Check Arrived! Auto accident - Diminished Value: How to calculate? How to pursue?
11/24/08 5:39 AM
I searched on this site, and could not find. In addition, I searched on the internet, but only located sites that want cash up front to give you a calculation.
Long story short. I was in an auto accident. I was rear ended while I was stopped at a traffic light. There were no injuries. Other drive is at fault. $1800 estimated damage. Police cited her. I will be having my car (07 Camry 36000 miles) repaired under my collision (as my insurance company - NJ Manufacturers -approves original mfr parts). Once completed, they will go after the other drivers insurance for reimbursement.
1. How do I arrive at an estimate for diminished value? ( I plan on getting some input from the collision repair shop after the repair is completed. Car does not go in to the shop for several weeks still (car is drivable)
2. How do I pursue this? (I plan on talking with my agent, but wanted FWF
community advice first)
I purchased the $70 report from www.dvassess.com, followed the instructions, and uploaded it via Geico's secure web site
Geico came out to inspect the car. I refused to engage in conversation and restated that all communication should be in writing
Uploaded a letter to Geico demanding immediate payment as I had not heard from them in writing in 10 days as my letter demanded
Just received a call from Geico. (The other parties insurance company)
They are paying the entire diminished value claim of $1153.29 This is comprised of $1083.04 of Diminished Value and $69.95 for the cost of the report) as compensation for the diminished value of my vehicle. Payment should arrive in 7-10 business days
This is over and above the full cost of repair for my vehicle ($2300)
I received the following email from Geico
On 01/16/2009, we mailed a 1153.29 payment under the DIMINISHED VALUE coverageSource: www.fatwallet.com