Hit and Run

[jeffers]

There's something wrong with the system if that level of damage diminishes the value of the car. There was literally no structural damage, zero.

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[CT801]

There's something wrong with the system if that level of damage diminishes the value of the car. There was literally no structural damage, zero.

I agree…but you know how insurance companies are.

 

[Satex]

I agree…but you know how insurance companies are.

It's not insurance companies. Assume you're buying a used car. There are two that are exactly alike except one has a CarFax report showing a police accident report and body shop repair.

The repair was expertly done ... the vehicles are otherwise exactly the same.

Do you expect to get a discount on the repaired vehicle? How much?

The vehicle with the "clean" report will sell for more. That difference is the diminished value. Anyone who thinks it's baloney just isn't thinking it through.

 

[RLE55]

So I had someone watch the video, and it looks like my truck was clipped by a trailer that was making a turn. Possibility that the driver didn’t know, though I’m still not sold. IF they didn’t know and it was truly an accident, I’d be willing to see if the company will cover the cost but regardless it impacts the value of my truck. I highly doubt that a company will just cut a check without reporting to insurance. Thanks for the input, I appreciate the information. I will hopefully have more info on Wednesday.

Have a police report done on the accident have the video clip included as evidence, so the police report will show who was at fault. Turn this over to your insurance for repairs and let the insurance company go after the "at fault" driver/company. Minor damage such as this will have a low impact on your vehicles value via CarFax.

 

[CT801]

It's not insurance companies. Assume you're buying a used car. There are two that are exactly alike except one has a CarFax report showing a police accident report and body shop repair.

The repair was expertly done ... the vehicles are otherwise exactly the same.

Do you expect to get a discount on the repaired vehicle? How much?

The vehicle with the "clean" report will sell for more. That difference is the diminished value. Anyone who thinks it's baloney just isn't thinking it through.

That kind of sums up my fear…I have no intention of selling my truck anytime soon…but one also never knows what may happen.

The current status is the HR for the construction company isn’t taking responsibility, but also not denying my truck was hit. Even though it’s clear on video my stationary truck is viably moved as the truck with trailer goes by. But they are willing to cover the repairs on “goodwill”

so right now I’m just waiting for estimates from a couple body shops to see what the cost will be.

 

[CT801]

Have a police report done on the accident have the video clip included as evidence, so the police report will show who was at fault. Turn this over to your insurance for repairs and let the insurance company go after the "at fault" driver/company. Minor damage such as this will have a low impact on your vehicles value via CarFax.

Yea I’ve started a claim with my insurance company and they will deal with all that headache of their insurance.

 

[Satex]

Yea I’ve started a claim with my insurance company and they will deal with all that headache of their insurance.

Your insurance company should handle all the heavy lifting with the other party. BUT, your insurance company has no interest in any diminished value claim. Obviously the other party will balk at that regardless of how well they accept their basic responsibility.

After you get the repairs done and assuming you've gotten nowhere on a diminished value claim, there is a way to get a free, easy, and readily available diminished value estimate...

Submit you truck for sale online through one or two buyers like CarMax, Echo Park, etc. Answer everything thoroughly, but "accidentally" forget the accident.

You'll get an offer online. Take that and your vehicle to the place as though you're going to sell it. During the evaluation, they'll pick up the CarFax and give you a new reduced offer. Get a copy, apologize for the oversight, and tell them you'll consider it.

The difference between the two offers ... both bona fide offers with only the CarFax being the difference, is your diminished value.

Yes. This works. I have used this exact approach to collect a $2500 claim.

 

[CT801]

Your insurance company should handle all the heavy lifting with the other party. BUT, your insurance company has no interest in any diminished value claim. Obviously the other party will balk at that regardless of how well they accept their basic responsibility.

After you get the repairs done and assuming you've gotten nowhere on a diminished value claim, there is a way to get a free, easy, and readily available diminished value estimate...

Submit you truck for sale online through one or two buyers like CarMax, Echo Park, etc. Answer everything thoroughly, but "accidentally" forget the accident.

You'll get an offer online. Take that and your vehicle to the place as though you're going to sell it. During the evaluation, they'll pick up the CarFax and give you a new reduced offer. Get a copy, apologize for the oversight, and tell them you'll consider it.

The difference between the two offers ... both bona fide offers with only the CarFax being the difference, is your diminished value.

Yes. This works. I have used this exact approach to collect a $2500 claim.

I will keep that in mind, thanks for the information.

 

[CACTUSGREYFX4]

My dealer did this to my previous truck when changing the oil. I wasn't happy. Mine cost the dealer around 4 grand as the tail light got damaged too. Told me the oil change guy backed it into another trucks tailgate.

 

[Satex]

It cost that dealer $4000, but how much did it cost you?

 

[CACTUSGREYFX4]

It cost that dealer $4000, but how much did it cost you?

No cash outlay other than $5 for fuel for the rental and included the next few oil changes for free. The only inconvenience was it was at the body shop for a week but they rented a car for me. It was all their fault and it didn't show up on Carfax.

 

[Satex]

No cash outlay and included the next few oil changes for free. The only inconvenience was it was at the body shop for a week but they rented a car for me. It was all their fault and it didn't show up on Carfax.

If it didn't show up in CarFax, that minimized your exposure to diminished value. However, a skilled appraiser can usually find evidence of a body shop repair.

You likely came out fine.

 

[CACTUSGREYFX4]

If it didn't show up in CarFax, that minimized your exposure to diminished value. However, a skilled appraiser can usually find evidence of a body shop repair.

You likely came out fine.

I don't think the dealer wanted it on their end that they damaged a customer's vehicle doing a oil change. I traded it on my Ranger and got a really good price for it. I sorta kept a eye on it and they only made a bit when they sold it from what I got on trade in and I had it for 5 years so it probably needed at bit of work like brakes and all fluid's changed.

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