I got in a fender bender today. I was sitting at a light and the guy in front of me put his car in reverse and backed in to me. About 2-3K in damage. Does anybody know anything about or had experience with diminished value?

 

Yeah....good luck. Very few have been able to convince an insurance company to pay for diminished value. The only ones I know of had true exotics....a Lotus, a classic Challenger (all original).

Owners of Corvettes almost always try since most potential buyers check historical records, CarFax, etc. I know of none who were successful.

 

X2

Find the best body shop you can, insist on genuine GM parts only, then put it back on the road.

Maybe in 20 years after attrition has claimed its fair share of HHR's, the argument could be made for being collectible, until then....they're all just used cars.

 

I have no experience with diminished value, but my condolences.

 

I had a truck it in the same manner and value in a parking lot.

When I sold it I got top dollar and it was never an issue.

I really do not see a fender bender being a major issue but not if you were it and it did enough damage to need a frame straightened or major work to put the car back together it may an issue. Replacing a bumper cover and fender is not in the same class as replacing a front suspension.

Also if a car has a salvage title it becomes an issue.

 

Just google 'Diminished Value Oregon', and you'll find lots of websites offering help - all run by attorneys wanting your money. In most cases it's a false issue, IMO. As others have said, you are not going to have any loss in value on a $2-3,000 collision as long as the vehicle is fixed properly.

I bought a new '03 Explorer. In 2005, it was in an accident, sustaining over $11,000 in damage. My insurance company said it was so close to being a total loss (numbers-wise) that they gave me the choice of fixing it or totaling it out. I chose to have it repaired (properly, by a Ford shop). Had no problems at all after the repairs. Sold it privately last year for full market value - with full disclosure to the buyer, including photos of the Explorer prior to repairs and all the paperwork. Buyer had absolutely no hesitation about buying it.

 

A lot depends on how the car was damaged. A simple accident and repair is not an issue. Now like one Trans Am I saw from the 90's that hit a pole this one would be an issue. To repair the car they took the back half from another car and welded the front to the back. Yes they took two cars and made one and would not total the car. The guy who owned it was very upset and they did not care. He sold the car off as soon as it came back and had to go with a lesser car because he could not afford to buy the same car after taking the hit on trade.

My SS was run off the road by a cell phone driver. I tore up the front bumper cover, rear cover and radiator. I also had to have the air bag replaced. But it was repaired by a Chevy dealer and did not have any sheet metal damage or any structural damage. So I am not afraid of any issues. Also I keep cars about 10 years so as it gets older the less of an issue it becomes.

 

I've been in insurance claims for 30+ years. While the process you describe (called 'clipping' a vehicle) was common on large hits years ago, no reputable insurance company would authorize such a procedure these days. Only done now for the most part by 'rebuilders' who sell the cars as having "been in only a minor accident" - and it has a salvage title.

 

This is true as this example was a long time ago. But my point is if they have to do much in the way of straightening the frame or uni body etc. that is where concern may or may not come in.

The bottom line is a car would have to be comprised to a good degree before dismissed value comes into play. Also as you know most insurance companies will not do a thing about it unless you replacement with a new car in your policy.

Most cases today if a car has many miles or is of not great value even the air bags going off are enough to total it even if the body damage is minor. Air Bags and belts are expensive and if you lose the side and other ones the price adds up.