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Thread: GA Diminished value question

  1. #1
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    GA Diminished value question

    As you guys know, I have been driving a Buick around since my car is getting fixed after my incident with my neighbor. The insurance company wants to give me an insultingly low diminished value check (< $500). They said their estimate is based upon a formula decided by the state of GA. Is this true?

    My questions are: Is there really such a formula for determining diminished value? Do you guys know of any appraisers that can get me the most out of this situation? For those that i told, this insurance company is screwing me bad. I can't let them get away with what they are trying to do to me.

  2. #2
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    I don't know what the real answer is but if I am buying a car and one of them has been hit, I would pay at least $2-3k less for the car that has been hit (ie minor damage like repainted door or replaced bumper cover). If the damage was anything major potential buyers may not touch your car with a 10ft pole at any price. All of this should be factored into your compensation for the damage. I dont give a damn what their GA formula says, your insurance company has to make YOU whole.
    E91 Manual Wagon

  3. #3
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    i dont know if there is anything you can do. but do not cash that check if you may have a case.

  4. #4
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  5. #5
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    Since what brett has was a small fender bender does something like this get reported to carfax? If not then who would know if his car was in a wreck. As long as it gets factory oem parts and the damaged brett told me I think doesnt have VIN #'s on it. If I was to sell it I wouldnt say sh1t.

    [/b]

  6. #6
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    I am not exactly sure what you are asking but maybe this can help. If you get a quote to fix your car for $5k and then another quote for $8k the insurance company has to, by law, pay to fix the car where you want. So that means you get to choose the amount you recieve,$5k or $8k. Don't let then dictate how much it cost to fix your car.
    “The bitterness of poor quality remains long after the sweetness of low price is forgotten” – Benjamin Franklin

  7. #7
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    Quote Originally Posted by Dean
    Since what brett has was a small fender bender does something like this get reported to carfax? If not then who would know if his car was in a wreck. As long as it gets factory oem parts and the damaged brett told me I think doesnt have VIN #'s on it. If I was to sell it I wouldnt say sh1t.
    This is a fairly shady way of selling a car. If you sell a car to someone that you say has "never been wrecked or repaired" you can be sued for misrepresenting a vehicle by the new owner at some point down the road. Even if a car is repaired with OEM parts it is pretty easy to tell if anything on a car has been repainted.
    E91 Manual Wagon

  8. #8
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    like on the witness stand.............
    answer only the questions asked. never volunteer information.

  9. #9
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    There is a formula it is figured from the value of the vehicle multiplied by a damage factor (0 minor 1 medium 2 heavy 3 severe) and then that is multiplied by a mileage factor. I am a Customer Service Manager for a body shop. I do not deal with many issues on the insurance side but if you have any questions let me know.
    Rodney Atlanta/Dallas 1999 528i Sport <hr color="#C0C0C0"> M Front & Rear bumper covers, M front grilles, Decklid lip spoiler, Clear Xenon Angel eyes, Staggered M Parallel's 18x8"(front)/18x9.5"(rear)6" LCD Monitor

  10. #10
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    It's no E30.
    They are going to try to tell you that you HAVE to do it thier way.
    You don't have to play thier game, it is your car, your misfortune, and thier problem. Don't ever say anything definite until they have a number that satisfies YOU. Don't accept ANYTHING. They will try to keep everything as low as they can, that is thier job. The best thing you can do is to get some hard information on how much you know it will cost to fix your car at the best shop, and get it appraised by an independant contractor. They will still tell you that you are stupid and they will only give you so much, but if you wait and continue to say no, they HAVE to satisfy you.

    Hope for the best!

    Jesse



  11. #11
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    Quote Originally Posted by oHshiz
    I am not exactly sure what you are asking but maybe this can help. If you get a quote to fix your car for $5k and then another quote for $8k the insurance company has to, by law, pay to fix the car where you want. So that means you get to choose the amount you recieve,$5k or $8k. Don't let then dictate how much it cost to fix your car.
    I had to somewhat let them dictate how much it is to fix my car. The collision center HAD to work off the adjuster's estimate or the insurance company would not pay. I had to fight to get new parts put on my car rather than aftermarket or used parts.

    I am sure the damage will come up on a VIN check. When I traded my Infiniti in for my 323 and the Bimmerstore was looking up my car's value, they said they wouldn't give me as much because my car was in an accident (minor damage, just bumper cover replaced and painted). So I am sure this incident will show up since there is a lot more damage and work being done.

  12. #12
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    Thats what I was wondering. Who reports the new wreck to carfax? How does carfax get this info?

    [/b]

  13. #13
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    The truth is you did not HAVE to let them dictate how much it cost to have your car fixed. That is the truth. State law says that you can get WHATEVER quote you want to have the car fixed. Now I am sure that is within reason. I am sure you can't have your buddy who owns a repair shop quote you 20g's on a fender bender, that would be fraud.

    They know the law and they try to get people to believe it is their choice as to how much and where to get cars repaired. They pay people to manipulate customers. If no work is yet done on your car and you have not cashed a check(and not signed a release) I would get my car over to a reputable car repair shop and get it done how you want.
    “The bitterness of poor quality remains long after the sweetness of low price is forgotten” – Benjamin Franklin

  14. #14
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    Quote Originally Posted by Dean
    Thats what I was wondering. Who reports the new wreck to carfax? How does carfax get this info?
    Police reports/insurance claims

    I think its more a matter of who carfax looks for information from rather than who reports things to carfax. Five-o and insurance companies have nothing to gain by going out of the way to report car incidents to carfax(they will just waste money on labor).
    “The bitterness of poor quality remains long after the sweetness of low price is forgotten” – Benjamin Franklin

  15. #15
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    The final bill is looking to be around $3800..... which is over the $2500 estimate

  16. #16
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    "I had to fight to get new parts put on my car rather than aftermarket or used parts."

    Tell them it is fine to use the aftermarket parts, but when you get in another accident and anything happens to you or the passengers in your car you will hold everyone in their company joint and severably liable for any damange caused in the accident due to the use of inferior parts. Just ask them to sign the statement and they will usually shut up pretty quickly.
    E91 Manual Wagon

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