Diminished Value

[Bluegill]

Tell them to get their own appraiser and you'll meet in the middle.

 

[SFLGX]

Is there an arbitrator clause? If they are lowballing you, getting some comps and your report and bring it to the arbitrator and have them decide.

 

[Dog]

I did some quick searching for diminshed value claims in your state (TN). I was going to give you some advice but I think based on what I read and possible complications, your best bet is to reach out to a TN attorney for some free advice about DV claims.

 

[redheat86]

I just finished a DV claim on my 2024 BMW M3 which was hit at 1800 miles with a progressive insured driver.

Total damage was about $2800 and I ended up settling with them and getting an additional $2700. The actual loss had I traded it in was about $8-10k at any given dealer due to the accident on the Carfax and that car has far more stigma with an accident than a GX IMO.

Had I been willing to file a small claims case I expect they would have paid more but I cut my losses on time and effort and didn’t call their bluff to see how far I could push it. I had already went back and forth with them for 3 days on comps and a formal write up I prepared and it really didn’t seem to matter.

TLDR.

Either file a small claims case or accept what they offer after some back and forth. They won’t budge much but when it comes to them not budging anymore let them know your filing a small claims case and give them until COB to respond.

 

[REB27]

I just finished a DV claim on my 2024 BMW M3 which was hit at 1800 miles with a progressive insured driver.

Total damage was about $2800 and I ended up settling with them and getting an additional $2700. The actual loss had I traded it in was about $8-10k at any given dealer due to the accident on the Carfax and that car has far more stigma with an accident than a GX IMO.

Had I been willing to file a small claims case I expect they would have paid more but I cut my losses on time and effort and didn’t call their bluff to see how far I could push it. I had already went back and forth with them for 3 days on comps and a formal write up I prepared and it really didn’t seem to matter.

TLDR.

Either file a small claims case or accept what they offer after some back and forth. They won’t budge much but when it comes to them not budging anymore let them know your filing a small claims case and give them until COB to respond.

This is a good summary. The insurance companies will stonewall until they see you mean business and are prepared to file suit. Of course, every state’s law on DV differs so it is important to know yours as you negotiate with the carrier. Good luck.

 

[Dog]

OP, I came in here ready to also tell you to go to small claims. But research shows there is at least some Tennesse case law out there that suggests you cannot get both repair costs and dimished value in Tennessee. So tread carefully as you might end up losing out on the 2k. Hence why I suggested you try to get some free advice from an attorney.

Diminished Value Claims in Tennessee | DVCHECK

Filing a diminished value claim in Tennessee lets you recoup the value your car lost in an accident that wasn't your fault.

www.dvcheck.com

 

[Monarch]

OP, I came in here ready to also tell you to go to small claims. But research shows there is at least some Tennesse case law out there that suggests you cannot get both repair costs and dimished value in Tennessee. So tread carefully as you might end up losing out on the 2k. Hence why I suggested you try to get some free advice from an attorney.

Diminished Value Claims in Tennessee | DVCHECK

Filing a diminished value claim in Tennessee lets you recoup the value your car lost in an accident that wasn't your fault.

www.dvcheck.com

Thanks for your input.

 

[Monarch]

Thanks for all the great suggestions. We are going to take some time and think about our options.