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Texas Diminished Value Claim?

Discussion in 'Texas' started by RussellVaughan, Dec 11, 2017.

  1. Dec 11, 2017 at 10:03 AM
    #1
    RussellVaughan

    RussellVaughan [OP] New Member

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    I was hit in April 2017, other driver was at fault and his insurance paid for repairs. I just learned over the weekend that texas is a diminished value state, meaning I could file a claim against his insurance for diminished resale value of my truck due to the damage and repairs. Anyone have experience doing this in texas? Particularly after the insurance company already paid for the repairs?
     
    4x4_Angel likes this.
  2. Dec 11, 2017 at 10:15 AM
    #2
    Stumpjumper

    Stumpjumper New Member

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    Talk to your insurance agent.
     
    ColoradoTJ likes this.
  3. Dec 11, 2017 at 10:32 AM
    #3
    gdiep

    gdiep I like cookies

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    Agree. I work in the industry, but am more familiar with Northeast states. The insurance regulations go by state, so your best bet is to talk to your agent. The other way to go is to reach out to the Texas insurance department. They regulate the business in Texas and will know what direction to point you in. Good luck.
     
    4x4_Angel likes this.
  4. Dec 11, 2017 at 10:37 AM
    #4
    4x4_Angel

    4x4_Angel Perfectly Imperfect Tomboy....TTC #132

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    Hmmmm....interesting! Let us know what you find out
     
  5. Dec 11, 2017 at 10:51 AM
    #5
    easleycrawler

    easleycrawler TOYOTA ADDICT- SSEM #78

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    I wrecked my 14' in June, wasn't my fault, the other parties insurance fixed my truck. Then we settled for a 6k deminished value. I did get a 3rd party involved, it cost me $250, but they did all the work for me, as far as contacting the insurance company, appraisal and all.
     
    geno0506 and NewImprovedRon like this.
  6. Dec 18, 2017 at 5:44 PM
    #6
    Steve Tundra

    Steve Tundra New Member

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    Yes you can. In my experience it would be better to hire an expert for this claim. The insurance will usually make some claim that your truck doesn’t loose value after an accident and offer you about 1k. If you hire a professional they will cost about 3-500 and get you about 3k I’m diminished value.
     
  7. Dec 18, 2017 at 6:18 PM
    #7
    Steve Tundra

    Steve Tundra New Member

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    Just so you know the insurance agent is not on your side. You went through this with geico. Accident not my fault on a 2016 4Runner limited with less than 10000 miles. They offered me 1100 I’m diminished value. There are really good diminished value 3rd party agents that can help you through the process. Took a little longer but they can get you what’s fair. In my case that was About 3500. So I spent 500 to get 3500 instead of 1100
     
  8. Dec 18, 2017 at 6:18 PM
    #8
    Steve Tundra

    Steve Tundra New Member

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    Sorry for went through this other geico
     
  9. Dec 18, 2017 at 6:22 PM
    #9
    easleycrawler

    easleycrawler TOYOTA ADDICT- SSEM #78

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    This is very true. The insurance originally offered me $500 for deminished value on mine. I hired a professional deminished value claim office out of Oregon. They handled all the dirty work for me. They valued the deminished value at 11k, we finally made a settlement of 6k. The professional I hired charged me a 1 time fee of $250. And they did not take a percentage of the settlement.
     
  10. Dec 18, 2017 at 6:57 PM
    #10
    Sunnier

    Sunnier “DO it!”

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    Anybody got recommendations of diminished value experts in TX for the OP, and one in SoCal for me?
    Please post 'em if you do!

    I've done a bunch of research that pretty much caused me to conclude it's worth it to hire someone to handle the claim (not your insurer but one of these diminished-value experts). If you do it yourself, you pretty much have to try selling your truck, so you can demonstrate that a buyer/ dealer offfered "diminished" value, compared to another same-options and mileage trucks, because of the collision. If you hire one of these experts, I assume, they draw from aggregated information....
     
  11. Dec 18, 2017 at 7:09 PM
    #11
    easleycrawler

    easleycrawler TOYOTA ADDICT- SSEM #78

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    Honestly, I just googled deminished value companies and picked one. I got lucky.
     
    Sunnier likes this.
  12. Dec 18, 2017 at 7:15 PM
    #12
    big_jarv

    big_jarv New Member

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    In for results.
     
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