Calculating Value of a 2012 After an Airbag release wreck

[a6ft6inguy]

I have a 2012 4.6L Genesis Sedan w/ 4500 miles and I had a young lady turn in front of me the 2nd month I had the car. The Lady has accepted fault in the accident. She has Nationwide Insurance and they stated they would hire an independent appraiser to calculate a diminished value claim. My major concerns fall into the following categories:
Diminished Value from a bad CarFax report ($14k in damages)
Kinetic Damage (damage that may not surface for months)
Hyundai not honoring future warranty issues (claiming problem due to accident not mfg defect)

I'm not sure that there is a method of calculating the value at this point. I need as much advise as I can get prior to settling with the insurance company. If anyone is an appraiser I could really use your help. If you have any knowledge on any of my concerns, please share.

 

[scottdk]

I have a 2012 4.6L Genesis Sedan w/ 4500 miles and I had a young lady turn in front of me the 2nd month I had the car. The Lady has accepted fault in the accident. She has Nationwide Insurance and they stated they would hire an independent appraiser to calculate a diminished value claim. My major concerns fall into the following categories:
Diminished Value from a bad CarFax report ($14k in damages)
Kinetic Damage (damage that may not surface for months)
Hyundai not honoring future warranty issues (claiming problem due to accident not mfg defect)

I'm not sure that there is a method of calculating the value at this point. I need as much advise as I can get prior to settling with the insurance company. If anyone is an appraiser I could really use your help. If you have any knowledge on any of my concerns, please share.

Have you had an estimate from a body shop of your choice yet? If not, I'd say this would be a good starting point, and I would think the body shop might be able to answer some of your questions from the standpoint of dealing with insurance companies daily.

 

[homeofstone]

I have a 2012 4.6L Genesis Sedan w/ 4500 miles and I had a young lady turn in front of me the 2nd month I had the car. The Lady has accepted fault in the accident. She has Nationwide Insurance and they stated they would hire an independent appraiser to calculate a diminished value claim. My major concerns fall into the following categories:
Diminished Value from a bad CarFax report ($14k in damages)
Kinetic Damage (damage that may not surface for months)
Hyundai not honoring future warranty issues (claiming problem due to accident not mfg defect)

I'm not sure that there is a method of calculating the value at this point. I need as much advise as I can get prior to settling with the insurance company. If anyone is an appraiser I could really use your help. If you have any knowledge on any of my concerns, please share.

Don't say anything to a dealer about the accident. Get it repaired at a non dealer shop but use oem parts. What about about your injury claim?-Do not sign anything from Insurance company releasing them from injury claim.
Don't accept the paint job unless it matches the oem paint perfectly from all angles and light. As to diminished value it may be about 30% of repair cost. I am currently in the process now from a rear end crash on my car, not as bad as your car.

 

[a6ft6inguy]

Thanks for your input. I am supposed to pick up the car today or tomorrow. I had the Body Shop to deliver the car to the dealer to get all of the diagnostics ran to assure that the sensors and electrical all worked within spec. The repair looks great and without the carfax and a very trained eye, you could never tell the car was damaged to the tune of 15k. I ask the dealer to calculate a trade in value on the car and they hit me at 28k, just paid 42 in Dec of 11. They stated that there wasn't any new car dealers that would keep and sell the car w/ a bad carfax (which they produced and showed me) that the 28k was the highest wholesale bid they got when they shopped it to their wholesalers. 14k is a lot of difference for 4500 miles. The reason the repair was so high wasn't necessarily the damage, it was how much the dealer charged for the parts to fix it. The parts bill was outrageously high. I'd say the dealer made more from the accident than from the sale. But of course I wouldn't allow any aftermarket parts, I don't believe their are any available for a 2012 anyway.
Now comes the challenge of getting a true value of what the difference in the value now as to the value the minute prior to the accident. I just want to come out of this unharmed financially. I am hurt physically but that will be another claim. I appreciate the input about not settling to soon. My Doctor stated that the headaches could continue daily for up to 6 months or longer. So obviously I won't be settling that claim anytime soon. I do know I have 11 months and 29 days to file the claim in court.
Does anyone know if Hyundai can cancel my warranty? An attorney told me to be very careful when settling the damage claim and address the issue. Need ammo if anybody has any information.
I sound needier by the line so I'm going back to work.
Andy

 

[Ruissimo]

From experience, I will only say this: appraisers and insurance company reps are scumbags who are out to screw you at every chance.

No offense to anyone here who might be in the insurance "business". That's MY experience. Experiences may vary.

Bottom line: THEY ARE NOT YOUR FRIENDS.

 

[scottdk]

I had a woman drive at me head on, so I chose going off the road instead of the bloodbath it would have been, so I ended up with around $13,500 in damage. Didn't look bad at all too.....but everything on the car was/is expensive. They even replaced the cars main wire harness which was a painful $2,800 just for the part.

