SilverEIGHT

Referring to my previous thread:
DSC or NOT! Not a choice for me again.
https://www.rx8club.com/polls-70/dsc-not-not-choice-me-again-44379/

My insurance company told me today the damage is $16,000 +. Looks like they would just total it. Said they needed to hit 75% before they would total. I paid $26K + TTT. (see pics from earlier post)

1. Is there diminished value in a one car accident?
2. If I request it will it alert my insurance company to raise my rates even more?
3. They also said it could take 4 to 6 months! Is this SOP?

Aratinga

Sorry about your accident! For your sake I hope the insurance company does decide to total your car. I was rear-ended on July 19th and the damage to my 8 has come to $16,800 so far -- and it's STILL at the body shop exactly four months later! Hopefully I'll be getting her back next week. Your repairs could easily take that long -- due to waiting for parts, hours spent on the frame machine and just man-hours doing all the bodywork and cutting and welding.

Since the original estimate on my car was less than $13,000, my insurance company would not total out the car even though I wanted them to. They said it would have to be at least 80% of the car's value at that time, and since that was before the 2005's came out it was still the current model year and worth more than it is now.

When I asked them about diminished value, they said (confirmed by my attorney) that they will not pay out for something like that because they consider a properly repaired car to have the same value as it did before! We all know that's a pile of crap, especially once the accident shows up on Carfax.

It may be different in your state, but "diminished value" is simply the difference between what your repaired car is worth after the accident and what it was worth before it was wrecked. Good luck, and I'm glad you're OK.

davesaunders300

Here's a link to some pretty good information on diminished value:

http://www.collisionconsulting.com/dvinspection.html

A lot of this varies from state to state based on court ruling and/or legislation that has been passed.

SilverEIGHT

Thanks, I checked out the site. It seemed to have info mostly about accidents involving more than one car and the other drivers insurance covering yours. It did tell me a lot about how to handle repair shops and insurance though. Thanks again, I will use this info.

What I do know is that the body shop is whacking the car off up front and replacing everything but the motor with Mazda factory parts.

davesaunders300

You're right. I think I saw somewhere I saw a statement that in a first party claim, which was what yours is, that whether or not diminished value was paid depended on the language in your policy and that many policy now specifically exclude payment for diminished value in first party claims.

SilverEIGHT

Well, that's not good news. I will look into my policy tonight and see what I find. Thanks for your help.

SilverEIGHT

Man, I saw a pic of your car in another thread. I'm so sorry someone trashed your car like that. I hope you do get it back this week. I've been about 1 1/2 weeks and it's driving me crazy not to have my car. Saw one just like it today on the road and was jealous. My temporary replacement, Hyundai Sonata from Enterprise, is a slug. Good luck. I'd like to here about the quality of workmanship in the rebuild.

azben

I'm a little surprised another attorney said you can't collect for diminished value unless the policy specifically excludes diminished value you should be able to claim it. I am familiar with several law firms having sued and settled class actions against car insurers for not paying out diminished values.

WHealy

Ahh, have you checked your cars wholesale value? As long as it's less than $21,300, you woudl be in excess of 75%. You can check it at www.kbb.com. That should be pretty close to reality assuming you have an 04. You may want to get some actual legal advise on the subject.

SilverEIGHT

Trade in: $22,550
Private Party: $25,635
New: $28,925

I paid: $26,000

The insurance company said they are going to pay me diminished value. However I really don't think it will make up the difference. They are also paying for a 30-day car rental, good for $900. I'm not really sure I want to get an attorney involved against my own insurance company. I will wind up paying for my attorney and theirs in the long run. My rates are probably going to go up enough as it is.

markd

Your attorney can't take more than you would win in damages from your insurance company, so you'd still come out with more money than if you did nothing (assuming you win the case). I can't really speak to the strength of your claim, though, as I have no experience in that area of law.