alpha12

My car was hit while I was at work and the vehicle was parked. The offenders insurance is offering to pay for the damages (around $8500) and rental car but I have concerns over the resale value being affected and such, is there any sort of compensation available for this aspect? Its a 2014 IS350 F Sport and was in pristine condition prior to the crash, I own the vehicle and if I ever go to sell it I'm worried this will affect its value per carfax etc.

brendanf

You could always sue for the difference of depreciated value..

Not sure about USA law but it has been done here in Canada.

You'd have to talk to a lawyer and of course that will cost money too...

Kevin350

my dad accord got hit while he was going to work. the repair bill was 9k. after that repair the car pretty much took a dump. 31k vehicle after 4 year now only worth like 11k. before the accident the car was in prefect condition. since you have a lexus it might hold a little better value but once people see accident it's going to effect the resell value no matter what. one of the reason im starting to move away from owning luxury car now. im jumping on the lease train.

gymjenkie

5k repair for an accident in 02/2016 - got the car back in 04/2016 - tried to trade it in around May 2016 & lost about 4k in value due to accident

joedaddy1

iTrader: (1)

Make a diminished value claim. You probably get a cool $3k

tC2IS350

ETA: sorry, i literally just noticed how old this thread is

You can file a diminished value claim, but depending on the insurance company that is covering the damages, they don't all make it easy.

http://carappraisalclaims.com/attorn...-value-claims/

I was rear ended at a red light, and my car too was pristine before the accident. Even though the cost of repairs wasn't high, the cost of repairs won't show up on your carfax. All that will show up is that the vehicle was in an accident and body work was done - and therefore your trade-in value or resale value has dropped.

The claim for my accident was through State Farm and they are being jerks about my diminished value claim. They stated that "state farm does not believe that having body work done to a car lowers the value" which is BS. They told me that I need to have the car appraised (which I expected) and then submit to them a package showing the new appraised value post-accident and what it would have appraised at without the accident (and the appraisal has to specifically say that the accident caused the change in value). I'm going to have the used car manager at the dealership where I bought my car new perform the appraisal for me (they are nice guys) but you will have to pocket the cost.

I would call the insurance company who the claim is through and see what they require. Additionally, if the change in value is substantial enough, you might want to hire an attorney that specializes in diminished value claims (the cost won't be that high). good luck!