Insurance saga continues... help on "Loss of value" claim help please

[billschroeder5842]

Looks like I'm supposed to get #1388 back next Tuesday or Wednesday. I have visited a few time and the shop is doing a conscientious job putting her back together. They even found a 91 valence in matching dark red metallic to help keep it as close to "the illusion of original" a my neurosis will tolerate.

Since my insurance company (see other posts) is paying for 100% of the repair before subbrogation, I will be filing a "loss of Value" claim with the other (Progressive) company.

Does anyone have any ideas on how the "process" works for getting a fair loss of value claim through the insurance company system? Progressive asked me for a "demand" number but I'd like to see what things look like reflecting market-- clearly a quick settlement works to their favor.

So, independent appraisal, national market values...? How do you factor a front end hit that was professionally, restored/fixed?

Any help is appreciated

[LGAFF]

Diminished value was originally a legal compensation option made in lieu of an actual repair. Its rarely paid on claims as the vehicle should be put in pre-accident condition post repair, an issue with the repair would then generally fall upon the shop. That being said anyone can make a claim for diminished value... the only state that actually mandates diminished value payments on first party claims is GA... you might start there to calculate your claim as a basic formula is used. Another option would be to have an appraiser give you a value pre and post loss. But an argument needs to be that the damage in and of itself is diminishing the value and not flaws in the repair

https://diminishedvalueofgeorgia.com..._Worksheet.pdf

[billschroeder5842]

Looks like Texas has a similar law?

https://www.collisionclaims.com/texas-diminished-value/

The link is from a company that specializes in valuations. Maybe I'll just get some professionals involved.

[LGAFF]

No every state has people that offer to pursue this...... GA is unique because its mandatory to pay to an insured vs a claimant. Anyone can pursue it ...companies may or may not pay it.

[LGAFF]

It’s a potential element of damages on any claim but you have to prove your damages post repair In 25 years of doing claims in every state in the US I just don’t see it done often and or successful. A company will make an economic decision though they won’t spend 3k to defend a 1k claim


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[EvanZR1]

I have not had to do it in Texas, but in Oklahoma I got 10% of the current value of the car in addition the full coverage of the repair. This was on just a daily driver Firebird. On something as rare as a ZR-1, it's going to be hard to judge what the impact is, so you may end up having to push for something similar (% of value).

[DRM500RUBYZR-1]

Good luck with this one!
It is generally accepted that a car with accident history is worth "somewhat"
less than the same car with no accident history.
There are some who will not even look at a car that has accident history on Carfax or Auto Check.
I cannot suggest how to help you extract more funds from the insurance company. I suspect it can be done, but it will be a challenge.
However, I suggest you maintain a complete file of paperwork and pictures that document the incident.
Yours, while upsetting, was really not bad.
Pictures and cancelled checks for the repairs should support that statement to a potential buyer should you elect to sell.
If every car that had accident history "plummeted" in value, there would be a lot of bargains out there.
It surely has some effect, but if the work was done by a quality shop, then if you can document that, it should blunt the value decrease.
I usually find that no accident, no paintwork cars command a premium over the book values, particularly if a lower mile example.
Such a premium would be difficult to document for an insurance company, although they surely understand the effect of a dirty Carfax report on a car's value.
Try not to go crazy over it, your car is still a very nice car.
Marty