Diminished value claim question...

[Atfulldraw]

as above, you can't recover DV on a first party claim in Texas if the vehicle is restored to its pre-loss condition.



Otherwise, the carriers act really tough on DV claims, but some folks are tougher.....get a professional appraisal and don't back down.

I just finished one where the carrier's initial offer was $950, now they are at $5,700.

[eradicator]

as above, you can't recover DV on a first party claim in Texas if the vehicle is restored to its pre-loss condition.



Otherwise, the carriers act really tough on DV claims, but some folks are tougher.....get a professional appraisal and don't back down.

I just finished one where the carrier's initial offer was $950, now they are at $5,700.

This is about how mine went.

[Meatcutter]

File a DV claim!!

[stinkbelly]

I really didn't know anything about a DV claim until these posts. I just had my car wrecked and it was the other drivers fault. So after they pay to have it repaired should I file a DV claim?

[HDWRENCH]

I hear adds on the radio for lawyers doing this .

I take it they are sue the other driver for the DV . I do not think I fully understand this . I have great coverage and I make a mistake and hit another vehicle .

So my insurance pays to have it repaired . Now the guy wants more money based on a figure that really has no solid way to say what the DV will actually be at the time of the said resale. I know they have ways to give an approximate reduced value but come on

To be clear this is when the other party has a lawyer involved and they go after the person , as ins not always the insurance company that ends up paying ,

the DV lawsuits are on the rise in TX .

I can see a new rider on the policy just for this .

[eradicator]

I hear adds on the radio for lawyers doing this .

I take it they are sue the other driver for the DV . I do not think I fully understand this . I have great coverage and I make a mistake and hit another vehicle .

So my insurance pays to have it repaired . Now the guy wants more money based on a figure that really has no solid way to say what the DV will actually be at the time of the said resale. I know they have ways to give an approximate reduced value but come on

To be clear this is when the other party has a lawyer involved and they go after the person , as ins not always the insurance company that ends up paying ,

the DV lawsuits are on the rise in TX .

I can see a new rider on the policy just for this .

There were no lawyers involved when I went through mine. My NEW truck was a month old. Was hit by drunk driver. Truck was repaired. I filed a diminished value claim after getting some figures, quotes, etc from dealerships. After some 'haggling' we came to an agreement.

There isn't much diminished value in an older vehicle. There can be quite a bit on a newer vehicle. Think about it, would you go buy a used car from someone that's been wrecked and is only a month or two old?

[eradicator]

Not sure if it's the same today, but back then they had up to 2yrs to pay/resolve the claim. Maybe the insurance guys have more info on this?

[HDWRENCH]

There were no lawyers involved when I went through mine. My NEW truck was a month old. Was hit by drunk driver. Truck was repaired. I filed a diminished value claim after getting some figures, quotes, etc from dealerships. After some 'haggling' we came to an agreement.

There isn't much diminished value in an older vehicle. There can be quite a bit on a newer vehicle. Think about it, would you go buy a used car from someone that's been wrecked and is only a month or two old?

Not sure it would be based on cost what was hit etc .

I think my issue is more so that this opens a door where any one can sue your personally now for a DV claim .




What about a multi car accident

So i can see where one person could never be able to pay in today's world for DV on 3 cars if a lawyer got involved Insurance company tell you Sorry this little bit is all we will offer .


I do not have an answer but what I do know is that I can also see many claims being filed later on and know how does that work. How long do you have to make the claim ?


I see rates going up fast Insurance company's are not just going to eat that extra money that is being paid out .

And a new Vehicle drops like a stone once you drive it off the lot .

Who makes up the values ? Is it regulated ? Truck prices here in TX are much higher than other places as they do in fact demand a higher cost used or not .

Its a mess that is for sure I can see many sides to this .

[eradicator]

Not sure it would be based on cost what was hit etc .

I think my issue is more so that this opens a door where any one can sue your personally now for a DV claim .




What about a multi car accident

So i can see where one person could never be able to pay in today's world for DV on 3 cars if a lawyer got involved Insurance company tell you Sorry this little bit is all we will offer .


I do not have an answer but what I do know is that I can also see many claims being filed later on and know how does that work. How long do you have to make the claim ?


I see rates going up fast Insurance company's are not just going to eat that extra money that is being paid out .

And a new Vehicle drops like a stone once you drive it off the lot .

Who makes up the values ? Is it regulated ? Truck prices here in TX are much higher than other places as they do in fact demand a higher cost used or not .

Its a mess that is for sure I can see many sides to this .

DV claims are not something new. I don't remember all of the stipulations, but there were some. It's not like you can just file a claim everytime someone dings your door or something along those lines.

[crawdaddct]

My wife had a minor fender bender in my truck. Some kid hit the right rear of the bumper. Took it into progressive and they replaced the bumper. Years later a lady with no insurance ran a red light and smashed into the side of my truck. My insurance asked if I wanted to claim DV. I said sure. They then came back and said I had to contact Progressive for DV. Even though it was a minor thing, they had placed it on a frame straightener. So I had to go back and reopen that claim.. Ended up with about $1,200.