omelet1978 Posted June 21, 2012 Share Posted June 21, 2012 I was t-boned last week on the left side and my car is now in the body shop getting repairs. Cost to fix is about $5,000. I've driven that thing 85,000 miles so far and was not counting on having a good resale value. KBB was saying it was worth like like $13,000 for trade in and $15-16000 private party. I'm more happy i wasn't hurt. I'm guessing those numbers are going to drop $2,000 to $3,000...any thoughts? 0 Quote Link to comment Share on other sites More sharing options...
akirby Posted June 21, 2012 Share Posted June 21, 2012 I was t-boned last week on the left side and my car is now in the body shop getting repairs. Cost to fix is about $5,000. I've driven that thing 85,000 miles so far and was not counting on having a good resale value. KBB was saying it was worth like like $13,000 for trade in and $15-16000 private party. I'm more happy i wasn't hurt. I'm guessing those numbers are going to drop $2,000 to $3,000...any thoughts? Depends entirely on who buys it and how much research they do. 0 Quote Link to comment Share on other sites More sharing options...
Chingon Posted June 21, 2012 Share Posted June 21, 2012 I got nailed less than 48 hours after I bought my car new. I used a site called dvassess.com or something that gives you an "official" diminished value report. You're probably looking at ~$1500 depending on how much damage there is (frame?) Realistically, I think your value dropped more than that, but it's hard to prove to insurance companies. The basic diminished value report is like $70. If you need help sending a demand letter to the insurance agency let me know... 0 Quote Link to comment Share on other sites More sharing options...
Monochrome11 Posted June 21, 2012 Share Posted June 21, 2012 (edited) The dealer knocked of about $500 on the value of my 99 Cougar because of an accident reported on Carfax when I traded it in. I told them the paint was just scratched by a big truck's lug nuts and the mirror was damaged. They said Carfax does not indicate the degree of the accident and they had to reduce the trade-in value because of the report. I am not sure if that was based on a percentage of the value of the car or just a flat number. I am sure going to take that into consideration if I ever have a car that is involved in an accident. The insurance company just pays for the damage but you end up taking a hit on the value of the car because of the accident. I think the insurance company should also pay for the loss in value, especially if the accident was not your fault. Edited June 26, 2012 by Monochrome11 0 Quote Link to comment Share on other sites More sharing options...
fusion0389 Posted June 26, 2012 Share Posted June 26, 2012 (edited) I got into an accident several years ago and Geico (my insurance company at the time) wrote me a check for the diminished value due to the accident. I dont know if it matters but the accident was not my fault. I would definitely push for some type of compensation from the insurance company, we pay big bucks year round so dont feel bad asking them for money. Edited June 26, 2012 by fusion0389 0 Quote Link to comment Share on other sites More sharing options...
norbs8 Posted June 27, 2012 Share Posted June 27, 2012 Accidents with that kind of dollar amount damage greatly decrease the value of the car, how much I couldn't say. It all depends on how it looks after its repaired and how it drives. Some cars that have been in wrecks and repaired never drive the same. That being said the vast majority of people will not buy a car that has been in a wreck indicated on carfax unless the price is so good you cant pass it up. And if a wreck was reported on carfax, its not just some scratched paint it means it was reported because major bodywork and/or a police report was filed to the dmv. I never buy a car that has been in a crash no matter how good the deal... they tend to be more problems then they are worth... 0 Quote Link to comment Share on other sites More sharing options...
Chingon Posted June 27, 2012 Share Posted June 27, 2012 I got into an accident several years ago and Geico (my insurance company at the time) wrote me a check for the diminished value due to the accident. I dont know if it matters but the accident was not my fault. I would definitely push for some type of compensation from the insurance company, we pay big bucks year round so dont feel bad asking them for money. Yes it does matter. GEICO will not pay "1st party diminished value" claims - it's in your contract. So if you smash up your ride, it's your loss on the diminished value. I had them when I was hit, and had to file the claim initially under my coverage due to the at-fault's coverage limitations (5 cars involved.) They denied me a diminished value claim even though it wasn't my fault (but it was my claim and through my insurance.) There's other language in their contract that would have allowed me to legally pursue the claim, but in the end the other insurance company paid me. 0 Quote Link to comment Share on other sites More sharing options...
Monochrome11 Posted June 28, 2012 Share Posted June 28, 2012 And if a wreck was reported on carfax, its not just some scratched paint it means it was reported because major bodywork and/or a police report was filed to the dmv. That is not true unless you consider replacing a mirror major bodywork. I was totally shocked when my Cougar showed up on Carfax with accident damage. 0 Quote Link to comment Share on other sites More sharing options...
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