How much will this hurt the resale $$

[peppy]

Someone hit my wife's truck, started out as about $5K ended up over $8K.

Truck is a 2007 model.
There was no frame damage, just the doors, B pillar, and the rocker panel. The truck was on the frame machine just to straighten the cab.

[pwd72s]

Depends on the quality of the repair...the better the repair, the less it will hurt.

[Rot 911]

Demand the insurance company pay you for the diminished value.

[bell]

As stated above, it depends on the quality of repair......
If me I would keep all the pics so when a possible buyer asks about it (if it shows up on carfax) you'll have detailed info in the repair process, what's done is done, the insurance company won't care about the "reduced value", their job is to pay to get it to the condition it was in just prior to the accident.....

[peppy]

Excellent repair, I have no worries about that at all.

How do you decide what the diminished value is?

[Christien]

When we finance an accident repair, we deduct 50% from standard value. That's aggressive, and to make sure we're protected, but probably not too far off from reality. F150s are a dime a dozen - you have to be able to convince your hypothetical buyer that your truck is a better buy than the next one that doesn't have a previous accident. I would work at 50% with your insurance company.

[peppy]

Insurance Co. sent me a form to sign and have notarized, about the truck never having been in an accident before and that the truck is repaired to INDUSTRY STANDARDS. How am I to know what the industry standards are? It looks good and the paint matches. I don't think this is something we should sign. Thoughts?

[Rick Lee]

You need to go to a professional car appraiser for a diminished value estimate. I did this on my 330i a few years ago. Repair was $5500 and mostly done at the dealer. As I was rear ended pretty hard, it bent my exhaust all the way up to the manifold. Appraiser looked at CarFax and my receipts and said the insurance co. should be asking me for $500 in increased value because I'd gotten an entire new exhaust system on a 60k mile car. I dropped the matter with State Farm after that.

[sammyg2]

Originally Posted by Rot 911

Demand the insurance company pay you for the diminished value.

Yer a lawyer, aren't you?

[peppy]

NC law requires insurance co. to offer diminished value for vehicles that have had repairs that exceeded 25% of the value.

[pwd72s]

Well, I'd say you passed that 25% mark at $8K...But then, another thought...do you want to piss off your insurance company and then pay higher premiums?

Since a pickup is a pickup, most buyers tend to drive the cost out of them. Meaning, if you plan on keeping the pickup for quite some time, and if you're satisfied with the repair job, I'd suggest forgetting about it.

[peppy]

It's not my insurance co. Other driver at fault.

[pwd72s]

Then, I'd say it depends on how much you like a fight...

Has the other insurance company been argumentative or has it been agreeable with you? That would be a factor for me...

[peppy]

I had not heard of diminished value until the insurance co. mentioned it.

[Rick Lee]

Hell, if it's someone else's insurance and you're over 25%, what are you waiting for? Go to an appraiser and get the ball rolling. You'll probably get a settlement.

[peppy]

According to the new law I am supposed to negotiate with the insurance co. first. Then we get appraisers if we can't agree.

http://www.ncleg.net/sessions/2009/bills/house/pdf/h893v1.pdf

This is the law that went into effect 10/09.

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
H 1
HOUSE BILL 893
Short Title: Auto Insurance Diminution in Value. (Public)
Sponsors: Representatives Justice, Grady (Primary Sponsors); and Stiller.
Referred to: Judiciary III, if favorable, Insurance.
March 31, 2009
*H893-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO REQUIRE COVERAGE FOR DIMINUTION IN VALUE AS A PART OF 2
MOTOR VEHICLE LIABILITY INSURANCE PROPERTY COVERAGE. 3
The General Assembly of North Carolina enacts: 4
SECTION 1. G.S. 20-279.21 is amended by adding a new subsection to read: 5
"§ 20-279.21. "Motor vehicle liability policy" defined. 6
… 7
(d1) Such motor vehicle liability policy shall provide coverage for the diminished value 8
of a motor vehicle after it has been repaired. In case the claimant and the insurer fail to agree as 9
to the diminished value of a motor vehicle after repair, on the written demand of either, each 10
shall select a competent and disinterested appraiser and notify the other of the appraiser 11
selected within 20 days after the demand. The appraisers shall first select a competent and 12
disinterested appraiser to serve as an umpire. If the appraisers cannot agree upon an umpire 13
within 15 days, either the claimant or the insurer may request that a magistrate resident in the 14
county where the insured motor vehicle is registered select the umpire. The appraisers shall 15
then appraise the loss, stating separately the diminished value of the motor vehicle. Should the 16
appraisers fail to agree, they shall submit their differences to the umpire. The umpire shall 17
prepare a report determining the amount of diminished value and file the report with the 18
insurer. The agreement of the two appraisers, or the report of the umpire, when filed with the 19
insurer, shall determine the amount of diminished value. Each appraiser shall be paid by the 20
party selecting him and the expenses of appraisal and umpire shall be paid by the parties 21
equally. For purposes of this section, "appraiser" shall mean a motor vehicle damage appraiser 22
licensed by the Department of Insurance. 23
…." 24
SECTION 2. G.S. 7A-292 is amended by adding a new subdivision to read: 25
"§ 7A-292. Additional powers of magistrates. 26
In addition to the jurisdiction and powers assigned in this Chapter to the magistrate in civil 27
and criminal actions, each magistrate has the following additional powers: 28
… 29
(15) To appoint an umpire to determine motor vehicle liability policy diminution 30
in value, as provided in G.S. 20-279.21(d1)." 31
SECTION 3. This act becomes effective October 1, 2009, and applies to motor 32
vehicle liability insurance policies issued or renewed on or after that date. 33

[A930Rocket]

The Ins Co wants you sign and notarize a statement that the car has never been wrecked? Why would they want you to lie like that? Or am I not reading it right?

When I lived in NC, you had to disclose to the buyer if the vehicle had been in a wreck for 25% or more of the value of the vehicle. I bought a VW bug for $15k from a guy and he didn't do this. Cost him dearly when I found out. Treble damages and lawyers fees.

[peppy]

That the truck had not been in a wreck before this wreck. I think it is a trap.

[Porsche-O-Phile]

I wouldn't sign a damn thing an insurance company sent me. Common sense - whose interest do you think they're protecting?

It sounds to me like the statement they want you to sign is for their benefit in giving them something to oppose any claim for diminished value you may make. If you claim the value is diminished, they can hold up a piece of paper (signed by you) saying that it's repaired to "industry standards" - in other words, like its never happened and you've essentially been made whole, negating you claim.

Also if anything goes wrong with the repair or you discover any substandard workmanship after the fact, you'll be S.O.L. Round-file it. If they persist and start jerking your chain, I'd dump them and get someone else. Insurance cos are dime-a-dozen.

[Hugh R]

Have a friend who leased a Mercedes which got hit. He insisted that MB fix it and then got a diminished value estimate and demanded the difference from the Ins. Carrier, took them to small claims and got it.