OT: diminished car value claims - got hit today WTF, Looking for advice and experience Options

[draganc]

Fellows,

I was just minding my own business on a sunny day until I got rear ended by a mini van. (IMG:style_emoticons/default/barf.gif)

Damage is within limits, the bumper needs to be repainted and the douche hit my rear right wheel, hence it will need a new tire and alignment at least. No biggi.

Since he didn't wanted to admit his fault, I called the police for an report. At least they wrote him a ticket for hitting my car.

Nevertheless, since it is reported now and most likely gonna show up at a car fax search I'm concerned that it will lower my potential resale value (the car has only 29k mls and is in like new condition).

Hence, who has any advice and experience about diminished car value in NJ or other states. In particular how to calculate and claim the addition damage.

Thanks in advance,
Dragan

[rick 918-S]

The insurance theory is: If the car is restored to "pre-accident condition" there is no negative impact or reduction of value. When settling claims some states allow for diminished value claims many don't. The damage is physical and not directly monetary. The outcome of any repair will be a direct reflection any loss of value. That approach shifts the burden onto the owner to select a shop that is competent and capable of completing said repairs. Choose wrong and it's your decision along with the shop that did the work.

Just because car fax runs commercials stating their service reveals damaged cars that are worth less doesn't mean that's reality. If you notice in every case the car owner is being deceptive. As stated, document the repairs and get it done right and be forthcoming with the information when selling.

I would much rather purchase a car that has been properly repaired with documentation than some of the so called "restorations" I've seen. And they will never appear on car fax.

Flame on guys. (IMG:style_emoticons/default/ar15.gif)