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 > Diminshed Value Claims

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westernrvparkowner

montana

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Posted: 09/13/19 11:46am Link  |  Print  |  Notify Moderator

TonyandLesley wrote:

. Also, its a legal obligation that if you sell private, you must inform all and any potential buyers, of all accidents reported!

.
Not true. Private sellers are generally not obligated to disclose anything regarding a vehicle they are selling. At most, they may be obligated to disclose that the title is a branded (reconditioned, salvage etc.). They may also be required to disclose a known existing defect that effects the safety of the vehicle, such as they stuck the brake pads on with chewing gum. Otherwise, it is Caveat Emptor, let the buyer beware.

Bill.Satellite

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Posted: 09/13/19 04:58pm Link  |  Print  |  Notify Moderator

Come on, get over yourself. Don't let the lawyers sway you from reality. Just make a settlement with the insurance companies and move on. I know we would rather sue someone in hopes of getting rich, but the reality is that an accident happens by accident. If if did not it would be called an "on purpose".


What I post is my 2 cents and nothing more. Please don't read anything into my post that's not there. If you disagree, that's OK.
Can't we all just get along?

JALLEN4

SouthWest Ohio

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Posted: 09/14/19 05:49am Link  |  Print  |  Notify Moderator

ST LUCIE APPRAISAL wrote:

TonyandLesley wrote:

ST Lucie Appraisal. Yes, you are correct, opinions seem to be what you must gather. However, in the eyes of the insurance company you are dealing with for the claim, we at least have been told, "statistical" data presented is not sufficient....basically all opinions you gather and present are not enough to satisfy your claim. So if not acceptable, what is??

What makes you think that the unbiased opinions of six professionals in the business of buying and selling RVs aren't enough to satisfy your claim? I'm pleased that some of those who posted on this thread aren't magistrates. Ultimately, if the insurance company attempts to low-ball a claimant, the RV owner can obtain satisfaction (as well as reimbursement of costs) in a court of law.

I should add that your obtaining these dealer quotes will likely get you nowhere because the dealers could be considered "interested parties" whose objective is to make a profit. If an independent appraiser queries the dealers with the understanding that the RV isn't available for purchase or trade then they are unbiased opinions which has evidentiary value.


You are going to disclose to these folks you do these diminished value claims for a living and your answers might be a bit biased?

wildtoad

Blythewood, SC

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Posted: 09/14/19 06:38am Link  |  Print  |  Notify Moderator

So what kind of damage was sustained in the first place? How much less in value (perceived) has the rig incurred? These things have very poor resale value as it is, so how much worse could the “fender bender” make it?


Tom Wilds
Blythewood, SC
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Bert Ackerman

Palm Beach

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Posted: 09/14/19 06:56am Link  |  Print  |  Notify Moderator

wildtoad wrote:

So what kind of damage was sustained in the first place? How much less in value (perceived) has the rig incurred? These things have very poor resale value as it is, so how much worse could the “fender bender” make it?


Yes Sir, the diminished value happened the day the sales contract was signed. More fitting to sue the dealer and RV manufacturer.

Walaby

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Posted: 09/14/19 08:04am Link  |  Print  |  Notify Moderator

Diminished value, I believe, might be looked at differently, depending on what state you live in. Here in Georgia, it's virtually automatic. Don't have to ask for it. My car was hit (not my fault), other drivers insurance company paid, no problem. Received a check about two weeks after the repair. Never had to ask for it.

And yes, two vehicles of equal quality, one accident free, the other with reported accident, the value of the accident free vehicle will be higher. Higher trade in, higher resale, etc..

As far as private sellers having to disclose all accidents (by law), have no clue how people can make this stuff up and believe it.

Mike


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rgatijnet1

Florida

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Posted: 09/14/19 08:25am Link  |  Print  |  Notify Moderator

Walaby wrote:


As far as private sellers having to disclose all accidents (by law), have no clue how people can make this stuff up and believe it.

Mike


If it is on the internet it has to be true. [emoticon]
Even auto dealers in Florida do not have to disclose anything if they put a simple note on the vehicle that says basically "As is, no warranty".

ItsyRV

Desert SW

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Posted: 09/14/19 12:12pm Link  |  Print  |  Notify Moderator

Walaby wrote:

And yes, two vehicles of equal quality, one accident free, the other with reported accident, the value of the accident free vehicle will be higher. Higher trade in, higher resale, etc..

For regular cars and trucks, diminished value is very easy to see. The very thing the insurance companies use to calculate values in total loss claims is the very thing that shows the diminished value of a car with and without an accident.

In my case, we used some previously obtained valuation reports on total loss claims to get another $2,800 for diminished value after I got sideswiped. They paid for the repairs at the dealer and my rental, but they balked at the car being less valuable due to the stigma of the reported accident. The total loss valuation reports on similar cars clearly showed the insurance companies reduce the value of cars that were involved in accidents and they attached a dollar value to that deduction. I figured, if the insurance company and all the third party valuation companies use diminish value to reduce payout values due to a reported accident, why can't I use it also? It took a bit of pushing but they came around.

Just about everyone I know who understands diminished value and demanded it from the insurance company, ultimately ended up with the money. Not surprised some states are finally telling insurance companies to pay up what they owe without having to have the customer fight you for it. My state does not require automatic diminished values but they do require the insurance company to pay the customers lawyers fees if they had to hire a lawyer to get the money they are owed.


1994 Itasca SunDancer 21RB - Chevy G-30 chassis.


ST LUCIE APPRAISAL

Fort Pierce

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Posted: 09/14/19 12:50pm Link  |  Print  |  Notify Moderator

JALLEN4 wrote:

ST LUCIE APPRAISAL wrote:

TonyandLesley wrote:

ST Lucie Appraisal. Yes, you are correct, opinions seem to be what you must gather. However, in the eyes of the insurance company you are dealing with for the claim, we at least have been told, "statistical" data presented is not sufficient....basically all opinions you gather and present are not enough to satisfy your claim. So if not acceptable, what is??

What makes you think that the unbiased opinions of six professionals in the business of buying and selling RVs aren't enough to satisfy your claim? I'm pleased that some of those who posted on this thread aren't magistrates. Ultimately, if the insurance company attempts to low-ball a claimant, the RV owner can obtain satisfaction (as well as reimbursement of costs) in a court of law.

I should add that your obtaining these dealer quotes will likely get you nowhere because the dealers could be considered "interested parties" whose objective is to make a profit. If an independent appraiser queries the dealers with the understanding that the RV isn't available for purchase or trade then they are unbiased opinions which has evidentiary value.


You are going to disclose to these folks you do these diminished value claims for a living and your answers might be a bit biased?


That's an asset to you because I'm happy to share my experiences so you'll be treated fairly. I'm definitely biased toward you and not the other way around. Insurance companies aren't nice people. They will send you packing without a dime every chance they get.

ST LUCIE APPRAISAL

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Posted: 09/14/19 12:51pm Link  |  Print  |  Notify Moderator

Bert Ackerman wrote:

wildtoad wrote:

So what kind of damage was sustained in the first place? How much less in value (perceived) has the rig incurred? These things have very poor resale value as it is, so how much worse could the “fender bender” make it?


Yes Sir, the diminished value happened the day the sales contract was signed. More fitting to sue the dealer and RV manufacturer.


You are confusing Diminished Value with Depreciation.

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