the idea that I would be pissed at an insurance company for not reporting damage to a vehicle. Report it accurately.

Would I buy a car that shows has having been in a "front end collision" and a "rear end collision"? Hell no! But I would have no problem buying a car that showed as having the rear bumper repainted to fix a scratch and having the plastic under the front bumper replaced from scraping a parking stop.

THERE IS A DIFFERENCE!
Your own words said your wife hit two things. Its still a collision just a minor collision which would be on the car fax. I

"so she damaged the under side of the front bumper a little from pulling up on the parking stones. Then one time at work she rubbed a co-workers car with her rear bumper"
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Old 03-03-2016, 06:41 AM
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Originally Posted by fishingfun View Post
So you want people to believe that the dollar amount of the damage has nothing to do with how much diminished value there is? As for it being considered a front and rear end collision how else should it be described? She hit something both times.
It sure should be! Do you think it' right for the insurance company to suck 6 grand off the value of the car for a paint touch up and a new plastic part under the car? No where did I say that my wife didn't do the damage. I don't know why you people keep saying that.

The problem is with the language. "collision" should have some degree of severity. For the insurance company to diminish the value of the car that much for a paint scuff repair and a part replacement is robbery.

I guess until you experience this from your insurance company then you won't understand.

I'm done in this thread.
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Old 03-03-2016, 06:42 AM
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Originally Posted by fishingfun View Post
Your own words said your wife hit two things. Its still a collision just a minor collision which would be on the car fax. I

"so she damaged the under side of the front bumper a little from pulling up on the parking stones. Then one time at work she rubbed a co-workers car with her rear bumper"
Dude,...what is your problem! Nowhere did I try to say the damage was not her fault. Good freaking god!
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Old 03-03-2016, 06:45 AM
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Originally Posted by ScarabChris View Post
It sure should be! Do you think it' right for the insurance company to suck 6 grand off the value of the car for a paint touch up and a new plastic part under the car? No where did I say that my wife didn't do the damage. I don't know why you people keep saying that.

The problem is with the language. "collision" should have some degree of severity. For the insurance company to diminish the value of the car that much for a paint scuff repair and a part replacement is robbery.

I guess until you experience this from your insurance company then you won't understand.

I'm done in this thread.
The insurance company didn't diminish the value it was the dealer who wanted to get her car at a cheaper price so they used that against you. Your blaming the wrong party. The collision did have a degree of severity showing the dollar amount of the damage.
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