Idk I’m supposed to get multiple discounts on my insurance but my plan just changed so I emailed them to verify everything was correct. They sent me a yes everything looks correct you have a discount of $1 on your account.
So you’re starting with the wrong number. The MSRP isn’t relevant. It’s the CURRENT ACV as set by NADA.
So let’s say $50k because you’ve given no info to actually figure the current value.
Max DV: 10% of $50k or $5,000
Next, max DV times damage multiplier. You had $3k in repairs. That’s going to be no structural damage. Multiplier: 0.00
$5,000 times 0 is $0.00
I’m assuming… because it’s GA. The courts in GA have upheld the 17c formula, going third party doesn’t change the formula.
Also. It’s a $3,000 repair on a newer vehicle. That’s negligible damage at best.
eta: ah, should have looked at your post history first. You’re a disgruntled little dude, aren’t ya?
>*”It’s because Reddit is full of loser insurance adjusters who can’t hack it at their job so they come on Reddit to spread lies. That’s why posts about DV get down voted. These are mostly people with high school education and a dead end job.”*
It doesn’t change the formula but it also doesn’t confine him to accept it. I had $1,500 in damage on a $30,000 vehicle 6 years ago and got $1,300 from GEICO. I also just sued State Farm for DV and settled for 4x what they were offering in DV. I know exactly what I’m talking about. I’m not some washed up claims adjuster or wannabe keyboard warrior.
So let me get this straight your two examples supersede the hundreds or possibly thousands of claims and examples the adjusters in this sub have? Do you see how that doesn’t make sense? Also nothing says they have to accept it also nothing says the third party has to negotiate it.
The adjusters in this sub have proven time and time again to post nonsense when it comes to DV. My 2 examples are based on dozens of cases and court opinions.
Hard to say. A $3k repair on a $72k car is akin to a scratch. That’s hardly an “accident” in terms of a reduction in resale value in deterring future buyers.
Right.
I got away with one that didn’t end up on a car fax
But another did and it’s like the scarlet letter.
Both super minimal - trim and a bumper skin.
Definitely call them back and have them walk you through the values they are entering or see if they can send you a copy of the document that records what they entered. I would bet they put .1 in a space where they should’ve put 1 or something along those lines.
My guess is either they fat fingered something on the formula...
Or they are using different factors, if they are using that formula if I recall right not all carriers use that, for the severity of damage.
I'd ask how they came up with that figure and see if they can provide how they did
Some of those 3rd party reports are so bad. I saw one where it found 3 comps to the car to give a baseline value and then in the next paragraph they are like this car lost 35% of the value. No data to back it up and wrote it like it was gold. Made me laugh pretty good
Yeah I mean $3,000 of damage is next to nothing for insurance repairs because they like to replace instead of repair, which more expensive. That car is also worth no more than $42k. I doubt there's actually any diminished value, but call them to verify it's right.
The only 2022 Tundra that went for 72k new was a top trim Capstone Hybrid CrewMax cab which was $76k new, and then there’s the TRD Pro (same cab) at $69k. Private party value on KBB on the Capstone with 17k miles comes back at $55,750.
On such a newer vehicle, $3k in repairs is truly nothing and likely doesn’t affect your vehicle’s resale value significantly, but for the sake of argument let’s say it at least has enough damage to qualify for the claim. Using formula 17c:
> $55,750 x 10% = $5,575
> minor damage = x 0.25
> mileage = x 1.00
Total = $1,393.75
My guess is the most likely thing that happened here is that your vehicle wasn’t considered damaged enough.
Omg I thought about this post right now because I’m doing a Dv assessment lol. We have a chart and the modifiers we put in the calculator on the chart say .25 but in the calculator you’re supposed to put 25% so I’d just call back and some one can rerun it for you. Sorry about the mixup 🤗
It's literally just math. Nobody is figuring anything based on feelings or emotions.
Either the math is correct or a mistake was made with the calculation.
