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Official ways to Assess Vehicle Value Loss after an accident

Discussion in 'Gen 3 Prius Care, Maintenance & Troubleshooting' started by unit333, Jan 11, 2013.

  1. unit333

    unit333 Junior Member

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    ok, so i had another thread going regarding the actual accident but here is the brief:
    rear ended, no fault, have police report and my insurance on my side.
    guy's insurance won't pay due to the absolute lack of collision coverage.
    My insurance end up paying but I need to pay deductible.
    Also there will be a loss of value of my car when one day i decide to trade or sell due to the accident.
    After going over all my option I am pretty much left with dealing with the person who hit me myself.
    I want to send him an official letter asking him to reimburse me for the deductible as well as the loss value of the car. If not, small claims court.
    But I want a legit and proper way to asses how much my car have lost in value since the accident. The repairs are around 2K.
    I know there are web sites you can sort of do that but I somehow don't think that this type of damage could just be properly assessed by some formula. I feel like I need an actual person to look at the car and tell me - reputable person or agency or something of that kind. Any ideas?
    Thank you
     
    #1 unit333, Jan 11, 2013
  2. stream

    stream Senior Member

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    I believe NY is a no fault auto insurance state, and if I understand correctly, that means your insurance pays regardless of who is at fault. You might want to do some web research before getting all geared up for small claims court.
     
    #2 stream, Jan 11, 2013
  3. JMD

    JMD 2012 Prius 4 Solar Roof

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    That seems like a minor repair, I'm not sure it will have a Diminished Value when you try and resell the car. Ask the Body shop if it will show up on carfax as an accident. I had someone rear end with minor damage my rear bumper. The Body Shop at the dealer said he does not report it if it is less than $3,000 in damage and no structural damage. When I traded in the car after 7 years I got KBB trade in value. It may be worth a try and best of luck. I do not have a letter, but I also would be carefull you do not want to open yourself up to any lawsuits making a threat in a letter. Best to have a lawyer help you.

    Diminished value auto insurance claims
     
    #3 JMD, Jan 11, 2013
  4. unit333

    unit333 Junior Member

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    Accident happened in Jersey. I have already researched it and I have a right to seek compensation for this.
    Nobody is talking about treats here, It's a matter of communication. He hit me, it's his fault and he needs to take responsibility especially considering the fact he carries an insurance which will not cover anybody in case of an accident. Even if the repair shop doesn't report the accident, when i trade the car and get asked about it i am not going to lie as to what have happened to it and put myself into a potential crappy situation. Plenty of people are professional enough and can determine that the car has been hit even if it's not listed in carfax and even if the repair is good. It's pretty simple. i send him the paperwork with what he owes, all based on facts, and we take it one step at a time depending on his response.
     
    #4 unit333, Jan 11, 2013
  5. JMD

    JMD 2012 Prius 4 Solar Roof

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    How would you value the loss of trade in value of your car for your accident?

    Just a FYI many body shops do a horrible job blending and some do a great job.
     
    #5 JMD, Jan 11, 2013
  6. unit333

    unit333 Junior Member

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    That's what i posted another Thread about. Not sure how to find out a legit way of figuring out what the difference is - before an after.
    The shop I went to has great Yelp reviews regarding the work they do. The Geico dude is also there all day in his office so if anything is not done right i will simply refuse the car and have them redo it. But they are swearing by their work so we'll see. Hoping to pick it up by next Wednesday.
     
    #6 unit333, Jan 11, 2013
  7. stream

    stream Senior Member

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    I thought New Jersey was also a no fault state. What am I missing?
     
    #7 stream, Jan 11, 2013
  8. JMD

    JMD 2012 Prius 4 Solar Roof

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    I have GEICO Insurance for 17 years but in California. In California you can go to any Body Shop and they guarantee the work for 90 days. However if you go to a GEICO authorized BS they have a Lifetime Guarantee. Take a photo of the repaired car. The imperfections on the repair show up on the Photo.

