Question about diminished value on 2003 Convertible

[Nancy S]

Hey everyone, I have a question about diminished value on my 2003 convertible. I was hit in the rear and had a bumper and rear quarter panel replaced, the whole rear end of the car was repainted and clear coated. The other guy's insurance company paid for the whole repair, but I am curious as to how I go about determining the diminished value of the car and if I am entiitled to it. Any one have any experience with this?

 

[C5Richard]

There's a basic checklist to calculate dv. Here is a copy of of DV report for an Audi.

RE: 2001 Audi TT Quattro 4-.8L-T 2D CNVT
VIN: TRUUT28N711014xxx

The results of my inspection are as follows:

*Overspray visible on left headlamp.
*Bolts on hood hinges marred.
*Seam sealer visible on left door.
*Left quarter panel has been repaired.
*Blemishes on left quarter.


Diminished value estimates:
3% Deduction for repaired left quarter.
3% Deduction for paint.
3% Deduction for seam sealer.
3% Deduction for overspray.

Estimate for for repairs still necessary: $820.07

Estimated retail value of vehicle: $37,800.00

Totals:
$37,800.00
- 4,536.00 Dimished value.
- 820.07 Repairs.
$32,443.93 Current value.

 

[C5Richard]

Here is a different one that was a bit worse.

RE: 2002 Mitsubishi Lancer OZ Edition
VIN: JA3AJ86E12U032xxx

The results of my inspection are as follows:

*Left rear quarter panel has blemishes on the paint.
*Lower panel left rear had blemishes on the paint.
*Seam sealer is visible and altered.
*Left real wheel well irregular.
*Left rear door well has severe blemishes.
*Visible roughness and scratches in the left rear door opening.
*Left rear door has over spray on rubber seals.
*Left front door has damaged rubber seals.
*Left center pillar has visible damage.
*Identification tags missing from door and pillar.
*Left rocker panel not sealed and incomplete.
*Left rocker panel moulding wrong color.
*Left door handles wrong color.
*Bolts that attached front fender not painted.
*Bolts on hinges and latches not painted and not aligned.
*Interior panel on left rear door damaged and should be replaced.
*Front bumper and rear bumper do not match color of repaired areas.


Diminished value is as follows:
6% Deduction for severe metal flaws.
3% Deduction for welds and seam sealer flaws.
6% Appearance.

Estimated for repairs still necessary: $2203.18

Estimated retail value of vehicle: $15,377.18

Summary:
$15,377.18
- 2306.00 Diminished value.
- 2203.18 Repairs.
$10,868.00 Current value.

Loss incurred: $4509.18

 

[Nancy S]

Thanks to all for your replies. I'll let you know how I make out with this!!!!!

 

[c5vetter]

First, what was the extent of the damage? What was the exact mileage on the car when the damage occured? I could go on and on with questions that you need to address. One of the most important - where do you live (ZIP CODE!)? If you are looking for additional $$$$ beyond what the insurance company "coughed up" these are the questions you need to address to arrive at a CORRECT FIGURE FOR YOUR CORVETTE, not for a Lancer or Audi.

 

[C5Richard]

First, what was the extent of the damage? What was the exact mileage on the car when the damage occured? I could go on and on with questions that you need to address. One of the most important - where do you live (ZIP CODE!)? If you are looking for additional $$$$ beyond what the insurance company "coughed up" these are the questions you need to address to arrive at a CORRECT FIGURE FOR YOUR CORVETTE, not for a Lancer or Audi.

Those were the summary pages from actual diminished value reports for claimants. Insurance doesn't pay DV to their own insured. It's assumed by that point there was an original repair estimate and repairs already done. There were shown solely for the purpose of being able to see how DV is calculated. They were a portion of the actual documents the insurance had to recognize and pay. More an example of what items they pay and how they calculate them. The complete report included pictures, appraisal by a public adjuster, and the original estimate that shows vin, mileage, etc...
One can collect DV plus the costs of repairing the "repair" as noted on the line that says "repairs still neccesary". The Corvette is still just a car aka a peice of property and is still calculated the same way.

Richard.

 

[Nancy S]

It is a 2003 Convertible with 20,000 miles. Repair bill was $3200.00, replacing the rear bumper, passenger side rear quarter panel, repainted entire rear end of car (trunk lid, bumper, both rear quarter panels, passenger door, hard cover for top), new molding on doors, new emblem on trunk lid. The trunk sits just a little to low now, and the repair shop says that probably cannot be adjusted. I have pictures of the damage, repair bill, the accident report (not my fault, other insurance company paid all). I'm just not sure what the next steps are for finding out a value to ask for or what the next steps should be. I'm in the Raleigh-Durham area of North Carolina. I am the original owner. Thanks.

 

[c5vetter]

as Richard noted - next step would be to have an IMPARTIAL adjuster look at the car and determine value of the Vette, based on everything that you indicated - there is definitely DV claim for deck lid. How well a job did the paint shop do in blending the paint, since you indicated entire rear and basically the entire passenger side were repainted - another significant DV claim area

 

[TheBlueVette]

Hey everyone, I have a question about diminished value on my 2003 convertible. I was hit in the rear and had a bumper and rear quarter panel replaced, the whole rear end of the car was repainted and clear coated. The other guy's insurance company paid for the whole repair, but I am curious as to how I go about determining the diminished value of the car and if I am entiitled to it. Any one have any experience with this?

Nancy -- sorry about your loss. I hate it when a nice car gets damaged.
Try http://www.appraisalgroupofamerica.com/ -- they specialize in diminshed value claims

- Dave

 

[C5Richard]

It is a 2003 Convertible with 20,000 miles. Repair bill was $3200.00, replacing the rear bumper, passenger side rear quarter panel, repainted entire rear end of car (trunk lid, bumper, both rear quarter panels, passenger door, hard cover for top), new molding on doors, new emblem on trunk lid. The trunk sits just a little to low now, and the repair shop says that probably cannot be adjusted. I have pictures of the damage, repair bill, the accident report (not my fault, other insurance company paid all). I'm just not sure what the next steps are for finding out a value to ask for or what the next steps should be. I'm in the Raleigh-Durham area of North Carolina. I am the original owner. Thanks.

You have to get a DV report that can cost as much as $300. You see on the examples that one of the cars had an appearance deduction. That applies to a case like yours that no matter what you do there will be an appearance issue. It's one of the larger deductions. Get an estimate from another shop for how much it will cost to fix the missalignment of the decklid. Technically if it will not align then there is still damage under the quarter panel and rear bumper areas. Anything that gets painted, not matter how good they are, will have tiny imperfections called "fisheyes". There's 3% deduction simply because the car got painted. There's a 3% deduction simply because the panels were replaced. Doesn't matter how good the repair was. Major appearance issues 6%. I had one lady come in that the shop changed the color of her brand new Jag for her as a favor without her asking for it. That was a huge 25% deduction. Personally I think the decklid could be fixed right. Typically only quarter panels that are welded on become permanent issues.

Richard.

 

[Nancy S]

Thanks Dave. I've sent them my info and they'll get back to me soon. Thanks to all for all the advice. I love this forum!!!!

 

[TheBlueVette]

Thanks Dave. I've sent them my info and they'll get back to me soon. Thanks to all for all the advice. I love this forum!!!!

Yeah, these folks are great.

- Dave