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Originally Posted by Sgb020
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
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
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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Originally Posted by flyrv9
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
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.