12/29/20 Diminished Value Case Study Tesla (Uninsured Motorist Coverage Situation)
The owner of a 2019 Tesla Model 3 was hit by an uninsured drunk driver. At the time of the incident, 12/28/19, the vehicle was a current model year with 6066 miles on the clock. The insurance company paid for the repairs under his uninsured motorist coverage. The repairs were completed in a satisfactory manner at a certified Tesla repair facility. Once completed the Tesla owner inquired about reimbursement for diminished value. His insurance company incorrectly informed him that they were not responsible for covering diminished value under his uninsured motorist coverage. That’s when DVAC was retained.
A licensed Diminishment of Value (DOV) Report was presented to his insurance company. The DOV liability was quickly established and his insurance company’s legal department quickly agreed with the $8756 settlement presented. A civil suit was avoided and the Tesla owner was quickly reimbursed for his DOV settlement. It pays to retain a licensed Automotive Diminished Value and Total Loss Settlements (Licensed) appraiser.