Dealership didn't tell me about accident when I purchased

Diminished Value Law By State – Bad Faith Insurance By State


Alabama Kentucky North Dakota
Alaska Louisiana Ohio
Arizona Maine Oklahoma
Arkansas Maryland Oregon
California Massachusetts Pennsylvania
Colorado Michigan Rhode Island
Connecticut Minnesota South Carolina
Delaware Mississippi South Dakota
District of Columbia Missouri Tennessee
Florida Montana Texas
Georgia Nebraska Utah
Hawaii Nevada Vermont
Idaho New Hampshire Virginia
Illinois New Jersey Washington
Indiana New Mexico West Virginia
Iowa New York Wisconsin
Kansas North Carolina Wyoming

 

The vin was good when I ran it prior to purchasing no damage or accidents. Now damage is coming up on the report which just started showing this may of 2018. The report is now stating damage may 8 2016. Coincidently 5 days before the dealer acquired the vehicle. That same dealer was happy to point out the damage on the report they ran, along with stating the diminishing value because of the activity on that history report.

 

My Own experience is that I will not rely on car fax, every time I bought a used car I walk around make sure all the lights are manufacturers brand (if an accident most likely they will replace with a off brand alternative), same goes for the windows.
When Buying a used car I inspect every corner all around not matter if I'm in a dealer or someone else driveway.
My suggestion is that try minimize the incident with the sales man as he will do the same when selling a car with a incident in the report (assuming it was just a fender bender).

 

You don’t lose money.

Vehicles are depreciating assets. The purpose of insurance is to compensate you for damages to the property. One could argue the actual value of the vehicle is irrelevent to that. Its only relevent when it comes to valuing the property for total loss purposes.

Loss of value is your risk as a vehicle owner and is not a liability covered by the insurer.

I’m just stating the veiwpoint of the law. Not my actual opinion.

Insurance covers property damage, not overall value of the asset.
Same with homeowners insurance. Its about replacement not insurance against loss of value.
If your house burns to the ground and you paid $150k for the house but replacement cost is $175. Insurance pays. $175k. And vice versa. You don’t get a check for $25k because your property value dropped allowing the insurance company to pay less than you initially did.

 

If you have a vehicle that has been in a accident YOU will lose money on trade in and a carfax report thats states it just a fact!

Said vehicle worth $35K before accident said vehicle after accident $31K you lost money!

 

Others can't seem to understand that FACT