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A few days ago, I was involved in a hit/run accident-drunk driver in a nearly new Buick Enclave decided to follow me too close. Without elaborating, it was quite bizarre. While we are looking into leads and hopefully finding this guy, the fact is my damage-free vehicle has now sustained damage. It is all cosmetic- nothing structural, but it will involve a new rear bumper/sensors, bottom hatch, and chrome trim strip on the top hatch. Currently, my insurance will have to foot the bill (uninsured motorist coverage), but I am 50% confident, given the description of the other vehicle and partial plate number that we can find the other guy.
That being said, I know that loss of value will likely be an issue with this claim - my state pays it per policy guidelines, but I know my insurance company will play dumb about it. The truck just turned over 68k miles and has been babied/no accidents/perfect cond. What I would like to know is, in the opinion of this forum, how much LESS would you pay given any accident history? Would you even buy it assuming an optimal repair? I plan on using the dealer's body shop- which they are the best in town, so assume a very good/excellent quality repair. I also believe pre-accident, the fair market value for this truck is around $46k.
Any thoughtful opinions/advice would be apprciated. I figure a forum full of LX owners is a good place to start.
They will likely replace the whole bumper assembly and the lower rear door skin. If they use Lexus parts there should be little diminished value.
You can ask. Good Luck
Estimate was $6,820- replace bumper assembly, and entire lower door assembly, upper door trim piece and struts as well as an allowance for impact bars- though no frame damage could be found. My biggest concern is the loss of CPO eligibility on trade-in. I would estimate that even if the repair is pristine, there is between 3-4k of lost value there. Insurance company is calling it collision, but I'm arguing it was a hit/run and uninsured motorist- big difference.
Anyway, that's the kind of stuff I pay an attorney to figure out, but regardless of the outcome, I'm still left with something not 100% from the factory. I expect a great repair, though, but I dont want to get hosed later on when it's time to sell or trade.
So basically, you're saying as long as it was Lexus parts/service, you'd be fine with paying close to mkt value?
Estimate was $6,820- replace bumper assembly, and entire lower door assembly, upper door trim piece and struts as well as an allowance for impact bars- though no frame damage could be found. My biggest concern is the loss of CPO eligibility on trade-in. I would estimate that even if the repair is pristine, there is between 3-4k of lost value there. Insurance company is calling it collision, but I'm arguing it was a hit/run and uninsured motorist- big difference.
Anyway, that's the kind of stuff I pay an attorney to figure out, but regardless of the outcome, I'm still left with something not 100% from the factory. I expect a great repair, though, but I dont want to get hosed later on when it's time to sell or trade.
So basically, you're saying as long as it was Lexus parts/service, you'd be fine with paying close to mkt value?
I am not saying I am fine with it. It is just a fact of life. While the value might be affected, it is all part of having an accident. Talk to your attorney and if he is good he will tell you to let it rest.
You can sue your own insurance company up to your $$ limits. If you find the guy you can get them to pay up first and faster. But honestly you'll have to hire an licensed appraiser and pay him even if you loose. You're better off hoping they will find the other culprit and they pay up.
Also if your company does pay out they will list it on your records as a non fault accident and some companies do play that game! USAA does for sure! As good as they are with some issues horrible at others! Mine was back from 2012 and is still listed plain as day for 36K. I get questioned on it all the time from State Farm and All State for my bikes! so you had an accident, yep uninsured driver who blew a light while texting! Also they can not drop you either or raise your rates, but they always find a way around that too.
If you are ever questioned you have pictures to show the damage. It would be much different if the cargo area was in the 2nd row seating!
You can sue your own insurance company up to your $$ limits. If you find the guy you can get them to pay up first and faster. But honestly you'll have to hire an licensed appraiser and pay him even if you loose. You're better off hoping they will find the other culprit and they pay up.
Also if your company does pay out they will list it on your records as a non fault accident and some companies do play that game! USAA does for sure! As good as they are with some issues horrible at others! Mine was back from 2012 and is still listed plain as day for 36K. I get questioned on it all the time from State Farm and All State for my bikes! so you had an accident, yep uninsured driver who blew a light while texting! Also they can not drop you either or raise your rates, but they always find a way around that too.
If you are ever questioned you have pictures to show the damage. It would be much different if the cargo area was in the 2nd row seating!
I was able to negotiate with my insurance company 😀- It always helps when the "multiple lines" are rentals and businesses 😂
I was able to negotiate with my insurance company 😀- It always helps when the "multiple lines" are rentals and businesses 😂
By the way, I couldn't be any happier with the repair- best non-factory paint job I've seen. Without a carfax, it is virtually impossible to tell any work had been done, and I am extremely picky.
Estimate was $6,820- replace bumper assembly, and entire lower door assembly, upper door trim piece and struts as well as an allowance for impact bars- though no frame damage could be found. My biggest concern is the loss of CPO eligibility on trade-in. I would estimate that even if the repair is pristine, there is between 3-4k of lost value there. Insurance company is calling it collision, but I'm arguing it was a hit/run and uninsured motorist- big difference.
Anyway, that's the kind of stuff I pay an attorney to figure out, but regardless of the outcome, I'm still left with something not 100% from the factory. I expect a great repair, though, but I dont want to get hosed later on when it's time to sell or trade.
So basically, you're saying as long as it was Lexus parts/service, you'd be fine with paying close to mkt value?
I'm on this forum b/c we're in the market for a LX (currently have a GX470 and a RX330 - hers - she needs bigger). when I bought my GX it has had the rear bumper/quarter replaced totally by Lexus body shop. it was on the carfax as having been in a collision, but still was CPO. considering no frame/structural damage, and i'm driving it for years, i didn't care about the collision being on the carfax since lexus had done all the reapirs back to original w/ factory parts. as for value, it was priced the same as the comparable GX's on the lot at the time other than mine had a trailer hitch and the 2 others w/ same year/mileage didn't. so i guess you could say it was a couple hundred in value that i got credit for. people IMO, buy used GX/RX for longevity based on their Land Cruiser DNA. or maybe that's just me.
08-23-15, 01:47 PM
Rear bumper accident/diminution of value
