QuestionRichard,
My wife's 1 year old fully loaded toyota sienna XLE Limited was rear ended causing frame damage. because the retail value is around $30k and repairs are around $15k the insuarnce company is going to fix the car. I contacted a couple of dealers who stated they wouldnt touch a frame damaged car and the value of the car at best is going to be about 50% of pre accident retail price. the person who hit my wifes car has only $25k in coverage. I live in connecticut, how am i to proceed to collect the Dimished Value i am going to have
AnswerHi Kevin,
My primary job is that of a professional vehicle appraiser who specializes in diminished value appraisals. So I'm very familiar with the process.
Generally a vehicle will be declared a total loss if the total of the claim exceeds 75% of the value of the vehicle. I'm not sure how far into the repair process your vehicle is, but, you may still be able to get them to total the vehicle by pointing out the total cost of the claim, which is repairs + Rental car + diminished value = total claim.
Unfortunately this process is neither fast or easy. The insurance companies will not accept a quote from a car dealer as primary evidence of your diminished value due to their being bias. The car dealers you spoke with seemed to overstate your loss a bit probably because they don't want to fool with the vehicle at all.
You will need to hire an independent unbiased vehicle appraiser to inspect your vehicle after the repairs are complete, review the repair documentation and write an appraisal report that you will then submit to the insurance company. Then be prepared to negotiate a settlement.
You can take a look at my website www.collisionclaims.com or call me toll free at 1-866-438-6938 for additional information.
I hope this helps
Richard Hixenbaugh
