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Auto Insurance Claims/State Farm Diminished Value
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Question
I recently crashed my 2006 Chevrolet Corvette due to bad weather. Total repairs were over $14,000 already paid by State Farm. Car looks like brand new and there was no frame damage. I have a right to receive compensation for diminished value because I live in Georgia. But, Statefarm is trying give me just $1,097 and they told me they used a formula ordered by the GA courts and that's all I can get. I know if I traded my car in right now I would get about $6000 to $7,000 less than I would have before the accident. Should I cash the check or fight this amount?
Yes, they are using the 17C formula, which has been shot down in court numerous times since its inception. You need to hire a DV professional from GA to appraise your car and help you with the claim. Go to www.ICAN2000.com and search for local DV help in your state. Someone should be able to assist you.
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Answers by Expert:
Charlie Barone
Expertise
For questions involving auto damage claims, collision repair, forensics, industry practices, we can help. We specialize in claims for loss of resale value (Diminished Value).
Experience
I have 30 years experience in the collision repair and body reconstruction field, both hands-on and from behind the desk. I hold a Master Certification from ASE in the Body and Paint category, as well as their certification in Estimating. I have authored over 120 feature and training articles for the largest trade journal devoted to the collision repair industry, and have given expert testimony in court dozens of times. Licensed physical damage appraiser in Pennsylvania and reciprocal states.
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