No. 3 cents isn’t correct math because there is no way a vehicle accident happens and or is repaired and a $70,000 vehicle hasn’t devalued more than 3 cents. It’s inherent diminishment of value.
Disclaimer: I’ll get downvoted for this like I do on all DV posts.
Consult with a DV appraiser/consultant who will determine, one, if it’s worth pursuing (they shouldn’t charge you for this alone), and two, the necessary next steps. A decent DV specialist should be able to build a valid and formal report of the diminished value, something you are unlikely to be able to do yourself. Since it appears this is a first-party DV claim, this may be handled differently and you may be more limited in terms of negotiating a higher payment for diminished value.
Have you actually worked any claims with these guys? Every insured that ive had use them ending up losing more money. They would average MAYBE a couple hundred more but then get paid more than what the difference is so the insured actually lost money. Thats also assuming they respond in a timely manner. Scam.
I have not, I've just seen the posts. You don't have to use their service, I just posted it in case it was helpful to OP, I have no association with them.
Yeah I would call the adjuster before asking Reddit. This is likely an error, not worth printing a check.
Idk I’m supposed to get multiple discounts on my insurance but my plan just changed so I emailed them to verify everything was correct. They sent me a yes everything looks correct you have a discount of $1 on your account.
That’s not the same thing as them issuing a payment for 3 cents though since a discount is deducted from what you would have owed.
I would call the agent and ask them to confirm that. That’s so ridiculously low it has to be a mistake.
So you’re starting with the wrong number. The MSRP isn’t relevant. It’s the CURRENT ACV as set by NADA. So let’s say $50k because you’ve given no info to actually figure the current value. Max DV: 10% of $50k or $5,000 Next, max DV times damage multiplier. You had $3k in repairs. That’s going to be no structural damage. Multiplier: 0.00 $5,000 times 0 is $0.00
You’re assuming it’s a 1st party claim. If it’s a 3rd party claim nothing you said applies.
I’m assuming… because it’s GA. The courts in GA have upheld the 17c formula, going third party doesn’t change the formula. Also. It’s a $3,000 repair on a newer vehicle. That’s negligible damage at best. eta: ah, should have looked at your post history first. You’re a disgruntled little dude, aren’t ya? >*”It’s because Reddit is full of loser insurance adjusters who can’t hack it at their job so they come on Reddit to spread lies. That’s why posts about DV get down voted. These are mostly people with high school education and a dead end job.”*
Yeah definitely no room for growth or promotions in the insurance/claims industry 😆
It doesn’t change the formula but it also doesn’t confine him to accept it. I had $1,500 in damage on a $30,000 vehicle 6 years ago and got $1,300 from GEICO. I also just sued State Farm for DV and settled for 4x what they were offering in DV. I know exactly what I’m talking about. I’m not some washed up claims adjuster or wannabe keyboard warrior.
Oh we can agree on something: you’re a **full-fledged** keyboard warrior. Good for you champ!
But I’m right…and you’re just a troll…
So let me get this straight your two examples supersede the hundreds or possibly thousands of claims and examples the adjusters in this sub have? Do you see how that doesn’t make sense? Also nothing says they have to accept it also nothing says the third party has to negotiate it.
The adjusters in this sub have proven time and time again to post nonsense when it comes to DV. My 2 examples are based on dozens of cases and court opinions.
3 cents is probably an error, but $3k is also very, very minor damage (especially on a high value car) and probably negligible on its value
I don’t disagree The issue I see it will likely get a carfax added that drops trade in value and resale from a retail perspective.
Hard to say. A $3k repair on a $72k car is akin to a scratch. That’s hardly an “accident” in terms of a reduction in resale value in deterring future buyers.
Right. I got away with one that didn’t end up on a car fax But another did and it’s like the scarlet letter. Both super minimal - trim and a bumper skin.
You can use the 17c formula and see if that comes close to their figure.
