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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 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 8/30/14 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 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%.
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