Seeking Diminished Value Claim Advice
Hi everyone,
I’m looking for some guidance regarding a diminished value (DV) claim, and I appreciate any help you can provide!
About six weeks ago, I was involved in an accident where my 2019 Toyota Tundra TRD Pro was side-swept by a semi-truck towing a 53′ trailer. The repairs included replacing the passenger door, fender, front bumper, grille, headlight, and more, totaling around $12,000.
My truck had 75,000 miles and was in excellent condition before the accident. Interestingly, I’ve noticed that some TRD Pro models are appreciated in value, as many people are hesitant about the new model Tundras. According to Kelley Blue Book, its trade-in value prior to the accident was $38,000.
The other party was found at fault through subrogation. However, when I contacted my insurance company (AAA), they informed me that they don’t assist with filing DV claims and that most clients typically handle this on their own. I’m unsure of the next steps or what to communicate when I reach out to the other party’s insurance.
Any advice would be greatly appreciated! I hope I’m not overlooking anything important.
This incident took place in Southern California. Thank you!
It sounds like you’ve been through a frustrating experience, but it’s great that you’re seeking guidance on filing a diminished value (DV) claim. Here’s a step-by-step approach that might help you navigate the process:
Understand Diminished Value: Diminished value refers to the reduction in a vehicle’s market value after it has been involved in an accident, even after repairs have been made. Given that your Tundra was in excellent condition before the accident, it’s reasonable to pursue this claim.
Research Diminished Value Claims: Familiarize yourself with how DV claims work in California. There are different methods to calculate diminished value, including the 17c formula, which is commonly used.
Collect Evidence: Gather documentation that supports your claim, including:
Any maintenance records that demonstrate the vehicle was in excellent condition prior to the accident.
Determine the Amount: Calculate the diminished value based on the pre-accident value and the repairs performed. Make sure to reference how similar models are valued post-accident.
Contact the Other Party’s Insurance: When you call the other party’s insurance, be clear and concise. You can say:
Ask them how to formally submit your claim.
Be Prepared for Negotiation: The insurance adjuster may not agree to your initial claim amount, so be prepared to negotiate. Have your research and documentation ready to back up your case.
Follow Up in Writing: After your initial phone call, follow up with a letter or email summarizing your discussion and officially submit your claim documentation. This creates a paper trail.
Consider Professional Help: If you find the process overwhelming or the insurance company is unresponsive, consider hiring a professional who specializes in DV claims. Some attorneys or appraisers can assist you for a fee or on contingency.
Know Your Rights: Familiarize yourself with California insurance laws regarding DV claims to ensure your rights are upheld.
It’s important to stay organized throughout this process and keep records of all communications. Good luck with your claim; it’s definitely worth pursuing given the circumstances!