New 4 runner hit in parking lot

[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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[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

 

[Six_Actual]

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!

 

[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?

 

[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.

 

[amir_gh]

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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[Jivewalker]

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.

 

[Inv4drZm]

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.

 

[ASUMTNEER]

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.

 

[RichinRidgewood]

That sucks.

 

[ru4runner]

Ouch! Hope she makes a full recovery :guitar3:

 

[cb1111]

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.

Sent from my iPhone using Tapatalk

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

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?

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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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.

 

[rageandlove]

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

 

[Gxblade1]

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.

 

[noderman]

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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[RichinRidgewood]

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.

To do it right they may need to sand and spray the whole side of the truck.

 

[osideplayer]

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

Its a toss up with diminished value. Not all insurances support or believe it.

 

[mailbox]

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.

idk about all that but in Georgia, the offender's insurance just sent me a check for the diminished value amount that they came up with. there was no voluntary action on my part necessary besides reporting the claim

and for the case where my car was keyed and i claimed it on my own insurance, they just sent a check with the amount they decided was diminished value