And I bet those numbers are significantly higher for late generation sports cars where there are plenty of used ones that have never been wrecked/repaired.

 

Being that I was once an auto adjuster and a car enthusiast, I disagree. When I worked for Allstate, we were told to tell the customer that we are restoring their car to "pre-accident condition". In my opinion, if that's what they want us to go by, then the customer (if NOT at fault) should get DV once the car is fixed. At that time and place, once the car is fixed, it isn't worth the same as before the accident. That shouldn't matter if the person is planning on holding onto the car for another year or 20.

Ill give you a prime example. I got rear ended in my 2012 Tahoe about 2 years ago. I traded it in last year and was given about 4-5k less than it was worth (never went after the DV). Fast forward to this year, my dad gets a brand new Sierra and at about 500 miles or so gets rear ended. Luckily it was only the rear bumper that got damaged and was replaced. However it already shows up on the carfax. He only keeps cars about 2 years or so. Now not all used cars are the same like you said, but I'm sure most people would go after a similar mileage Sierra over one that was hit. What if you bought a car that was hit and looked great, but two years down the road, the paint starts to peel or gets hazy? You are on the hook for it.

When I contacted the insurance company of the insured that hit my dads truck, their response for DV was "go to another dealership that will give you a better trade in". So my dad is supposed to go around wasting time to find a dealership who will give him a better trade in on a car with a bad car fax because their insured hit him? I don't think so. I have been in contact with St Lucie Appraisal and will be using their services when I get back home from vacation.

 

Yet another classic example of the insurance company trying to screw the customer, right guys?

 

Yeah, a couple of years ago, I had a friend who was driving his brand new Corvette off the lot; he was immediately hit by a car driven by a nice old lady on her way to church and his left headlight was cracked.

He threw his hands up in dismay, and screamed, "I can't drive a car that's been in an accident!!! The horror!! Not only has my $65,000 C7 depreciated by $13,000 in value because it's now a used car, but I've suffered at least $6,500 in diminished value as well!! I demand payment of $25,000 to reimburse me for the inconvience of having to back my car into a service bay, and for pain and suffering."

After finding out the little old lady had no insurance, his major concern then became how badly he was going to get screwed over by the adjuster from his insurance company. He knew, just knew, that all he'd get was the $50 it would take to replace the lens.

I'm told that in a fit of despair later that night, he took his own life, leaving the executor of his estate to deal with the mess.

Six month later, the executor decided to buy the 'Vette and paid the estate $35,000 for the car, figuring that would be about right, given all the damage suffered in the previous accident.

 

Do houses sell for less because they've had a hail-damaged roof replaced? Or a small grease fire on the stove top? No. Once the damage was been repaired with materials of like kind and quality, the value of the house is restored to full market value. But hey - WHAT IF the paint begins to flake off the kitchen walls a couple of years later? So I need for my HO carrier to pay me a little more now so I won't have to pay for a gallon of paint later?

Why doesn't the concept of diminished value apply to buildings? Because no sleazy plaintiff's attorney has thought of it yet.

With regard to your dad's truck, yes - you got a crappy adjuster. They do exist, but not all of them are that way. When you were an auto adjuster, were you? Did you go out of your way to deny your insureds' claims? Did you take great lengths to not pay them what they were owed? Were YOU the screwer?

 

You can absolutely get it removed from the Carfax.

Have the police report, and the repair infor. Call Carfax. Provide info, and it CAN be removed when they determine the car wasn't actually damaged.

 

It's like you have no grasp on reality. If you had a repair done to your home that resulted in the house being worth 10-30% less on the market, then yes, there would be a demand for diminished value for home owners.

Homes don't work that way. Automobiles do. And you seem extremely ignorant this (diminished value) is happening and why people make diminished value claims.

It is happening and it is not fair to the victims which is why lawyers have gotten involved and are, more often than not, successful getting a DV claim paid out.

In the end, like almost every business, insurance companies are worried about one thing. Profit. I get why they are not excited with diminished value, but the reality is the problem is not going to vanish because they don't like it.

 

Great story. What about the one about the Z06 owner who paid $100K for his car, got hit by a teenager texting, and had $50K in repairs and then could not sell his car privately and no dealer wanted it for anything less than $60K when he tried to sell the car 2 years later to buy a ZR1?

 

There isn't a Carfax or Autocheck for previously damaged homes. Why would you even consider this as a comparison point? If your only intention is "to be right" how about if everyone here agrees to agree with you? Would that help to heal your fragile ego? If not, make a point that is in some way related to the discussion. Suicidal car owners and hail damaged homes won't cut it girardta.

 

One online tool I have seen is WreckCheck. They can evaluate and estimate DV

 

The point I'm trying to make is that unless or until you actually sell your damaged car to either a person or a dealer, you have not suffered a monetary loss, so you shouldn't get paid THEN. If, later on, 2 months or 2 years afterward, you can demonstrably show that there was no one willing to pay you what you thought the car was worth because at one time, it had a dent in the bumper, then perhaps there is an issue. Of course, by that time, the car has suffered further depreciation, picked up a few scrapes and nicks, is a hideous color, a two door instead of a four door, manual vs automatic, etc. etc. All those other things that are subjective and not really measurable. So how much less did you get because the car was in a fender bender?

Hard to say - does anyone ever sell a used car to anyone and get what they think they should be paid? It's all pretty subjective. When the Georgia case went to the appeal court, a formula was derived to set the loss, and most people, even in the industry, think that's the law and correct methodology for determining DV. It's not. Using a dart board would be just as effective. NO ONE can look into the future and accurately determine how much less the car is or will be worth, if anything.

I don't care if anyone here agrees with me or not - I'd just like to try and get them to use some logic rather than their preconceived prejudices against all insurance companies.

My fragile ego is pretty well intact, because I know what I'm talking about. But thank you for worrying about me.

And to end your day on a happy note, this will be my last post on the subject. Fare thee well, all ye who have had their value diminished.

 

There is no easy way to calculate this. I agree. But good luck waiting until you try to sell the car to then make a claim as this would be just as complicated to calculate, and would force the burden of proof even more on the victim.

For some cars diminish value may have little to no impact. We are on a Corvette forum and focused on that platform and as such wrecked and repaired no fault accidents have a huge impact on resale. Nobody wants a wrecked and repaired modern day Corvette, except the tire kickers looking to pay way less than book value. And we are not talking about people who got a minor ding on their bumper and are looking for a repair and $7K cash payout. I am talking about the person who gets side swiped and $15K+ in damage and a repainted car with new panels. Their car is probably worth a good 15-20% less than one that was not wrecked in similar spec.

 

I recently had an issue that CARFAX worked with me well. Prior to my wife having a Vette, she had a Lexus SC430. She was hit in the rear at a stop light. About $4,000 damage, due to the exhaust pipes being bent. They had to replace the entire exhaust system, plus replace/repaint the bumper. The CARFAX stated that the car had to be towed. It did not, as we drove it until we got in in the body shop a couple of weeks later. The statement that the car had to be towed really affected the few prospective buyers that saw the CARFAX. I contacted CARFAX, and told them the story, and within a couple of days, they revised the CARFAX to simply show it was in an accident, but deleted the towing part. The car sold quickly after that change.
It might be worth a try to contact them to see what they will do for you. Good luck.

 

How did you come up with those numbers?