Hit and Run

[CT801]

My truck got hit in parking lot at work where they are doing some building construction. Thoughts on what the repair will look like? Will this depreciate my trucks value because it’ll have to have a claim against it?

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[pkvir]

I hope your work has cameras.

 

[CT801]

One that shows a delivery of some kind hit my truck. I haven’t seen the video yet, but there’s a low chance that it’ll be able to be pinpointed, so I’m just stuck dealing with it. My worry is the cost of repair and the impact on the value of my truck.

 

[jeffers]

Nah, thats pretty minor. A body shop will fix it to where you can't even see that anything ever happened. They charge a whole lot of money though.

 

[CT801]

Oh I know. I would really like to not have to pay that, and the person responsible other company do it. But I doubt that will happen, so I will just have my deductible .

 

[pkvir]

Oh I know. I would really like to not have to pay that, and the person responsible other company do it. But I doubt that will happen, so I will just have my deductible .

You may consider not going through insurance if you're concerned about diminishing value as you stated above.

 

[Dre' Dawg]

My truck got hit in parking lot at work where they are doing some building construction. Thoughts on what the repair will look like? Will this depreciate my trucks value because it’ll have to have a claim against it?

Is just the metal and no damage to the bumper or black trim? I would say you will have to fork out between $500 - $800 dollars. Like Paul stated you might be better not filing a claim for that small of an amount and have that go against a claim on your insurance.

 

[Satex]

You may consider not going through insurance if you're concerned about diminishing value as you stated above.

You have a good point, but you've missed part of the story. The shops report to CarFax. You can avoid insurance, and that keeps them from reporting, but the vast majority of bodyshops also report.

On the whole, CarFax may be a positive to some people, but it does create problems. The notation in the CarFax report will look the same as for major repairs. CarFax absolutely has caused a lot of cases of unfairly diminished value.

 

[Satex]

My truck got hit in parking lot at work where they are doing some building construction. Thoughts on what the repair will look like? Will this depreciate my trucks value because it’ll have to have a claim against it?

It will reduce the value of your vehicle. If you don't use insurance AND can find a shop that doesn't report to CarFax (good luck on that,) OR do the repairs yourself, it won't reduce the value.

Depending on how long you keep the truck, your diminished value will be anywhere between $1000 and $10,000.

There's value in CarFax, but overall I think it does far more harm than good.

 

[Medic 6]

Agree with Satex, carfax can be helpful to some… They totally misrepresented the damage to my wife’s car after an accident that was not her fault. I sent pictures and police reports to counteract their information and incompetence, totally blew me off.

Your decision at the end of the day, I wish you the best with your decision.

 

[pkvir]

You have a good point, but you've missed part of the story. The shops report to CarFax. You can avoid insurance, and that keeps them from reporting, but the vast majority of bodyshops also report.

On the whole, CarFax may be a positive to some people, but it does create problems. The notation in the CarFax report will look the same as for major repairs. CarFax absolutely has caused a lot of cases of unfairly diminished value.

I was not aware of this. I thought it was the insurance company that reported the damage.

 

[Satex]

I was not aware of this. I thought it was the insurance company that reported the damage.

Insurance companies do report also. As for the shops, most maintenance and repair work is also reported.

That's a benefit of CarFax for people who have maintenance done at dealers or other reporting shops. When they sell or trade, the maintenance records are right there.

For those who do their own maintenance, the lack of that information on CarFax is easily interpreted as having no maintenance performed.

 

[CT801]

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.

 

[Satex]

If you can identify the other vehicle and owner, you should consider pursuing a diminished value claim.

It's a murkier area than just a damage claim, but with a new vehicle and fairly minor physical damage, the diminished value is likely worth far more.

Do a search for diminished value appraisers in your area. You'd have to pay that cost up front and getting a claim paid isn't certain. But the damage and cost is real, even if you don't realize the loss until some time in the future.

 

[CT801]

If you can identify the other vehicle and owner, you should consider pursuing a diminished value claim.

It's a murkier area than just a damage claim, but with a new vehicle and fairly minor physical damage, the diminished value is likely worth far more.

Do a search for diminished value appraisers in your area. You'd have to pay that cost up front and getting a claim paid isn't certain. But the damage and cost is real, even if you don't realize the loss until some time in the future.

Awesome, thanks for the idea. We will see what happens going forward.

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