I was not at fault for an accident last year that did $22,000 in damage to a vehicle I’d purchased 10 days before. Basically new Toyota with 3500 miles. Structural damage. Airbags did not deploy, surprisingly, though it was a front collision (they turned in front of me as I was going 40mph, I was able to brake and slow a little).
I am wondering if anyone has had success with a DV claim against State Farm (other party’s insurance)? What did that look like for you?I am actually considering trading/selling this car in the next year as I was injured in the accident and am having difficulty getting in and out of it…but don’t want a gigantic loss…any suggestions from folks that have actual experience filing or processing these?
Thanks!
State Farm Diminished Value Claim
byu/KSKitten19 inInsurance
Posted by KSKitten19
4 Comments
What happened when you asked State farm about getting diminished value for the accident?
What was their response?
What state are you in?
Well, when they sent it, it looked like a piece of paper, that had names, and numbers on it.
This depends entirely on what state you’re in, it ranges from them automatically sending you a check to them telling you to pound sand.
If you’re looking to trade it in I would ask the dealer for quotes showing difference in trade in value or list price of your car, considering it’s history.
DV is difficult to claim because it’s a hypothetical and not realized loss but with a late model vehicle and that extent of damages you have a case that the dealership could help you prove
.
I successfully won a diminished value claim maybe 10 years ago but it wasn’t against State Farm.
My experience was that the insurance company themselves immediately denied my inquiry and basically said “diminished value” isn’t a thing.
So I found a lawyer that took my case on contingency and the insurance company ended up paying 3x what I originally asked for. Because of the contingency, I only got 40% of the payout, but I was still happy.
So, ask them about it but be ready to find a lawyer.