dimished value in Florida?
#17
#18
#19
Wow. My first post on this site after becoming a new G owner has to be this??? Sheesh...
There is a ton on misinformation in this post. I won't pick it all apart, but as for diminished value, there is no first party diminished value in Florida within the law, and secondly, the insurance contract (policy) of every major Florida form I have seen does not provide for it anyway.
That being said, it is entirely SUBJECTIVE. It's just like evaluating an injury claim. You have nothing but jury verdicts to speak of, experience, etc. In even thinking about pursuing a diminshed value claim against a third party, you need to keep in mind the amount of actual damage done to the car, the repair quality, amount of surface painted, the age of the vehicle, the mileage on the vehicle, the resale of the vehicle, the rarity of the vehicle. All of these contribute.
I have litigated about 10 DV cases with verdicts. The most I have ever seen paid was a Ferrari 360 with $70k in damages get a $40k DV settlement post repair. The next was a new BMW Z3 (when the first came out) get an settlement of around $8k after taking a $20k hit. The rest were under $1,500 or received ZERO-NOTHING. The most important (and annoying) thing is the fact that you must have all of the repairs perfected as best as can be expected to even have your DV claim considered.
An insurance company may pay you a little something to go away, but most of the time, they dig in on DV claims. If you need any other info, let me know...
There is a ton on misinformation in this post. I won't pick it all apart, but as for diminished value, there is no first party diminished value in Florida within the law, and secondly, the insurance contract (policy) of every major Florida form I have seen does not provide for it anyway.
That being said, it is entirely SUBJECTIVE. It's just like evaluating an injury claim. You have nothing but jury verdicts to speak of, experience, etc. In even thinking about pursuing a diminshed value claim against a third party, you need to keep in mind the amount of actual damage done to the car, the repair quality, amount of surface painted, the age of the vehicle, the mileage on the vehicle, the resale of the vehicle, the rarity of the vehicle. All of these contribute.
I have litigated about 10 DV cases with verdicts. The most I have ever seen paid was a Ferrari 360 with $70k in damages get a $40k DV settlement post repair. The next was a new BMW Z3 (when the first came out) get an settlement of around $8k after taking a $20k hit. The rest were under $1,500 or received ZERO-NOTHING. The most important (and annoying) thing is the fact that you must have all of the repairs perfected as best as can be expected to even have your DV claim considered.
An insurance company may pay you a little something to go away, but most of the time, they dig in on DV claims. If you need any other info, let me know...
#20
That being said, it is entirely SUBJECTIVE
An insurance company may pay you a little something to go away, but most of the time, they dig in on DV claims
Interestingly, in GA and other states i believe it is determined by a formula and paid automatically.
#21
Originally Posted by r10apple
Wow. My first post on this site after becoming a new G owner has to be this??? Sheesh...
There is a ton on misinformation in this post. I won't pick it all apart, but as for diminished value, there is no first party diminished value in Florida within the law, and secondly, the insurance contract (policy) of every major Florida form I have seen does not provide for it anyway.
That being said, it is entirely SUBJECTIVE. It's just like evaluating an injury claim. You have nothing but jury verdicts to speak of, experience, etc. In even thinking about pursuing a diminshed value claim against a third party, you need to keep in mind the amount of actual damage done to the car, the repair quality, amount of surface painted, the age of the vehicle, the mileage on the vehicle, the resale of the vehicle, the rarity of the vehicle. All of these contribute.
I have litigated about 10 DV cases with verdicts. The most I have ever seen paid was a Ferrari 360 with $70k in damages get a $40k DV settlement post repair. The next was a new BMW Z3 (when the first came out) get an settlement of around $8k after taking a $20k hit. The rest were under $1,500 or received ZERO-NOTHING. The most important (and annoying) thing is the fact that you must have all of the repairs perfected as best as can be expected to even have your DV claim considered.
An insurance company may pay you a little something to go away, but most of the time, they dig in on DV claims. If you need any other info, let me know...
There is a ton on misinformation in this post. I won't pick it all apart, but as for diminished value, there is no first party diminished value in Florida within the law, and secondly, the insurance contract (policy) of every major Florida form I have seen does not provide for it anyway.
