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.
Am I the first one who got into an accident?
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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.
But depending on how long you plan to own, come time to sell, that accident might not mean much.
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.
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.
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?
The body shop told me there is a minor damage to the structure.
It is minor damage to the frame.
Most Definatly File one....You'll wish you would have later when you try to sell it one day......the Report from Lance Cohen costs something like 550.00....its worth it though.....Insurance company will try to offer you a few thousand bucks, just decline ......Lance will also send you his Curriculum Verte' or what ever its called...Basically its his Resume holding him out as a expert of experts in his field of Valuation of cars....Judges like that. There are lots of people that can do Dem. Value but he is one of the best.......RE Policy limits, they probably have enough, doesn't really matter as the judgement would go against the individual if they exceed it....and I think INs. companies have something for Dem. Val. they just don't like to talk about it. The people should carry enough Insurance anyway.....my pet peeve. Especially with Cars, thats one of your higher Risks anyway....You Will most likely have to get a Attorney, unless you want to file a suit yourself. .....But for 15 to 20 K, it would be worth it. Its hard to sell a car like Maserati, Ferrari, Porsche, with a bad carfax unless you discount it that much, and forget about a dealer taking it on trade. They usually want a clean carfax .
I know, right? I thought the worst case is that I need to replace the bumper reinforcement. I couldn't imagine how it happened on a street with a speed limit of 30?:crying:
And the bolts inside the trunk are even bent. :crying:
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Thx again. I just got the new estimate. It is about 10.5k right now. The minimum property damage coverage in WA is 10k. The appraiser who was recommended by the body shop ask for about 1k to do the appraisal and I think it is overpriced. Maybe I should wait for the the insurance company. If they could pay for the 10.5k, it means the at-fault driver has more coverage. If not, I may need to file a lawsuit against the individual.
And the guy you recommended, where does he locate?
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