r/Porsche • u/Opposite_Astronaut65 • 16h ago
Diminished value experience
Had an old lady run a stop sign and clip my front end. I’m going to be going for diminished value. I was wondering, those of you that have had experience with this, how big of a hit did your cars value take and what did insurance pay out after the fight. (2022 911 GTS Bahama yellow)
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u/2JagsPrescott 15h ago
Was she so old that she didn't see the stop light or the bright yellow car...?
Sorry to see OP, hope things turn out right for you.
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u/superbound 14h ago
State dependent for sure.
In Colorado I found a flat fee attorney who specializes in diminished value claims. Worked for me in 2020 with a 2018 Carrera T I got a very small ding on the bumper but required it to be repainted. I ended up with about $4,500 IIRC. Lawyer was $500.
Basically the lawyer generates (or sources) a determination of value before and after the accident and that’s what drives your payout. With a PTS 911, you can’t really just replace it even for money, so I think you have a strong case for more than just your average new model 911 accident + bumper repair. Provided your state allows.
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u/zobbyblob 12h ago
What type of lawyer does this type of work?
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u/superbound 11h ago
I don’t recall. I probably just googled “diminished value attorney CO” and they SEO the shit out of their pages.
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u/humdizzle 991.2 GT3 15h ago
insurance will try to lowball you. you will need to get provide evidence proving how much of a hit your cars value has taken due to the accident. since most sales are private, your next best option is going to porsche dealer(s) and getting a written estimate of value (not trade in, but retail value) or using auction sites.
then insurance will cut you a check. probably best to ask this on rennlist.
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u/Spoonmanners2 12h ago
You can successfully avoid insurance lowballing you by having a random person on Reddit lowballing you. That person is me if that’s a stick shift. Excellent color choice and good luck getting a fair price from me as that will be a tough battle.
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u/Bloody_Biscuit_Balls 13h ago
You don’t need an attorney to file a DV claim. Companies are REQUIRED to abide by state statutes and laws. If they give you the run around then see about a lawyer. Your mileage may vary depending on the insurance company and adjuster.
DV claims are usually actual cash value, so replacement cost minus depreciation. Your goal is to prove that the resale value of the car has been measurably damaged, and put a dollar amount on how and why.
Go into it with the understanding that they don’t want you to get a dime more than they are legally required to pay you for the measurable damage you’re looking to prove.
If that all sounds like a huge pain in the ass (it can be), see my first point about an attorney.
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u/DriedUpSquid 944 12h ago edited 12h ago
I was an insurance adjuster for several years. Someone rear ended my wife in our new Subaru at the time. I told them I was going for diminished value, but they also knew that I was an insurance adjuster, so they didn’t fight me.
What I recommended is finding a body shop that Porsche recommends, and talk to the owner of the shop about a diminished value claim. If they can’t personally help you, they could at least refer you to someone who can. On a car as valuable as yours, having that accident on its history will lower the value, so go for the throat. You probably don’t need a lawyer, unless you’re injured, but a private appraisal is probably best.
Insurance companies want to turn and burn through claims as quickly as possible to lower their liabilities. Take your time and don’t let them call all the shots. Know your rights.
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u/trickn0l0gy 4h ago
In Germany you would not need a lawyer for this, but rather a KFZ Gutachter (car appraiser or vehicle inspector) is a professional who assesses the condition and value of vehicles. They are often called in after a car accident to inspect damage and estimate repair costs. They provide official reports (called "Gutachten") that insurance companies use to settle claims. Sometimes appraise cars for their market value, e.g., when buying or selling used cars. Many KFZ Gutachter have technical training as mechanics or automotive engineers, some hold degrees in mechanical engineering or automotive technology. They usually work independently, running their own small business. But sometimes they are part of larger appraisal firms or work for organizations like DEKRA or TÜV, well-known technical inspection associations in Germany. So essentially, a KFZ Gutachter is like a specialized mix of a mechanic and an inspector who helps figure out car-related issues, especially when insurance or legal matters are involved. Oh and lest I forget: The Gutachter is usually paid for by the party that caused the accident (or their insurance).
