Diminished Value claim

[hypebrz]

Okay guys, I wasn't sure where to post this so I hope I got it right but, I bought a brand new hyperblue on January 25. On february 3rd, another drive turned in front of me causing a collision. My car is currently in the shop, almost done being repaired. I've been checking in, and honestly they did a very good job, you cant even tell it's been hit. However, her insurance company is telling me that on top of paying the $11,500 for repairs, they will also issue a "Diminished Value" settlement, which basically from what I gathered on the phone is the difference between the cars value before and after the accident, paid in cash (if anyone is sure on that, please chime in lol). If that's the case, How much would a brand new hyperblue even be worth with 1000 miles, I can't find 2016 values anywhere online. And with that being said, how much value would it lose with $11,500 in damage to the vehicle, even if it looks brand new now?

Edit: if it makes any difference, OEM diffuser and footwell lighting put the sticker tag at 29,500. Don't think that has any affect on value but what do I know lol

[Speed2th]

i am sure it is depends on your region.

[cdq85]

well whatever value they give you, assume they are lowballing you a bit so see if you can get them to bump it up. this stuff will show up on your carfax so a dealership will try to get your trade in for probably 2000-2500 dollars less than what it would be worth if it had a clean history. that would be the minimum I would try to get from the insurance company.

[Djratrap]

Depends on the insurance, i had a minor frame bend and they cut me around 5k for the damages. If there is little to no frame damage they will give you less. Judging by the repair fees i assume there is a little frame damage.

[hypebrz]

Originally Posted by Djratrap

Depends on the insurance, i had a minor frame bend and they cut me around 5k for the damages. If there is little to no frame damage they will give you less. Judging by the repair fees i assume there is a little frame damage.

Damage was to wheels, quarter panel, door, fender, and rocker panel, along with suspension damage. about $8000 in parts and the rest labor, insurance paid the body shop $11000ish.

[Cockatoo]

Usually a third party inspector has to attain the values for a DV claim

[Djratrap]

Originally Posted by hypebrz

Damage was to wheels, quarter panel, door, fender, and rocker panel, along with suspension damage. about $8000 in parts and the rest labor, insurance paid the body shop $11000ish.

Sorry poor wording, i meant unibody(vs frame) damage. If your quarter panel was damaged they should give you a decent amount. You have to be anal when you get the car back. Make sure you go over the body/paint work with a comb (body gaps, dirt nibs, poor paint matching, etc...). Anything that is off will either have to be fixed or paid out for.

[hypebrz]

Originally Posted by Cockatoo

Usually a third party inspector has to attain the values for a DV claim

Would it usually be a insurance company employee?

[hypebrz]

Originally Posted by Djratrap

Sorry poor wording, i meant unibody(vs frame) damage. If your quarter panel was damaged they should give you a decent amount. You have to be anal when you get the car back. Make sure you go over the body/paint work with a comb (body gaps, dirt nibs, poor paint matching, etc...). Anything that is off will either have to be fixed or paid out for.

Most definitely lol, thanks for the heads up

[hypebrz]

Update: State Farm called me back and said "There really is no exact formula to calculate the value of a vehicle in texas. Find a wrecked 2015 model that has been repaired and whatever it is worth we will appraise it at." So anyone here happen to have a 2015 that's been in a wreck and know how much their car is worth?

[Tcoat]

Originally Posted by hypebrz

Update: State Farm called me back and said "There really is no exact formula to calculate the value of a vehicle in texas. Find a wrecked 2015 model that has been repaired and whatever it is worth we will appraise it at." So anyone here happen to have a 2015 that's been in a wreck and know how much their car is worth?

If they are making you do the leg work then I would say $8K!
Call a dealer and ask them what they would give you for it then add (take off?) a little more for your first offer. There is no way you should base your diminished value on another car's unless it was the exact same car with the exact same damage.

[hypebrz]

Originally Posted by Tcoat

If they are making you do the leg work then I would say $8K!
Call a dealer and ask them what they would give you for it then add (take off?) a little more for your first offer. There is no way you should base your diminished value on another car's unless it was the exact same car with the exact same damage.

They are definitely making me do the work in finding the value, and then submitting it to them, along with a justification to why I feel I am entitled that much money. Hmmm

[atlbrz]

I have received this in the past, but it was about 12 years ago. In my case, it was a percentage of the repairs. I think it was around 15%. The state was Alabama. It might vary by state.

[spicyricecake]

sorry if I'm thread-jacking, but does something like a paint scuff appear on car fax and diminish the value of the car? it was repainted by a body shop of my choice through the other party's insurance.