Hi, this is my first time doing this and I want to make sure I am not going in blind. My ev was rear ended badly by someone going 60mph while I was fully stopped and it had to be towed.
Car info:
Make/model: 2025 Chevy Equinox EV LT1
Window sticker: $34.4K after options ($33.6k base)
Miles at loss: 4.5k
Damage: no airbags deployed but moderate to severe as multiple structural parts had to be fixed & replaced
Repair cost: $16k
I initially asked for a DV claim of $4.5k but I’m not sure if that is too low. The at fault insurance sent out a contracted third-party appraiser to take pictures of my car and now I’m waiting for their response. Any tips on what I should do if they initially lowball me?
Need Help w/ Diminished Value Claim in CA
byu/AlwaysBored123 inInsurance
Posted by AlwaysBored123
3 Comments
DV is a theoretical amount and it is up to you to show what it might be. There could be 2 identical vehicles with the same damage and one may get $1,000 while the other gets $3,000 on first offer.
1.5k-2k is fair. Obtaining trade in values and hypotheticals may help but ultimately it’s a common car. I’m sure you could get more with an attorney or if you don’t value your time argue for months with the adjuster.
How are you coming up with your $4.5k price? I’m not saying you’re necessarily wrong, but how did you arrive at that number?
If you were asking me for the best possible supporting documentation, I’d tell you that you should collect 2 sets of numbers. The first would be sales prices – not dealer list prices – for comparable used cars to yours with no accidents. Then collect sales numbers for comparable cars with 1 accident. Use those two sets of numbers to show a measurable drop in value. Getting dealer quotes is better than nothing. But they also have a business interest in low balling you on any offer here. If they think they can get a trade in at a huge discount, they’ll try to convince you that you’ve had a $10k drop in value, if you’ll accept that.
As for your 2nd accident that you mentioned….eh. You’ll generally get pushback on a DV claim for a car that’s been in a 2nd accident. The argument will be that 2nd accident didn’t diminish the value of the car more than the first accident did. Not that you can’t put in a claim for the 2nd accident. Same rules apply. Fix the car. After repairs are completed, submit your DV claim. Make your case that there was an additional measurable drop in value from the 2nd accident.