Depreciation Value for LR4 after accident

1Diana

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Hi All, Been loving my 2016 LR4 for the last year. Bought it used last year and have been taking good care of it. Unfortunately, up at the mountain the other day a guy slid into me on some fresh white powder on the road. It was low impact (in fact the airbag did not deploy) and damage was to the front driver side. Had it taken to one of the Land Rover certified bod shops. His Insurance is paying the damages (around $13,000). My question to the group is what do you think I’ve lost in value with the car being in an accident like this? My understanding is I can negotiate a settlement with the insurance company for diminished value, but I’m not quite sure what that would be. The car has actually appreciated since I bought it by five or $10,000. At least from what I can see posted for sale. Anyone have any experience negotiating with insurance company insurance companies over diminished value? Would you be willing to buy a 2016 LR4 that had been in an accident?
 
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f1racer328

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If I had a lot of documentation on the accident/repair work I'd consider an accident car... Not a huggeee deal in my book if its minor, which yours sounds like it is.

Now if we're talking airbags deployed and frame bent, no way.
 

ktm525

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Proper repair body parts are uber expensive for the LR4. I had a repair where no running gear was affected. Nearly $20k in work.

IMG_2127.JPGL1090943.jpg
 

jlglr4

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I’m in the middle of this myself right now. I was rear ended with repairs to the tune of $6K - no frame damage, no airbag, just the bumper, tailgate, and rear window. I did an estimate through an appraisal service called TigerDV, and they say my DV is around $5K. You can do a free DV estimate online, but if you want the appraisal letter, you need to pay $350. I have not yet submitted a claim, so no idea how the rest of this will go.

Basically, for a DV claim, you’ll need some hard evidence as to the diminished value. There are dealer networks that will generate purchase quotes based on the VIN, and they will ask whether the car has been in an accident. You can get a quote with the accident and without an accident, and that will give you a pretty good idea of the DV.

If you want to do it yourself, you can probably use Truecar, Edmunds, or other similar services. But I think you want to do the process that actually generates real offers from dealers to buy the car rather than just estimates of value.

Otherwise, car appraisers (like TigerDV) will do this for you using whatever dealer network they use and give you a report. I don’t know for certain whether an appraisal report by a certified appraiser will carry more weight with an insurer than simply doing it yourself, but it might.

I think it’s worth pursuing the insurance claim. If the insurance denies coverage, check with your state insurance commisison to make sure they are acting appropriately. Otherwise, I think the only real recourse is to sue the at-fault party in small claims.
 

LB Bill

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My understanding is I can negotiate a settlement with the insurance company for diminished value, but I’m not quite sure what that would be.
Thanks for your post! I am in a very similar situation and I intend to file a claim for diminished value. I think it's tough, but I have the time and I'm going after it. My 15,445 mi 2016 'Landmark' w HD Pack was parked on the street in front of my home a couple of months ago and a 'maroon' (you know what I mean) attempting to park a 35' boat and trailer on the street backed into/side swiped my truck (see the pics). Needless to say, I'm bummed.
Once I calmed down, here is what I did and you might also consider doing regarding value. I went back to my computer and immediately ran a CarFax report on my truck and from that report obtained CarFax 'History-Based Value'. The value is current market based and precise to you vehicles VIN including equipment, mileage and history (in my case no previous accidents or major repairs). Retail value $56,230. I also ran a KBB value...not as precise, but commonly used- highest Private Party sale value- $56,177. I also searched the web AutoTrader etc., but it's impossible to duplicate my truck in terms of miles coupled with equipment.

I think the CarFax report is your best bet, unless there is a previous accident on record. That would likely complicate your claim.

I will repeat the same process when (if) the accident is reported and then claim at least that difference in value. And if that doesn't work, then I will call my attorney...why? cause, well..I'm PO'd...and I can.
 

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LB Bill

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I did an estimate through an appraisal service called TigerDV
Thanks for the lead. I just submitted my info to them, so we'll see. Sorry about the wreck. $ 6K sounds low for your repairs. The OE parts alone for the door, fender and components on mine are $4K+, didn't even get into the mirror and trim parts. His Ins Co's initial estimate spec'd 'salvaged' parts...that's not happening.
 

Matt1t

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Man, that sucks! I know when I'm shopping if I see a vehicle has been in an accident I move on. You have no idea of the quality of work the person had done. Yes, documentation helps, but I tend to just keep searching. Make sure you pursue the DV claim. It will be worth it.
 

1Diana

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Thanks for your post! I am in a very similar situation and I intend to file a claim for diminished value. I think it's tough, but I have the time and I'm going after it. My 15,445 mi 2016 'Landmark' w HD Pack was parked on the street in front of my home a couple of months ago and a 'maroon' (you know what I mean) attempting to park a 35' boat and trailer on the street backed into/side swiped my truck (see the pics). Needless to say, I'm bummed.
Once I calmed down, here is what I did and you might also consider doing regarding value. I went back to my computer and immediately ran a CarFax report on my truck and from that report obtained CarFax 'History-Based Value'. The value is current market based and precise to you vehicles VIN including equipment, mileage and history (in my case no previous accidents or major repairs). Retail value $56,230. I also ran a KBB value...not as precise, but commonly used- highest Private Party sale value- $56,177. I also searched the web AutoTrader etc., but it's impossible to duplicate my truck in terms of miles coupled with equipment.

I think the CarFax report is your best bet, unless there is a previous accident on record. That would likely complicate your claim.

I will repeat the same process when (if) the accident is reported and then claim at least that difference in value. And if that doesn't work, then I will call my attorney...why? cause, well..I'm PO'd...and I can.
I love this. Thank you so much for the advice! As you say, with your low miles it’s nearly impossible to come up with an accurate value. And it’s hard not to feel like “it will never be the same”, because in actuality, “it will never be the same.”
I will do as you suggested and run those reports. I’m assuming you intend to run them again once the repairs are recorded to see the diminished value. I’ve seen some very unsatisfactory calculations used by the insurance company, so I have been prepared to be disappointed with their offer. One thing you may have going for you is that your vehicle was parked. Best of luck to you, I hope it works out for both of us!
 

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1Diana

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Man, that sucks! I know when I'm shopping if I see a vehicle has been in an accident I move on. You have no idea of the quality of work the person had done. Yes, documentation helps, but I tend to just keep searching. Make sure you pursue the DV claim. It will be worth it.
I am the same way! Yes, it’s an authorized LR repair shop, but as you say, I don’t think that will matter to most people. Insurance company does not want to discuss the diminished value claim until the car has been repaired.
 

Seabassjfr

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Great thread, my wife was also crashed by someone who runned a red light this week =( and our 2013 LR4 is quite damaged, not sure if is going to be totaled or repaired. My main question to all of you in an accident, have you considered in hiring an attorney for your Claim? I know each case is a different case, but trying to make sure we get more than if we haggled alone for the diminished value for our LR4.
 
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