Wife’s Diesel Got Hit
07-09-2018, 11:23 AM
#1
Racer
Thread Starter
Wife’s Diesel Got Hit
No injuries, but latest tally is about $25k of damage...about half the cars value. I’m angry as this likely will affect resale value.
Anyone ever convince insurance company to buy back a car in a similar situation?
Will this be listed as a major accident on carfax?
Anyone ever convince insurance company to buy back a car in a similar situation?
Will this be listed as a major accident on carfax?
07-09-2018, 11:55 AM
#2
Glad to hear the car did it's job at protecting the occupant.
You are right to be concerned about the additional hit to the resale value beyond the damage repair, and you're not the first one down that road. You need to look into whether your state and/or insurance company has what's known as diminished value settlement - just as the name implies, it is the payout for the vehicle's reduced value due to the collision repair. If you are able to collect on it, you may have to do some back and forth with the insurance company, maybe even hire an expert to advocate on your behalf, as the insurance company will naturally gravitate towards low-balling you at first.
How it will be listed on the CarFax (if at all - not all accidents make it onto the carfax for various reasons) depends on the state and you local police department. Some list more details than others, some fail to list half the accidents that come through them... That's why you should only use carfax as an additional source of information on top of a good inspection, not as the vehicle's bible.
You are right to be concerned about the additional hit to the resale value beyond the damage repair, and you're not the first one down that road. You need to look into whether your state and/or insurance company has what's known as diminished value settlement - just as the name implies, it is the payout for the vehicle's reduced value due to the collision repair. If you are able to collect on it, you may have to do some back and forth with the insurance company, maybe even hire an expert to advocate on your behalf, as the insurance company will naturally gravitate towards low-balling you at first.
How it will be listed on the CarFax (if at all - not all accidents make it onto the carfax for various reasons) depends on the state and you local police department. Some list more details than others, some fail to list half the accidents that come through them... That's why you should only use carfax as an additional source of information on top of a good inspection, not as the vehicle's bible.
07-09-2018, 12:55 PM
#3
Rennlist Member
I see this issue discussed in the 911 threads: Diminished value. Something you may want to do some research. Here is an eg
https://www.learnvest.com/knowledge-...nsurance-claim
https://www.learnvest.com/knowledge-...nsurance-claim
07-09-2018, 02:48 PM
#4
If you are near 50% of the value you are probably getting fairly close to the point where it starts to make financial sense to the insurance company to total the car. Total loss seems to be a more disireable outcome than a repair at this point. If so, you might do well to make it very clear to the insurance company that you intend to go after loss of value and that with damage that significant it will also likely take multiple trips to the body shop to get the vehicle repaired to satisfaction.
Last edited by hotrod2448; 07-09-2018 at 03:43 PM.
07-09-2018, 03:00 PM
#5
Rennlist Member
Have they started disassembling the car yet? At 25k they're close to a total. I'd push for it. And, if they won't, you need to pursue diminished value aggressively.
07-09-2018, 08:25 PM
#7
Rennlist Member
Any frame repair or frame damage? That’s a real key thing in dv.
For dv. Basically you will need an assessmemt of value prior and value post repair and the dv is the gap. Usually a paid appraiser is required.
Is your or other persons insurance covering the claim?
For dv. Basically you will need an assessmemt of value prior and value post repair and the dv is the gap. Usually a paid appraiser is required.
Is your or other persons insurance covering the claim?
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07-10-2018, 03:23 PM
#8
Racer
Thread Starter
What exactly is considered frame damage? All panels on side replaced, both wheels, and tons of suspension (control arm, bearings, bushings, spring, etc). Essentially wheel was bent and all components needed re done.
07-13-2018, 08:17 PM
#10
Rennlist Member
NO.
Salvage means insurance bought car back
Rebuilt is what you get when you put a salvaged car back on the road
CA has a very specific inspection process for these
Most likely damage will be on carfax
Thing is, for drivers like these, assuming repaired well, and i you keep the car a while, probably not a huge hit honestly.
these things depreciate like rocks as it is
Frame damage: look on repair bill for frame tech, cellette, etc.
Salvage means insurance bought car back
Rebuilt is what you get when you put a salvaged car back on the road
CA has a very specific inspection process for these
Most likely damage will be on carfax
Thing is, for drivers like these, assuming repaired well, and i you keep the car a while, probably not a huge hit honestly.
these things depreciate like rocks as it is
Frame damage: look on repair bill for frame tech, cellette, etc.
07-30-2018, 09:47 PM
#13
Racer
Thread Starter
Thanks for feedback on disminished value claim...just settled with Geico today for $2500. Still haven’t gotten cayenne back though. Dodge Durango rental is NOT a substitute
08-04-2021, 02:03 AM
#14
Rennlist Member
Resurrecting this thread to get some info.
My '15 has been in the shop all summer, mostly waiting for parts (and then waiting again after the wrong ones came from Germany twice). It's now in paint and re-assembly. Pretty minor hit to to the rear hatch, but the bill is about $16K.
Repair is being done by Precision Imports in Denver, so a Porsche dealer/certified Porsche body shop. What is the impact of that option in the Porsche world? I know it's good, of course, but does it reduce the scarlet letter of a repaired vehicle if done by a Porsche dealer/certified shop?
How did you negotiate for the $2500 diminished value with the insurance company?
My '15 has been in the shop all summer, mostly waiting for parts (and then waiting again after the wrong ones came from Germany twice). It's now in paint and re-assembly. Pretty minor hit to to the rear hatch, but the bill is about $16K.
Repair is being done by Precision Imports in Denver, so a Porsche dealer/certified Porsche body shop. What is the impact of that option in the Porsche world? I know it's good, of course, but does it reduce the scarlet letter of a repaired vehicle if done by a Porsche dealer/certified shop?
How did you negotiate for the $2500 diminished value with the insurance company?
Last edited by skiahh; 08-04-2021 at 02:04 AM.
08-04-2021, 10:14 AM
#15
Rennlist Member
The shop doesn't really matter. I've never been able to get a diminished claim paid on a "normal" car, like a SUV vs something more special like a sports car