    Just a FYI I had a 8K damage on one of my cars and it showed up on Carfax. When I traded it in they pulled the report and wanted to lower the value of my car 8K. I compalined and said that will not fly and I'll try another dealer or sell it private party. When the GM at the dealership looked at the car under light he said he can see they did a good job and gave me Kelly Blue Book Trade in Value on the car. However he wanted to sell me a new car that is why. He said that one will go to auction. If it was not hit he would put it on the lot and try and sell it after some minor reconditioning.

    So your saying that in NJ the person is responsible for the repair of the car and the lowered car value due to repairing the vehicle. That may be tough to collect on.
     
    #8 JMD, Jan 11, 2013
  9. JMD

    JMD 2012 Prius 4 Solar Roof

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    Some law firms have a "free" initial consultation. They may do it over the phone. It may be worth a shot just to get a clear direction. You may have a case. However you may persue it on your own in small claims court.
     
    #9 JMD, Jan 11, 2013
  10. unit333

    unit333 Junior Member

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    No fault states reduce the amount of people who go to court to settle but they don't forbid to seek your rights if you think that you've been treated unfairly. Yes, if a driver hits me, and carries an insurance coverage which doesn't contain any liability or collision coverage and I end up having to dig in my own pockets to cover part of the expenses for something I have absolutely no fault at, I will sure as hell exhaust all possible efforts to recover my damages. Why wouldn't I?
     
    #10 unit333, Jan 11, 2013
  11. unit333

    unit333 Junior Member

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    Also everyone has different experience and if I go to 10 dealerships or deal with 10 different people to try to sell my car it is very likely that most of them will act and react differently in the same situation. For example, if I go and try to buy a car, if I am given a choice between a Prius with no accidents and a Prius with an accident that are in the same condition, i will never pay the same amount I will want to pay less for the car that was damaged.
     
    #11 unit333, Jan 11, 2013
  12. JMD

    JMD 2012 Prius 4 Solar Roof

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    I agree, but if the car is repaired properly then it has no damage. Look best of luck to you. I agree you have the right to go after the damages. But you are saying you want the diminshed value or that the car will have a lower resale value now due to the accident and repair. The questions I ask will come up in court for sure. They will ask you to prove it? You had a minor accident. It has no structural damage. I'm not sure it will be worth less on a trade in. Much of it depends on how good a job the Body Shop does in the repair work. You got pictures of the reapaired car? Does the pictures show it will have a lower resale value than a undamaged car? Those are all questions that will come up and many more in court.
     
    #12 JMD, Jan 11, 2013
  13. unit333

    unit333 Junior Member

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    I think a loss in value is inevitable Trust me I rather not have to deal with any of this but I bet you 3 years from now if I decide to trade the car there will be issues. Car is not finished yet but yes i do have tons of pictures. Also of course I will be asking for what it's owed to me After I figure out what the loss is. Which is why I am trying to figure out where people go to determine this type of stuff.
     
    #13 unit333, Jan 11, 2013
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  14. JMD

    JMD 2012 Prius 4 Solar Roof

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    A little opinion. Once you get the car back repaired take pictures with a high megapixel camera with Flash. Damage shows up much better. You will have to go back to the Insurance adjuster perhaps via the Body Shop Manager and let them know the car is not repaired properly and allow them to make the corrections or pay the Diminshed Value. If they cannot or will not than you have a Diminshed Value case potentialy. If you do not go through that step the Judge will throw it out and ask you to give the Insurance Company or defendant the ability to right the wrong in the car.

    I'm not a Lawyer and I don't live in the Garden State, call a lawyer and ask. It usually costs nothing to get some initial advice. Best to be coached now than make a mistake later.

    Let us know how it all works out. I'm interetsed to know the story :)
     
    #14 JMD, Jan 11, 2013
  15. unit333

    unit333 Junior Member

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    You got it. Thanks for all the info
     
    #15 unit333, Jan 11, 2013
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  16. JMD

    JMD 2012 Prius 4 Solar Roof

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    #16 JMD, Jan 11, 2013
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