Long story short:
I was rear ended while sitting at a traffic light last month. I’m now dealing with Progressive, the other driver’s insurer.
So far everything SEEMS to be going fine. Rental car is being taken care of, repairs to my vehicle are 100% covered, and they say they’ll pay out my lost wages once the repairs are complete so we have an accurate date range.
What about the diminished value of my vehicle? I’ve spoken to my insurance agent on it, but all she really tells me is that I can ask for it, but has absolutely no advice on what $$ amount to ask for or settle for.
How IS diminished value handled?
It’s a 2023 Hyundai Sonata hybrid, 40k miles, excellent condition (until now). My most recent resale estimate a few months ago was around $21-23k a few months ago. Now a $11k repair (part of it was structural) is going to come up on a carfax report.
Posted by RevSxDx
3 Comments
How it’s handled is that you have to ask for it, rarely if ever is it going to be offered to you.
Given that your car is over 3 years old with a lot of miles on it, you are likely going to get very little if anything but you might as well ask.
You also likely won’t be given any guidelines from Progressive as to how to determine the diminished value.
It’s a thing but it’s up to you to prove. Insurer will not offer it unless you’re in GA.
You can have a diminished value appraisal done. Try googling “DV appraisals+your state” to see what company might do this. Not entirely sure how much it costs tho. DV claims are ones that you have to support yourself, ie present your own claim on (as part of your current one). Other carrier will likely negotiate it down