Familiarity With Diminished Value Claim

[stay_tuned]

Anyone have experience or expertise in figuring out the diminished value of a vehicle.

I got clipped last week so they had to replace everything up front grille/bumper/headlights supports.

Trying to get an idea of what I could be asking for as far as value as far as loss post repair.

2018 TRD offroad with 50k miles

 

[LandCruiser]

We've been arguing with Geico after some disbarred ******* lawyer hit my wife with his daughter's Sequoia in November. They have been ignoring us, using the Bat Virus as an excuse. I'll let you know if/when it pans out.

 

[gbmspe]

Sorry about the collision. There are consultants (both online and local) that will help with preparing diminished value claims. Generally, the process is they note the damage to your car, then contrast values with current sales data of non-damaged examples of your car and then damaged examples. They then produce a report with the value loss. You can then either negotiate with the insurer with that appraisal report yourself, or get a local attorney to do it. To set expectations though, with the 4runner and the mileage its not likely to be that big value loss as compared to say an exotic. It might not be worth paying the appraiser vs. just doing some research yourself (or sticking your finger in the air and asking for $3-$5k or something). HTH.

 

[stay_tuned]

Sorry about the collision. There are consultants (both online and local) that will help with preparing diminished value claims. Generally, the process is they note the damage to your car, then contrast values with current sales data of non-damaged examples of your car and then damaged examples. They then produce a report with the value loss. You can then either negotiate with the insurer with that appraisal report yourself, or get a local attorney to do it. To set expectations though, with the 4runner and the mileage its not likely to be that big value loss as compared to say an exotic. It might not be worth paying the appraiser vs. just doing some research yourself (or sticking your finger in the air and asking for $3-$5k or something). HTH.

Ideally i was looking/hoping for something in the ballpark of 3-5k, since the damage is about close to 10k which equates to 1/3 of the pre-collision value of the truck

just wanted to see if anyone has first hand experience on the process and how this usually plays out. When i asked the adjuster he asked me to wait until the vehicle comes back from the body shop before we start discussing the claim, and would like to arm myself for what im sure will be an uphill battle

 

[stay_tuned]

We've been arguing with Geico after some disbarred ******* lawyer hit my wife with his daughter's Sequoia in November. They have been ignoring us, using the Bat Virus as an excuse. I'll let you know if/when it pans out.

ugh that sucks im hoping since it was clearly their fault and it was a commercial truck and im guessing they have something like commercial insurance (Agency) that they dont put up too much of a fight

 

[Jetboy]

It's state specific. Some states have pretty well established formulas to use. Even if you're not in one of those states, they're a good starting point. I have had this issue twice. Both times I ended up with around 50% of the repair cost in diminished value. If the frame or any structural components were damaged - I'd say 50% of the vehicle's current value is a good starting point.

If you haven't already chosen a body shop - find a toyota factory certified repair shop. They really are different. Only a few Toyota body shops qualify. And they have a lot of requirements that most can't or won't meet that ensure quality repairs. The typical ABRA or ServiceKing isn't usually going to use OEM parts unless it's required. I would make sure that they are only using OEM toyota parts throughout. For example the OEM fenders are part of the collision system and have foam impact blocks inside them. Aftermarket fenders likely will not have the foam blocks depending on where they come from. Don't accept lesser quality components - even things like the plastic fender and bumper clips should be new and OEM toyota parts. That's the only way it ends up back together like it was when you started without rattles and shifting body parts over time.

 

[gbmspe]

Ideally i was looking/hoping for something in the ballpark of 3-5k, since the damage is about close to 10k which equates to 1/3 of the pre-collision value of the truck

just wanted to see if anyone has first hand experience on the process and how this usually plays out. When i asked the adjuster he asked me to wait until the vehicle comes back from the body shop before we start discussing the claim, and would like to arm myself for what im sure will be an uphill battle

Like anything, it will be dependent on the insurer you are dealing with and your willingness/desire to negotiate. I went through the process when a drunk driver hit my lotus, and used a consultant. Sent the report over, they offered ~60% of what I was asking, and we settled at 75%. If I were in your shoes I would try to gather some data on comps and then make your $3-5k ask with that to back yourself up. Like any negotiation obviously start higher (within reason) of what you'd be happy with. If they wont play ball, your option would be to take them to small claims court for the diminished value.

 

[stay_tuned]

It's state specific. Some states have pretty well established formulas to use. Even if you're not in one of those states, they're a good starting point. I have had this issue twice. Both times I ended up with around 50% of the repair cost in diminished value. If the frame or any structural components were damaged - I'd say 50% of the vehicle's current value is a good starting point.

If you haven't already chosen a body shop - find a toyota factory certified repair shop. They really are different. Only a few Toyota body shops qualify. And they have a lot of requirements that most can't or won't meet that ensure quality repairs. The typical ABRA or ServiceKing isn't usually going to use OEM parts unless it's required. I would make sure that they are only using OEM toyota parts throughout. For example the OEM fenders are part of the collision system and have foam impact blocks inside them. Aftermarket fenders likely will not have the foam blocks depending on where they come from. Don't accept lesser quality components - even things like the plastic fender and bumper clips should be new and OEM toyota parts. That's the only way it ends up back together like it was when you started without rattles and shifting body parts over time.

yep already dropped the vehicle off and it is a toyota certified collision center
insurance wanted to use aftermarket, i pushed and they wouldnt budge but the body shop said they would price match the oem parts since the vehicle isnt more than 2 years old.

im completely new to this as its my first insurance incident.