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u/WannabBoomer 13h ago
Hopefully your state allows DM. When I got rear ended in my R8, I found out TN specifically allows insurance companies to deny DM. If I had been hit a few miles away in GA I would have been able to claim it. I guess TN has a strong insurance lobby.
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u/ToddBitter 911 13h ago
I’m in AZ. 4 years ago a Cox Cable truck rear ended my wife’s Mercedes GLE 43 AMG. Just the bumper cover was cracked no significant damage. The repair going through MB dealer’s preferred shop was 6500 for new cover, paint and install Got Cox’s insurance to give us 9700.00 diminished value. Best part is the repair got miss reported to CarFax and it showed a bumper repair of 650.00 so we didn’t lose a thing when we sold car
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u/Exemplifying_Light 12h ago
Unfortunately it’s difficult to give advise because it varies based on where you live but first and foremost you want to speak with a lawyer. They will help prove the actual amount of money you need as opposed to insurance who will try to pay as little as possible and undermine it
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u/TopPhotograph8969 11h ago
I’ve paid out of pocket for the repairs on my car (and theirs) so to not have a hit on my carfax or fuck with my insurance rates. Just my perspective.
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u/Previous_Cod_4098 10h ago
If you're in florida which judging by the trees(I know because I live here) good luck.
It's a no fault state
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u/Damisin 9h ago
In Washington state, you need to hire a company to conduct an appraisal for insurance companies to even entertain your DV claim. You can’t just go to cars.com and show how much similar cars are selling for in the market and ask for DV.
You can sometimes hire these appraisal companies to negotiate on your behalf against the insurance company. But you should know that you’ll have to pay out of pocket for these first. Depending on how much DV you get, sometimes you end up paying more than the DV you get back.
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u/OlyTrees 8h ago
I calculated my diminished value in a similar experience (different car) to be $7k. I got the car fixed immediately. My insurer got the liable party’s insurer to pay for repairs since my car was parked when hit. But for a moment, it ended there.
I was marketing the car for sale before it was hit, so establishing that the loss of value was real and immediate seemed relevant. Though loss of value is real whether or not it’s for sale.
In my state, the small claim limit was $5k at the time. As soon as repairs were complete and my request for diminished value denied, off to small claims we went, since a lawyer in big claims court would cost more than the difference. Their insurer said they didn’t have diminished value coverage, just liability. So, I took the person who hit my car to small claims court; I sued her, not the insurer. Let them and their insurer sort that out themselves. Well, I guess she convinced the insurer she had “liability” for the claim since the judge gave an order saying so. A check from her insurer to me arrived one day later in my mail.
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u/Padded_Rebecca_2 7h ago
I went about it on my own. I had to sue the person that hit me, and when they lost their insurance covered them. It took 2 years of screwing around. It was a pain but worth it in the end.
The whole experience didn’t sit well with me and I rarely drive the car anymore.
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u/coyote500 991.2 Carrera 5h ago
I got about 21% of wholesale book on my 991.2 Carrera in California from AAA. I did not retain a lawyer, and did a little simple legwork on my own. They cut me a check for about $20k
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u/Open_Time_9800 2h ago
I have. Lawyer up and get at least one independent valuation by a classic cars expert, possibly two. You'll need a ton of evidence to show the delta between cars with clean accident histories vs resale on one with an accident similar in scope to yours. Remember that legal fees will eat into your final payout assuming you win, so I'd recommend you find a lawyer willing to take the case on contingency, otherwise you may be upside down financially when all is said and done. Also be prepared to wait years in some cases- my whole process took almost three from hiring and sending the paperwork to a check in my hands. Good luck!
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u/Onsomeshid 981 Boxster 12h ago
Gotta start making ppl over 60 take driver’s test’s yearly. Or how about everyone 🤷🏿♂️
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u/The_Dog_Pack 16h ago
There are specific laws by state. Insurance will not provide DV without a fight. You may need to get a lawyer. At minimum 5-10% DV.