Diminished value

My truck was hit in a parking lot and incurred what I consider to be significant damage. I'd like to be made whole as the value of my truck compared to a vehicle that's never been in a wreck is surely different. How do I go about determining the value? Does anyone have any suggestions?

The vehicle in question is a 2018 Tundra 4x4 limited.

Thanks for your help . I'll post details if desired when the repairs are completed to my satisfaction and I have the vehicle back in my possession.

 

Thanks for the information, this is helpful.

By structural damage, I assume that you're referring to the frame? Would damage to the radiator support/tie bar be considered structural damage? It is welded in.

Thanks again for your help.

 

It's really hard to find a legitimate DV provider. I actually had my frame bent, and kept running into folks who will provide an appraisal that Anybody could do themselves with a little research.

I pretty much came to the determination that you would need to do the leg work yourself and take the insurance company to court yourself to have any chance of a fair settlement.

I found a situation similar to mine where a USAA driver f'd up another USAA drivers brand new vehicle (mine was 7 mos, this guys was only two weeks old! and sustained more damage), and USAA only offered him like $1200 DV. It's a joke. Which is why I say be prepared to go to court to get a fair settlement.

 

We gave someone an appraisal with and without damage at the dealership I work at and gave print outs of trade in/retail values in our region to substantiate our eval. They received a check for $3600 from the insurance company. He did not have structural damage, but the accident caused front, rear and one side of damage. Guy said it took a bunch of calls to his insurance company and the other guys insurance, coming to dealership for the eval, providing documentation, etc but he did get the money in a short time. Good luck.

 

Thanks guys. I don't respond well to people trying to take advantage of me. I'm expecting to have to fight. Since I've not had to deal with this before, I wasn't sure where to start. Looks like I'll strts with the body shop, the dealership and the usual online guides.

 

I suggest giving the insurance company time to make you an offer that you might find acceptable. There is a complicated formula involved, but it's likely that you will be able to negotiate the amount. If this fails, then you need something to justify a more generous settlement. An independent appraiser may be helpful, but by all means check out reviews, reputation, etc.

 

Some states are easier to make claims for diminished value than others. It has to do with the fact that there are 50 different state insurance departments, each with their own regulations. In NY, the regulations state that insurance policies have to pay the lessor of the cost to repair or the value of the vehicle. Because of that, insurance companies write their policy language specifically to pay out this way. So their policies don’t pay diminished value. You can make a claim for diminished value against the other party’s insurance company if they are at fault. This is because the policy language doesn’t apply to you since you aren’t a party to that policy.

 

If the insurance company throws a fair offer on their first shot, I might die of shock. I want as much information as I can stuff into my head before that call happens. Otherwise, I won't have a clue as to what fair looks like.

Thanks for all of your help.