Diminished Value
Seasoned HDF Member
Joined: Feb 2007
Posts: 6,081
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From:
Your question although it sounds simple to you...is rather complex.
You report a 2013 Electric Glide FLHTK Limited with 7299 miles and $1827 OEM options. $10,200 aftermarket options.
You state: Vehicle owner and insurance company agree the Actual Cash Value is $30,634.50.
The way you are posting this reads:
Like you just joined the forum and you are NOT the motorcycle owner.
It reads rather vague in details kinda sorta how a lawyer or insurance appraiser talks.
I will say that in this specific situation it is my opinion the motorcycle has suffered a 90% loss of value.
Present value calculated at $3,063.45 (10% of original agreed value you stated) with completed repairs.
So average retail of $16,460 - present value $3,063.45 = $13,396.55
The motorcycle owner should receive a check for $13,396.55 in a diminished value claim.
It would seem that insurance company made a decision in this case:
$13,396.55 (check for diminished value) + $9,000 in repairs = $22,396.55 to be paid.
$22,396.55 is less than actual cash value that owner and insurance agreed on of $30,634.50.
The key piece of information was "You state: Vehicle owner and insurance company agree the Actual Cash Value is $30,634.50"
Information provided only as an opinion and is not an offer for purchase or sale.
I would hope fellow forum members were treated like as indicated.
You report a 2013 Electric Glide FLHTK Limited with 7299 miles and $1827 OEM options. $10,200 aftermarket options.
You state: Vehicle owner and insurance company agree the Actual Cash Value is $30,634.50.
The way you are posting this reads:
Like you just joined the forum and you are NOT the motorcycle owner.
It reads rather vague in details kinda sorta how a lawyer or insurance appraiser talks.
I will say that in this specific situation it is my opinion the motorcycle has suffered a 90% loss of value.
Present value calculated at $3,063.45 (10% of original agreed value you stated) with completed repairs.
So average retail of $16,460 - present value $3,063.45 = $13,396.55
The motorcycle owner should receive a check for $13,396.55 in a diminished value claim.
It would seem that insurance company made a decision in this case:
$13,396.55 (check for diminished value) + $9,000 in repairs = $22,396.55 to be paid.
$22,396.55 is less than actual cash value that owner and insurance agreed on of $30,634.50.
The key piece of information was "You state: Vehicle owner and insurance company agree the Actual Cash Value is $30,634.50"
Information provided only as an opinion and is not an offer for purchase or sale.
I would hope fellow forum members were treated like as indicated.
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