Diminished Value Claim

Travis1024 · June 14, 2017

So last week I was hit by a stupid, stupid woman who was paying NO attention while driving and swerved into my lane side swiping me with her mirror.

Her insurance is covering the damages, but my worry is the diminished residual value when I resell or trade in later on. My truck is a 2016 and just turned over 15k miles. I assume the diminished value of the truck will be pretty substantial since I have another vehicle and don't plan on putting a terrible amount of miles on this thing by the time I resell.

Has anyone successfully submitted one of these claims through the insurance company? If so, how much a hassle was it?

***apologies for the vertical picture orientation. not sure how to fix that ***

aseibel · June 14, 2017

I don't know that a properly repaired truck will have any actual lost value. It looks like just body work.

If you have a dealership you like, and think you will trade it in to said dealer down the road- why not discuss this with them first and have them do the body work. Then when you go to trade it in later, they don't ding the value based on a carfax report showing an accident. If I were a dealer and saw an accident listed, but no repair history, I'd be more concerned.

But I'm not sure if you can prevent the accident from showing up on the vehicle's history if you get an insurance claim. I'm partly following this thread to learn more if this ever happens to me.

You could always tell the lady to pay you in cash....

Travis1024 · June 14, 2017

I don't know that a properly repaired truck will have any actual lost value. It looks like just body work.

If you have a dealership you like, and think you will trade it in to said dealer down the road- why not discuss this with them first and have them do the body work. Then when you go to trade it in later, they don't ding the value based on a carfax report showing an accident. If I were a dealer and saw an accident listed, but no repair history, I'd be more concerned.

But I'm not sure if you can prevent the accident from showing up on the vehicle's history if you get an insurance claim. I'm partly following this thread to learn more if this ever happens to me.

You could always tell the lady to pay you in cash....

Haha I think we are too far beyond that. She actually asked me to not call the cops or insurance and her husband would take care of the damages. She was in a beat 2001 Honda Odyssey that had dents and dings all over it, so it's safe to say I did not trust that offer....

Plus, being a new truck, I assumed it would be a somewhat expensive fix. Her insurance of course lowballed the hell out of me on the estimate....

ShamrockShooter · June 14, 2017

One you have a carfax record of an accident, you just lost big bucks on your trade in value. It's the first thing they ask when u trade it in. I did a cash fix on my last car to avoid the history record. Not sure if the insurance will pay u for the lost value

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SouthernSilveradoGuy85 · June 14, 2017

The value may go down, but I don't think it will be much to worry about. I'm probably wrong, but my opinion is that you should only worry about diminished value is if the frame or a structure like a radiator support or crossmember or the inernal chassis was damaged. That looks like just a fender and just being a new truck the cost to fix isn't going to be much higher if at all too bix than if it was maybe a 5-10 year old truck. An exception is if it was fiberglass, carbon fiber or aluminum. But, the fender is just thin steel. The hood though is aluminum on the K2 trucks, or at least on the 1500s.

My buddy used to have an '06 Sierra and totaled it which was his fault and the insurance actually gave him way more than what it was worth. So he was able to pay that loan off and use the rest on a downpayment for a newer Sierra. Also I had an accident in my '14 when I had it which wasn't my fault. They fixed or replaced the bed fender (can't remember) and replaced the whole rear bumper. I didn't have any problems with selling it to a dealer and they even asked if it was in an accident. So a fender bender isn't a big deal on diminished value to resale or trade in, but a major accident may lower the value some.

So in short, if I were you, I wouldn't worry about that. Miles will lower the value quicker than that dent in my opinion.

dasimmon · June 14, 2017

Haha I think we are too far beyond that. She actually asked me to not call the cops or insurance and her husband would take care of the damages. She was in a beat 2001 Honda Odyssey that had dents and dings all over it, so it's safe to say I did not trust that offer....

