Got rear ended yesterday. Need diminished value advice

Definitely. The other driver had a cut on his forehead and he had to have his bumper pulled out to be able to drive it.

 

I'm pretty impressed! My wife T-boned a car with an Expedition at least 20 mph 10 years ago and it didn't have that much damage to the front end. I guess all cars/trucks crumple more now, but based on the faded headlights it may be that old. Ignore any posts that say put something in your hitch so that it can transfer all of the crash energy to the frame. Sorry about the damages! Good opportunity to get an aftermarket or color matched bumper is the bright side. I have the same plasti-chrome.

 

The normal claim will take care of the damages and restore to pre-wreck condition (hopefully).
Diminished value compensates the truck owner for the difference in what the truck would have sold for before being in an accident and the depreciated value after the wreck. This is because when you do a carfax report and find out the vehicle has been in a wreck, its just not worth as much.

 

Yeah, his truck was a 97 F150

 

http://www.diminishedvalueoftexas.com/whatisdiminvalue.html

 

I am probably wrong, but I think I was told once the "diminished value" part of a claim won't happen/reimbursement doesn't take place until/if the car is ever sold, and that could be years, but again, I may be very wrong about this. I inquired about the years ago when I was rear-ended by a drunk driver, then again less than a week later, on the same road, by a 17 year old who just got her license. Part of me recalls the diminished value payout does happen unless the car is sold.

Either way, that poor car was in like 4 accidents, and when I traded it in I only got about $500 less than what it's KBB was if the car was in perfect shape. It was a Subaru though, and those seem to retain high resale values like Toyota.

 

In none of the States I've ever handled claims is that the case, no. There may be one or two oddball States out there that dictate handling DV claims this way but none that I'm aware of, no.

 

Good link.

OP, it depends on what state your in. Search the googles and see what you could come up with. I know bumpers, and tailgates are expensive. And for a vehicle being that new I'd be tempted to pursue it.

I'd also pursue getting a high clearance rear bumper and just replace the taillight

 

I live in NC, so I think I can pursue it. I do like the idea of the aftermarket high clearance bumper, but I wonder if it would be more likely to transfer impact to the frame if I get rear ended again.

 

Since it's bolted directly to the frame, it very well could. But it's anyone's guess as to what will happen. Each accident has its own set of variables that make it unique. Where as one truck could get the bumper dented down, another could have the frame bent.

Vendors such as @RelentlessFab or @Pelfreybilt would know more about it than I do.

 

Yeah, I might reach out to them. I have a set of SOS sliders being built now, so I might just see if Eddy has his gen3 rear bumpers ready and have him add those to my order.

 

@CAM37

Lets say someone like our OP adds an aftermarket off road type bumper. He gets rear ended again, maybe a little harder. The bumper is damaged AND the frame is now buckled because of removal of energy absorbing devices AND he has some bodily injury as a result of the forces transmitted through the vehicle.

As an adjuster, do you care about these things? Or do you just pay the bills? Not you personally, but the industry SOP.

Just curious.

 

If there's hidden damage, you could do the first '16 bobbed bed build.

 

YOU won't need diminished value if you cannot get it. Take a picture of the damage from all angles. Save the repair receipt in your Tacoma folder. I don't think anyone buying that truck would hold your feet to the fire for that damage. Maybe seek $500 to pass on as a discount.

My wife had a RAV 4 and was hit head on by a drunk, she was ok but the RAV suffered $10,000 Damage and we only got $2500 in DV and that was after we refused to settle medical until they paid diminished Value.

We ended up selling the RAV TWO YEARS later which ensured the vehicle came out of the wreck repair OK. and got almost exactly $2500 less than we would have in a private sale. Buyer was fine.




After two years


Another note is your OWN insurance company will likely not pay diminished value on collision claims. Your fault, you take that hit,

You need one of these...will take a 30MPH hit and compress

 

The best way to be successful in filing a diminished value claim includes the following:

1. Get your car fixed and make sure the repairs are done properly
2. Research to see if your state acknowledges diminished value claims and what type of success other drivers have had in getting money
3. Get a 3rd party appraisal of your car's diminished value. Research companies and use a reputable one as you will spend $300-400 on the appraisal. They will provide you with a report that shows your pre/post value solely due to the fact you now have an accident listed on your carfax
4. Send a request letter to the insurance company and attach the appraisal

After that, you have to bug the hell out of them as they hate paying diminished value. The insurance company I was working with had another 3rd party appraisal done and ended up offering close to what I was asking for. Sometimes they will either low ball you (in which you need to negotiate back and forth) or try to give you some BS as to why they shouldn't have to pay you. In the end, you can send a letter threatening to sue their insured (the person who hit you). That will usually make them pay up or you go through small claims court and sue the other driver (the insurance company is liable for them and if you win they will pay you).

In most states you can submit a diminished value claim up to 2 years after your accident

I got $3k DV on a $7500 repair for my 2010 Audi A4. That was in 2012

 

When evaluating injury claims, we even pay when idiots didn't have seatbelt on.

 

Ok, so they break the law (in most, if not all states) not wearing a belt, and you pay up anyway.

So you don't care that they've removed safety devices either, like when adding bumpers? How about airbag removal, say from a custom steering wheel change?

And you don't care that the damage, like a bent frame occurs because the crumple zone was altered by the user?

I'm really surprised. It always seems carriers are doing their best to deny/reduce claims???

 

@CAM37 , you should start an insurance FAQ thread, (of course with a disclaimer that you are not liable for idiocy lol)

 

Once a vehicle accident is reported and insurance claims are filed a vehicle's CARFAX history report becomes "tarnished" forever. The resale value of the vehicle diminishes from that point on.

A nice new vehicle gets plowed by a POS,...GO FIGURE!

 

I think it depends on the company. The company I used to sell for was pretty liberal with payouts, because they would rather just pay a claim (within reason, we're not talking millions) then deal with going to court.

As far as your other questions, I'm sure no matter what company, if someone removed airbags it'd be pretty hard to win a claim haha