Recent Car Accident: Hit at Red Light. Now my car is being over sticker by 33K.

[cocopanda]

I just located at a local ford, an identical but new Mustang to the one I own. It was rearended while at a red light with medium structural damage. Not light but not major. It will get hit very badly on carfax if it isn't totaled.

So looking for a new car. I found this one that just arrived in the area with a 33,000$ mark up on the car. WTFFFFFFFFFF

This terrible driver is literally going to either make it impossible to afford my car again or I have to hope I get a diminished value adjustment. A used version of my car with more mileage was going for what I paid for it before taxes. I can not believe that the car is holding it's value so well.

I really would love to hear your experiences on how to actually get your car of choice back after a car accident when you're not at fault.

Thanks.

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[Shifting_Gears]

Start sending your insurance company ads of similar equipped cars in your are and what they’re going for.

The issue right now is used car prices are so inflated, that they’re nowhere near in line with book value, which is what your ins company will try to pay you. You don’t have to accept their first offer.

Good luck.

 

[Cobra Jet]

I just located at a local ford, an identical but new Mustang to the one I own. It was rearended while at a red light with medium structural damage. Not light but not major. It will get hit very badly on carfax if it isn't totaled.

So looking for a new car. I found this one that just arrived in the area with a 33,000$ mark up on the car. WTFFFFFFFFFF

This terrible driver is literally going to either make it impossible to afford my car again or I have to hope I get a diminished value adjustment. A used version of my car with more mileage was going for what I paid for it before taxes. I can not believe that the car is holding it's value so well.

I really would love to hear your experiences on how to actually get your car of choice back after a car accident when you're not at fault.

Thanks.

A $33,000.00 markup on a GT??

 

[NoXiDe]

Same, tell them to add extra 5 grand for the covid inflation. They're not idiots, they're very aware that's an issue right now.

 

[ORRadtech]

So, you don't even know if it's totaled yet?
You'll never get any insurance company, yours or theirs, to replace your car with a new one. You're entitled to be made whole but necessarily upgraded.
If it's totaled you need to research what it would cost to replace exactly what you have, same year, features, everything. Not new but exactly what you have and then pass that information on to the insurance company(s).
If it's not totaled then you should be entitled to diminished value and you need to look into how that looks as well. There is a formula they use but you can influence the value with the research on replacement vehicles.
And finally, if at any point you disagree with the insurance company assessment you can say no until you are satisfied. Though that may mean getting legal representation.

 

[IPOGT]

A $33,000.00 markup on a GT??

Wow. Could you send us a link? I bet they'll be advertising that.

 

[kauljp]

So, you don't even know if it's totaled yet?
You'll never get any insurance company, yours or theirs, to replace your car with a new one. You're entitled to be made whole but necessarily upgraded.
If it's totaled you need to research what it would cost to replace exactly what you have, same year, features, everything. Not new but exactly what you have and then pass that information on to the insurance company(s).
If it's not totaled then you should be entitled to diminished value and you need to look into how that looks as well. There is a formula they use but you can influence the value with the research on replacement vehicles.
And finally, if at any point you disagree with the insurance company assessment you can say no until you are satisfied. Though that may mean getting legal representation.

How does this work.
My case:
My brand new 2020 gt was hit while it was parked. It cost $13k to fix the vehicle. Now, when I tried to trade my vehicle in, they informed me that my vehicle's value due to the accident was $41k plus taxes and without the accident it would have been $48k plus taxes. So, I lost $7k due to the hit on my vehicle.
Are you saying that I can ask my insurance to cover the cost of depreciation in value of my vehicle due to the accident? Meaning that they will pay me $6k? I live in Ontario, Canada btw.
If there are any insurance adjustors here, maybe they can shed some light on this.
Thank you.

 

[IPOGT]

Not all jurisdictions allow for diminished value. Here in Florida, they do not recognize diminished value claims.