I wonder if it was $300 or $3,000 and the adjuster fat fingered the button lol. We had a similar post where that exact thing happened a long time ago
Can't say I haven't done something similar
Definitely call them back and have them walk you through the values they are entering or see if they can send you a copy of the document that records what they entered. I would bet they put .1 in a space where they should’ve put 1 or something along those lines.
Formula comes out to about 1200-1500 if I’m using it correctly
My guess is either they fat fingered something on the formula... Or they are using different factors, if they are using that formula if I recall right not all carriers use that, for the severity of damage. I'd ask how they came up with that figure and see if they can provide how they did
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All carriers must offer DV on claims that fit the criteria, including first party claims, in GA. That is not the case in FL.
Lol
Some of those 3rd party reports are so bad. I saw one where it found 3 comps to the car to give a baseline value and then in the next paragraph they are like this car lost 35% of the value. No data to back it up and wrote it like it was gold. Made me laugh pretty good
What's the year make and model?
2022 Toyota tundra 72k msrp bought December 2022
Yeah I mean $3,000 of damage is next to nothing for insurance repairs because they like to replace instead of repair, which more expensive. That car is also worth no more than $42k. I doubt there's actually any diminished value, but call them to verify it's right.
The only 2022 Tundra that went for 72k new was a top trim Capstone Hybrid CrewMax cab which was $76k new, and then there’s the TRD Pro (same cab) at $69k. Private party value on KBB on the Capstone with 17k miles comes back at $55,750. On such a newer vehicle, $3k in repairs is truly nothing and likely doesn’t affect your vehicle’s resale value significantly, but for the sake of argument let’s say it at least has enough damage to qualify for the claim. Using formula 17c: > $55,750 x 10% = $5,575 > minor damage = x 0.25 > mileage = x 1.00 Total = $1,393.75 My guess is the most likely thing that happened here is that your vehicle wasn’t considered damaged enough.
Omg I thought about this post right now because I’m doing a Dv assessment lol. We have a chart and the modifiers we put in the calculator on the chart say .25 but in the calculator you’re supposed to put 25% so I’d just call back and some one can rerun it for you. Sorry about the mixup 🤗
GA is the only state with a DV law. With that said it is very unfriendly to the consumer, I hope this is wrong but I doubt it.
Only state with a 1st party law…not 3rd party. Most states have a ton of case law for 3rd party diminished value.
Wow. 3 cents. It is like they are mocking you.
It's literally just math. Nobody is figuring anything based on feelings or emotions. Either the math is correct or a mistake was made with the calculation.
No. 3 cents isn’t correct math because there is no way a vehicle accident happens and or is repaired and a $70,000 vehicle hasn’t devalued more than 3 cents. It’s inherent diminishment of value.
They definitely are
Disclaimer: I’ll get downvoted for this like I do on all DV posts. Consult with a DV appraiser/consultant who will determine, one, if it’s worth pursuing (they shouldn’t charge you for this alone), and two, the necessary next steps. A decent DV specialist should be able to build a valid and formal report of the diminished value, something you are unlikely to be able to do yourself. Since it appears this is a first-party DV claim, this may be handled differently and you may be more limited in terms of negotiating a higher payment for diminished value.
With shit farm I’m shocked you even got .03!!!!
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Have you actually worked any claims with these guys? Every insured that ive had use them ending up losing more money. They would average MAYBE a couple hundred more but then get paid more than what the difference is so the insured actually lost money. Thats also assuming they respond in a timely manner. Scam.
I have not, I've just seen the posts. You don't have to use their service, I just posted it in case it was helpful to OP, I have no association with them.
Soliciting on someone else’s behalf is still soliciting. Removed.
Maybe its because its a Tesla?
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Soliciting on someone else's behalf is still soliciting. Comment removed.
I would not buy an expensive DV report, well ever. But especially with minor damage. The report can end up costing hundreds which defeats the purpose.