Diminished Value after a car wreck

ABadJeeper

ABadJeeper

Carolina Metal Masters
Joined
Jan 7, 2007
Location
Huntersville, NC
Short story my wife had someone pull out in front of her and she ran right into them. She has a 2014 Grand Cherokee. The accident caused just under $5,000.00 in damage. Luckily my wife wasn't hurt so that was a huge plus. Right now my concern is that when we go to trade or sell it we are going to take a pretty big hit because it has a 5K accident on it. The repair work is impeccable so you would never know it was in an accident but it shows on the reports.

So has anyone here ever had to deal with this. The other drivers insurance says we have to get something in writing about the diminished value and submit it to them and they will pay it. Their driver was found at fault.
 
Tried it one time. Got run in so many circles by the insurance company, I let them win. It became not worth the time (they know it, that's why they play those games). I run stuff until the wheels fall off anyways, so I really wouldn't ever see the loss in a sale/trade.
 
kaiser715 said:
Tried it one time. Got run in so many circles by the insurance company, I let them win. It became not worth the time (they know it, that's why they play those games). I run stuff until the wheels fall off anyways, so I really wouldn't ever see the loss in a sale/trade.
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That's kinda the point I'm getting to with it. I'm close to throwing my hands up and saying F-It. The problem is we usually buy a new car for her every 4-5 years so we will most likely have to to deal with the depreciated value.
 
I did it when my 3 months old 2013 Silverado was hit while parked in my driveway. Took forever and I had to keep calling and bugging them about it because the "guy" I needed to talk to was out. But one day got a call from the "guy" and had a check for $1700 in my hand in a week. Wasn't as much as I thought it should be but was better than nothing. I believe it was Nationwide.

The insurance guy told me when I asked that there was a set value of damage and if it was under that you not have to report it when selling. I don't remember what exactly it was though. Seems like around $3000-$5000.
 
ncsutj said:
I did it when my 3 months old 2013 Silverado was hit while parked in my driveway. Took forever and I had to keep calling and bugging them about it because the "guy" I needed to talk to was out. But one day got a call from the "guy" and had a check for $1700 in my hand in a week. Wasn't as much as I thought it should be but was better than nothing. I believe it was Nationwide.

The insurance guy told me when I asked that there was a set value of damage and if it was under that you not have to report it when selling. I don't remember what exactly it was though. Seems like around $3000-$5000.
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Out of curiosity do you know how much it cost to repair your truck?
 
ncsutj said:
The insurance guy told me when I asked that there was a set value of damage and if it was under that you not have to report it when selling. I don't remember what exactly it was though. Seems like around $3000-$5000.
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I believe the issue isn't whether it's of an amount that you HAVE to declare it (if it was that much they'd have the title stamped), it's more an issue of whether it will how up on things like CarFax if somebody digs up reports. Regardless of whether the work is well done or whatever, unfortunately there is the "perceived" value loss which drives the price down to people.That's the problem with "value", it's all subjective depending on the buyer (hell look at the "value" of used trucks the days).

I'm curious as to just whom you're supposed to get to couch for the depreciation that the ins. co. will buy off on.
 
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