Insurance claim - Diminished Value help

[Daeric23]

So I got into an accident last October

I was wondering if anyone had any recommendations towards calculating a diminished value claim? I’ve read articles online but there doesn’t seem to be a clear “standard” to calculate. I was not at fault, car had no previous accidents so I fall under as a candidate from what I’ve been reading in for Texas?

Thoughts? If I were to sell it today and they see an accident on a carfax, my opinion if I saw that would be to take 1-2k off from the car. But how would I prove that to Allstate?

Thanks!

 

[Snicklefritz]

why would you assume a reported 'fender bender' should reduce value? only repaired major damage to internals should devalue a car on resale. if everything looks like you cannot tell there was an accident how would you show the insurance company that your car has reduced value?

 

[DIMINISHED VALUE]

Your car will lose 10% - 15% of its pre-accident trade-in value as a result of the accident history that it now carries with it. You'll need to provide proof of the diminished value. Many car owners try to do this on their own while others hire independent appraisers. Regarding the latter, stay away from those that use formulas or algorithms as insurers routinely deny those methodologies. Mr. Snicklefritz wouldn't pay the same price for a previously-repaired Stinger as he would for one that was never molested so why he made that comment, I can not say.

 

[JSolo]

^^Our accord was hit while parked some years ago. The damage was relatively minimal - fender replacement, wheel refinishing, alignment.

When getting rid of it at carmax, the appraiser quickly noticed body work was done. I don't recall the exact numbers (this was 2 years ago), but he did say it does affect the valuation. Prob not too much since the damage was minimal.

This damage & repair never did show up on a carfax report either.

Depending on the significance of the damage and repair, I think the OP is within his rights to demand compensation for diminished value. How to determine this amount is a good question.

 

[Daeric23]

why would you assume a reported 'fender bender' should reduce value? only repaired major damage to internals should devalue a car on resale. if everything looks like you cannot tell there was an accident how would you show the insurance company that your car has reduced value?

I wouldn’t say my accident brought the car back to 100%. When I took it to the dealer to figure out a whistle noise (caused after the accident), the body guys noticed it was in accident without me telling them.

So in my eyes, what’s worth more? A car who’s accident free or one with? Anytime you use like KBB or Edmunds, normally they will depreciate in value if it’s been in an accident. Just my thoughts.

 

[Daeric23]

I should’ve probably included a picture sorry lol. But here’s the damage. The only structural part I think was the core support was bent a little (I haven’t taken the bumper off but I’m sure it doesn’t look back to normal) cause the shop said they struggled with it.

 

[Snicklefritz]

that's revealing. yeah that's not what I would call a 'minor' fender bender. probably the end of your crash bar 'core support' got trashed. that's a strange looking one, the wheel appears to be unscathed in the middle of damage behind and over and in front of it.

I just know that insurance companies get edgy when customers claim too often and for this and that and some other thing, because they can. if your actively selling the stinger that is one thing. but to claim diminished value on a car that you are keeping? hmm.

 

[DIMINISHED VALUE]

that's revealing. yeah that's not what I would call a 'minor' fender bender. probably the end of your crash bar 'core support' got trashed. that's a strange looking one, the wheel appears to be unscathed in the middle of damage behind and over and in front of it.

I just know that insurance companies get edgy when customers claim too often and for this and that and some other thing, because they can. if your actively selling the stinger that is one thing. but to claim diminished value on a car that you are keeping? hmm.

Here is some info that most people fail to realize. Should the OPs car get badly damaged in the future that includes either structural damage, airbag deployment or both. That car will lose close to half of its value but, because it had a prior repair, the insurance company will flat-out deny the claim, necessitating litigation. There are many layers to diminished value that must be considered.

 

[Jax_Stinger]

View attachment 79907
I should’ve probably included a picture sorry lol. But here’s the damage. The only structural part I think was the core support was bent a little (I haven’t taken the bumper off but I’m sure it doesn’t look back to normal) cause the shop said they struggled with it.

I hit a deer on 4/28/2023. Driver side front corner. My whole front nose, grills, and some of the under panels damaged. Also sustained some minor damage to radiator and cooler. Body of deer also bounced down driver side of the car so there are probably scratches (at least). Supposed to get an estimate early next week.

 

[Snicklefritz]

I hit a deer on 4/28/2023. Driver side front corner. My whole front nose, grills, and some of the under panels damaged. Also sustained some minor damage to radiator and cooler. Body of deer also bounced down driver side of the car so there are probably scratches (at least). Supposed to get an estimate early next week.

wow this happens far too often, to stingers on the forum, and from that you can extrapolate how many more there must be. I read a statistic about road kill a while back but won't go look for it. it's pretty horrendous, all our innocent cars being clobbered by large herbivores. @General_Vodka lost his restored Stinger to a damned deer, and finished up jackknifed around a tree.

 

[JSolo]

Few years ago. Traveling ~60mph, doing a lane change.

close call at night

11.01 MB file on MEGA

mega.nz

 

[Snicklefritz]

that looks the middle of the day?

 

[JSolo]

Middle of the day is relative... Nov ~1200 hrs, Recall, at 60 mph you're moving 88ft/sec. A split sec sooner and I would of hit it. Damn thing made it unscathed across 4 lanes of hwy.