Demished Value because of an accident

[pitzerwm]

A drunk woman backed into my Z the other nite. Lucky someone saw it and held her until the cops got there and she had Farmers Ins. The damage is about $2K, I know that a car that has had an accident vs one without will sell for different amounts. Does anyone have any formula or info on this?

 

[Whale of a Wash]

My father had a bodyshop, and we only worried about those with salvage titles, But now with carfax, more info is out there on damage. I would find the best paint guys in your city, if they do a great job, i see no reason it would be degraded very much, as looks count the most. In our area anything under 2.5K is an unreportable accident.

 

[MikeV]

Bill, here in Texas, and I suspect that it is the same elsewhere, you can recover the value diminished by an accident through your insurance company when you trade in the car. There is a diminished value clause that the insurance companies don't like to tell you about, but it is there and they do have to pay it.

 

[rph9168]

When my daughter's car was in an accident she was paid for diminished value as part of the claim. I would contact the woman's insurance company to see how they handle it. I am sure most insurance companies try to ignore it if possible. With the new car reports available I would make sure there is some allowance for it because it definitely affects the value. I went looking for a vehicle for my grandson and was amazed at what was on those reports. Even listed how long past owners owned the vehicle and where it was registered.

 

[washme1]

Having been an insurance agent, I can tell you that if there is diminished value, the adjuster will most likely not pay that part of loss until and unless you actually suffer from the diminished value. If you held the car for several years, there may not be any loss particularly since the damage is somewhat minor.

 

[pitzerwm]

I've talked with the adjuster and they didn't bring up the rental or the dimished value, when I brought up the rental first, they hummed around a little and with the next person, when they agreed to write the check and arrange for a rental, I brought up the dimished value, she agreed that they would address it. Should hear more tomorrow or Monday.