Hey everyone, looking for some advice on a diminished value (DV) claim. I’m in Georgia, and my neighbor recently hit my parked car. She showed the police insurance info, but it turns out she didn't actually have coverage at the time.
Since she was uninsured, I had to go through my own insurance(GEICO). The damage was to the front bumper, side fender, and one of the tires. Total repairs came out to $3,200.
I’ve always kept my 2018 Elantra in great conditions and have never been in an accident before this. I was actually planning to sell the car right before this happened, and now I’m worried about how much value it’s lost.
The Offer:
• I asked GEICO for $2,000 in diminished value.
• They countered with $1,750
Is it worth appealing to get that extra $250? I know the real-world resale value probably dropped by way more than $1,750 now that it has an accident record. I could try to get a dealer quote or a professional appraisal to fight them, but since I'm only $250 away from what I asked for, I’m not sure if the stress is worth it.
Neighbor hit my parked car (GA) – GEICO Diminished Value offer
byu/Adorable_News_8926 inInsurance
Posted by Adorable_News_8926
10 Comments
Take it and run.
Sell the car immediately.
Goodluck!
They offered you ~half the repair cost on a 8 year old car? I’m seriously surprised they offered you that much
I’m fairly certain GA has a calculated formula for this
In any other state, if you got $500 you’d be lucky. It’s an 8 year old HYUNDAI smack dab in the middle of their worst years for GDI failures and kia boys nonsense.
You 100% did not suffer 1700 in diminished value in this hugely minor accident.
Take it and run
That’s a high offer honestly. I had repairs 2.5 times that on a brand new vehicle and they only gave us $3500
Take it. GA uses a set formula for diminished value. You’re not going to get more because of the formula.
Take it and run.
If you were in any other state they’d tell you to take your 8 year old car and shove it. 1750 is pretty good
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See if they can direct deposit it.
This is a shockingly high offer. Take the settlement before the adjuster realizes they are off by a decimal point.