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Old 08-06-2020, 08:11 PM #1
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New 4 runner hit in parking lot

My 4Runner with 400 miles just got ko’ed in a parking lot. Luckily no one was hurt and they had insurance. How bad will this repair be and how much diminish value should I ask for? The bumper is also damaged.



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Old 08-06-2020, 08:34 PM #2
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you get to "ask" for diminished value? insurance is just gonna assess you a value and you get to argue what it's actually worth/cost to repair

or atleast that's what they did for me when someone did the same thing
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Old 08-06-2020, 09:41 PM #3
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That friggen sucks, I'm sorry to hear it.
I'd take one of these three:
- MSRP (not likely if insurance co. has a say)
- What you paid (possible)
- Depreciated value (right after you drove it off the lot).

and compare that to either of these two:
- Used 4Runner in "Perfect condition"
- Like-new 4runner thats been in an accident (maybe from CarFax, Edmunds, EBB, etc).

The difference is what I'd ask for as "additional diminished value", and if you explain that to the insurance company in your negotiations, it just might make sense. That value should be on top of the cost of getting it fixed of course.

Best of luck!
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Old 08-07-2020, 01:24 AM #4
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I don't know much about insurance, but if it's just a little cosmetic damage, and it's fixed properly (paid for by insurance), why would the vehicle lose value?
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Old 08-07-2020, 04:32 AM #5
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It looses value because it now has an accident / repair history. That history will be documented and easily found via any search. The newer a vehicle is, the more diminished value means.

Last edited by flyrv9; 08-07-2020 at 04:34 AM. Reason: more to add
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Old 08-07-2020, 07:21 AM #6
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Quote:
Originally Posted by flyrv9 View Post
It looses value because it now has an accident / repair history. That history will be documented and easily found via any search. The newer a vehicle is, the more diminished value means.
This is not an accident. These type of damges are reported to carfax as "damaged history".

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Old 08-07-2020, 08:52 AM #7
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I's say 1500-2k to do it right. Ask me how i know. Once you hit 200,000 miles you won't care anymore.
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Old 08-07-2020, 09:17 AM #8
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Looks like paint transfer, no dents? If so it could be completely buffed out by a professional. Bumper might need new clips but could be massaged and reattached potentially.
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Old 08-07-2020, 09:19 AM #9
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Quote:
Originally Posted by Sgb020 View Post
My 4Runner with 400 miles just got ko’ed in a parking lot. Luckily no one was hurt and they had insurance. How bad will this repair be and how much diminish value should I ask for? The bumper is also damaged.
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Got to Carvana's website and put in your vehicle info and they will give you an instant offer. Then, go back in and click the button that says it was in an accident and they'll give you a new value and show you what that accident "cost" you. My mother's Rav4 was in an accident and they deducted almost $2k.
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Old 08-07-2020, 10:42 AM #10
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That sucks.
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Old 08-07-2020, 12:52 PM #11
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Ouch! Hope she makes a full recovery
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Old 08-07-2020, 04:10 PM #12
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Quote:
Originally Posted by Sgb020 View Post
My 4Runner with 400 miles just got ko’ed in a parking lot. Luckily no one was hurt and they had insurance. How bad will this repair be and how much diminish value should I ask for? The bumper is also damaged.



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Quote:
Originally Posted by mailbox View Post
you get to "ask" for diminished value? insurance is just gonna assess you a value and you get to argue what it's actually worth/cost to repair

or atleast that's what they did for me when someone did the same thing
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Originally Posted by Kamalani Mahie View Post
I don't know much about insurance, but if it's just a little cosmetic damage, and it's fixed properly (paid for by insurance), why would the vehicle lose value?
Quote:
Originally Posted by flyrv9 View Post
It looses value because it now has an accident / repair history. That history will be documented and easily found via any search. The newer a vehicle is, the more diminished value means.
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Originally Posted by amir_gh View Post
This is not an accident. These type of damges are reported to carfax as "damaged history".

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So much wrong information in this thread (except the last one).

If your state allows for diminished value then yes, you have to ask for it, but you can't just make up a number and negotiate from there.

In most states, you have to hire an appraiser to determine the pre-accident and post accident value. That difference, plus the cost of the appraisal, is the diminished value that the insurance company must pay. That amount isn't negotiable. If the appraiser says "the DimVal is $500 and my appraisal costs are $200", then the insurance company must pay the $700 - they can't say "we'll give you $2.50"

Whenever there is paintwork, then there is diminished value as the paint thickness will never be the same (the repaint will be thicker) and on trade-in, the dealer will most likely use a paint thickness meter on each panel to test for a respray.

It should either not show up at all on CARFAX or as "damage", but you never know how the bodyshop will report the incident.

The OP should keep pictures and copies of the bodyshop bill to show any buyers in the future to show that the incident was trivial.

The diminished value won't be a lot. The OP can ask an appraiser for a ballpark figure (the bodyshop may know as well) and the appraiser can tell the OP if it makes sense to get an appraisal.

The OP can always ask the insurance company for diminished value without going through the appraisal process - as in "I spoke with an appraiser and they though that the DV would be in the $6-700 range plus their costs. Do you want to skip their costs and just pay me $650?"

Much of this depends on state insurance laws and which insurance companies you are working with.

Finally, just for information - most paint damage on a bumper (requiring a repair and respray only - not a replacement) will not have any DV and shouldn't show up on CARFAX at all - that is considered normal wear and tear.
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Old 08-07-2020, 04:57 PM #13
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Quote:
Originally Posted by flyrv9 View Post
It looses value because it now has an accident / repair history. That history will be documented and easily found via any search. The newer a vehicle is, the more diminished value means.
If it's cosmetic it doesn't matter. I've sold 3 vehicles in the last 5 years all of which had one or more repairs (e.g. wife backed one car into another so one gets a new bumper the other one needs a door repaired.) None of them were brought up in private-party sales (2) or trade in (1). Now, if it was flooded, or totaled maybe but not for a scrape.

OP - bummer. Mine got keyed a few weeks in. They had to re-paint two panels. Then I started to use it. Now it has dozens of scratches and from trees and bushes from trails :-)
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Old 08-07-2020, 04:59 PM #14
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Couple things:

I'd take some rubbing alcohol or acetone and get that paint transfer off. It should wipe right off.

Then I'd call a painless dent person for a quote. It doesn't look like there are any creases, so you may be able to get it fixed without paintwork.
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Old 08-07-2020, 05:25 PM #15
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Can you also just go after the individual for the diminished value. You're not obligated to work with their insurance.

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