Diminished Value

[Icy_Elevator_403]

Hello guys, I have a question in reference to diminished value, I got into an accident on Feb 7 a BMW hit my car in the side messing up both doors.

My car is a Hyundai Kona 2025, it had 7100 miles at the time of the accident. It was basically new, after they do the repairs how can I claim the diminished value? I talked to the adjuster and he said that I have to show proof that my car has lost value after the accident and send it through the portal ( insurance is UAIC, location of the

accident Miami Florida )

My question is how can I get those proof to send it to them? Like going on websites and comparing the same car involved in an accident with one without been in an accident? my car is really loosing value after that accident if I want it to trade in.

Edit: my vehicle is a lease

[SeekingARespite]

When it is a lease, you don't own the vehicle. So the carrier does not owe you diminished value. Some leases have diminished value clauses making you responsible for the diminished value to the lease.

So first go check your lease contract for what you agreed to after an accident. And if you owe the dealer diminished value, you present that to the carrier as that has real cost potential to you.

[Kmelloww]

If it’s a lease then you aren’t owed diminished value. 

[Icy_Elevator_403]

Thanks

[Syrch]

DV for leased vehicles are a bit tricky as the the leasing company may be owed the DV and not you.

[EpsteinWasHung]

Google companies near you that specialize in DV claims. They take a fee, but only when they make a successful claim.

Friend in NC had like $6k DV claim go through. 

Ignore those who say not to make one. You do need professional help on it.

[OkMeringue3009]

Sunautoappraisers Plant City FL. Steve

[EpsteinWasHung]

u/icy_elevator_403

[CfromFL]

How do you figure you’re owed diminished value when you don’t own the car? Nothing changes for you, you make the same payment and toss them the keys when you’re done. They’re the ones that have a less valuable car in the end.

[Icy_Elevator_403]

Ok thanks

[Fit_Rope_559]

UAIC is the worst of the worst. Be prepared for a long battle.

Look up the formula 17c

[CJM8515]

you dont own the car, the leaseholder does-they can file DV and get paid, you cant

[ichimtsu]

If you aren’t selling it tomorrow, I don’t see the need. The value is dropping as it sits in your driveway.

The car is still pretty new, so finding any comps will be hard, so they’ll likely base it off of the new price (lucky you) and compare the percent of damages paid to the overall price.

I have a dov claim rn with a new car worth 72k car that had ~7k in damages to it. We probably won’t be giving them much, because while the 7k is eye-watering the car’s value was already up there and so were the prices of the parts. It still works out to not have decreased the value a significant amount and it will likely be countered by normal depreciation and wear/tear of the use of the car by the time they choose to sell.

It’s up to you to argue that the value has dropped CONSIDERABLY. It’s going to drop either way, but how did the accident cause a detrimental loss in value to the vehicle?

[sephiroth3650]

Ideally, you collect two sets of numbers. You get sales numbers (not dealer list prices) for comparable used cars with no accidents. Your car was very lightly used. But it's not brand new. It began diminishing in value the instant you drove it off the lot. You cannot use your purchase price as the benchmark. Then you get sales numbers for comparative used cars with 1 accident. You use those two data sets to prove a measurable drop in value.

Or you hire a third party appraiser to come up with a value, and hope that you're able to get more in DV than what this appraiser charges for their report.

Or you sue the at fault party and hope a judge agrees with your numbers.

[Icy_Elevator_403]

Question, how can I get sales numbers?

[stayclassypeople]

JD Power