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Loss of future value after an accident

Discussion in 'Prius v Main Forum' started by jejb, Sep 18, 2022.

  1. jejb

    jejb Member

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    2016 Prius v wagon
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    We got T-Boned yesterday afternoon. Totally the other guys fault. We had no stop sign, he did. Just didn't see us and pulled out. We were doing 30, I think he was still accelerating when he hit us. Very stand up guy about it, though. Wife and I are bumped and bruised, but no big injuries. Already been contacted by his insurance company.

    Anyway, the car received some pretty substantial damage, but was still driveable. We're hoping it's still fixable, as V's with the ATP are pretty hard to come by these days. But I got to wondering about the future loss of value when we eventually trade/sell it. For anyone that's been through this, can we make a claim for loss of future value?

    I was on the passenger side. Edited to insert image correctly.
    20220917_152525.jpg
     
    #1 jejb, Sep 18, 2022
    Last edited: Sep 18, 2022
  2. prius16

    prius16 Active Member

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    I'm sorry that you were in an accident.
    Also, we can't see that attachment. Upload the photo from your PC or phone.

    As for diminished value after a crash...
    It depends on your State Laws.
    Iirc, only a few State laws allow diminished value after a crash.
    Your insurance company should be able to tell you right away.
    Some times, an "automotive law expert" lawyer might need to get involved (if the amount of the diminished value is in "dispute").

    Iirc, Steve Lehto, on youtube, has done a video on this topic. However, like with many youtube videos, it might be hard/impossible to find.
    Plus, imho, it doesn't really matter. Like all Lawyers, Steve Lehto is able to practice law, in only the State(s) he has been licensed to (in his case, only Michigan).
    Again, your insurance agent is the place to start.



    [update]
    It looks like you may get lucky with the Ark State law.

    From a search:
    Does ARK allow diminished value after a crash.

    Diminished Value LAWS - Arkansas - Basis for Recovery - Statute of Limitations

    Excerpt:
    ==========
    ARKANSAS IS A DIMINISHED VALUE RECOVERY STATE …
    After an Accident, your car suffers a reduction in value. That reduction is typically referred to as Diminished Value. Over the past Ten [10] Years, there has been an Explosion of Diminished Value appraisal services being promoted on internet search engines. Sadly, too many of those sites are run by unqualified hustlers out for a quick buck. There are only a hand full of qualified service providers that know what they’re doing and can be relied upon to tell the truth. This web site is among that hand full.
    ==========


    Good Luck.
     
    #2 prius16, Sep 18, 2022
    Last edited: Sep 18, 2022
    jejb likes this.
  3. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    Congrats on getting through with bumps and bruises.

    Diminished value claims are taken seriously, though it usually matters more for newer vehicles and some policies have cut-offs.

    You probably have a shot to collect 5% of the car's pre-crash market value as a DV claim. The trick is going to be agreeing with them on that pre-crash market value.

    Your link didn't work.

    Good luck!
     
    #3 Leadfoot J. McCoalroller, Sep 18, 2022
  4. rjparker

    rjparker Tu Humilde Sirviente

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    Of course they could total the car making it a different issue
     
    #4 rjparker, Sep 18, 2022
    jejb likes this.
  5. Mendel Leisk

    Mendel Leisk EGR Fanatic

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    Link not working, for me at least, in Canada. You should be able to post directly in this thread. Either choose upload a file:

    upload_2022-9-18_9-14-2.png

    or if you have the image in clipboard you can just paste it at current "cursor" location.
     
    #5 Mendel Leisk, Sep 18, 2022
  6. jejb

    jejb Member

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    2016 Prius v wagon
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    Sorry about the attachment, but thanks for the info. Hopefully this will work:
    20220917_152525.jpg
     
    #6 jejb, Sep 18, 2022
  7. jejb

    jejb Member

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    Yeah, could be. We are hoping not though. We love our little "grocery getter". The B pillar is a concern. I could feel it smoosh in on me on impact.
     
    #7 jejb, Sep 18, 2022
    Air_Boss likes this.
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