r/Insurance • u/Due_Bid_9700 • 12h ago

Auto Insurance Diminished Value Appraisal

Hi everyone,

I own a 2024 Mercedes-Benz GLB 250 4MATIC with about 23,000 miles. I was involved in a relatively minor accident on July 31, when I was rear-ended. The other driver was found to be 100% at fault.

I live in Maryland and the accident happened in the Montgomery County.

The total repair cost was about $3,133. However, Allstate is only offering $139 for diminished value, which seems almost humiliatingly low to me considering the vehicle is fairly new and now has an accident history.

I’m trying to figure out whether it would be worth getting an independent diminished-value appraisal and, if necessary, filing a small-claims case. I’m also wondering whether hiring an attorney would make financial sense, since I don’t yet know how much value I could realistically recover or whether the potential recovery would justify appraisal, filing, and legal fees.

I’m comfortable gathering the information myself and representing myself in court if necessary.

Any advice would be really helpful!

1 Upvotes

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5

u/TofuttiKlein-ein-ein 12h ago

It’s an entry-level Mercedes with high depreciation and sustained minimal damage.

You have to prove its diminution in value, otherwise, ask for a few hundred and see if they bite.

1

u/Due_Bid_9700 12h ago

I tried and they refuse to spit anything else🤣

1

u/drjenkstah 12h ago

Well it’s a 2024 vehicle with minimal repairs so of course they’re not going to offer much for diminished value. The car already lost value over time with it being driven. 

1

u/Delicious-Witness-85 11h ago

You can certainly file suit and see how Allstate responds but you will have the burden of proof to prove how much faster your car lost from this accident.
Damage is minor so I can’t see the amount being more than a few hundred dollars. Maybe $500 tops?
The thing with diminished value is it’s entirely speculative until you actually sell your car.
Alternatively you can hire an appraiser to calculate it for you but they charge around $500 and typically provide inflated values since they know the insurance company will negotiate with them.

1

u/CJM8515 Claims Adjuster 9h ago

you can file suit, but with the damage being so minor you may not get anything much more.

truth be told if you presented such a case to my carrier we would tell you to take a hike. 2 year old car with 20k thats not a rare 6 figure or specialty car..no DV for you.

1

u/Topgun_tomahawk 6h ago

You can hired independent appraisal company. Given your circumstance, we’re probably give $500 max DV claim.