Has anyone tried to sell their MCS after an accident?
Just wondering how much they drop in value.

 

I guess that would depend on whether the damage was repaired or not. lol

Seriously though, I'm sure it would be dependent on how serious the damage was.

 

My dealer has a worksheet that takes $1K off any car that's been in a collision, even if repaired.

 

What about nickel & dime stuff like a door ding, or that little bumper crack repair I had done?

 

Nickel and dime stuff reduces the value of your MINI by fifteen cents.

 

As was said, very dependent upon the damage that was done and the quality of the repair shop.

If you were the non-liable party in the accident, you should (depending on the insurance company that insured the other driver) be able to submit a Diminished Value claim for the decrease in value of the MINI.

Documentation required for the Diminished Value claim varies from insurance company to insurance company. What we ask for is a document from a certified appraiser or a car dealership, listing what they feel the car would sell for after the repair work versus what it would have sold for had it not been involved in the accident. Subtract A from B and you have your diminished value.

 

Actually, I wish I could repair something for 15 cents. That little crack and punch mark in my bumper cost $386! She paid, though...

 

You've definitely got my attention with this; I've been the victim of numerous fender benders over the course of owning various vehicles and I've never heard of this concept. Certainly seems only proper, however, as there is an undeniable reduction to resale value for any car involved in an accident.

I wonder how much money I've eaten in the past where a claim of this nature could've made me whole...definitely going to keep this in mind in the future.

Can I ask who you're insured with, CR&PW&JB?

 

Well... I woudn't say diminished value is undeniable for EVERY accident. If we pay out, say... $500 to repair your bumper cover, sorry, you are not going to get a Diminished Value claim payout. That car is going to be easily repairable "good as new".

No... it's more for brand new or nearly brand new cars that are involved in more serious accidents.

You can ask me about my insurance company, but I don't have to tell you !! Actually, I'm still insured with USAA through my military days. Can't beat their premiums although my employer has equally good or better claim service.

 

Is there a cut-off time for submitting a DV claim after an accident?

 

Not a formal one, but you'd want to submit it ASAP. After about 90 days, we are seriously going to question your claim. How could an appraiser determine the selling value of the vehicle at the time the repairs were completed if they're doing their appraisal so long after the repairs were completed ?

 

My dad's Caddy got whacked pretty bad soon after he bought it. Major repairs done at the dealer. He had no idea about DV claims but the dealer recommended it. The person's insurance co. was extremely resistant to paying him for this, but after a threatening lawyer letter they did settle up. Always helps to have lawyers as pals! (he also got them to pay for a Caddy rental while it was being fixed).

 

Well I hate to make you talk business on the MINI board, but I've got a pretty good example that I think might fall under this:

You may notice that my post count is really low- I'll be submitting my order for my MCSa in mid-February hoping for a 'tail-end-of-winter' delivery...in the meantime I've got a late-production 2006 Infiniti G35 coupe that's been in the shop for 2 weeks after being sideswiped by a cab and pushed into a curb/guardrail. The car had no prior repairs, but now has bondo and/or new paint on the full driver's side, front bumper, rear bumper, and rear passenger quarter panel...we're talking 60-70% of the car's painted surfaces. Mechanically (and frame-wise) the car was alright, but I'm willing to bet that come selling time (or trade-in, as it's looking) there will be an argument about diminished value due to the sheer volume of new paint.

Would this scenario lend itself to a diminished value claim, or am I wasting my time?

Don't worry...I'll get myself back into MINI-exclusive mode shortly! Thanks!

 

No attorneys needed with my company... in fact, they just tend to **** us off and put us in a bad mood. Claims adjusters in bad moods pay out less.

 

A 2006 Infiniti in that kind of accident... I would definitely push for it with the cab company's insurance carrier. Of course, a lot of large cab companies are self-insured. If this is one of them... good luck ! :impatient

 

PS. I don't mind talking business when I'm at home, let alone at work !

It's part of my responsibility as an Insurance Professional to educate the public about auto insurance. So consider yourself helping me fulfill my duties.

 

I'm pretty sure my dad got several thousand as a settlement for his Caddy. With an Infiniti you gotta know that come selling/trade-in time you're gonna take a beating just like the car did.

 

I got lucky! Cab company was actually insured by Pilgrim, which is a huge win considering the bear that self-insured companies can be. Pilgrim's still been fairly stingy, but they've wound up agreeing to every charge that's gone through. The repairs themselves have come to just over $4k, with a rental car at $45/day for the duration of the work- this has been mighty expensive. I can't say I feel badly enough to not at least give a go at the diminished value claim.

Hopefully they'll be as helpful as you've been, CR&PW&JB! If your company operates in Massachusetts, drop me a line- I'm not above switching out of Liberty Mutual if they've got somebody like you working for them- quite refreshing compared to my Pilgrim claim rep.

 

josh, thanks a lot for those kind words !

Check out State Farm up there in MASS. Sorry, I handle claims in MD and DC, but I'm sure those SF claim reps up there care just as much about their jobs as I do ! Well... some of them.

I'm home now and off the clock but if you have more questions, I'm always glad to help out the NAMmers !!

 

So what if the 3rd parties insurance has already maxed out their limit? Do you have to go after the individual themselves to get the DV?

 

If you had insurance pay for it and now there is a record in the vehicle history, then the value will go down. If you paid for it out of pocket with no record anywhere, and the buyer doesn't and cannot notice the repair, then there is no change in value.

 

Yep, if the liable party's PD Liability coverage has been exhausted, the 3rd party carrier is going to advise you they are not going to cover your DV claim. You can attempt to go after the driver directly but that's a pretty dicey situation. You'll likely end up in small claims court and subject to the judge's opinion of your case.

That must have been SOME accident to exhaust the PD limits... or the person carried ridiculously little coverage and you had an expensive vehicle. In my time as a claim rep, I've only seen one case of exhausted PD limits and that was due to 3 very expensive cars being involved.

And don't forget, this DV claim only applies if your vehicle was repairable... does not apply if it was a Total Loss.

 

Regardless, you stand little chance of a successfull DV claim. It really only applies to major damage. You'd have a very difficult time convincing any claims adjuster that your repaired door ding or rear bumper damage caused the value of your car to be affected, let alone significantly.

 

Unfortunately, the fallen tree that I hit was uninsured, so my insurance had to cover the claim. The total repaired damage to the car (so far) is around $15,000. So, a lot has been repaired/replaced on it.

 

That's a comp claim. Other than God, who would be liable ?

No liable party, no DV claim.

Edit: Oops, you said YOU hit the tree, not vice versa. In that case, YOU are responsible for you own damage. You could file a DV claim against yourself, but what would that get you ?? ;-)