Anyone know about diminished value payment on a car wreck. I got hit and trying to negotiate with a company who one of their employees hit my car with a company truck. They don't want to get their insurance involved. I am OK with that but want a settlement on diminished value of my car. Any comments?

Insurance and be done with it.

Get insurance involved, that's what you pay them for.

I always thought diminished value was one of those pipe dreams that everyone says happens, but very few people actually collect on it. I'm sure it's state by state as well

This will not end well if you dont get insurance involved

Double the damages? Triple? If they don’t like it threaten to lawyer up.

This is what I was thinking. If they don’t want to play with insurance or lawyers.... ok here’s the deal they can take it or call my insurance company

There are many factors here. Where you driving or was the vehicle stationery? Is your vehicle newer or older? Was this an honest accident or was negligence involved? Were you injured (even a little)? Were you traumatized? Did you miss work? Is your time to deal with the mess being valued?

Unless you are very familiar with insurance practices or a very good negotiator who knows what NOT to say... then you should hire an attorney (by the hour) or file a claim with your insurance company and let them duke it out.

If this company is safisticated they are keeping very detailed notes of everything that is said and it could come back to haunt you. They could very well have an attorney coaching them behind the scenes.

I would only want 100% of what I would be rightfully owed...no more, no less. I’m not saying you two are suggesting for him to be opportunistic, but there’s a wide range between “double” and “triple”. And too, I wouldn’t be comfortable punctuating that offer (double, or triple) with a phrase like “if you don’t like it, I’ll just lawyer up”.

OP’s damage sounds like more than a dent, or a scratch (which I might potentially agree to handle outside of insurance). I’d listen to what Bob Davis said.

This is the advice you were looking for!

Contact you insurance and their insurance and QUICK. When did this accident happen? There is always a clock ticking.

I got rooked on this deal once. Had a wreck (not my fault) causing frame damage to my truck. The other party's insurance-selected body shop elected to repair the truck instead of totalling it and told me I could get diminished value. After it was repaired and the insurance company contacted, they told me to get it appraised, which I did for a fee of $300. They said they would consider the claim, etc. They considered it for about 30 minutes and denied it. Took them to small claims court, they had a lawyer, and I lost the case. In other words, don't trust any insurance company,.

He wants to pay out of pocket without any insurance company being involved.

I have done this a few times.