$10K Diminished Value Settlement!
02-08-2007, 05:51 PM
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$10K Diminished Value Settlement!
I know a lot has been written in this forum about DV claims. But I just thought I would share a recent painful DV claim experience that has a nice ending. Maybe this will help some of you who were victims of an accident. Quick recap, my car got smashed by an idiot in a M-B ML talking on his cell phone last April. Nothing major, no injury, no airbags deployed, just a nasty hit on the frame. The Audi shop in GA took 4 months to fix the car right and (over)charged the insurance company $20k for their work. After taking the car back 5 times for touch ups (I am very picky about my S4) and calibration, I have to say it drives like a new car since last August. I submitted a diminished value claim in August. My insurer initially offered $4k. This is a typical low ball offer using the 17(c) formula. I obviously declined. The DV clause then kicks in and you need to find an appraiser. I found a good one online who does all the work for $399 (collisionclaims). His estimate showed a DV of $12k that he submitted to the insurer's appraiser. The insurer's appraiser estimated the DV at $8k. We offered to split in the middle at $10k and the insurer refused. The next step in the DV clause is to find an umpire (basically a third appraiser) acceptable to both parties. Once one of the appraiser comes to an agreement with the umpire, the case is final. The umpire and my appraiser came to an agreement on $10,300. I got the check in the mail today. Not bad for a car I paid $45K that runs in perfect condition!
