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Diminished value claim to new vehicle after being rear-ended
Posted on 8/29/14 at 1:26 pm
Posted on 8/29/14 at 1:26 pm
Was driving around yesterday in a brand new 2014 accord that I bought a month ago for 21k. Got rear ended and already have a claim rolling through the other driver's insurance. What is a reasonable amount to try to claim/expect for diminished value. Don't have a damage estimate yet but it will definitely need a new bumper and probably trunk.
5
Posted on 8/29/14 at 1:28 pm to Saint5446
The problem is that it will appear on a CarFax. Best thing to do...go back to your dealer and ask what your vehicle is worth with the carfax, and without. Take that value.
Posted on 8/29/14 at 1:31 pm to Coach Guidry
It's getting repaired at the dealer so that should be easy to do. I would assume a small rear end collision would diminish the car's value by a few hundred dollars, but who knows.
Posted on 8/29/14 at 1:35 pm to Saint5446
quote:
. I would assume a small rear end collision would diminish the car's value by a few hundred dollars, but who knows.
Depending on the state and claim, insurance companies may pay 'diminished value' as part of a claim to compensate owners for lost retail value at the time of the damage event - beyond the cost of physical repairs.
Posted on 8/29/14 at 1:36 pm to Coach Guidry
It can get tricky because when appraising a car, a car-fax def. comes into play.
Even though it was a slight accident...it all depends how its claimed to insurance. If you trade it in...and it shows the vehicle was involved in an accident...it sometimes does not specify what happened. So the person trying to buy you car wants a larger discount cause it was in an accident.
Even though it was a slight accident...it all depends how its claimed to insurance. If you trade it in...and it shows the vehicle was involved in an accident...it sometimes does not specify what happened. So the person trying to buy you car wants a larger discount cause it was in an accident.
Posted on 8/29/14 at 2:08 pm to Saint5446
You can sue for diminution in value
Posted on 8/29/14 at 9:01 pm to Saint5446
I'd demand $2k and settle at $1k at the lowest. I'm in the industry.
Posted on 8/29/14 at 11:25 pm to Jon Ham
If I got rear ended I'd be at the neurologist scheduling cat scans and screaming for a neck brace! 
More than one way to recover diminished value!
More than one way to recover diminished value!
Posted on 8/30/14 at 3:12 am to Saint5446
I had a two month old Camry get hit while parked in a parking lot. Guy ran but was caught on security cameras (he was obviously drunk). My car had frame damage. I didn't want to drive around in a car that suffered frame damage, so I decided to get a new car. The adjuster gave me the different between what I got on the trade-in and the retail value -- approximately $4,500.
Posted on 8/30/14 at 8:26 am to MMauler
I got rear-ended in a WRX with 4k miles in 2003. 11k worth of damage but still wasn't totaled, they offered 700 dollars in loss of value 
THEN told me the option was to have another appraiser look at it (of THEIR choice) and if it was lower than thats what i would get.
Lesson being I should have gotten a lawyer. Now yours isn't as serious but just a heads up they probably won't play ball.
THEN told me the option was to have another appraiser look at it (of THEIR choice) and if it was lower than thats what i would get. Lesson being I should have gotten a lawyer. Now yours isn't as serious but just a heads up they probably won't play ball.
Posted on 8/30/14 at 10:00 am to Saint5446
A note from your dealer saying how much value your vehicle has lost because of the bad Carfax won't work because the insurance adjuster will say that the dealer gave you a high figure sso he could buy the car cheap. Get a diminished value appraisal from a legit company. As to the amount of diminished value, if it was just minor damage, the DV could be just a few thousand but if there was frame or unibody repairs involved, the value could drop as much as 50%.
Posted on 8/30/14 at 1:32 pm to Jon Ham
Jon Ham- no frame damage, probly just needs new bumper/ trunk and re-alignment and you think asking for 2k is reasonable? Settle for 1k? That's way more than I thought but if you work in the industry I'll take your word on it.
Posted on 8/30/14 at 8:17 pm to Saint5446
quote:
Jon Ham- no frame damage, probly just needs new bumper/ trunk and re-alignment and you think asking for 2k is reasonable? Settle for 1k? That's way more than I thought but if you work in the industry I'll take your word on it.
They just want to get your claim settled and closed. They will low ball you and make you haggle, but DV is not an exact science - it's truly a pure negotiation as if you are trying to sell something on Pawn Stars.
Just keep talking about how new your car was and now it has an accident on it's history when it was completely clean before. I think you should be able to get $1k, but start out at $2k and don't come down until they give you an offer of at least $1k.
Posted on 8/31/14 at 12:40 am to Jon Ham
Thanks for the tip. I will definitely push a little.
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