Need help fighting insurance company for "diminished value"

[atwnsw]

I was in a relatively minor accident when a person backed into my 2006 Porsche Boxster S. They are at fault and the accident happened in Georgia and their insurance company is State Farm. I bought it last year brand new from a dealer for $47,500 and live in Tampa, Florida where it is being repaired. My car only has 7,500 miles.

The total damage is only $1,600 (based on estimate - however could be higher). Replacing front bumper, grill and headlights.

I know the damage is relatively minor but I have no doubt that it will cost me at least another $1,500 to $2,000 in diminished value now that it has been in an accident when I go to re-sell the car.

I am aware there is a high probablility that I will get nothing from the insurance company but am willing to try; therefore, I also don't want to sink a ton of $$$ into fighting them by hiring an attorney.

So, my option is to try and fight them myself. I did a search on the internet and found several "specialists" on fighting a diminished value claim and they tried selling me $600 services that I would need.

I have to believe with all the resources on the internet that somebody has posted sample letters and information that will assist me in fighting this without spending $600.

I don't mind spending a couple of hundred but need a direction on where to get started.

Can somebody help?

Thanks in advance.

[70Sixter]

This came up before and somebody posted this web site.

http://www.ican2000.com/dvfaqs.html

Hope it isn't one you already tried. I have no idea if this is good info and have no connection. I just saved it for reference "in case."

PCA will do valuations for members. Might help substantiate your claim. I get them periodically for my 914 and its stated value insurance.

[atwnsw]

Thanks for your response.

I knew about the link you shared below but didn't know about PCA. I went to PCA's website and unfortunately the valuation is only for older cars, unless I missed something. Read what they say below:

Which Porsches are included?

Within these ground rules, just what "older" Porsches does the committee cover? The table below has the answer. You'll notice immediately that newer models aren't covered. The new years are covered by the various industry "blue books" and we couldn't argue with these learned sources even if we wanted to.

This came up before and somebody posted this web site.

http://www.ican2000.com/dvfaqs.html

Hope it isn't one you already tried. I have no idea if this is good info and have no connection. I just saved it for reference "in case."

PCA will do valuations for members. Might help substantiate your claim. I get them periodically for my 914 and its stated value insurance.

Edited April 27, 2008 by atwnsw

[White987S]

Atwnsw, I would just go and negotiate this with State Farm. Try to show them some type of "proof" to support your DV claim of $1,500-2,000. Maybe a well crafted letter from the used car manager from your Porsche dealership and/or a few other letters like this from exotic car dealerships in your area. I think you can prevail. There is a win-win solution here.

What if SF says "no"...can you make a claim against your own policy...for example in the underinsured section?

[autodamageexperts]

You should absolutely pursue diminished vaue it could mean as much as 10-20% of the value of your vehicle, you can look to ican200 as was mention above to find a reputable source near you.

[renzop]

Assuming you have not accepted any money from the insurance company you can probably negotiate the settlement.

1) Get them to appraise the damage and get their first offer. State Farm has lots of drive-in claims center; go to one of them not an independent body shop.

2) Go to your Porsche dealership and get an estimate from them

3) Go to 2 other expensive repair shops and get estimates.

4) The average of your 3 estimates should be significantly higher than theirs. go back to them demanding that amount plus your time investment at $50/hour. The difference should cover your diminshed value without ever getting into this dubious area of the law.

5) Refuse any lower offers

6) If all else fails, take them to court

BTW, you do not invest any money by getting an attorney to fight your case if they take it on a contingency basis.

However, you gotta ask yourself whether all this effort is worth the relatively small amount of the diminished value. And you have to ask yourself whether you will ever "see" the diminshed value. How long will you keep the car? Will you sell it privately or will you trade it in? If it were me (and I had a similar thing happen to a rare car of mine) I would just let it go. Life is too short. Get the car repaired, get the top down and seek thee some curvy roads and sun.

Regards,

Alan

Edited May 5, 2008 by renzop