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Complaint 31 of 36 in "Claim Denied or Delayed"
Insurance Carrier: Auto-owners Insurance Company
Auto-Owners Insurance Company is offering $769.00 for a diminished value claim of $3900. They are basing their offer on a percentage of the repair cost and not on the value of the car. I have a report done by an adjuster that claims that the car has diminished by $3,900 (15%). The value of the car at the time of the accident was about $26,000.
Insurance Expert Answer:
Diminished value claims are highly speculative, and they are sort of like saying you lost $X as the value of your home fell yet you're not trying to sell it. The loss is not "realized" until you sell it. If you hold onto the car the loss is zero. If you sell the car now there is a measurable loss. The other driver's insurance company will say no way (and in some states there seems to be strong legal authority to back that up) and "if you think you're entitled to it, sue us."