How to go about diminished value? 2018 TRD OR

Update: The adverse insurance company reached back to me regarding DIV after I showed trade-in values from a local Toyota dealership as well as from CarMax. Any advice would be appreciated.

"Thank you for the opportunity to review your request for diminished value to your vehicle.

An appraisal must show the fair market value of the vehicle immediately prior to the loss (noting vehicle-specific information to support those values) and after proper repairs.

Based on our review of the documentation you submitted, you did not prove your diminished value claim because:

The appraisal failed to prove the Fair Market Value prior to the loss.

The appraisal failed to prove the Fair Market Value after the loss.

Therefore, we are unable to agree you sustained a diminution of value to your 2018 Toyota TACOMA as you have failed to meet the burden of proof."


Back in October of 2018, I was rear-ended in a multi-car accident. My Tacoma needed a whole new frame which was left at the body shop for roughly 3 months. My truck is repaired and now I am looking to find a diminished value for the truck. Any advice would help.

 

It's a taco, sell it for more then you bought it for. xD

 

Does the wreck show on carfax?

 

I went through diminished value on my last 4Runner. All I had to do was inform the at fault's insurance that I wanted to open a diminished value claim on the vehicle. It required the damage claim be paid out and settled first. They had a third party appraiser contact me for info on the vehicle and they reported back to the insurance their estimate for the claim. Ended up getting $2700 back in diminished value for the damage caused.

If you do not agree with the third party's estimate then it would be on you to get an appraiser and take the insurance company to court over the difference. This is my experience living in Arkansas. It may be different for other folks depending on state law.

 

Im surprised they didn't total the truck. Same thing happened to me, looked very similar too. They totaled mine and I ending up getting a new one.

 

The damage did not meet the threshold for TL.

 

Since I went through my own insurance throughout the entire process thus far, would it still be on my insurance to handle this?

 

Well, just saying. I needed a whole frame too. Everything else was fine, but I told the insurance I would not accept anything less than a TL or frame replacement. It was cheaper to total it. Truck was only 22 months old with 25k miles.

 

That is a tough one. Were you at fault or was someone else ultimately considered at fault? Disclaimer I am not an insurance agent and have never worked in the insurance industry.

 

Tried fighting for TL, only replaced the frame.

 

Wow, I'm sorry bud. Honestly surprised they didnt just pay you out especially since someone hit you and not vice versa. Good luck!

 

Was not ruled as the driver at fault. 3 car accident Ford, GMC, my truck. Ford rear-ended the GMC. I was in the front and was hit by the GMC.

 

If it were me I'd follow do this:

Since my insurance was handling it thus far I would ask them if they are able to pursue diminished value for you through the at-fault's insurance. They may be able to handle the whole process and then get their money back from the at-fault's insurance.

If they say they cannot do that I would contact the at-fault's insurance and ask them their process for starting a diminished value claim. Before I contacted them though I would go to a dealer (maybe the one you bought the truck from) and ask them to provide you two trade in value quotes: one for trade in value if there was no accident and one for trade in value with the accident. When you attempt to file the claim you will have verifiable proof that there is diminished value and tell them that you plan on trading this truck in ASAP.

It may be good to get the dealer quotes regardless of what path works out for you just in case the trade in difference turns out to be more.

 

Bump

 

It depends on the state you live in. Some states don't allow diminished value. See here. http://www.independentagent.com/edu...diminutionofvaluestatebystatelistingchart.pdf

 

I would notify your insurer...call your agent that’s his job to help you file a claim for the diminished value...reduce your request to writing you can call it an “affidavit of truth” that will put them under obligation to respond to weather your entitled or not under that contract.

 

if your truck is leased they will not pay you out. Just went through a similar situation.

 

Coming from a Personal Injury lawyer that does both defense and plaintiff's work, the lawyer answer is hire a lawyer. A lot of attorneys don't like to handle property damage claims (PD includes repairs, DIV, LOU) because it's not worth their time, but you should be able to find somebody who can help out.

We usually hire a DIV (diminution in value) expert that puts together a report that says the vehicle was worth x before an accident and is now worth y as a result of the accident. DIV is affected by mileage, year of vehicle, extent of damage/repairs, etc. DIV experts look at vehicles that are listed for sale and determine the sale price of vehicles that were not in an accident versus vehicles that were in an accident.

Also, for a completely unscientific baseline opinion, you can compare Kelley Blue Book estimates for the different levels of vehicle quality (excellent vs bad).

And just FYI, most insurance companies hate DIV claims. Their position is the vehicle has been repaired and made whole, so it has not suffered any DIV. My response is: if you personally were buying a vehicle and you had the choice of two identical vehicles, but one was in an accident and one was not in an accident, which vehicle would you purchase? Now try and tell me DIV does not exist.

Lastly, if you were out your Tacoma for three months, I would make a loss of use claim (LOU). I'm sure the insurance company did not put you up in a Tacoma for three months. That's worth something. Cost of a Tacoma rental minus cost of whatever POC rental you were given = loss of use. Check rental car websites for the difference in the cost of a Tacoma rental versus what you received. Your argument is you missed out on three months worth of off-roading, camping, hauling stuff, whatever you do in your Tacoma.

Good luck.

 

Yes. If you lease your vehicle, then you do not own the DIV claim.

 

You should still be able to submit your DIV claim to the adverse insurance company. I would also make the LOU claim against the adverse insurance company as well.

Keep in mind the statute of limitations (SOL) for when you need to submit a claim or file a lawsuit. In most states you must file a lawsuit for these types of claims within two years, but it varies wildly state by state. If you blow the SOL, you are sol.