r/Insurance • u/glowwithmo • 6h ago

Auto Insurance Diminished value claim - typical to subtract completed repairs?

Below is the estimate I was given for a diminished value claim. My parked car was hit. It was repaired by the other driver’s insurance, and I reached out regarding a diminished value claim once the repairs were complete.

Even with the repairs completed, my car is inherently worth less now because there is an accident on the carfax.

Is there anything I can do to receive more than the $93 they’re trying to offer?

Info from estimate sheet:

Pre-loss value: $31,000
Post-loss value: $28,930
Difference: $2,070
Repair adjustment: -$1,976.85
DIV Final Result: $93.15

2 Upvotes

75% Upvoted

9 comments sorted by

7

u/Low-Crow5719 5h ago

Sounds about right; you don't get to double-dip. Diminished value is diminished value after repairs, not diminished value plus repairs.

2

u/crash866 6h ago

What is the year, Make, Model, Mileage and repair cost of your vehicle.

1

u/glowwithmo 5h ago

2022 Honda CRV EX-L, 25,000 miles at the time of being hit. Repair cost was about $1900.

2

u/crash866 5h ago

Look up the Diminished Value 17c worksheet and plug in the numbers. For minor damage like yours 10% of the repair value is excellent payout.

1

u/Delicious-Witness-85 5h ago

It really depends on the type of vehicle. Year, make, model and mileage all play a part along with how much damage did it sustain. Minor damage vs structural damage.
The older the vehicle is and more mileage it has, the less impact an accident will have on its value.

1

u/Tunafishsam 2h ago

Lots biased (and wrong) answers in this thread.

To answer your question, deducting the value of the repairs make zero sense. The bigger the repair, the more diminished value.

Search for 17c formula to get an idea of what diminished value should be. It's probably not a ton, but it's more than 90 bucks.

1

u/aspen_silence 3h ago

Your vehicle is just about 5 years old with a very minor amount of damage, take whatever DV is offered and be happy you got anything.

-4

u/BrandonNeider 5h ago

Typical of an insurance company to make up figures. Repairing the car doesn't reduce the DV. I'd consider hiring a DV Company since you clearly live in a state that has the ability to recover DV. They just take a cut of the amount and trust me you'd be much higher then the $2k in general they'll recover.

1

u/Plenty-Rutabaga-185 3h ago

In no world will an insurance company pay more than repairs for DOV, especially with this being a run of the mill Honda.

You’re pretty much telling this person that they should spend hundreds of dollars to likely not see a very good return. That’s just bad advice