Would i need to hire an outside person to give me a trade in value or would the same collision center be able to do this?

 

[stay_tuned]

Like anything, it will be dependent on the insurer you are dealing with and your willingness/desire to negotiate. I went through the process when a drunk driver hit my lotus, and used a consultant. Sent the report over, they offered ~60% of what I was asking, and we settled at 75%. If I were in your shoes I would try to gather some data on comps and then make your $3-5k ask with that to back yourself up. Like any negotiation obviously start higher (within reason) of what you'd be happy with. If they wont play ball, your option would be to take them to small claims court for the diminished value.

when you say gather some comps, are you referring to finding other vehicles with accident history to compare value to? or other vehicles in the same range as mine to show pre-accident value?

 

[gbmspe]

when you say gather some comps, are you referring to finding other vehicles with accident history to compare value to? or other vehicles in the same range as mine to show pre-accident value?

Ideally both, so you can get a ballpark of the value differential between a car with accident history and one without. Another source of information would be the dealer to give you an idea of the hit you would take from a trade-in perspective.

 

[stay_tuned]

Ideally both, so you can get a ballpark of the value differential between a car with accident history and one without. Another source of information would be the dealer to give you an idea of the hit you would take from a trade-in perspective.

yeah i just sent an email to body shop theyre going to ask the dealer side to give me the trade in value when they finish.

Any idea of a good way of how i can find comparable vehicles with accident history to get value?

 

[mteolus]

Brief article that may help.

 

[stay_tuned]

thanks all for your help

Now i just need some help with finding some accident vehicles to compare. i think from what i found my vehicle value is approximately 28k does that sound about right?

 

[mteolus]

Could be but may be low. Check out similar vehicles for sale on Auto Trader.

 

[gbmspe]

Any idea of a good way of how i can find comparable vehicles with accident history to get value?

Top of my head - (1) look at Autotrader for comparable vehicles and look at the detailed information on vehicles that seem to be lower than average and see if there are free carfax reports that may list accident damage. (2) Search eBay for completed sold listings and do the same thing. Many of the ebay listings give the accident info for free.

 

[Badlizard]

Trying to find comps of previously wrecked 4Runners seems like an unrealistic journey because there are so many variables. Trying to find a similar vehicle with similar damage would be like looking for a needle in a haystack, and you'd need several to get a comparison average. And pricing is so subjective. Sellers may not disclose accident information, and a dealer most likely won't be asking less because of accident repair.
But I definitely feel you regarding the diminished value. Your 4Runner may look like new when it's done, but a discerning buyer may pass it by after looking at the Carfax. Trade-in value may or may not be a good indicator of diminished value. Trade-in means you're buying another vehicle from them, so they're motivated to give you more. Maybe the dealer already has 7 4Runners on the lot, so they don't give you as much as another dealer would that has no other used 4Runners on their lot. Best of luck in getting something from insurance, though. I had never heard of this 'diminished value' arguement, but it makes perfect sense.

 

[michaelpi]

I am dealing with the same issue for almost 2 years now, its not fun.

tl:dr Had an Audi S5, was rear ended, girl was texting and driving on the highway, and told the cops this, she got a reckless driving ticket.

Audi was in the shop for 6 months, I directly had the car value go from 29k to 21k just for the time the car was sitting in the shop negating all other factors.

Car was marked with frame damage on carfax, took it to 10 deals to trade in, all offered me around 10-12k because of this, hired a independent appraiser, DV was around 10k.

I have USAA, the girl has Fred Loya and they are the scum of the earth. I am having to hire my own lawyer to go after them.

Got my 4Runner a few months after I got my car back, as nothing like having a older Audi that was in a wreck and be hit with more repair bills.

 

[stay_tuned]

So tired of the insurance company and body shop jerking me around.

Anyone have a first hand experience in knowing, one of two things.

1. The body shop says they have to put the vehicle back to the way it was from the factory, so the trd pro front end i had on the vehicle prior to the accident is considered a loss for me.

2. The insurance company wont authorize the use of OEM parts because the vehicle is just barely 2 years old so it has to be placed back in the condition it was in on the day of the accident, which to them means new oem parts cant be used only aftermarket.

Im ready to start setting some places on fire im so annoyed

 

[stay_tuned]

So tired of the insurance company and body shop jerking me around.

Anyone have a first hand experience in knowing, one of two things.

1. The body shop says they have to put the vehicle back to the way it was from the factory, so the trd pro front end i had on the vehicle prior to the accident is considered a loss for me.

2. The insurance company wont authorize the use of OEM parts because the vehicle is just barely 2 years old so it has to be placed back in the condition it was in on the day of the accident, which to them means new oem parts cant be used only aftermarket.

Im ready to start setting some places on fire im so annoyed

All this was after the fact that the body shop told me they would be able to use OEM parts and put my vehicle back with the parts it had on the day of the accident.

 

[stay_tuned]

Just got word from the insurance that theyre willing to shell out $2500 for the claim.
Total repairs were 11,455

Anyone have any insight on whether i should keep up the fight take the offer?

This is without submitting an official Diminished value report because my wife doesnt want me putting in money for something thats not a certainty