Good into an accident. Need to show diminished value. What’s the best way to do that.
Thanks
Look up what two cars like yours retail for, one with a dirty carfax one without. Presto.
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You’ll need a diminished value appraisal. You can Google one in your area or look at
www.carappraisalclaims.com and Tony can route you to one. I met with him once and seemed to be a good guy who knew his stuff.
As other people have said, there are individuals who specialized in DV claims and assessments, I’d talk to one of the professionals.
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Diminished value of a leased vehicle? For real?
When you lease you do so with the option to buy. If that value is now diminished, you should have a claim. It’s at least worth a try. Yes I know the bank owns the car, but a lease still has a purchase option. Boohoo poor insurance companies…take what you can get. I’ve been successful in the past with leases. I encourage everyone to at least try. Lobbyists are the ONLY reason this doesn’t happen all the time.
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Not a lease
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I’m sure there is a fee. Worth it to pay the fee, or can I do it myself. The damage was just body work, under 5k. I can’t imagine the value hit is more than a few hundred
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Someone sideswiped my Jeep Cherokee in 2020. Caused $1,200 in damage. I got $1,700 for diminished value. Usually your vehicle loses 10% of it’s value just by having an accident show up on the CarFax.
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Yes, obtain an auto diminished value appraisal from a highly rated company (https://autodiminishedvalue.com or https://www.collisionclaims.com ) and send it to the lease company if A) You are planning to keep the car or B) The lease company has indicated that you will be charged for the loss in value. That is starting to become a reality just as rental car companies are doing. If no structural damage or air bag deployment, your vehicle will lose 10%-15% of its fair market value. If either of those tow things occurred, figure the loss in value to be closer to 30%-50%.
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So I have a '21 SR+ Model 3, and in December last year I got rear ended (caught on the dash cam and everything). Only damage was a couple of scuffs of paint on the bumper and a cracked reflector…barely noticeable unless you knew where to look. I submitted a claim via the other party’s insurance and they ended up giving me around $800 in compensation (the estimate assumed the existing bumper cover could be repainted/repaired.
Should I even bother going through with a diminished value claim? The damage is mostly superficial, but assuming the claim shows up on a CarFax, I’m thinking my resale value has been dinged much more than the $800 I received for repairs. What say you, lease hackrs?
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Depends on where you are. Some states have laws that say you’re not entitled to anything beyond the cost of repairs.
Small dings like that you’re sometimes better off asking for the responsible party to pay you in cash if they agree to.
MD stipulates the max claim for DV is 10% of the value of the car. So if my 3 was valued at $45k pre-incident, that’d be a $4.5k max DV award.
Anyone have a recommendation for a good service. Looks like there are a few out there
Update.
Got an official appraisal. Progressive still denied the claim. Lawsuit filed
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