No airbag deployment for my car though. I thought I'd maybe have $4,000 in damage, boy was I wrong.

Hope you get well asap.

 

[jmo51]

Thanks for your input. I am supposed to pick up the car today or tomorrow. I had the Body Shop to deliver the car to the dealer to get all of the diagnostics ran to assure that the sensors and electrical all worked within spec. The repair looks great and without the carfax and a very trained eye, you could never tell the car was damaged to the tune of 15k. I ask the dealer to calculate a trade in value on the car and they hit me at 28k, just paid 42 in Dec of 11. They stated that there wasn't any new car dealers that would keep and sell the car w/ a bad carfax (which they produced and showed me) that the 28k was the highest wholesale bid they got when they shopped it to their wholesalers. 14k is a lot of difference for 4500 miles. The reason the repair was so high wasn't necessarily the damage, it was how much the dealer charged for the parts to fix it. The parts bill was outrageously high. I'd say the dealer made more from the accident than from the sale. But of course I wouldn't allow any aftermarket parts, I don't believe their are any available for a 2012 anyway.
Now comes the challenge of getting a true value of what the difference in the value now as to the value the minute prior to the accident. I just want to come out of this unharmed financially. I am hurt physically but that will be another claim. I appreciate the input about not settling to soon. My Doctor stated that the headaches could continue daily for up to 6 months or longer. So obviously I won't be settling that claim anytime soon. I do know I have 11 months and 29 days to file the claim in court.
Does anyone know if Hyundai can cancel my warranty? An attorney told me to be very careful when settling the damage claim and address the issue. Need ammo if anybody has any information.
I sound needier by the line so I'm going back to work.
Andy

Why would it have a bad car fax from a non total loss repair?

 

[Ruissimo]

[EDIT] Here's the link to an example report:

http://www.carfax.com/cfm/general_check.cfm?partner=GCF_R&CMP=KNC-Google

 

[homeofstone]

Thanks for your input. I am supposed to pick up the car today or tomorrow. I had the Body Shop to deliver the car to the dealer to get all of the diagnostics ran to assure that the sensors and electrical all worked within spec. The repair looks great and without the carfax and a very trained eye, you could never tell the car was damaged to the tune of 15k. I ask the dealer to calculate a trade in value on the car and they hit me at 28k, just paid 42 in Dec of 11. They stated that there wasn't any new car dealers that would keep and sell the car w/ a bad carfax (which they produced and showed me) that the 28k was the highest wholesale bid they got when they shopped it to their wholesalers. 14k is a lot of difference for 4500 miles. The reason the repair was so high wasn't necessarily the damage, it was how much the dealer charged for the parts to fix it. The parts bill was outrageously high. I'd say the dealer made more from the accident than from the sale. But of course I wouldn't allow any aftermarket parts, I don't believe their are any available for a 2012 anyway.
Now comes the challenge of getting a true value of what the difference in the value now as to the value the minute prior to the accident. I just want to come out of this unharmed financially. I am hurt physically but that will be another claim. I appreciate the input about not settling to soon. My Doctor stated that the headaches could continue daily for up to 6 months or longer. So obviously I won't be settling that claim anytime soon. I do know I have 11 months and 29 days to file the claim in court.
Does anyone know if Hyundai can cancel my warranty? An attorney told me to be very careful when settling the damage claim and address the issue. Need ammo if anybody has any information.
I sound needier by the line so I'm going back to work.
Andy

I have to brag on the body shop I use. My Mercedes repair from hiting a dear, 4800.00, looks perfect even to the trained eye and the repair to the rear of the Genny (bumper and trunk) is also perfect. I guess thats why I see others; Mercedes, Ferrari, Lotus in the shop and some frame off restore jobs.

 

[jmo51]

[EDIT] Here's the link to an example report:

http://www.carfax.com/cfm/general_check.cfm?partner=GCF_R&CMP=KNC-Google

Thanks for the link.

I wonder who reports this information to Carfax??

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[Ruissimo]

Thanks for the link.

I wonder who reports this information to Carfax??

Insurance company. Your dealer. Anyone that does work on your car *CAN* submit this information, apparently. Doesn't mean that they always do.

Nor that carfax is correct and accurate 100% of the time.

 

[jmo51]

Insurance company. Your dealer. Anyone that does work on your car *CAN* submit this information, apparently. Doesn't mean that they always do.

Nor that carfax is correct and accurate 100% of the time.

If anyone can submit info to Carfax, I wonder how accurate a Carfax report is?

Thanks for the assist.

