Am I the first one who got into an accident? - Maserati Levante Forum
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post #1 of 15 (permalink) Old 04-21-2017, 04:31 AM Thread Starter
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Question Am I the first one who got into an accident?

Someone hit me while I was in traffic. It is a 1998 Ford ESCCP. Just wondering if his car worth the cost for my repairing. LOL. Luckily, his insurance is going to cover me and it is my first time working with insurance company. Can someone tell me will there be a accident history on Carfax? Thanks.
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post #2 of 15 (permalink) Old 04-21-2017, 03:04 PM
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Once the claim is made, it'll appear on the CarFax report unfortunately. I would just keep a photo collection of what was damaged and receipts and what not
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post #3 of 15 (permalink) Old 04-21-2017, 03:45 PM
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Any time you go through the proper way of dealing with an accident (insurance) it does end up on CarFax. People who really care about having a clean record just do cash deals with the person at fault. I believe CarFax pulls data from insurance records.

But depending on how long you plan to own, come time to sell, that accident might not mean much.
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post #4 of 15 (permalink) Old 04-23-2017, 06:18 PM
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At least the damage doesn't look too bad and you weren't at fault for this one. Are you concerned about the car's resale value after this?
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post #5 of 15 (permalink) Old 04-24-2017, 01:53 PM
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Yes, it will Show up....Make SURE you SUE or ASK for DEMINISHED VALUE Claim for your car.....All 50 states honor it.....Its the Value of the car's Lost value due to a wreck.....Example....I have a 2014 Boxer S....Lady rear ended me....Cost of repair was 5000.00......the Deminished value claim was 15,300.00.....I had it appraised by a Certified appraiser that does Ferrari's and other high end cars....His Name is Lance Cohen, in California.....Google him.....He does not need the car, just the repair Bill......Of course the Insurance company only wanted to give me a extra 3K for Deminshed value...so you will probably have to sue and then they will pay...they have to....its the Law. My friend attorney is handling it....not a big deal.

ONE criteria are needed for Diminished value... 1. the car Can not have any prior accidents, in other words, its a virgin, first wreck And its only good for ONE wreck, you can't keep getting Deminished value for a second wreck.

Its baséd on the Value of the car at the Time of wreck, not related to how much damage was done.....with a high end car like Ferrari, Porsche Maserati...its usually about 20 to 25% of the value of the car......Because who will want to buy a car thats been in a wreck with a bad car Fax report, when there are so many with clean car fax reports.....Unless the price is Really Low, hence the high value of the DV claim amount. My porsche is probably un sellable now, unless I reduce the price that much. No frame damage, just the bumper and trunk lid. I found out about this from a lecture that Lance Cohen did at a Car Show. ....I had no idea about Dem. Value before.....Oh, it applies to any car, that is a virgin.

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post #6 of 15 (permalink) Old 04-27-2017, 07:46 PM Thread Starter
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Thx for the info. I just received news from the body shop. There is a minor structure damage. They need to order new parts for it. I was not thinking about diminished value at the first place. Now, I really need to do so. The problem is I don't have underinsured coverage. I don't know about his coverage limits, his insurance would not tell me. Can I file a diminished value in that case?
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Originally Posted by mtmilam View Post
Yes, it will Show up....Make SURE you SUE or ASK for DEMINISHED VALUE Claim for your car.....All 50 states honor it.....Its the Value of the car's Lost value due to a wreck.....Example....I have a 2014 Boxer S....Lady rear ended me....Cost of repair was 5000.00......the Deminished value claim was 15,300.00.....I had it appraised by a Certified appraiser that does Ferrari's and other high end cars....His Name is Lance Cohen, in California.....Google him.....He does not need the car, just the repair Bill......Of course the Insurance company only wanted to give me a extra 3K for Deminshed value...so you will probably have to sue and then they will pay...they have to....its the Law. My friend attorney is handling it....not a big deal.

ONE criteria are needed for Diminished value... 1. the car Can not have any prior accidents, in other words, its a virgin, first wreck And its only good for ONE wreck, you can't keep getting Deminished value for a second wreck.

Its baséd on the Value of the car at the Time of wreck, not related to how much damage was done.....with a high end car like Ferrari, Porsche Maserati...its usually about 20 to 25% of the value of the car......Because who will want to buy a car thats been in a wreck with a bad car Fax report, when there are so many with clean car fax reports.....Unless the price is Really Low, hence the high value of the DV claim amount. My porsche is probably un sellable now, unless I reduce the price that much. No frame damage, just the bumper and trunk lid. I found out about this from a lecture that Lance Cohen did at a Car Show. ....I had no idea about Dem. Value before.....Oh, it applies to any car, that is a virgin.
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post #7 of 15 (permalink) Old 04-27-2017, 07:48 PM Thread Starter
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Angry

The body shop told me there is a minor damage to the structure.
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Originally Posted by Windy View Post
At least the damage doesn't look too bad and you weren't at fault for this one. Are you concerned about the car's resale value after this?
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post #8 of 15 (permalink) Old 04-28-2017, 02:25 PM
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Minor structure damage as in minor damage to the frame or re-bar or whatever?
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post #9 of 15 (permalink) Old 04-28-2017, 08:57 PM Thread Starter
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Quote:
Originally Posted by Maze View Post
Minor structure damage as in minor damage to the frame or re-bar or whatever?
It is minor damage to the frame.
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post #10 of 15 (permalink) Old 04-30-2017, 09:41 AM
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Luckily, no personal injury
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