Diminished Value Claim - Still Possible If Person at Fault Pays For Damages?

[caskater47]

I have some experience with this. Had a similar situation several years ago. If you've already started a claims process with the insurance company then you should continue. Even if you don't complete the claim you've already marked both policies and will premiums go up.

If you haven't involved the insurance companies yet it could be worth letting them pay out of pocket for the goodwill. Make sure you get a legal agreement in place that will cover additional future damages that may result.

What happened to me was I started filing a claim and then decided to settle directly to be nice. My insurance premiums went up anyway even though I never completed the claim and it wasn't even my fault.

 

[woodguyatl]

I was charging my car when another car (a Model X) pulled in then out of the parking spot next to me. Upon pulling out, they made a sharp right turn which ended up damaging the front of my vehicle. The front driver side bumper cover is damaged (significant), left headlight has some scratches (minor), and the panel between the driver's door and bumper cover (fender?) is (slightly) damaged.

The person admitted complete fault and we've already filed an insurance claim with their insurance company. However, she is asking if I'm okay with them paying for the damages so that their insurance rates don't go up. I was considering selling my Model 3 sometime later this year, so I'm concerned about diminished value and whether or not I can still file for it with their insurance if I do accept their offer to pay for the damages directly. I've never filed a diminished value claim before. The only claim I've ever filed for this Model 3 was for paint damage someone else caused, which was only $800, and I never filed a diminished value claim for. (Should I?)

Should I take up their offer to pay directly? Would their insurance refuse to pay for diminished value if I do so? She wants me to assess repair costs first, how do I even do that when the adjustor wants me to make an appointment at my local Tesla Service Center to assess repair costs?

I have photos and a dashcam video, if that's of any use.

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#completenoob

Let them pay. Go to body shop that does not participate in Carfax. The high end ones that deal Ferrari’s et. al. Typically don’t participate in Carfax because those owners don’t want it. Also, the repaired panels will look much better than the other panels on your car.

 

[woodguyatl]

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.

This varies by State. For instance, in NC, it must be declared if the repair exceed more than 25% of the cars value.

 

[android04]

Personally, if I were in the market for a used Tesla and it had been repaired before, I would like to see pictures of the damage and estimates and receipts for repairs. So future buyers might appreciate honesty and transparency more and have trust that it was repaired properly.

 

[Wizard2416]

Hmm, I had my battery pack replaced due to road hazard puncture a while ago. Insurance claim took care of it but I didn't know there was a chance to claim for DV. Perhaps it doesn't apply to my case but it is interesting to know there's that route.

 

[TJtv]

Also, the repaired panels will look much better than the other panels on your car.

Very funny, but also very true!

 

[MP3Mike]

Hmm, I had my battery pack replaced due to road hazard puncture a while ago. Insurance claim took care of it but I didn't know there was a chance to claim for DV. Perhaps it doesn't apply to my case but it is interesting to know there's that route.

You normally can't claim DV against your own policy. Also, I wouldn't think a pack replacement would devalue your car. It might actually increase the value.

 

[caskater47]

You normally can't claim DV against your own policy. Also, I wouldn't think a pack replacement would devalue your car. It might actually increase the value.

I concur. That's like rebuilding an engine. It's restoration, not devaluation.

 

[Wizard2416]

I concur. That's like rebuilding an engine. It's restoration, not devaluation.

Oh, that's how it works.

Thank you for the info guys =)