Had a car accident? You’re entitled to your loss in resale value. Get us involved early so we can also act as your advocates to help ensure the body shop does the repairs correctly.
You’re entitled to your loss in resale value.
Do you have frame damage? If you have a car or SUV, chances are you have an Unibody Frame. Many body shops and Insurance companies will tell you since it is a Unibody frame, that they just replace the rails and it’s good as new. NO! it’s not. A Unibody frame is where the frame is integrated into the structure of the car itself. When the structure of the car that holds the rails is damaged, it’s called Unibody Structure Damage. Or in layman’s terms, “frame damage”. So it is easier to have frame damage with a Uni-body car than a traditional body on frame. .
“it is easier to have frame damage with a Uni-body car than a traditional body on frame”
Do you have repair related Diminished Value? Since body shops don’t normally have laser welders or whole car dipping machines, you’ll probably also have Repair Related Diminished Value. This is where the body shop could not replicate processes to return your vehicle to preloss condition. Repair related Diminished Value can increase your claim considerably, and it is very hard for the insurance company to argue with it. Let’s say they replace your bumper cover with an aftermarket copy. This is not returning your vehicle to pre-loss condition. Most bumper covers are build at high volume shops and have very little testing done to them. They may not fit correctly, they may not even hold paint and months later you find that you have cracking and flaking paint. Although they may look like an OEM (Original equipment manufacturer) Part, they’re usually cheaper for a reason. If the OEM bumper cover cost $500, and it cost $400 to paint and install, you have $900 in Repair Related Diminished Value.
Although they may look like an OEM (Original equipment manufacturer) Parts, they’re usually cheaper for a reason
If you’ve been in a wreck you will have Inherent Diminished Value. Every vehicle that is in a automobile accident will suffer Inherent Diminished Value. The question is not Does it have Diminished Value, but is it worth claiming. A 1995 Mustang with $4000. in repairs may actually have only $100 in diminished value. The older the car gets, and the less it is worth, the less chance the damage history is going to be a significant factor in selling the vehicle. If there were two cars exactly alike for sale for $40,000 dollars, but one had a previous damage history with $4500. in damage, how much of a discount would you need to purchase the previously wrecked car over the car with no damage history. Most people tell me it would take a $5000 dollar discount for them to even consider the other car. Of course, this is truer when you’re talking Porsche, Audi, Ferrari, or other Ultra Luxury or Supercars / Sports cars. Even a small chip the size of a dime can cause a $20,000 dollar diminution in value when it’s on a $250,000 dollar Ferrari or Lamborghini.
how much of a discount would you need to purchase the previously wrecked car over the car with no damage history
Not limited to High Price Cars. Even a Nissan Versa with a MSRP of around $11,000 dollars could easily have several thousands in diminished value. I’ve also seen cars older than 13 years successfully claim dimnished value. Though that isn’t the norm. Normally your car needs to be 2002 or newer, have over $1500. in repairs and be owned or being purchased by you using financing. Lease, rentals, company cars, don’t qualify, unless you are the actual owner. Check out our new site: Wreck Money you can also find more about Ken at Diminished Value Oregon.
Have more questions? Give us a call. We’ll be happy to try to answer any questions you may have. Please remember, we’re not Attorneys and do not give legal advice. Call us now: 503-420-3001