help finding the diminished value for a prius in accident

Discussion in 'Prius v Main Forum' started by ltlurker, Aug 23, 2018.

  1. ltlurker

    ltlurker Member

    Joined:
    Jul 15, 2016
    131
    25
    0
    Location:
    dc
    Vehicle:
    2020 Prius Prime
    Model:
    Limited
    so my prius v just got rear ended last wkd and in the midst of 4k repairs. I was wondering if you guys have any advice on how to ask for diminished value for a car that has been clean until this accident? The best i did was to price car value on KBB from excellent condition to a good condition and it appears to have knocked off 1k. I know for my own car buying process, I'm hesitant to buy anything without a pretty clean history and this will def qualify as a ding. advice on how to figure out value lost and best way to get that on paper for the insurance company?
     
    CLUBGUY likes this.
  2. CLUBGUY

    CLUBGUY Member

    Joined:
    Feb 4, 2012
    292
    47
    0
    Location:
    Cincinnati
    Vehicle:
    2012 Prius v wagon
    Model:
    Five
    Possibly your insurance agent can be of assistance..
     
    Mendel Leisk likes this.
  3. bisco

    bisco cookie crumbler

    Joined:
    May 11, 2005
    94,692
    42,924
    0
    Location:
    boston
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    i have never read about the process, just that people recommend asking the insurance company for diminished value payment.
    depending on the damage report a thousand may be reasonable. if no vital systems need to be repaired, potential buyers won't be too concerned, although some people shy away altogether, preferring to pay more for a pristine vehicle.
    this is a failing of the used car valuation industry, it is an average generalization.
    you get no credit for one owner, or service records or no accidents, just estimated condition.
     
    Mendel Leisk likes this.
  4. mikefocke

    mikefocke Prius v Three 2012, Avalon 2011

    Joined:
    Nov 3, 2012
    3,013
    1,288
    0
    Location:
    Sanford, NC
    Vehicle:
    Other Hybrid
    Model:
    Three
  5. ltlurker

    ltlurker Member

    Joined:
    Jul 15, 2016
    131
    25
    0
    Location:
    dc
    Vehicle:
    2020 Prius Prime
    Model:
    Limited
    the accident took place in MD so i'm not sure which state law i'd have to follow. MD on one hand does and DC is a bit iffy. good idea on taking the car to carmax. won't be able to get my car back until early sept. already missing it. I love that goofy acceleration.. I got a beefy nissan altima as rental and it's amazing how much gas that thing sucks up. how quickly does a accident show up on a carfax report?
     
  6. Air_Boss

    Air_Boss Senior Member

    Joined:
    Jun 2, 2012
    3,388
    867
    0
    Location:
    New Yawk
    Vehicle:
    2012 Prius v wagon
    Model:
    Five
    Does your insurance cover repairs to the car (and medical for drivers/others, if needed) or its value?

    Do you have replacement value coverage?
     
  7. The Electric Me

    The Electric Me Go Speed Go!

    Joined:
    May 22, 2009
    9,083
    5,776
    0
    Location:
    Undisclosed Location
    Vehicle:
    Other Non-Hybrid
    Model:
    N/A
    I would probably START with asking your insurance company about the process. I would also look up the rules and laws in your state. The internet will be your friend here.
     
    Mendel Leisk likes this.
  8. Kenny94945

    Kenny94945 Active Member

    Joined:
    Mar 24, 2016
    678
    346
    0
    Location:
    Sausalito
    Vehicle:
    2016 Prius v wagon
    Model:
    Four
    In for answer.
    Yes, I have seen firms that specialize in diminished value report found on the 'net.
    Cost for report is @$400 as I recall and perhaps not recoverable.
    For homework, as above, get a quote from CarMax and local dealer on a
    post accident purchase.
    Also gather your local region's adverts for like Prius's.
    Check you state laws on DM claims, some don't allow.
    Then ask your ins. co about DM.
    I can't say for sure how the formula computes the DM value...as a ratio of
    the accident amount or by vehicle pre & post accident.
    If you sell the car today, then you have facts/ actual evidence.
    Hence the written appraisal is the key to attain a value, more than likely
    greater than your ins. co may or may not offer.
    Lastly, let us all know your finding!
    DM is an important issue IMO.
     
  9. s1flaherty

    s1flaherty Junior Member

    Joined:
    May 6, 2006
    43
    1
    0
    Location:
    Southern Nevada
    Vehicle:
    2006 Prius
    I had a similar issue around 10 years ago with my 2006 Prius. The members here were very helpful and I received the diminished value, as well as the cost of the estimate. Here was my response, then: "I hired a company called "Collision Claims" (Diminished Value Auto Appraisal Experts - Auto Claims Consultants - Vehicle Total Loss Appraisals.) (no affiliation) that I found after someone recommended a discussion at fatwallet.com (also, no affiliation). They charged $375.00 for their service. This included an inspection of the car, which itself was really helpful. They inspected the car inside and out, but didn't drive it. They looked at all repair documentation, including the alignment report. The inspector said the repair shop did an excellent job. In a few days I received a Diminished Value Report along with instructions. The company was very helpful, and emphasized that they do not give legal advice, but did have sample letters for submitting the claim myself. The appraiser and Collision Claims estimated the diminished value at $3,750." I never would have thought of that had it not been for Prius Chat members!
     
    bisco likes this.
  10. Air_Boss

    Air_Boss Senior Member

    Joined:
    Jun 2, 2012
    3,388
    867
    0
    Location:
    New Yawk
    Vehicle:
    2012 Prius v wagon
    Model:
    Five
    Is that interpreted as the post-repair "diminishment" being $3750, or the post-repair "value" being $3750?

    How did you claim it, and what was the result?

    Also, did your insurance company write down the value of the car by that amount?
     
  11. ltlurker

    ltlurker Member

    Joined:
    Jul 15, 2016
    131
    25
    0
    Location:
    dc
    Vehicle:
    2020 Prius Prime
    Model:
    Limited
    so nationwide has a process for dimished value. I had to jump through some hoops to get the paper work to them but supposed they are going to bring a inspector out to see the vehicle
     
    bisco likes this.
  12. bisco

    bisco cookie crumbler

    Joined:
    May 11, 2005
    94,692
    42,924
    0
    Location:
    boston
    Vehicle:
    2012 Prius Plug-in
    Model:
    Plug-in Base
    well done, please let us know the outcome.
     
Loading...