diminished value fun
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Senior Member
Joined: Nov 2004
Posts: 154
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From: Puyallup, WA
diminished value fun
for those who havent followed my insane story since the beginning of month, here is a recap:
https://www.f150online.com/forums/20...truck-hit.html
I talked to the other person's insurance company and they are willing to pay me out diminished value for this incident. they told me that the property insurance will be maxed out for the person who did all this fun to 5-6 different vehicles. they called me back and they said to submit a simple letter stating i am requesting diminished value for my vehicle and they will have their adjuster process it. he said he is looking into how the insurance company pays this out because all the claims were processed and it almost maxed out the property insurance coverage of the person who did it. this other person had max $25k property damage insurance and they only processed 2 cars and almost had it maxed. he told me that they will process my request and go from there.
i plan on getting my ford dealership involved and i will submit a letter from them stating the vehicle is worth X on trade and it is worth X brand new. any of you guys out there deal with diminished value before and can tell me how all this works?
https://www.f150online.com/forums/20...truck-hit.html
I talked to the other person's insurance company and they are willing to pay me out diminished value for this incident. they told me that the property insurance will be maxed out for the person who did all this fun to 5-6 different vehicles. they called me back and they said to submit a simple letter stating i am requesting diminished value for my vehicle and they will have their adjuster process it. he said he is looking into how the insurance company pays this out because all the claims were processed and it almost maxed out the property insurance coverage of the person who did it. this other person had max $25k property damage insurance and they only processed 2 cars and almost had it maxed. he told me that they will process my request and go from there.
i plan on getting my ford dealership involved and i will submit a letter from them stating the vehicle is worth X on trade and it is worth X brand new. any of you guys out there deal with diminished value before and can tell me how all this works?
Senior Member
Joined: May 2004
Posts: 195
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From: Crestview, FL
have your insurance lawyers get with thier insurance lawyers. i dont really think the letter from a dealership will help. they insurance caompany has thier own "black books" to get values from
Technical Article Contributor
Joined: Mar 2009
Posts: 1,781
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From: Olive Branch, MS
I am an insurance agent licensed in MS and TN. Every state is different and I can't speak specifically for yours but here is what I would do.
You are going to need to call your company and probably end up filing it under your policy's uninsured or underinsured motorist depending on what your state laws are.
Once your insurance company pays you from your policy they have the right to go back and try to recover the money from the person who did the damage. This may take several years but if they are successful you should get back any deductible you paid as well.
If you decide to get an attorney you will probably have to pay for his/her services up front. The attorneys that advertise on TV are only interested in cases involving injury where they can build up pain and suffering damages and make their money. Once the liabilty policy is maxed out the insurance company is not obligated to pay any more and the lawsuit will have to be against the person who did the damage. This is assuming they even have the assets to pay.
I would let your insurance handle it. It will be less headache for you in the long run.
You are going to need to call your company and probably end up filing it under your policy's uninsured or underinsured motorist depending on what your state laws are.
Once your insurance company pays you from your policy they have the right to go back and try to recover the money from the person who did the damage. This may take several years but if they are successful you should get back any deductible you paid as well.
If you decide to get an attorney you will probably have to pay for his/her services up front. The attorneys that advertise on TV are only interested in cases involving injury where they can build up pain and suffering damages and make their money. Once the liabilty policy is maxed out the insurance company is not obligated to pay any more and the lawsuit will have to be against the person who did the damage. This is assuming they even have the assets to pay.
I would let your insurance handle it. It will be less headache for you in the long run.
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Senior Member
Joined: Nov 2004
Posts: 154
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From: Puyallup, WA
yeah my insurance company paid my deductible back in full already. the other insurance company is willing to work with me on paying me out for my truck. they just want a letter stating what i want and my local ford shop will appraise my truck for me and ill send it up with the letter. if there are any issues, i will call USAA and bring it up with them and see what they will do.
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Technical Article Contributor
Joined: Jan 2007
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From: Vernon, NY
Hate to say it.. my old boss bought a brand new '08 F150 and a car smashed it and moved it in a parking lot. Guess what? The other fellow had expired insurance. Guess who's insurance went up? My old boss'.
Tried to go to court and the boss' insurance company dropped him and he had to deal with the DMV and trying to get a new insurance company. Not fun.
Tried to go to court and the boss' insurance company dropped him and he had to deal with the DMV and trying to get a new insurance company. Not fun.
Senior Member
Joined: Nov 2006
Posts: 2,068
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From: So. Cal.
Hate to say it.. my old boss bought a brand new '08 F150 and a car smashed it and moved it in a parking lot. Guess what? The other fellow had expired insurance. Guess who's insurance went up? My old boss'.
Tried to go to court and the boss' insurance company dropped him and he had to deal with the DMV and trying to get a new insurance company. Not fun.
Tried to go to court and the boss' insurance company dropped him and he had to deal with the DMV and trying to get a new insurance company. Not fun.
Thread Starter
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Senior Member
Joined: Nov 2004
Posts: 154
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From: Puyallup, WA
yeah i made all my claims through my insurance company. my insurance company paid for everything on my end. tomorrow, im sending my diminished value info to the other insurance company. if i get nowhere, ill see what USAA will do for me. unfortunately i cannot sue the other person who did this to my truck. i have potential deployments coming up and im heading to the east coast this summer for air force stuff.