Help with diminished value

[dub1ous]

2022 Model S (Refresh) got side-swiped on Nov 22. The other driver was clearly at fault. The First Tesla appointment at the authorized repair shop was 1/31/23. And I finally got the car back after a month. The damage was ~6000 to repair altogether.

1) How do I file a diminished claim? The car was worth a LOT more on 11/22 before two price drops from Tesla.
2) Is the Value calculated at the time of the incident or now?
3) I have no idea what I'm doing and would appreciate any help, or if anyone knows of lawyers in OH who are reasonable or any advice in general.

 

[ewoodrick]

2022 Model S (Refresh) got side-swiped on Nov 22. The other driver was clearly at fault. The First Tesla appointment at the authorized repair shop was 1/31/23. And I finally got the car back after a month. The damage was ~6000 to repair altogether.

1) How do I file a diminished claim? The car was worth a LOT more on 11/22 before two price drops from Tesla.
2) Is the Value calculated at the time of the incident or now?
3) I have no idea what I'm doing and would appreciate any help, or if anyone knows of lawyers in OH who are reasonable or any advice in general.

A lot of that depends on your insurance policy. Do you have replacement coverage? New value coverage?

 

[dub1ous]

A lot of that depends on your insurance policy. Do you have replacement coverage? New value coverage?

Why mine? I plan on filing it against the person who hit me?

 

[Rice&Curry]

I am not sure if this is possible, best for you to a lawyer.

 

[PEMDAS]

I'm a lawyer. Albeit I am not an insurance attorney. If the other party is at fault you are entitled to diminished value. I would get a local attorney but be careful that you find one that you trust, which can be difficult at times. And dealing with insurance is like dealing with the devil. Don't believe anything they tell you.

 

[Fazooley]

2022 Model S (Refresh) got side-swiped on Nov 22. The other driver was clearly at fault. The First Tesla appointment at the authorized repair shop was 1/31/23. And I finally got the car back after a month. The damage was ~6000 to repair altogether.

1) How do I file a diminished claim? The car was worth a LOT more on 11/22 before two price drops from Tesla.
2) Is the Value calculated at the time of the incident or now?
3) I have no idea what I'm doing and would appreciate any help, or if anyone knows of lawyers in OH who are reasonable or any advice in general.

From what I always understood your insurance provider would go after them for diminished value when calculating the payout. They usually negotiate this with the other provider, at least that's what happened to me in the past.

 

[airborne spoon]

i thought diminished value was only if it was totaled out. How the hell does that work if the car has been repaired and is back to new condition? i dont see the point of a diminished value claim in this case please explain.

Also i just got my car fixed for wind and sand damage and it cost USAA $17,000 and i didn't pay a penny since i'm all about that $0 deductible on comprehensive life.

 

[dub1ous]

i thought diminished value was only if it was totaled out. How the hell does that work if the car has been repaired and is back to new condition? i dont see the point of a diminished value claim in this case please explain.

Also i just got my car fixed for wind and sand damage and it cost USAA $17,000 and i didn't pay a penny since i'm all about that $0 deductible on comprehensive life.

The idea is that, now, your car is worth less (value has been diminished.) If there were two identical cars for sale, one with zero accidents and one with an accident that took 10K to fix, then the accident car is now worth less by X dollars. Most people/companies will not value both cars identically even if it has been repaired.

 

[dmurphy]

The idea is that, now, your car is worth less (value has been diminished.) If there were two identical cars for sale, one with zero accidents and one with an accident that took 10K to fix, then the accident car is now worth less by X dollars. Most people/companies will not value both cars identically even if it has been repaired.

The thing is -- the formula they use to calculate DV is ridiculous.

They use something called the "17c" formula and it's designed to minimize payouts.

Honestly, many times I don't think it's worth the fight.