Diminished value

[Ruturaj]

I have 2019 Kia Stinger GT2 AWD with 36k miles. I had hard time proving my depreciation/diminished value on our stinger was more than 3.5k due to accident. Insurance agent argued that similar car in good condition sales for 34800 and rough state for 31525, he can give me rounded difference of 3500. I couldn't find similar car with similar previous damage to show it would depreciate more. Closest I could find on auto trader was this, which is priced more Autotrader - page unavailable

Pictures before repairs

Pictures after repairs


Anyone seen any local similar car on dealer website with similar damage?

 

[Ruturaj]

They used NADA value, values have changed but difference is still 3275 which will be rounded to 3500

Used 2019 Kia Stinger Sedan 4D GT2 AWD Turbo Ratings, Values, Reviews & Awards

Get accurate pricing information for a used 2019 Kia Stinger Sedan 4D GT2 AWD Turbo, and explore other options.

www.jdpower.com

 

[Volfy]

Take it to Carmax for an appraisal. They, for sure, will pull Carfax to check from frame damage.

 

[Ruturaj]

Take it to Carmax for an appraisal. They, for sure, will pull Carfax to check from frame damage.

Insurance agent wants to see selling price not the trade in price. He told me, if I sold my car he can watch the price by seller and adjust accordingly.

 

[Volfy]

Insurance agent wants to see selling price not the trade in price. He told me, if I sold my car he can watch the price by seller and adjust accordingly.

They can compare what Carmax's offer price with trade-in values reported by KBB, Edmunds, etc. If there is a large difference, then you have a case.

Realistically though, if they are willing to spot your $3,500 on top of having your car properly repaired, I'd say that's not too bad.

 

[Ruturaj]

They can compare what Carmax's offer price with trade-in values reported by KBB, Edmunds, etc. If there is a large difference, then you have a case.

Realistically though, if they are willing to spot your $3,500 on top of having your car properly repaired, I'd say that's not too bad.

They are not doing out of their good heart or anything. It's the state rule. And if I didn't have asked for it then they are not required to tell me. Just because I was informed of state law, I was able to make the claim. They low balled me at 1.5k first, then they pulled up car fax report which showed an accident in 2019, which was wrong, upped their offer to 2k then 2.5 after few days. I contacted carfax and got previous wrong accident removed, then insurance upped final offer to 3.5k based on NADA numbers.

Edit: Tried CarMax online and trade in is same regardless of accident.

 

[Volfy]

Sounds like you've done your due diligence and fought the good fight. Just wondering though... is this your own insurance company, or the other (at-fault) driver in the accident that caused this damage?

 

[Daeric23]

They used NADA value, values have changed but difference is still 3275 which will be rounded to 3500

Used 2019 Kia Stinger Sedan 4D GT2 AWD Turbo Ratings, Values, Reviews & Awards

Get accurate pricing information for a used 2019 Kia Stinger Sedan 4D GT2 AWD Turbo, and explore other options.

www.jdpower.com

View attachment 84642

I also need help with getting a diminished value claim set up with insurance.

I was involved in an accident but haven’t filed for one yet. I have until Sept24 before the 2 years hits. What’s your recommendation when filing for a claim (I was not a fault so it’s their insurance)? Do you just give them what you think you lost in value? Or use that JDPower website?

Originally my car would be considered “clean condition”? So does insurance now consider it average? Or “rough”? How would I persuade them to give me more than $1,500 because I’m sure it’s diminished more than that.

Would like any help or assistance who's had experience filing for a diminished value claim or how to figure out how much value I lost? And how to reason with insurance.

I feel like 3k would be reasonable like they offered you.

 

[Ruturaj]

I also need help with getting a diminished value claim set up with insurance.

I was involved in an accident but haven’t filed for one yet. I have until Sept24 before the 2 years hits. What’s your recommendation when filing for a claim (I was not a fault so it’s their insurance)? Do you just give them what you think you lost in value? Or use that JDPower website?

Originally my car would be considered “clean condition”? So does insurance now consider it average? Or “rough”? How would I persuade them to give me more than $1,500 because I’m sure it’s diminished more than that.

Would like any help or assistance who's had experience filing for a diminished value claim or how to figure out how much value I lost? And how to reason with insurance.

I feel like 3k would be reasonable like they offered you.

1500 was without anything, a low ball offer, then it was increased to 2000 then 2500 while arguing that car had previous accident. Once that was removed, they offered 3.5k.

 

[mancinia]

Following... I also had an accident in my car over a year ago (not my fault) and wanted to claim diminished value. There is no clear process online to help.

 

[CrashBandit GT Sky]

Hey sir I have questions is this on a total loss or fixable car pricing I’m pretty young new and just got in a accident. If they have pm or you have Fb messenger could you please message be there?!