Plus, being a new truck, I assumed it would be a somewhat expensive fix. Her insurance of course lowballed the hell out of me on the estimate....

lmao! yeah prolly smart to pass on that offer!

sorry to hear about this though

aseibel · June 14, 2017

I think the main question here, is not weather the actual dented fender lowers his resale value, but assuming an accident report on the vehicle history does. So WHAT triggers said "accident" listing on carfax? is it when you get a check from insurance? is it when johnny law writes up his little report? or is it when you go to get it fixed at a body shop.

I don't know the answer. but if you can avoid the "accident" tag on your vehicle, that is obviously preferred.

aseibel · June 14, 2017

Plus, being a new truck, I assumed it would be a somewhat expensive fix. Her insurance of course lowballed the hell out of me on the estimate....

I've never had to get a check from someone else's insurance. But I thought you could get quotes from shops YOU trust to do the repair and submit it to her insurance. no? Of course they want to lowball you. but you don't have to accept the first offer.

Orlando8 · June 14, 2017

I think the main question here, is not weather the actual dented fender lowers his resale value, but assuming an accident report on the vehicle history does. So WHAT triggers said "accident" listing on carfax? is it when you get a check from insurance? is it when johnny law writes up his little report? or is it when you go to get it fixed at a body shop.

I don't know the answer. but if you can avoid the "accident" tag on your vehicle, that is obviously preferred.

I was told its insurance gets envolved. If a repair is paid out of your own pocket its not reported

O_J_Simpson · June 14, 2017

An easy 20% of the current book value. More if your neck is hurting. Ask your adjuster for 40% and settle for 20%.

chris24 · June 14, 2017

Granted that your state allows DV claims (some don't) then you should absolutely pursue a payout. My wife had a 2012 GMC Terrain that was sideswiped a few years back. Damage estimate was around $4,000 and I fought the adjuster and got a DV payment of $1700. Obviously a car with damage on the record is worth less than a "clean car" if/when it's resold down the road. You'll also get less for trade in. I used an online DV claim company, but I believe a local one would have been better and I will go that route in the future. I paid (I think) ~$120 for the online company to do a report and compare sales of damaged cars vs undamaged and I submitted that to the insurance company. The local company I contacted was asking for ~$300 but they would have done a more detailed report and actually inspected the car themselves. Good luck, and of course be nice to the adjuster (even though they aren't your friend), they can make the experience hell.

Also, of course you should pursue a personal claim with the agent if you missed any work or anything because of the incident.

Travis1024 · June 14, 2017

I've never had to get a check from someone else's insurance. But I thought you could get quotes from shops YOU trust to do the repair and submit it to her insurance. no? Of course they want to lowball you. but you don't have to accept the first offer.

So I can technically go to any shop i want to go to. her insurance had me send them a bunch of pictures of the damage, they gave me an estimated amount which they sent me. If i go to a shop and it is double what they provided me, I have to pay the shop what the insurance company paid me, and then the shop has file for the remainder directly through the insurance company

chris24 · June 14, 2017

So I can technically go to any shop i want to go to. her insurance had me send them a bunch of pictures of the damage, they gave me an estimated amount which they sent me. If i go to a shop and it is double what they provided me, I have to pay the shop what the insurance company paid me, and then the shop has file for the remainder directly through the insurance company

weird...my wreck they insurance sent their adjuster, then I took it to the shop for an estimate, and the insurance and shop worked everything out. Did you sign anything when they sent you the check?

chris24 · June 14, 2017

An easy 20% of the current book value. More if your neck is hurting. Ask your adjuster for 40% and settle for 20%.

20% of the book value for a damaged fender? not a chance.

Travis1024 · June 14, 2017

weird...my wreck they insurance sent their adjuster, then I took it to the shop for an estimate, and the insurance and shop worked everything out. Did you sign anything when they sent you the check?

I've been in an accident in the past where that was the process (physical adjuster). I think due technology advances coupled with laziness, they want pictures now rather than sending a real person out.

I didn't sign anything, they directly deposited the estimated damage amount into my account