I own a mostly stock 2006 with 40k miles. Excellent condition with very few blemishes.

About 3 weeks ago I was hit from behind by a dump truck. I was stopped at a red light and he started going before me and the car in front of me. He hit me at about 5 mph. BUT, it was a dump truck! It did severe damage to rear end. Bumper, trunk, tail lights, both rear quarter panels, and some more internal damage. I took it a very good shop where I have had lots of work done before. The guy who runs the shop is an s2000 fanatic and knows everything about the car. He assured me the damage was strictly cosmetic and the car could be put back to 100%(well, as close as it can be for having that much damage). I was kind of hoping for a "total loss" but I was fine either way. The insurance company ran the adjustment at about $5k. The body shop came back with their adjustment at $10,078. The car is valued around $20k in my area (Atlanta). So the damage was right at about 50% of the value. The insurance needed >70% to total the car.

Long story short, I receive a check in the mail for $531 and had no idea what is was for, as I KNEW it couldn't be for the diminished value. I called to check, and sure enough it was for the DV.

I talked to a few local s2k enthusiast as well as my body shop and they all agree if I were to turn around and sell my car when I get it back, a buyer would want $2-3k off the asking price (assuming I didn't take the accident into consideration) for the recent damage. I have gotten a "DV specialist" involved through my body shop who is going to help fight my battle with the insurance company, but that process won't start until repairs are done on my car (about another week).

Anyone have experience fighting a battle such as this or have a good way to properly calculate the DV of my car? The insurance company used a formula similar to the GA 17c formula which in 2002, was deemed "unfair practice." My attorney thinks I have a solid case to sue the insurance company for "unfair practice", which I don't really care to do. I just want a fair DV for my car. $3k seems fair.

Any thoughts/opinions/suggestions/help? See below for the insurances calculation of my DV.

Thanks!

cv dv
nada $20,075
100,000-46,840=53,520/100,000= .53
cv damages $10,078.90/20,075.75= .50

2,007.50 * .53 *.50= $531.98

dv $531.98

 

What state is this??

 

Atlanta, GA

 

I had something similar happen and will hopefully get my damn car back tomorrow! It has been in the shop since end of MAY! Im around $9k in damage from a T-bone accident, but most of the damage was cosmetic/body. I paid extra to have the car fully painted and not blended as the insurance would only pay to repair the damaged portion. Long story short, I have settled my DV claim for about $3k but I had to bargain with them and knew this time would come since the beginning. My advice is to constantly call and make notes with the adjuster about every little mistake they make in the whole process, make every complaint that is in your arsenal! In my case the adjuster was horrible and I had to keep calling to fix things she forgot, disputing denial of coverage (refused to replace a tire with a slight cut on it), etc. In the end I was negotiating with the supervisor and all of those complaints came into play bc I said it required hours upon hours of my time to fix all the errors/mistakes/omissions from the adjuster and we were able to work in some of that into the DV claim. She told me when she first looked into my file she saw 178 notes (each time I call them it is recorded) and also said 90% of the time a DV claim is in the "hundreds" but bc I was able to make a good case she offered me $2k and I said that is wayyy off im thinking $5k! We eventually went back and forth and settled at about $3k. My "s2ki homecoming 2" license plate frame was stolen while the car was in the salvage yard waiting to be seen by the adjuster and this was a big factor in my DV claim bc I explained I drove all the way to LA to get it and it is not something that can be replaced. They asked what I felt the value was and it would be factored into my DV claim. I also explained that I had low mileage for the year (90.5k miles, 2005 Silverstone with black/red interior) and in just 2 more years the car would be a classic bc it is no longer in production. I also mentioned I flew out of state to get this specific color combo which is considered rare! The amount of time in the shop and aftermarket parts helped my DV claim also. It weird you already got your check bc I can't get mine until I have my car back. The DV is established after all the repairs have been done and the quality of repairs will affect the amount offered, as well. In my case there was so much bs I had to deal with and a super loooooong time so they manager felt I had validated my reasons for asking $5k. We were able to negotiate the DV claim and make a "tentative agreement" until I get the car back. Hope this helps! Do not sign or accept that check bc it is negotiable! I should mention my case is in Texas so it may be a bit different but should be similar. Also, their is no specific formula for determining dv and its pretty much up to the insurance bc there is not any regulation on dv claims in Tx.

 

May I ask what companies you guys are having issues with ?

 

I am dealing with the other person's insurance since it was his fault. The company is called Ansur America. It is a division of Frankenmouth Insurance.

I plan countering with $3,000 and accepting anything over $1,500, as I know I'll never get $3k.

 

that sounds like a good plan.

 

I'm from CA and had a very similar case a few months back. Lady in a pickup truck backed into me and caused 5k damage to rear quarter panel. I went to get my car appraised at CarMax shortly after and they offered me $12k trade in. I have a 2005 GPW with 58k miles. I spoke to several dealers for the trade in value and they all told me the car would fetch a $2-3k inherent diminished value due to the accident. Provided other party's insurance with these documentation and they offered me $1k. Didn't bite it and kept arguing for more and threatening to take to small claims court. They also provided me with a phony formula like yours putting more weight into what they deemed the actual diminished value was. They sent out a "third party independent" diminished value appraiser to inspect my car after repairs. What you say (and don't say) to the appraiser will be used against you. I was told not to say anything and the appraiser noted that I "did not have any intentions to sell the car" thereby reducing my diminished value claim. The process is a giant headache and I hope you don't lose any sleep over it like I did. Just be stern and patient. Insurance companies take forever to reply which is a tactic used to make you settle for their price. I was stubborn on my price and they eventually gave in and we settled for $2k. Don't settle for any price they offer. At the end of the day, who will be buying your car? Car dealers or the insurance company?

 

As an insurance adjuster, I have to totally disagree with the highlighted statement. I have been an adjuster for two large insurance companies, and the process is pretty much the same. Claimants (3rd party), must hire an independent appraiser to complete a diminished value assessment. Then the documents must be submitted to the insurance company for review. The insurance company doesn't delay the process to get you settle at their prices, but if the file is lacking documentation of a loss in value, they cannot move forward with increasing their offer.

But for future reference, not all states recognize Diminished value claims. Before pursing one, please consult with your insurance company.

P.S. Insurance Adjuster have hundreds of claims to deal with so constant bombardment of phone calls will not expedite the process. Just be reasonable with the calls and if necessary, reach out the to Supervisor

 

Well I wish I had an adjuster like you. I was never able to get a hold of my adjuster and she never called back despite numerous messages I left on her voicemail. To make things worse, the supervisor "dropped" my call when I called to request a new adjuster. I provided ample documentation to support my diminished value claim and it wouldn't have hurt them to call back if they needed anymore documentation. It wasn't until I threatened to take my case to a small claims court did their customer service drastically improve.