Question about diminished value
Thread Starter
Racer
Joined: Jul 2007
Posts: 383
Likes: 21
From: Tulsa, OK
Question about diminished value
I work in a building downtown that owns a parking garage where I park my vette each day. This past Friday my car was involved in a hit-and-run by someone in that garage. Luckily there was an eyewitness that observed everything, took down the pertinent info (tag #, vehicle make/model, etc) and made a report with our building security. The vehicle turned out to be a rental car and I am currently persuing a claim but told the claim adjuster on the rental car side won't be in until Monday.
My question is if anyone has been in a similar situation and was able to obtain a diminished value settlement. There's no doubt that this accident will now show up in a carfax or similar vehicle history report and will hurt the resale value of my car. This is uncharted territory for me. Thanks.
My question is if anyone has been in a similar situation and was able to obtain a diminished value settlement. There's no doubt that this accident will now show up in a carfax or similar vehicle history report and will hurt the resale value of my car. This is uncharted territory for me. Thanks.
Team Owner
Joined: Sep 2005
Posts: 20,352
Likes: 568
From: Ventura County, Calif
That's pretty minimal damage. If you plan to sell privately you could mitigate any problems by simply taking lots of pics to document exactly how little damage there is, keep detailed repair receipts and make sure it's properly repaired at a "good" shop that knows how to repair it. My opinion only.
Here are a couple previous discussions on DV to read while waiting for new responses:
http://forums.corvetteforum.com/c6-c...hed-value.html
http://forums.corvetteforum.com/c6-c...hed-value.html
Here are a couple previous discussions on DV to read while waiting for new responses:
http://forums.corvetteforum.com/c6-c...hed-value.html
http://forums.corvetteforum.com/c6-c...hed-value.html
Thread Starter
Racer
Joined: Jul 2007
Posts: 383
Likes: 21
From: Tulsa, OK
Unfortunately that is not an option since the car was rented by a corporation which carried the insurance and will not supply the name of the driver due to privacy laws. I did, however, learn today that they fired the guy over this incident. I sort of feel bad for the guy but actions do have consequences...
Drifting
Joined: May 2012
Posts: 1,336
Likes: 15
From: Mechanicsburg PA
Central PA Events Coordinator
St. Jude Donor '12-'13
Unfortunately that is not an option since the car was rented by a corporation which carried the insurance and will not supply the name of the driver due to privacy laws. I did, however, learn today that they fired the guy over this incident. I sort of feel bad for the guy but actions do have consequences...
Will be useful to explain if any resulting reports come up and discuss any discrepancies pending any sales.
Instructor
Joined: Dec 2007
Posts: 146
Likes: 0
diminished value
Three years ago I was hit on the drivers side on I24 near Nashville, Tn. The damage was from rear quarter panel to the front quarter panel and it looked much worse than it actually turned out. No broken panels or other parts, just a large black tire mark completely down the drivers side and a scarred front wheel. In any event the body shop charged $7,300 to inspect, adjust the panels, replace the front wheel, check for alignment and clear coat the drivers side. Now about the diminished value, the other insurance company completely paid for the repairs plus I insisted on $10,000 diminished value, we settled on $6,000. Keep in mind, that insurance co will not offer DV, you must insist and if necessary threaten sueing, they will come around and meet you half way. Good luck! BTW, I was not concerned about a carfax report, I was concerned about being treated fairly besides my vette is for life!
Drifting
Joined: Apr 2009
Posts: 1,617
Likes: 205
From: Westerville Ohio
Yeah I wouldn't feel bad for that guy for a second. If he had did the right thing and stopped and left a note or tried to contact you in some shape or form, he wouldn't be in this situation to begin with. He's reaping what he sowed. I find it quite interesting that he isn't having some type of charges pressed against them for the hit-and-run.
As for the car itself, I would do as others have said and just very strongly document all of the damage that was done with a camera. It doesn't seem to be much and I really don't think it will subtract that much from the value of the car.
As for the car itself, I would do as others have said and just very strongly document all of the damage that was done with a camera. It doesn't seem to be much and I really don't think it will subtract that much from the value of the car.
Race Director
Joined: Jan 2011
Posts: 11,973
Likes: 463
From: Tonawanda New York
That's pretty minimal damage. If you plan to sell privately you could mitigate any problems by simply taking lots of pics to document exactly how little damage there is, keep detailed repair receipts and make sure it's properly repaired at a "good" shop that knows how to repair it. My opinion only.