 

[a6ft6inguy]

Thanks all, I have finally started negotiating with the insurance company for the loss of value from the accident. The appraiser had the insurance company send me a $7500 check. I call and told the adjuster that the dealer had stated that the car had a diminished value of $20,000 that 7500 wouldn't work for me. She stated that the check did not mean that I agreed with the appraisal, that I could cash it and we could negotiate from there. I have now retained an attorney. As for my injuries, my neurosurgeon stated that I have permanent damage to my major occipital nerve on the left side and that the headaches that I have had everyday since December 27th will probably be there for years to come. Man what a bummer. They are about to drive me crazy(ier). But what is one to do? Ride the ride and see the show I guess. I don't believe there is enough money in the world to compensate for this but it's all that I can go for. So Allstate, brace for the storm and also, State Farm...I have under-insured motorist coverage, so you might want to be on notice as well.

 

[bmbutler]

DON'T CASH THAT CHECK! You will be accepting that as full and final payment. That is rule #1 when dealing with an insurance company. DO NOT ACCEPT FIRST OFFER! Girl is playing classic insurance game.

Thanks all, I have finally started negotiating with the insurance company for the loss of value from the accident. The appraiser had the insurance company send me a $7500 check. I call and told the adjuster that the dealer had stated that the car had a diminished value of $20,000 that 7500 wouldn't work for me. She stated that the check did not mean that I agreed with the appraisal, that I could cash it and we could negotiate from there. I have now retained an attorney. As for my injuries, my neurosurgeon stated that I have permanent damage to my major occipital nerve on the left side and that the headaches that I have had everyday since December 27th will probably be there for years to come. Man what a bummer. They are about to drive me crazy(ier). But what is one to do? Ride the ride and see the show I guess. I don't believe there is enough money in the world to compensate for this but it's all that I can go for. So Allstate, brace for the storm and also, State Farm...I have under-insured motorist coverage, so you might want to be on notice as well.

 

[GenesisCaptain]

I have a 2012 4.6L Genesis Sedan w/ 4500 miles...

I ask the dealer to calculate a trade in value on the car and they hit me at 28k, just paid 42 in Dec of 11. They stated that there wasn't any new car dealers that would keep and sell the car w/ a bad carfax (which they produced and showed me) that the 28k was the highest wholesale bid they got when they shopped it to their wholesalers.

The appraiser had the insurance company send me a $7500 check. I call and told the adjuster that the dealer had stated that the car had a diminished value of $20,000 that 7500 wouldn't work for me.

I just bought a 2012 V6 that was a former service loaner. I looked at a V8 loaner that was the effective equivalent of yours (2012; in-service ~5 months; 5K miles; un-titled). The price was $36K. So, if the dealer was telling you that they would give you $28K, then it appears that the diminished value is about $8K from the closest replacement you could buy today.

Given that the 2013 cars are arriving at dealers, I bet that you could get a 2012 V8 service loaner for closer to $35K.

Worst case scenario-- shop for a former service loaner. You could probably break-even with your $28K plus the $7,500 check from the insurance company. You just need a little more to cover sales tax to totally break even.

 

[Kevinc5a]

I have to brag on the body shop I use. My Mercedes repair from hiting a dear, 4800.00, looks perfect even to the trained eye and the repair to the rear of the Genny (bumper and trunk) is also perfect. I guess thats why I see others; Mercedes, Ferrari, Lotus in the shop and some frame off restore jobs.

If you want to brag about your body shop, mention their name.

 

[a6ft6inguy]

I just bought a 2012 V6 that was a former service loaner. I looked at a V8 loaner that was the effective equivalent of yours (2012; in-service ~5 months; 5K miles; un-titled). The price was $36K. So, if the dealer was telling you that they would give you $28K, then it appears that the diminished value is about $8K from the closest replacement you could buy today.

Given that the 2013 cars are arriving at dealers, I bet that you could get a 2012 V8 service loaner for closer to $35K.

Worst case scenario-- shop for a former service loaner. You could probably break-even with your $28K plus the $7,500 check from the insurance company. You just need a little more to cover sales tax to totally break even.

Thanks for the advise. The car was wrecked in December 2011 and had 3600 miles on it. The dealer offered me what he could wholesale the car for. That was $20k. Stated that he couldn't keep a car with a bad CarFax on his lot. They have to calculate the loss from the date of the accident and the worth of it would be what it was worth a minute prior to the accident. Thrn the loss would be calculated of the difference of what it was worth after the wreck subtracted from the first amount.
I really appreciate your input. Thanks

 

[GenesisCaptain]

Thanks for the advise. The car was wrecked in December 2011 and had 3600 miles on it. The dealer offered me what he could wholesale the car for. That was $20k.

Ouch. I thought I read in your earlier posts that the dealer had offered you $28K. That is a big difference.I imagine that the insurance company would argue that diminished value would be based a retail-vs-retail sale. Or alternatively, what would the dealer have offered for a non-wrecked car at that time? That would be the other figure to compare to the $20K offer to reach a diminished value.