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Old 11-10-2015, 07:32 PM   #1
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How does a car accident affect the resale value

We had a fender bender while driving the toad. Damage to the right front fender, front bumper and suspension parts on the left side.

Repair shop told me that State Farm requires them to try to get "used" suspension parts if possible. This got me to thinking.

After it is repaired, when I go to sell it, will it have a lower resale value because of a previous accident?

If yes, what can I do now to compensate for that future loss.
It was the other drivers fault, and Sate Farm accepts liability.

Regards,

Dan
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Old 11-10-2015, 07:44 PM   #2
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Yes, it could be worth less.


But the ins company usually won't pay you anything for it.
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Old 11-10-2015, 08:02 PM   #3
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Quote:
Originally Posted by dpinvidic View Post
We had a fender bender while driving the toad. Damage to the right front fender, front bumper and suspension parts on the left side.

Repair shop told me that State Farm requires them to try to get "used" suspension parts if possible. This got me to thinking.

After it is repaired, when I go to sell it, will it have a lower resale value because of a previous accident?

If yes, what can I do now to compensate for that future loss.
It was the other drivers fault, and Sate Farm accepts liability.

Regards,

Dan
This happened to my one week old 2011 MB GL SUV (just a fender bender), but it cost around $2k to fix. My insurance paid for it, but it also went into the CarFax. What I did, however, was to take several pictures of the damage. When I advertised the car on Autotrader to sell I made an explicit not of the fender bender. I sold my car for the asking price, but the pictures really helped. The new owner asked to have a copy of those pictures for his future use.
Good Luck!
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Old 11-10-2015, 08:14 PM   #4
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Quote:
Originally Posted by srh View Post
This happened to my one week old 2011 MB GL SUV (just a fender bender), but it cost around $2k to fix. My insurance paid for it, but it also went into the CarFax. What I did, however, was to take several pictures of the damage. When I advertised the car on Autotrader to sell I made an explicit not of the fender bender. I sold my car for the asking price, but the pictures really helped. The new owner asked to have a copy of those pictures for his future use.
Good Luck!
Good idea, I will do that.

Thanks,
Dan
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Old 11-10-2015, 08:16 PM   #5
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You never can tell. My wife did $15,000 damage on our SUV by driving it into a large roadside ditch. It's for sure that the insurance company knew that it was a major hit. When we filed the accident report to the state, we described the accident as "hit roadside sign and ran into ditch". The carfax reported this as "Hit signpost" only, and did not report the amount of damage.
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Old 11-10-2015, 09:28 PM   #6
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You never can tell. My wife did $15,000 damage on our SUV by driving it into a large roadside ditch. It's for sure that the insurance company knew that it was a major hit. When we filed the accident report to the state, we described the accident as "hit roadside sign and ran into ditch". The carfax reported this as "Hit signpost" only, and did not report the amount of damage.
OK, interesting. Our statement to the insurance company is that someone made a lane change and hit our front fender. I guess from that it does not sound too bad. The photos will confirm the damage looks minor. Probably about $2500.00 in damage when we are finished.

Regards,
Dan
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Old 11-11-2015, 06:35 AM   #7
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I think that Carfax usually lists structural damage and if air bags were deployed. If either of those were reported, I would keep looking.
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Old 11-11-2015, 06:39 AM   #8
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As far as your original question, I have heard of companies actually paying for reduced value after an accident. Wouldn't hurt to ask.
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Old 11-11-2015, 06:42 AM   #9
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If you were not at fault insurance will pay diminished value.
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Old 11-11-2015, 07:01 AM   #10
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If you were not at fault insurance will pay diminished value.


Sometime yes, sometimes no, and even when they will, it is difficult to determine HOW MUCH your value was diminished by a specific accident due to it's damage history. Two or three hundred dollars, generally not a problem, more than that, not so easy. There are companies out there who advertise that they can get you high $$$ in diminished value for using their service. Their service basically consists of coming up with an inflated "diminished value" and 8 or 10 pages of legalese garbage that "explains" why they should pay you more.

Service I used, Diminished Value Auto Appraisal Experts | Total Loss Insurance Claims | Wrecked Car Value, once charged about $250 if I recall. "Guaranteed" that the value of my vehicle had been "diminished" by 2 to 3k. . . .They even had a A+ rating with the Better Business Bureau! I bought. The at fault insurance company was NOT impressed. They used a cookie cutter form letter, didn't even get some of the information correct, still had specifics from the last time they used the form letter included in the letter. I had to contact them several times, they never did correct it. The at fault insurance company ended up agreeing to pay $301.00 for Diminished Value. Up from the $300 they had agreed to pay BEFORE I paid the $250 for the letter. From my sad experience, I would not use their service again.

I would recommend that you do some research. See if your accident hits CarFax (you will have to pay for the report, and it make take a month or two to hit the "sheets"),come up on your own with a fair DV, and request that the at fault insurance company pay it. Good Luck!
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Old 11-11-2015, 10:48 AM   #11
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Insurance companies often used seasoned parts.

Look up wrecking yards and you will discover some private to insurance only places just for this reason.

They state that only parts made by the manufacturer are used....wrecked one came from same factory.

Suspension parts ate iffy but if the art is serviceable and all new bushings installed fine.

Be sure warranty on all parts used matched new from factory and be sure to get good inspection of work.

We had a 450SL that was rear ended while someone was turning.

Person hit us while doing about 50 and many parts or their car were all over the road and to us felt like someone shutting trunk.

Repair wss welding on whole corner of car but they did poor job under that they later had to fix.

Devalued a ton as as there was no way to hide the work.

The ex took it so good ridden s. ..
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Old 11-11-2015, 12:43 PM   #12
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Wow, you guys are really educating me. I really appreciate it.

I will discuss the DV with State Fram the next time I talk to them.

Regards,

Dan
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Old 11-11-2015, 12:58 PM   #13
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Keep in mind that auto insurance is normally not a means of getting new stuff. Auto insurance is there to make you whole again after a loss. What this means is that if you had just pulled out of the suspension shop with brand new parts and someone else damaged exactly those parts, a clear case could be made to replace the brand new parts in kind.

Otherwise, they were used parts, and the insurance company will argue they will be replaced with used parts, as that makes you whole again. They will tell you they have done their job, and they are most likely correct.

But, almost everything is open to some negotiation, ins't it? I've been in a collision a few years back where my insurer told me how much they would spend in one of their approved shops to fix the vehicle, and offered to either get me a rental for the period it took to fix the car, or to cut me a check for the repair and I could go anywhere I wanted. I chose the latter, and got new parts where I wanted them, and paid a small amount for the repairs done where and how I wanted on top of the check my insurer gave me. Win-win, IMO.
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Old 11-13-2015, 04:22 PM   #14
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Carfax is only as good as the voluntary reporting. There is no requirement to contact Carfax when repairing a vehicle. As shown by the above replies, often what they do have is incorrect.
If I want to know if a vehcile has body repairs, I take it to a body shop for a quick inspection. They are experts at spotting previous repair work.
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