$47,000 in damages, and State Farm is only offering $3,098 for diminished value!
My wife was involved in an accident with someone who ran a red light, resulting in significant damage to our 2024 Expedition Max, which only had about 3,000 miles on it. After assessing the damages at $47,000, the offer seems wildly insufficient. This doesn’t feel right! We’re located in Georgia.
It sounds incredibly frustrating to deal with such a significant disparity between the damages and the offer from State Farm. In Georgia, insurance companies are required to assess the value of your vehicle based on its market value before the accident and the diminished value afterward, typically considered as a percentage of the overall damage.
Since your Expedition Max was a brand new vehicle with very few miles on it, you should definitely contest their offer. Document everything related to the accident and the damage, including repair estimates, photographs, and any other relevant info. It might be helpful to consult a lawyer or an auto appraiser who can provide a more accurate assessment of diminished value based on similar vehicles in your area.
Make sure to stay persistent with the insurance company and ask for a detailed breakdown of their valuation process. It’s reasonable to seek fair compensation for the loss in value, especially given the severity of the damages. Good luck, and I hope you get a resolution that reflects the true value of your vehicle!