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Diminished Value.


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Everyone, I need some advice. I was rear-ended earlier this month in downtown Atlanta. :cries: Pretty little Ga Tech Graduate student. Anyway, my car suffered approx $5k in cosmetic damage....no frame damage. I'm expecting to get my car back next week as good as new. Except for this little issue of diminished value!

I have 3 questions:

1. How much value can I expect to lose? I have an 05 GS 300 with approx 31k miles.

2. How difficult is it to collect from the insurance company? Liberty Mutual is covering all repair expenses since their insuree was at fault.

3. No police report....is it true that no police report means no Carfax report?

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Everyone, I need some advice. I was rear-ended earlier this month in downtown Atlanta. :cries: Pretty little Ga Tech Graduate student. Anyway, my car suffered approx $5k in cosmetic damage....no frame damage. I'm expecting to get my car back next week as good as new. Except for this little issue of diminished value!

I have 3 questions:

1. How much value can I expect to lose? I have an 05 GS 300 with approx 31k miles.

2. How difficult is it to collect from the insurance company? Liberty Mutual is covering all repair expenses since their insuree was at fault.

3. No police report....is it true that no police report means no Carfax report?

Wow, My gs300 got rear ended this month also. Liberty Mutual is also handling my claim.... they're jerks. Besides that, if the work is done right (the place liberty mutual recommended will probably BS a lot) and you can't tell that the car was in an accident they're won't be any significant drop in value because CARFAX reports don't tell you how severe the damage was and give you no idea of what kind of damage occured. CARFAX just tells you that there was an accident and as long as your car wasn't written off as totaled, that shouldn't raise any flags. I'm still waiting for my liberty mutual check to clear but I've already gotten my car done and its better than new, just make sure you get a good shop, the place liberty mutual wanted me to go to looked like a doctors office but i knew they outsourced their work to some seedy place. I actually made a good profit off of my accident. After all the work is done. all the water sanding that is done should be smooth as silk, all colors should match exactly, all parts should line up exactly, and DO NOT TAKE ANY BS FROM ANYONE, if something doesn't line up right, they did a bad job and have to fix it. Goodluck with getting your work done. Don't worry much about your value as long as the car looks and runs like new when you want to sell it... although i couldn't imagine selling my lex.

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I'm having the same issue with Liberty Mutual.....all Insurance companies are scam artists. They wanted me to take my car to a place that works primarily on fords. The shop was on the back of a ford dealership lot.

But of course I took my car to the APPROVED Lexus repair shop.

I'm planning on going after Liberty Mutual for a Diminished Value claim. Legally they should compensate me/you for the decrease in value. Believe me when I tell you that all things being equal my car is now worth less than a comperable GS 300.

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