Was rear ended about 6 months ago. Finally getting to the diminished value claim on my vehicle which is a 09 black coupe journey which had 49,000 miles on it at time of accident. I was rear ended and they had to replace entire back end including trunk and one weld on the frame(indicates frame damage). This is obviously reported to carfax which is fine.

After going back and forth with my insurance company they have offered $3,911.00. Do you think this is a fair diminished value? I have gotten offers on the vehicle which range from 15,000-15,800 for trade in.

 

I only got $1800 for a similar accident so I'd say yes, that's a good offer.

 

why do you have to deal with "your insurance company". wouldn't you have to deal with the insurance company of the driver at fault?

 

was an uninsured motorist.

 

Well don't really think of it as a diminished value simply because the insurance company says to. They are in the business of ripping you off, you pay and pay and pay for services you are not using until you need them. Then their plan is to low ball you every step of the way when you do need them. I have been told that they don't use KBB as a tool to value cars, they actually use a different system that only insurance companies use. So in truth its not fair nor is it a true representation of what you could get if you were to sell the car yourself. When it comes to fixing the car they use their own shops and sometimes sub par parts so watch that as well. Just get the car fixed, and later if you want to sell just do it 3rd party and take the offers that come to you. Don't worry about what the insurance companies say...they're crooks

 

The car is already fixed, they paid ~$6,000 for fixes. This is payment for loss in value of the vehicle because it has been in an accident, which is diminished value.

 

Just curious was the 15k the offered for the trade in before or after you got in the accident?

 

With that percent of damage the DMV or your insurance would claim the car now has a salvage title.

 

Post accident from carmax and infiniti.

 

Care to explain?

 

Doing the numbers with what they offerred you and the trade in value I think you did pretty well. If you sell privately you'll get good numbers considering you are getting the 3911 from the insurance company. Just as reference I think it would be good if you kept pictures of the car after the accident to show to whoever is interested in your car in the future. I think honesty with them could help sell the car if the pictures don't look horrible.

 

update on salvage title. since your insurance paid for repairs, you technically have a " clean" title. if it had been declared unrepairable, the vehicle would be issued a " salvage " title. this would have to be reported to a future buyer. California DMV is pretty hardcore on this since we have the worst freaking drivers on the planet.

 

And the most scam artists...

 

i dont think that is too bad to be honest. 2009 with 50k miles in good condition should run the neighborhood of 20k.

15k - 16k trade value plus CASH of 3900 (use for whatever the hell you want, RIGHT NOW) nets to about 19k-20k. Seems pretty fair i would have to say.

edit; i got a letter in the mail from infiniti offering my trade in value on my 2008 coupe (which now has 33k miles) for $21k. so that is my comparison, plus seeing what people are posting on private classifieds and cars.com/autotrader

 

I ended up signing the paperwork and agreeing to the payment. I think it is a fair offer which is all I was really looking for.

Something important people need to understand, obtaining Deminished Value on their vehicle is not impossible. Insurance companies will tell you it is not a thing, or will send out an adjuster who is employed by them to assess the loss in value.

Always always do your own research, and or hire a lawyer if you need to. I can guarantee the insurance company will not willingly give you the right number if they can deny you or lowball you.

Also, some people are under the impression that you cannot make a diminished value claim against your insurance company. You can if the other motorists is uninsured.