 

[geep81]

I have to see the 2019 GT PP1 being listed for 30k over sticker please.

 

[04DarkShadowGT]

How does this work.
My case:
My brand new 2020 gt was hit while it was parked. It cost $13k to fix the vehicle. Now, when I tried to trade my vehicle in, they informed me that my vehicle's value due to the accident was $41k plus taxes and without the accident it would have been $48k plus taxes. So, I lost $7k due to the hit on my vehicle.
Are you saying that I can ask my insurance to cover the cost of depreciation in value of my vehicle due to the accident? Meaning that they will pay me $6k? I live in Ontario, Canada btw.
If there are any insurance adjustors here, maybe they can shed some light on this.
Thank you.

You should talk to your insurance agent about that. You cannot get diminished value in some states in the US and some you can. It could also play a role in how long ago the accident was. You need to contact a professional. Your agent should be fighting for you, especially if the accident was not your fault.

 

[ORRadtech]

How does this work.
My case:
My brand new 2020 gt was hit while it was parked. It cost $13k to fix the vehicle. Now, when I tried to trade my vehicle in, they informed me that my vehicle's value due to the accident was $41k plus taxes and without the accident it would have been $48k plus taxes. So, I lost $7k due to the hit on my vehicle.
Are you saying that I can ask my insurance to cover the cost of depreciation in value of my vehicle due to the accident? Meaning that they will pay me $6k? I live in Ontario, Canada btw.
If there are any insurance adjustors here, maybe they can shed some light on this.
Thank you.

I don't know a thing about insurance in Canada. As suggested above, ask your agent or possibly your province's insurance commissioner's office - if you have one.
Where I live, Georgia, USA, diminished value is a thing. Insurance companies use a formula to determine what they want to pay. As you'd imagine it's not necessarily favorable to the vehicle owner. You can counter their offer if you have proof, such as the difference in trade in value, and often get more. A friend at work recently went through this and was able to get about $1k more than the original offer.
Also, it's my understanding that the DV is paid by the insurance of the at fault party and, if that's you, you cannot collect DV. I could be wrong about that, again a question for your agent.
I just dropped my Mustang off at the body shop today after getting rear ended and will wait to file for diminished value until its been repaired and I can get it valued.

 

[kauljp]

Thank you, I will check with my insurance broker first and find out if the diminished value applies to my province/state. If it does, then I will proceed with my adjustor.

 

[cocopanda]

A $33,000.00 markup on a GT??

This is what is happening to me at the moment. When I try to piece a car together with all of my options. I have every option you can get with the PP1 and 401A but the adjustable suspension. This one has it. A whole 1500$.

Ya. I can not believe this is the situation I am in for trying to not be a rude driver and stay in line to get on the highway. That fucking texting teenager. Goes on the frame tester Tuesday of next week.

Let me know if I'm seeing anything wrong with this car listing.

https://www.frontierford.com/new/Fo...Clara-CA-655233e80a0e09af0adf3eb7a2847574.htm

 

[cocopanda]

So, you don't even know if it's totaled yet?
You'll never get any insurance company, yours or theirs, to replace your car with a new one. You're entitled to be made whole but necessarily upgraded.
If it's totaled you need to research what it would cost to replace exactly what you have, same year, features, everything. Not new but exactly what you have and then pass that information on to the insurance company(s).
If it's not totaled then you should be entitled to diminished value and you need to look into how that looks as well. There is a formula they use but you can influence the value with the research on replacement vehicles.
And finally, if at any point you disagree with the insurance company assessment you can say no until you are satisfied. Though that may mean getting legal representation.

Foudn three similar used cars. One with 3k more than mine but with the Ricaro's. It was selling with 30K on it with miles. for 45,000$. Used. That's what I paid for the car brand new.

 

[cocopanda]

Here are a used version of my car with three thousand more miles on it. For nearly as much as it was NEW. And a marked up identical car with 30K mark up from a local dealer for a new version of the same car.

This is insane.

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