My 2016 ZO6 that is one month old got hit while parked. Damage is not terrible but it will need to get the rear bumper cover repaired and repainted. Looks like about $ 1200 or so. Obviously there will be a record and thus dimished value. Anybody have an idea of the formula to determine the loss. The car has a 109k sticker with 1200 miles.

 

Hate to hear that.

They typically only do diminished value claims if repairs are significant. My wife was hit in her XTS and there was a significant amount of work done (over $6000) and it did not meet the criteria for diminished value. I pushed the issue but they did not budge. The good news was that when I traded it they did not ping me because the damage did not show as significant on the report.

Hope this helps.

 

That's strange. Which insurance company did you have to deal with?

I've seen diminished value checks given to everyone I know regardless of the amount of damage. They just plug in some #s in some equation and give you what it says. It isn't much though.
Some guy in a truck hit the rear of my Acura TL and caused about 4000$ in damage and they only gave me a few hundred for diminished value.

 

I just had my car appraised for a diminished value claim this morning. The appraiser told me he typically sees around 12-15% of the cars value get returned. He asked if my airbags deployed, which they did, so I assume that makes a difference. 12-15% is better than I expected. My car had about 4500 miles on it when my crash happened. The sticker on my car was approx 86K so I would be happy with 12-15% back. This same appraiser did my friends adventador. My buddy got $70K diminished value!!

 

He in PA. there is no Diminished value. My Camaro was hit by some dumba$$ lady texting and caused around $8000 in damage. That is how I found out..

 

Here in Ohio some kid hit reverse and hit the front of the wifes car. Took it to our neighborhood body shop who does not report any claims. Kids insurance apparently reported the damage and at trade dealer used this against us.

OP for $1200 or even $2000 I would NEVER use my insurance if you plan trade regulary. Not worth fooling with DM. BUT if you keep the car long term probably won't matter.

If you can find a good independent repair shop that $1200 might be $600 if you're lucky. Got a local Corvette club? Ask them for body shop recomendations. Our guy you would never expect to be as good as he is... One man show, bad section of town, old garage, quality work.

 

I totally agree on do not use insurance for a small claim. If you have the perp's info get a check from them directly. They also will not want to use an insurance company. And forget Diminished Value. It rarely ever happens. No 1 Daughter is a claims executive for a major National insurance company and she has seen it happen once in her career and it was for an additional $3000 with major damage on a nearly new car. This "my friend got $70k" info is ridiculous. I certainly believe that your friend told you that, but he is very likely lying to you. Maybe the total claim was $70,000.

Many of us remember the mod closed thread where a new Corvette was hit pretty hard in the rear and it was towed to a nearby Chevy Dealer. The owner called in a "DV Appraiser" and suddenly that dealer no longer wanted to work on the car. Car was towed improperly to another dealer, who accepted the car, then reviewed the file and decided they did not want to work on the car. Car was towed to a third dealer, who said of course we can fix it, but then reviewed the file and they too, said "No thank you, come back and get your car, btw we are charging you storage for it." I have no idea what the "DV Appraiser" did or did not do to p*ss off 3 different area Chevrolet dealers but that is not a downward spiral you want to enter.

 

Talked to the other vehicle people. They did not want to pay the bill and are turning it into their ins. I think I'm stuck with a vehicle damage record.

 

Maybe, maybe not. Try and deal directly with their insurance claims rep and leave yours out of it. You may end up without a problem. Particularly if you are happy with one of their "favored" body shops. Do your own due diligence on their list however.

BTW, I expect the other folks don't understand insurance premiums. They will pay far more than the $1200 in increased premiums over the next few years.

I am glad it was only light damage to the fascia.

I had a similar shunt in my brand new black 2001 Z06 15 years ago. I only kept the car for a year and sold it through a consignment store in NorCal. The minor repair never came up either from the consignee or the new purchaser.

 

It takes about 30 minutes to remove the rear bumper. Post a pic of the damage, it might be less than $1200 to repair. Where is the damage? Is the bumper still lined up properly with the 1/4 panels?

Any damage to the lights, the bezels, or the lower grills? Any damage to the lower section of the bumper (black)? The bezels, grills, and lower bumper come painted. I doubt you have a legit claim for diminished value.

 

It's not serious damage. Put a little crease mark in the corner chipped a little paint and wrinkled the lower part in the left corner. You have to look to see most of it.

 

 

Also a little paint chipped off where the bumper cover mounts to the body near the top.

 

I would not want to name the company here, it was the other person's company and they were a smaller group of the one who is "on your side". I think it may vary quite a bit state to state but for a repair that is less than 1% of the car value and is not structural you may spend more time to fight it than it is worth.

Still I would be mad as heck!

 

Thanks for doubting my claim when I clearly posted to help... On the topic, the car is question is over a half a mil. The repair bill was 6 figures, the appraiser himself told me that the DV received was 70k. Were talking Lambo, not Chevy

 

That picture is blurry so it is hard to see what is going on. Is there a gap between the bumper and the 1/4 panel? Is the 1/4 panel damaged? I am not seeing $1200 of damage.

 

No gap but some paint chipped off the quarter panel.

 

The body shop wants to remove and repaint the bumper cover.

 

That's too bad, you must be upset. If i were you. I would just bite the bullet and pay the $1200 out of pocket and not have to deal with it going on Carfax.

 

I settled DV on my 2015 Golf R at $2,000... Damage caused from someone backing into my door was around $2,300.

My buddy his 370Z was also hit not too bad in the same ballpark price range for repairs and he got $2,800.

I always will go after DV cause when I Trade In or sell and the wreck no matter how big or small or perfect the repair it's decreased in value and u will take some kinda loss if the other party knows. On a C7 with body panel repair I'd look for $2-6k once u get more serious of a wreck and repairs I'd look into $5-12k.

I had had an insurance adjuster state they have paid $14,000 in DM on a nice new truck that had under 200 miles on it when it was wrecked.