All insurance companies have to abide by state laws that set the minimum level of conduct. That is what you will get from the cut-rate insurance companies. When you are trying to get something beyond minimum, you are likely to get that with a premium level policy.
Car's "Diminished Value" After Accident?
- Thread starter shavefan
- Start date
All insurance companies have to abide by state laws that set the minimum level of conduct. That is what you will get from the cut-rate insurance companies. When you are trying to get something beyond minimum, you are likely to get that with a premium level policy.
That was my first reaction, as well. Sure, it's worth a shot, but there aren't many insurance carriers that will put that on without something of a fight. It may or may not be worth it.
And that's the other side of the issue. If a body shop doesn't report it, they (sort of) did you a favor. If you fight about diminished value, you can bet that the accident will be reported by the insurance company paying the claim. In any case, if you are asked about the car's accident history when you go to sell it or trade it in, failing to disclose is fraud (and don't think Carfax is the only game in town for checking history).
What annoys me is how things are reported. A few years ago somebody hit my wife's car in a parking lot. The only damage to the auto was cracked stop light lens and a minor scrape and dent by the boot (it is a Mini). We have a $500 deductible and the total cost was less than $500. My wife brought the car to the dealer to be fixed. Once again, the car dealer reported it is a crash involved accident. Since the car is over 10 years old it did not impact the value greatly.
- Thread starter
- #24
shavefan
I’m not a fan
The bodyshop repairing my car will not report it, but the insurance company might.
If you make a claim, you can count on the insurance company reporting it. They want that accident on record so that they don't pay the same diminished value twice (or, perhaps, once).
Most dealers where I live won't take a trade on a car with greater than $5K accident on the carfax, so yes, definitely affects future value of the vehicle.
