NC Auto Insurance: diminished value

[asu66]

Anyone in our group have experience with auto "diminished value" here in the Old North State? No personal injuries involved; just twisted metal and a vehicle deemed to be a total loss. Why do I suspect that Big Insurance is preparing to have a field day; much to the displeasure of the owner?

[appst89]

Anyone in our group have experience with auto "diminished value" here in the Old North State? No personal injuries involved; just twisted metal and a vehicle deemed to be a total loss. Why do I suspect that Big Insurance is preparing to have a field day; much to the displeasure of the owner?

From my experience, the insurance company will not tell you anything about diminished value even though you are entitled to it. In my case, I called three different used car dealers and asked them what my vehicle would be worth in a trade before the damage, then I asked them to tell me what they would give in trade for the repaired vehicle. I got all three of these estimates in writing and I submitted it to the insurance adjuster. Not too long after that, I got a check from the insurance company for around $3,000. I was stunned that they did it without me having to fight them for it, but it was surprisingly easy.

[newtoasu]

Anyone in our group have experience with auto "diminished value" here in the Old North State? No personal injuries involved; just twisted metal and a vehicle deemed to be a total loss. Why do I suspect that Big Insurance is preparing to have a field day; much to the displeasure of the owner?

Far from an expert here, especially in NC, but if the vehicle is a total loss there shouldn't be any diminished value, right? Just a check for the value prior to the accident. A diminished value claim represents how much lower the value of the car would be after it is repaired. Since a totaled vehicle will not be repaired there should be no diminished value.

I had a very easy time in Texas getting an insurance company to provide me with diminished value twice on the same vehicle. It was never offered up front but never balked at once mentioned.

[AppfaninCAALand]

I'm in auto claims. Glad to hear everyone is ok after the loss. Diminished value is for repairable vehicles, not total losses. In most states, it is only available on liability claims (using the other person's insurance when they hit you), and you have to ask for it after repairs are complete. Usually, if repairs are done properly, there isn't much of a claim for DV as the impact is normally minimal.

If your vehicle was a total loss, diminished value would not apply. Insurance companies value totals in different ways depending on what state laws allow. They usually use databases of comparable vehicles, the NADA, or occasionally the KellyBlueBook.

The value offer should be fair. If you don't think it so, there are two likely reasons. One is that you have an inflaited idea of what your car is worth, or it was evaluated improperly. If you have any options or packages on the car that you paid extra for, make sure the adjuster knows about it. I'm an auditor for an insurance company and we find that underpayment is almost always due to the adjuster not paying for an option.

[TheMoody1]

I'm in auto claims

My 19 year old totalled his 2000 Nissan Maxima SE a couple of days ago. It is a one owner in good condition with 128k miles and is pretty much loaded with all options. We are in SC. I am doing some research to make sure I get a good settlement, but if there is any way you coud give me a ball park figure it would be appreciated.

[AppfaninCAALand]

I'm in auto claims

My 19 year old totalled his 2000 Nissan Maxima SE a couple of days ago. It is a one owner in good condition with 128k miles and is pretty much loaded with all options. We are in SC. I am doing some research to make sure I get a good settlement, but if there is any way you coud give me a ball park figure it would be appreciated.

No idea honestly, but if you find 5 or 6 SE's for sale locally, average them and subtract 25% to account for the dealer's ask v take price, and you'd find a pretty good idea of a good settlement. It will not be too much based on the age, but you should get credit for reletively low mileage. Just make sure you double-check the adjuster's valuation. The mileage and trim line should be correct, all options accounted for, and the condition rating fair and reasonable. An inexperienced, overly busy, or careless claims adjuster could overlook something that may cause your vehicle to be undervalued. Also, remember condition is subjective within guidelines and your opinion of the condition may be different from someone values 10 cars a day.

Ultimately, like everything else, something is worth what someone is willing to pay, and the insurance settlement will be higher than what anyone else would pay for it damaged at this point.

[IM4ASU]

I'm in auto claims. Glad to hear everyone is ok after the loss. Diminished value is for repairable vehicles, not total losses. In most states, it is only available on liability claims (using the other person's insurance when they hit you), and you have to ask for it after repairs are complete. Usually, if repairs are done properly, there isn't much of a claim for DV as the impact is normally minimal.

If your vehicle was a total loss, diminished value would not apply. Insurance companies value totals in different ways depending on what state laws allow. They usually use databases of comparable vehicles, the NADA, or occasionally the KellyBlueBook.

The value offer should be fair. If you don't think it so, there are two likely reasons. One is that you have an inflaited idea of what your car is worth, or it was evaluated improperly. If you have any options or packages on the car that you paid extra for, make sure the adjuster knows about it. I'm an auditor for an insurance company and we find that underpayment is almost always due to the adjuster not paying for an option.

My wife was involved in an accident on April 26th and our 2004 Camry LE was totaled. The vehicle was acquired new and had approximately 154,000 miles. It was in great condition with no prior damage. An estimate of value would be greatly appreciated.

Thanks

No need to reply. Saw your reply to previous poster. Thanks for the advice.