82jumper
Member
Need some advise on a diminished value claim.
While approaching another truck head on around 9am in the morning at about 25mph he decided to turn left at last second in front of me and despite my getting on brakes hard (I heard ABS working) and trying to turn away, I was not able to avoid hitting him. I tried attaching two photos, but am pretty new to this so won't be surprised if there is a problem with them.
Despite the damage I had, I couldn't get too pissed off at the other guy, he is a 83 year old retired Marine (I am Army vet) who just seems generally confused. It would have been like getting mad at your grandfather. Medically we were both fine. I braced pretty good before impact and don't believe I even hit my airbag.
He stated flat out to me, and the responding cop, that he was in a hurry to make a Dr appt and he never looked and just turned. He was cited by the cop and determined to be fully at fault.
So as far as damage, my steering wheel airbag deployed (only one to do so) and as you can see I have significant damage to my right front, grill and hood. So far his insurance, Geico, has been pretty good, they are my insurance too but this one is all on him.
They towed it immediately to my Ford dealer and Geico's adjuster initially pegged repairs at $14,000. Once the dealer had a chance to strip it down and fully assess & confirm all the damage its now up to $20,000 and will probably go a little higher when all said & done. Dealer confirmed main frame is not bent which is the biggie, otherwise its a lot of new parts (too many to list here), some paint, and a 20" Rigid light bar I had in the lower grill which they gave me no hassle on replacing.
I did discuss with adjuster if it was coming close to a total given amount of repairs and obviously significant salvage value, but he said no, which I am ok with. During this discussion he did say he felt it was worth $47,000 before the accident which is in range I figured it to be for a 2013 SCAB, with every option but sunroof, 29,000 miles, LineX bed spray, bed cover, and no other prior damage. Frankly $47k is reasonable as I paid $46k for it new in Dec 2012 so it held amazing value.
Now assuming its properly repaired, which I believe it can be, the question becomes, and where I need advise; what is its post repair value? Think of it this way if you had two trucks you could buy just like mine, one with no accident history at all, and one that had been accident with $20,000+ in repairs, how much less would you pay for the one that had been in a accident?
To top it all off in NC where I live its a legal requirement to disclose on the title at transfer if the vehicle has had repairs greater than 25% of its value at any time. Which I would do anyway to potential buyer, just because its right thing to do.
The Geico adjuster and I discussed, and he has put it in for a diminished value claim, which cannot be done until all the repairs are complete, but I am trying to get start on my research now figuring this is there the battle will be.
My plan is to have it fixed, drive it for another year or two and then trade for a Gen2 once the initial hysteria (pricing) has died down.
Any advise, or personal experience you can share, is appreciated, and no condolences necessary, it happens.
Thanks in advance.
While approaching another truck head on around 9am in the morning at about 25mph he decided to turn left at last second in front of me and despite my getting on brakes hard (I heard ABS working) and trying to turn away, I was not able to avoid hitting him. I tried attaching two photos, but am pretty new to this so won't be surprised if there is a problem with them.
Despite the damage I had, I couldn't get too pissed off at the other guy, he is a 83 year old retired Marine (I am Army vet) who just seems generally confused. It would have been like getting mad at your grandfather. Medically we were both fine. I braced pretty good before impact and don't believe I even hit my airbag.
He stated flat out to me, and the responding cop, that he was in a hurry to make a Dr appt and he never looked and just turned. He was cited by the cop and determined to be fully at fault.
So as far as damage, my steering wheel airbag deployed (only one to do so) and as you can see I have significant damage to my right front, grill and hood. So far his insurance, Geico, has been pretty good, they are my insurance too but this one is all on him.
They towed it immediately to my Ford dealer and Geico's adjuster initially pegged repairs at $14,000. Once the dealer had a chance to strip it down and fully assess & confirm all the damage its now up to $20,000 and will probably go a little higher when all said & done. Dealer confirmed main frame is not bent which is the biggie, otherwise its a lot of new parts (too many to list here), some paint, and a 20" Rigid light bar I had in the lower grill which they gave me no hassle on replacing.
I did discuss with adjuster if it was coming close to a total given amount of repairs and obviously significant salvage value, but he said no, which I am ok with. During this discussion he did say he felt it was worth $47,000 before the accident which is in range I figured it to be for a 2013 SCAB, with every option but sunroof, 29,000 miles, LineX bed spray, bed cover, and no other prior damage. Frankly $47k is reasonable as I paid $46k for it new in Dec 2012 so it held amazing value.
Now assuming its properly repaired, which I believe it can be, the question becomes, and where I need advise; what is its post repair value? Think of it this way if you had two trucks you could buy just like mine, one with no accident history at all, and one that had been accident with $20,000+ in repairs, how much less would you pay for the one that had been in a accident?
To top it all off in NC where I live its a legal requirement to disclose on the title at transfer if the vehicle has had repairs greater than 25% of its value at any time. Which I would do anyway to potential buyer, just because its right thing to do.
The Geico adjuster and I discussed, and he has put it in for a diminished value claim, which cannot be done until all the repairs are complete, but I am trying to get start on my research now figuring this is there the battle will be.
My plan is to have it fixed, drive it for another year or two and then trade for a Gen2 once the initial hysteria (pricing) has died down.
Any advise, or personal experience you can share, is appreciated, and no condolences necessary, it happens.
Thanks in advance.