juin21

Have any of you guys gotten depreciation from your car after an accident? I just got into an accident where my insurance paid to get my car fixed and i'm afraid that when I sell it that I will lose money due to it being in an accident.

There was some front frame damage, right front wheel damage, both main headlights were cracked. The body shop I took it too also did a pretty good job, but after looking underneath the wheel well I think they left out the wheel well covers?!?! I'm going to give those guys a call and see whats going on?

I do recall wheel well covers...your is350's have wheel well covers right!?!?

I'll post pic's tomorrow.

llamaboiz

Yea we gots wheel well thingys.

PhilipMSPT

iTrader: (5)

Unfortunately, shoppers are well equipped with CarFax and the such.

Your car should sell for the same price. However, the number of buyers will be much less. Most people will walk away if they know that there is an accident history, or they will use that knowledge to get as much $$ off the price...

juin21

Thanks guys. I got my wheel well covers, i just thought the front wheel well covers were the fabric type, like the ones in the back. They told me the front wheel well covers were just the normal hard plastic covers. I'm going to call up a few dealerships and see how much depreciation they will hit me with if I trade in my car with an accident. I'll take these numbers and send them into the insurance company.

CK6Speed

iTrader: (1)

Like Philip mentioned, your buyer pool will be reduced. Some buyers don't mind minor accidents while other buyers just want accident free cars. For me, I don't mind minor accident repairs, but any frame damage even if it was repaired well is a deal breaker for me. For minor accident repair I would still buy one, but at a reduced price compared to the same car, same mileage, and same general condition accident free car. IMHO, there is no way you should get the same price for an accident repaired car vs a non accident car in the same general condition. My only exception might be for rare cars. For general mainstream cars, there are just too many other choices out there so there really is no need to settle.

Bichon

Getting reimbursed for diminished value is rarely automatic or easy. Did you read your automobile policy to be sure it doesn't specifically exclude coverage for diminished value?

l1tech

If your insurance company paid the bill chances are you won't receive anything for diminsihed value, especially if you caused the accident. If you go to the dealership and tell them that your car was in an accident they will give you about half of what they would have given you if it wasn't in an accident...ask me how I know.

Evitzee

In the old days you got your car fixed and just moved on. But cars were cheaper then, and people tended to keep them longer, too. But now everyone wants to be imdemnified against any possible loss, both emotional and financial. In my book you win some, you lose some. A car accident may cause some loss to you in the long run. Make up for it by buying a lottery ticket.

mtnduc

Most insurance companies will cover this these days but, only when you sell the vehicle. Make sure when you settle you leave this option open.

fantom

If it was only that simple....but it isn't.

Here is what one site has to say about diminished value claims:

Insurers not liable
"The presumption some people have is that this is somehow the insurance company's responsibility," says P.J. Crowley, president of the New York City-based Insurance Information Institute. Insurance policies in most states guarantee that a car will be repaired to pre-accident condition. Unless state courts mandate otherwise, they don't compensate for perceived loss of value.

"We do not believe that it is automatic or inherent that an auto's value diminishes after an accident if the proper repairs by a skilled professional are made as they should be," says Gary Stephenson, spokesman for State Farm Auto Insurance in Bloomington, Ill., one of the nation's largest auto insurers.
Courts in states including Texas, Maine, South Carolina and Delaware agree with State Farm. In past cases, they've ruled against the idea of diminished value.

However, judges in several states, including Georgia and Kansas, have ruled insurers must compensate policyholders for any real loss of value from an accident.

Still others say it depends on who is at fault for the accident. In Louisiana, if you are at fault, the courts have almost universally said that diminished value does not come into play," says Don Beery, of Eustis Insurance and Benefits in New Orleans. "Third-party claims, on the other hand, depending on your company and your state, can be interpreted differently."

If someone hits you and his or her insurer picks up the bill, you might be covered, since some courts have decided that a loss includes lost value.
But since lost value was not considered when the policies were being priced, insurance companies say, they would lose too much money if they were forced to pay these claims.

"To expand auto coverage beyond proper repair to include payment for diminished value would add more costs and claims and would drive insurance rates upward for everyone," Stephenson says.

Some insurers argue that some cars even gain value after they are in an accident. Take a car with a bum engine and 100,000 miles on it. It gets hit head-on and needs a new engine. If the insurer pays for all the repairs plus a new engine, that car is worth more than it was before the accident. In that case, the insurer could ask the owner to pay for part of the repairs.

What you can do
Owners of damaged cars trying to sell or trade in their cars are left with the choice of trying to hide the damage and hoping no one finds out; biting the bullet and accepting the lower price, or fighting their insurers.
To do the latter, start by finding out how much the car would have been worth before it was damaged, either on the Internet or by checking used car sales in your area.

With an accurate price in hand, first try the insurance agent who sold you the policy. "If it is a dedicated agent who only sells one insurance company, you may have a hard sell. But if you went through an independent agent, they will be more likely to fight for you," Beery says. The next step is your state insurance commissioner. As a last resort, there are the courts -- an obviously expensive alternative."

Dabigman

You won't get anything until you actually sell the car for a loss and prove it was beause of the diminished value due to the accident. Good luck proving that. Insurers and courts don't pay or award for "perceptions", you must have a real loss to show and prove.

slowandlow

i feel as long as there is no fraim dammage and it is olny cosmetic and the repair is done right there is no problem. actuley if my car had fraim dammage i would want ti totaled.

EJC

A proper repair by a reputable shop probably will not effect value. If yorre trading it in the dealer probably won't even ask.
I just turned in an SC at the end of it's lease. It was rear ended in Feb., there was no question asked at the time of turn in. The car had been repaired at the local Lexus dealer with all Lexus parts.

CK6Speed

iTrader: (1)

Problem is, in a private party sale, you should disclose the information, and most buyers are not willing to pay the same amount for an accident repaired car when they can pay the same for a non accident car in the same condision. They will expect a reduction in price, or they will just move on.

For a lease turn it the dealer may not care because they probably will resell it for full retain and not disclose the accident to the potential used car buyers.