I hate to bring this up but even if the accident doesn't appear on Carfax or Autocheck, a car owner still has an obligation to disclose prior repairs. We learned a lot from our independent appraiser while going through a diminished value ordeal. If the buyer has a subsequent not-at-fault accident when the insurance company inspects the car and notes the previous repairs (and they will) the car owner's claim will be denied outright citing that the car already suffered DV from a previous loss.
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Diminished Value Claim - Still Possible If Person at Fault Pays For Damages?
- Thread starter Pkmmte
- Start date
Knightshade
Well-Known Member
That is hugely YMMV by state.
Here in NC for example if the car is 5 years old or older you're not required to disclose anything unless it's a salvage or rebuild, or has been flooded.
(if it is less than 5 years old you must additionally disclose if it's had repairs worth more than 25% of the whole car)
To the op, you won’t be able to split the claim between getting the other driver to pay for repairs out-of-pocket then make a DV claim against their insurance. Even doing so completely negates the purpose of the other driver paying out-of-pocket.
I really do not get insurance companies. On the one hand, they have actively helped build a reporting industry around things like CarFax but then fight diminished value claims. An example of not thinking it through, as they help actually ensure a diminished value based on a repair history but then often claim there’s no diminished value. It would be smarter to encourage proper repairs with certified repair shops.
I really do not get insurance companies. On the one hand, they have actively helped build a reporting industry around things like CarFax but then fight diminished value claims. An example of not thinking it through, as they help actually ensure a diminished value based on a repair history but then often claim there’s no diminished value. It would be smarter to encourage proper repairs with certified repair shops.
I just got rear ended in my 1 month old model 3 this past Sunday. Initial estimate is at $16,250 in repairs. There is unibody damage to the floor and rear body panel. The certified Tesla shop will be measuring the frame when the fixtures come in for the Celette bench early next week. We’ll find out if there is frame damage then.
Oh the fun it’s going to be going through diminishing value claims. Any help would be appreciated.
Oh the fun it’s going to be going through diminishing value claims. Any help would be appreciated.
Which M3 variant do you have? You should try to push for them to total that car. Thats a lot of damage and DV will be quite high.
flashflooder
Member
Worst advice ever. Every bill of sale I use asks the seller to warrant and represent that the car had never been in an accident. If he or she lies and it gets found out, they get sued for fraud.
CFrolander
Member
Check the first page for my two posts regarding this. I really do recommend the company that I used, it was as simple as providing them information, then sending the other insurance company the documents I was provided for diminished value. If you have any other questions please let me know and I'd be happy to help where I could.
I know what you mean about them rarely totaling Teslas, though. That's the same thing I was told as they spent $24,000 (now actually up to $26,000 after some incidental add-ons) to get my car back up to speed. Turns out they do total them, though, as my wife was hit last week (She's OK) and the car was finally done in for.
I am going through exactly the same situation. My new 600 miles driven M3 was involved in a front collision and the other driver is at fault.
My insurance adjuster is insisting on getting it repaired though the initial damage estimate is around 20k. They might discover more damages when they open up inside. I am pushing them to total the car as the repair + diminished value + loss of use (as tesla repairs take insanely long time).
On the other side, at fault driver's insurance reached out to me and they are telling that they will total out the car and pay. Fingers crossed. Will keep it posted.
I had forgotten about this thread until now.
To give a status update, I went through the other party's insurance. They didn't let me file a diminished value claim because a few months before this, one of my co-workers had caused minor paint damage while parking and insisted on having his insurance pay for it (about $900).
As a result, I couldn't file for diminished value because it's not the first damage and going for diminished value for the first minor paint damage seemed kinda pointless.
Fast forward to now, I got rear ended this time and going through the same process. At least now I know to not even bother with diminished value as this is my 3rd claim for this car...
To give a status update, I went through the other party's insurance. They didn't let me file a diminished value claim because a few months before this, one of my co-workers had caused minor paint damage while parking and insisted on having his insurance pay for it (about $900).
As a result, I couldn't file for diminished value because it's not the first damage and going for diminished value for the first minor paint damage seemed kinda pointless.
Fast forward to now, I got rear ended this time and going through the same process. At least now I know to not even bother with diminished value as this is my 3rd claim for this car...
I wonder if it is Tesla which attracts other cars to come and hit it LOL. I am driving since past 6 years with no accidents. I got M3 2 weeks back and had a collision
Apparently you can file even if you haven't rented the car. But it also depends and state laws. This link has it broken down state wise: https://www.mwl-law.com/wp-content/uploads/2019/01/LOSS-OF-USE-IN-ALL-50-STATES.pdf
I was able to get paid for loss of use without a rental. At first, the insurance company kept insisting that I'll need to provide an invoice first.
Thankfully, Enterprise only had the Model S available so they used that as a comparison ($200 /day), so they accepted a slightly lower rate if given to me directly.
youngmcdonald
Member
Wait - I am in the same situation. How can one do that if they do not even know if there is frame damage unless they open it up to repair it? Their insurance company told me (I am not at fault) that they'll cover the repairs (and they have issued the first payment) and they will evaluate diminished value once the repairs are completed to know if and by how much the resale value has diminished. I asked around and people told me that this process makes sense.
Now, if I go to the body shop and they say that the damage is not worth restoring, then that's a completely different story but I doubt it'll happen. My rear bumper and quarter panel took a hit. Car is 2 months (3000) miles old.
Watts_Up
Well-Known Member
Could you give separately the estimate final cost for parts and labor?
It is more easy to compare estimates since parts cost is given by Tesla, while hourly labor cost varies depending of your location.