That being said, it is entirely SUBJECTIVE. It's just like evaluating an injury claim. You have nothing but jury verdicts to speak of, experience, etc. In even thinking about pursuing a diminshed value claim against a third party, you need to keep in mind the amount of actual damage done to the car, the repair quality, amount of surface painted, the age of the vehicle, the mileage on the vehicle, the resale of the vehicle, the rarity of the vehicle. All of these contribute.
I have litigated about 10 DV cases with verdicts. The most I have ever seen paid was a Ferrari 360 with $70k in damages get a $40k DV settlement post repair. The next was a new BMW Z3 (when the first came out) get an settlement of around $8k after taking a $20k hit. The rest were under $1,500 or received ZERO-NOTHING. The most important (and annoying) thing is the fact that you must have all of the repairs perfected as best as can be expected to even have your DV claim considered.
An insurance company may pay you a little something to go away, but most of the time, they dig in on DV claims. If you need any other info, let me know...
WELL, the insurance company called me yesterday morning, Dec. 5th, and they now say that there is only ~$14K (that they can see) in damages done to my car and that they no longer are going to total the car. I'm presently having an independent body shop tear the car apart to look for additional damages.
What I want to know, is there any way I can add the diminished value to the amount of damage to FORCE the insurance company to total out my car? I would REALLY appreciate a reply. BTW, there was NO other car involved in the accident. I hit a piece of wood in the road and nailed a guard rail. Frame damage both front and back of the vehicle.
Thanks in advance.
Last edited by neffster; 12-06-2005 at 07:26 AM.
#22
Originally Posted by neffster
Hey, I need your help. I was in a MAJOR accident on Tuesday morning (Nov 29th) and the insurance company told me my 2004 G (valued at $30,000) was totaled. On Friday, Dec. 2, the insurance company asked for my SSN, my loan number, the name of the lein holder and they told me that my car was totaled and that I should be receiving a check as of 12-12-2005 (or there abouts). On Saturday, Dec. 3rd, I went out and ALMOST bought a new car. I ended up leaving a deposit and am supposed to p/u my new car today or tomorrow.
WELL, the insurance company called me yesterday morning, Dec. 5th, and they now say that there is only ~$14K (that they can see) in damages done to my car and that they no longer are going to total the car. I'm presently having an independent body shop tear the car apart to look for additional damages.
What I want to know, is there any way I can add the diminished value to the amount of damage to FORCE the insurance company to total out my car? I would REALLY appreciate a reply. BTW, there was NO other car involved in the accident. I hit a piece of wood in the road and nailed a guard rail. Frame damage both front and back of the vehicle.
Thanks in advance.
WELL, the insurance company called me yesterday morning, Dec. 5th, and they now say that there is only ~$14K (that they can see) in damages done to my car and that they no longer are going to total the car. I'm presently having an independent body shop tear the car apart to look for additional damages.
What I want to know, is there any way I can add the diminished value to the amount of damage to FORCE the insurance company to total out my car? I would REALLY appreciate a reply. BTW, there was NO other car involved in the accident. I hit a piece of wood in the road and nailed a guard rail. Frame damage both front and back of the vehicle.
Thanks in advance.
You may have rental car coverage, but that will max out at whatever amount you purchased. That would be your only other leverage. I definitely would have a reputable shop do a complete teardown before writing a full estimate. The general rule of thumb is 80% of the value of the car deems it a total loss, however, if there is extensive, structural damage, it may be irrepairable or a reputable shop may not be 'comfortable' repairing it (remember, they have liability if the screw up repairs and you have a second loss)...
#23
Originally Posted by redwillow
it was pretty obvious that the insurance rep i saw was just making up numbers to try to keep the payment amount down.
I totally agree, i am sure that without a call from an attorney, i would have never seen a cent from this. They flat out had no intention of paying it without the threat of a lawsuit.
Interestingly, in GA and other states i believe it is determined by a formula and paid automatically.
I totally agree, i am sure that without a call from an attorney, i would have never seen a cent from this. They flat out had no intention of paying it without the threat of a lawsuit.
Interestingly, in GA and other states i believe it is determined by a formula and paid automatically.
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