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Question about diminished value

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Old Nov 1, 2018 | 06:42 PM
  #11  
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Originally Posted by mptoledo
I was also rear-ended. 2 weeks after getting my new 2018. Didn't leave a scratch but bent the right side in. estimate was $1000 to fix. Their insurance company wanted to give me $300. I reminded them that their driver was at fault, and if I had to get a lawyer, they would want me to go to the hospital, and do numerous costly tests. I had a check in my mailbox 3 days later for $1000. I now have two options, put a 2x4 between the frame and bumper and bend it out, or spend $1000 to get a new bumper. It pretty much totaled their plastic Saturn.

I saved the pictures so if I ever sell it, I can show them what it involved. Yes, it may hurt resale value, as some won't touch a vehicle involved in an accident, no matter what the owner says. but hey, I got $1k to help with that down the road



My damage is similar to yours, but the gap is much smaller. There are very small creases on either side of where the lower flare transitions into the rest of the bumper. I'm going to get it fixed and I'm going through the at fault driver's insurance. I toyed with getting an aftermarket bumper as it would be cheaper than the repair, but with a stock front bumper, it just wouldn't look right.

The insurance company knows about the accident as I reported it to them, mainly because my son was in the car and had a sore back as a result of the accident. Took him to his doctor to have him checked out - fortunately just muscle soreness.
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Old Nov 1, 2018 | 06:45 PM
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Originally Posted by tinner1
Wonder what percentage of body shops actually report to CarFax? Sister-in-law had her fender, wheel, tire replaced on her '14 Edge after somebody ran a stop sign. They sold the vehicle to an individual,CarFax showed it was clean. She did receive a diminished value settlement.
My understanding is that the body shops have to voluntarily input this information into CarFax, and that CarFax provides them 0 financial incentive to do so.

If my understanding is accurate, I would assume nearly 0% of body shops actually report that data.

Awesome, huh?
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Old Nov 1, 2018 | 06:51 PM
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Originally Posted by tinner1
Wonder what percentage of body shops actually report to CarFax? Sister-in-law had her fender, wheel, tire replaced on her '14 Edge after somebody ran a stop sign. They sold the vehicle to an individual,CarFax showed it was clean. She did receive a diminished value settlement.
Exactly why people shouldn't put all their trust in Carfax. It's like they assume it's a government mandated program that's regulated.
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Old Nov 1, 2018 | 07:25 PM
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Originally Posted by Jim10517
My damage is similar to yours, but the gap is much smaller. There are very small creases on either side of where the lower flare transitions into the rest of the bumper. I'm going to get it fixed and I'm going through the at fault driver's insurance. I toyed with getting an aftermarket bumper as it would be cheaper than the repair, but with a stock front bumper, it just wouldn't look right.

The insurance company knows about the accident as I reported it to them, mainly because my son was in the car and had a sore back as a result of the accident. Took him to his doctor to have him checked out - fortunately just muscle soreness.
If an insurance company has to write a check, assume the incident will be reported on carfax/auto check. The best you can do is take pictures BEFORE the repair is done to show the next owner it was truly a minor bump. Some may not ask at all. Anyone that sees the vehicle history will consider reducing the value. That’s what comes with the territory. You can explore the possibility of claiming diminished value and pressuring their insurance to pre-emptively cover the loss you’ll take at the time of resale. Whatever you do, keep in mind that the moment you sign anything or accept the insurance money, it’s case closed. If you’re going to recover the lost value, you need to do it now.
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Old Nov 1, 2018 | 10:18 PM
  #15  
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Worst case, it's going to show up on a CarFax report. If you trade it in (most likely), the dealer won't care that you have pictures and it wasn't that bad. It's a black mark, which lowers the value. File the diminished value claim.
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Old Nov 1, 2018 | 11:33 PM
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It really is an easy fix. just put a 2x4 in there and use a crow bar against the frame and rock it back in place. Took 3 minutes at most. Your bumper will most likely get a few scratches over time. Just think of it this way, you have gotten that out of the way, and somebody paid for it. Get an estimate first though



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