Here are a couple previous discussions on DV to read while waiting for new responses:
http://forums.corvetteforum.com/c6-c...hed-value.html
http://forums.corvetteforum.com/c6-c...hed-value.html
Here are a couple previous discussions on DV to read while waiting for new responses:
http://forums.corvetteforum.com/c6-c...hed-value.html
http://forums.corvetteforum.com/c6-c...hed-value.html
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Safety Car
Joined: Jan 2004
Posts: 4,974
Likes: 14
From: Pinellas Park Fl
St. Jude Donor '08-'09 & '12, '14
Some states don't allow for Diminished Value, also called Diminutive Value. In any event, the opposing insurance company will put the burden on you to prove the loss and then expect the right to inspect the repair. If the repairs are done correctly and no signs of damage exists it will become harder to claim the loss.
In the event that your repairs are 'A1' pursue 'Inherent Diminished Value" which is the economic loss simply because it's be in an accident and people view that as a lessor quality vehicle.
This is info that I have researched due to an accident with my other vehicle. Also look into 'Loss of Use' which is rental, but you really don't need to rent a vehicle to obtain this. I made over $300 on this alone by driving my own vehicle.
In the event that your repairs are 'A1' pursue 'Inherent Diminished Value" which is the economic loss simply because it's be in an accident and people view that as a lessor quality vehicle.
This is info that I have researched due to an accident with my other vehicle. Also look into 'Loss of Use' which is rental, but you really don't need to rent a vehicle to obtain this. I made over $300 on this alone by driving my own vehicle.
Thread Starter
Racer
Joined: Jul 2007
Posts: 383
Likes: 21
From: Tulsa, OK
All good information, thanks guys.
I have researched to confirm that Oklahoma does in fact allow for diminished value. I realize the damage is minimal compared to more serious accidents. However, it is still an accident that will be attached to the car forever and, as you know, certainly comes into play in resale value and/or trade in values. Everyone looks for something as a bargaining chip in negotiations to get a low price and this would certainly allow for that. The car had a perfect history until this incident.
Since I'm going to have to get this fixed I'm entertaining the idea of doing the ZO6 widebody kit...
Thanks again for info/opinions.
I have researched to confirm that Oklahoma does in fact allow for diminished value. I realize the damage is minimal compared to more serious accidents. However, it is still an accident that will be attached to the car forever and, as you know, certainly comes into play in resale value and/or trade in values. Everyone looks for something as a bargaining chip in negotiations to get a low price and this would certainly allow for that. The car had a perfect history until this incident.
Since I'm going to have to get this fixed I'm entertaining the idea of doing the ZO6 widebody kit...
Thanks again for info/opinions.
Melting Slicks
Joined: Jan 2013
Posts: 2,576
Likes: 237
From: Murphy NC
Document everything. Pictures before and after.
My last car, G35 had a CarFax crash and repair. It took me an hour to find the repair.
I drove the car for two years, 90K miles.
When I got rid of the car they gave me 2K more than I was expecting.
CarFax is not as reliable as they make it out to be.
I personally don't use CarFax as my deciding factor when buying cars.
But if I see a problem on the CarFax, I do investigate to see what was damaged and how good/quality the repair was.
When buying a car the purchaser should be going over the car, as well.
My last car, G35 had a CarFax crash and repair. It took me an hour to find the repair.
I drove the car for two years, 90K miles.
When I got rid of the car they gave me 2K more than I was expecting.
CarFax is not as reliable as they make it out to be.
I personally don't use CarFax as my deciding factor when buying cars.
But if I see a problem on the CarFax, I do investigate to see what was damaged and how good/quality the repair was.
When buying a car the purchaser should be going over the car, as well.
Racer
Joined: Jan 2012
Posts: 369
Likes: 0
From: Needham Massachusetts
You should push for the rental company to cover you in the same way they screw folks when their car is damaged. Ever read the fine print on what they can hit you with if you return a car with damage?
CF Senior Member
Joined: Feb 2006
Posts: 23,313
Likes: 25
From: Tucson Arizona
I'm no expert on the subject but I know some auto insurance policies do not cover claims for diminished value....diminished value is often excluded. The last time I read my policy I noted diminished value was excluded (and it's excellent coverage with a 'good' national company). I think it's just one little thing they could exclude to help their bottom line. A claim for diminished value might fall under liability when you're going after an at-fault party though. It might be worth checking if and how such a claim might be covered with the at-fault party. Good luck.
Team Owner
Joined: Mar 2012
Posts: 49,315
Likes: 3,919
From: Best Island in the U.S.
St. Jude Donor '12 thru '17
Thread Starter
Racer
Joined: Jul 2007
Posts: 383
Likes: 21
From: Tulsa, OK
You might be right but I'd be surprised if this is the case. After all, an accident is an accident and is a black mark on a vehicle's history irregardless of the dollar amount associated with the damage. I don't know if CarFax or other vehicle history reports state extent of damage or dollar amounts required to fix. I don't think they do. So a potential buyer will only see that it was in an accident and oftentimes is enough for them to walk.