Accident and Diminished Value

Has anyone here tried to collect Diminished Value after an accident?

I am in Western NC where the storm hit. On my way home from work some elderly man decided to make a left turn from the right lane and we hit. 100% his fault.

My Tacoma Limited has just about every option and just turned 9,000.0 miles and 10 months old.

The damage was about $4,650.00 to the front right bumper and fender pushed back into the door.

I have never heard of DV since I don't go around getting into accidents. I have heard some stories from end to the other. One saying he got $500.00 another saying he got $9,000.00.

Thanks to all!

 

https://www.wallacepierce.com/durha... the North Carolina,within 30 days of repairs).

 

Some states allow DV claims, some do not. Ski

 

The link posted above has a good explanation and is from a NC firm, don't expect to get a fair offer the first time, they can go up at least once without too much trouble.

If you really want to get diminished value from the accident, trade it the day it gets out of the body shop before the accident hits Carfax. You almost never get full diminished value from the insurance company.

 

In some states you will have to sign a full disclosure statement about mechanical and accidents so your setting yourself up for future problems.

 

I wouldn't sweat it. Yes, I realize it's new. But the repair should bring it back to 100%, and life goes on.

 

Diminished value due to poor repairs and diminished value due to the vehicle having an accident history are not the same. though.

OP, it is easier to collect DOV in some states than others. If you are interested, I would recommend Collision Safety Consultants. He is great at what he does, which is to present and negotiate DOV claims, total loss settlements, and repair costs. He charges a flat $600 fee for DOV and total loss handling. I work in the insurance industry, so I'm on the receiving end of his work (and others like him). I can tell you with certainty that I would use his services.

 

So can you run the numbers? What would be the expected result of using this consultant?

 

If the repairs are done properly and everything is buttoned up visually, you should be fine. Since you are the original owner and have the documented repairs, a potential buyer will appreciate having that full disclosure and transparency.

 

That accident noted on Carfax will drop the resale value of the vehicle compared to an accident free vehicle. That is what the diminished value payment is supposed to cover.

If you're not going to trade it or sell it until it is old and junky there is nothing to be concerned about. If you are going to trade it in the near future (next couple/few years) you will take a hit, how much of one is hard to predict.

For example, if traded during the possible certified used period, even with low miles the vehicle cannot be a certified used vehicle etc (which usually comes with solid trade amount)

OP, run your vehicle thru the online Carmax/Carvana sale offer with the with and without accident block checked and see if there is any difference of consequence.

I had a hood and fender replaced on a 2016 Tacoma, other guys fault. It was about 3800 in repairs. I was a pain in the butt with the guys agent and I got a diminished value payout on that of $1200. Until I mentioned it, they were not going to do anything, the agent was hoping I didn't know about it. First offer was $500. It was a State Farm Agent.

 

The laws vary state by state. I had a diminished value claim in 2009 for my new Tacoma. I pursued it because insurance should have totaled the truck, but didn't. I was also hit by an uninsured motorist that I had extra coverage for.

The process, in Indiana, worked like this. I got quotes from car dealers stating how much less it was worth and presented to my insurance. I received $5,000 for it, with basically no haggling on my end. The kicker was, if you added the repairs and the claim it was $300 more than I paid for the truck brand new 10 months prior. Looking back, I would have been happier having the truck totaled.

 

Can I run what numbers?

 

I hired a company I found online. They coached me through it and I got a few thousand dollars.