Diminished value settlement-January, 2011 Mr. R was hit from behind by a large commercial vehicle on the 101. Mr. R through the firm made a claim for his personal injuries and property damage to his vehicle. His personal injury claim was satisfactorily resolved within two months after a comprehensive demand package was submitted to the insurance company for the at fault driver. Mr. R’s nearly new pickup truck was significantly damaged in the collision. His truck was fully repaired at a body shop of his choosing and paid for by the insurance company. Once the repairs were completed, a diminished value expert was hired to determine if there was a decrease in value to Mr. R’s pickup truck as a result of the crash damage. The expert determined that the value of Mr. R’s pickup, despite being fully repaired, was worth less and Mr. R would get a lot less if he were to sell his pickup or trade it in. Mr. R’s expert did a market analysis, spoke with several dealers to determine the amount of the loss in value caused by the crash. Despite having a comprehensive appraisal, the insurance refused to consider this claim. A diminished value lawsuit was filed against the at fault driver. Facing a lawsuit, the insurance backed down and settled with Mr. R for almost 40% over and above the cost of repairs. *These results are not typical and should not create an expectation of future results. ]]>
