I'm posting because this could happen to any Lexus owner and have considerable financial and long term impact.
I have an 06 LS430 with 2K miles. Last week, I was involved in an accident resulting in approximately $12K of damage to the front right fender area (the passenger doors won't even open). The other vehicle was at fault and was issued a citation for failure to yield.
I took my LS to a Lexus recommended body shop and immediately got a call from the other party's insurance company that they will not pay above "normal" hourly rates. Being a high-line body shop, they charge about $5 more per hour labor and for this repair could equate to about $1,000 more than a "normal" body shop.
Furthermore, I am investigating diminished value as I understand regardless of how well the vehicle is repaired, it will never be worth the same as before the accident. My questions are:
1. Can the at-fault insurance company dictate the maximum allowable hourly rate? We're not dealing with Chevy's here.
2. What is the best way to estimate diminished value? I read 10-15% of vehicle's current value is acceptable.
As owner's of premium automobiles, everyone needs to be aware of the implications of an automobile accident and its resulting effects, both financially and mechanically. Any advice is appreciated especially from those who have experienced similar.
Joe