As some of you know, I got into a car wreck a couple of months ago. In that wreck, my car got about $10k worth of damage. For that, I had filed a diminished value claim with the third party insurance company (the party at fault). I did this because I took my car to multiple dealerships and the best offer I got for the car for trade-in was 4k off KBB value, and this was solely due to the wreck. As far as rest of the settlement goes, I didn't sustain injuries and my medical bills are minimal. So I decided to settle the medical portion of my claim (I took their first offer). However, the DV portion is still unsettled (they lowballed me royally). For the medical portion of this claim, they sent me a release form to sign. However, this form says that this is a full and final settlement. In addition to the medical bill lingo, it says that I release them of any liability for any and all property damage resulting from the accident. I asked the adjuster about this and she insists that the DV claim is separate. However, this release seems to suggest otherwise, and if I sign it, they could deny ever saying that DV was not included. So my question is...is this regular lingo, or are they trying to screw me out of the DV settlement money?
The release is separate from the DV claim. If it makes you feel better, ask the adjuster one more time about the release and whether it precludes you from filing for DV (go ahead and mention the term "bad faith" to him/her while you are at it, that way, they will know you won't let them screw you around if that is their intention (which usually isn't). On a 3rd party basis, bodily injury, property damage and DV are all handled separately. I recommend consulting an independent appraiser on your DV. Most carriers are not going to pay off dealer quotes because they aren't really accurate. You can find some in the yellow pages. I would recommend using IADA of Houston (713-988-9294, talk to Wayne).
I actually had an independent DV appraiser evaluate the car. Nathan Pruski (I think you know him) at Northside Lexus referred a guy and I used him. The offer that GEICO made me was only 40% of what the independent appraiser said. That's why I didn't accept their offer.
I used to do DV assesments exclusively. In fact, Harrisment and a few others can vouch for me as they hired me to represent them. On $10K in damage, you shouldn't accept less than $2,000-$2,500 and not expect more than $3,000 - $3,500. What did your appraiser come up with? (btw, don't base your # on what the dealer is telling you)
The appraiser came up with $3700.00. Had I known you did DV assessments, I most certainly would have done it with you.
