Diminished value after a fender bender

So I've had 2017 SR5 for all of two months and this 21 yr old kid bumps me from behind in his new BMW (that his daddy paid for). I've been babying my Taco since I got it so needless to say I am less than thrilled. Looks like all I need is a new bumper, so it isn't too bad. Turns out he has good insurance so I asked them about the loss of value my truck will now receive. They now want me to prove what that value would be and submit it to them. So, my question to you all is...what would be the loss of value to YOU. Obviously this is subjective, and I'm just going to use the responses for my letter to them.

Thanks!

 

That's not a proper evaluation. Look what kbb and nada says that's what they go by. An arbitrary number that we give is useless.

 

It's not completely useless to me. Since the whole thing is subjective (they admitted that to me), I value your arbitrary number!

Edit: good idea about nada/kbb though...

 

So what is stopping you from writing something like 40k?obviously that is rediculous.

 

Lol. Yeah I know. I think it's ridiculous that they want me to research what that value should be. Seems like they think people won't do it so they don't have to pay.

 

I don't think you getting a new bumper will effect the value of your truck, it's not like their is a lot of body damage. Just make sure you get an OEM and have your dealer do it.

 

It's not the new bumper that devalues a truck. It's the fact that CARFAX will show an accident and people will typically pay less for a car with an accident than one without, all else equal. The diminished value is how much you would lose in a sale for this.

 

Could he ask his dealer how much that would effect the trade in value?

 

Not a bad idea actually

 

If its just the rear bumper why would anyone need to know that it was replaced?
Use the cost of replacing rear bumper, say two grand and use that amount for loss value plus any time you'll loose from work to have rear bumper replaced. Say total value loss of five grand. Two grand for rear bumper. Two grand for loss value and one grand for your time.

 

Don't act so surprised!

 

If it was reported to carfax. A dealership can give you a diminished value estimate that you can give to the insurance company.

Actually it would need to be two estimates. Pre-Accident guesstimate and post estimate.

 

When someone hit my wife I asked the Lexus dealer to give me an estimate of diminished value and they gave us an estimate no problem.

 

I'm just mad I didn't think of it myself

 

A good friend of mine owns a body shop and specializes in diminished value. Some good info on this link

 

Great thread, I never thought about this. The only accidents I've had is hitting deer. They never answer the subpoenas!

 

Neither do the drug addicts that hit us.

 

At least you can eat a deer.

 

Check out the following thread:

https://www.tacomaworld.com/threads/diminished-value-in-an-accident.469273

Guy gets bumped in the rear, frame slightly bent, dealer will not accept trade in.

Get that diminished value claim!

 

My understanding is that CarFax will only show an accident in the event of a police report.

My wife's tC was bumped in the front in a parking lot, hit by a car on the side in a parking lot and she scraped a parking pylon at a gas station. All three repairs were completed using insurance and none showed up on the CarFax. I had blindly assumed that since the repairs went through insurance they'd show up.

My Vette has definitely been bumped and had a fender resprayed and has a clean CarFax. I was upset once I realized that while I was doing some unrelated work. The repair was done quite well so I didn't notice while I was purchasing it.