Diminished value is very tricky. Not only does the attorney need to choose a top notch appraiser (we used St. Lucie Appraisal Co.) but also needs to have a great fighting spirit. Insurance companies don’t like to pay the fair DV until they reach the courthouse steps. Unfortunately, most lawyers only get involved with car people if there is a big bodily injury pot of gold at the end of the line.
Diminished value is the #1 of a dozen reasons why I always buy the rental car LDW. The vast majority of auto policies exclude DV under physical damage, so this is yet another advantage of an auto policy that covers damage to a rental car under liability.
I’ve been unfortunate enough to have two car accidents in rental cars and I never buy rental car insurance of any type. I had zero problems with the claim adjustment process and paid nothing more than my usual deductible out of pocket. One can make yourself feel better by double-paying for insurance (as your personal auto covers liability) but I’m not convinced it is needed. Also, most people’s credit card will cover DV if the rental car company provides documentation.
You will need an expert in diminished value in you corner! We have been settling Diminished Value claims for much more than the insurance companies have originally offered for years!!
I agree with Ed, having a top notch appraiser (DVCHECK) is the key to a successful diminished value claim recovery. Insurance companies can be quick to deny and dismiss these claims so having an experienced expert to help you negotiate can increase your chances of recovery.
Thanks for the post. One thing I always say is to get a well-rounded appraiser… and a lawyer! Diminished value is very tricky topic, sadly with a lot of work.
You must have an appraiser that has experience in handling these types of claims on both sides. I worked for the insurance company and now represent clients seeking diminished value. I know the process and what the insurance companies thought process will be and what they will require to prove the vehicle has sustained diminished value.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
Diminished value is very tricky. Not only does the attorney need to choose a top notch appraiser (we used St. Lucie Appraisal Co.) but also needs to have a great fighting spirit. Insurance companies don’t like to pay the fair DV until they reach the courthouse steps. Unfortunately, most lawyers only get involved with car people if there is a big bodily injury pot of gold at the end of the line.
Diminished value is the #1 of a dozen reasons why I always buy the rental car LDW. The vast majority of auto policies exclude DV under physical damage, so this is yet another advantage of an auto policy that covers damage to a rental car under liability.
I’ve been unfortunate enough to have two car accidents in rental cars and I never buy rental car insurance of any type. I had zero problems with the claim adjustment process and paid nothing more than my usual deductible out of pocket. One can make yourself feel better by double-paying for insurance (as your personal auto covers liability) but I’m not convinced it is needed. Also, most people’s credit card will cover DV if the rental car company provides documentation.
You will need an expert in diminished value in you corner! We have been settling Diminished Value claims for much more than the insurance companies have originally offered for years!!
I agree with Ed, having a top notch appraiser (DVCHECK) is the key to a successful diminished value claim recovery. Insurance companies can be quick to deny and dismiss these claims so having an experienced expert to help you negotiate can increase your chances of recovery.
Good analysis . I loved the points ! Does someone know if my business would be able to grab a blank NY DTF ST-330 document to fill out ?
Thanks for the post. One thing I always say is to get a well-rounded appraiser… and a lawyer! Diminished value is very tricky topic, sadly with a lot of work.
You must have an appraiser that has experience in handling these types of claims on both sides. I worked for the insurance company and now represent clients seeking diminished value. I know the process and what the insurance companies thought process will be and what they will require to prove the vehicle has sustained diminished value.
Thnk you for your comment. Could you please tell me what the insurance company needs to prove diminished value?