Totaled? Lawyer?

IMO, and given that it doesn’t sound like you’re hurt at this time, your biggest financial risk is not adequately estimating diminished value. I worked for a dealer for a fairly long time and spent plenty of time in the collision and auction departments. What I’d recommend you do right now is go to a dealer and ask them to give you:
1. a trade in value as is (they dealer takes it in and fixes it themselves.. you drive off in a new Tundra)
2. a trade in price they’ll honor as soon as it is fixed (tell them you’re trading it for a new one as soon as it’s fixed)
3. a hypothetical trade in value “one minute before the accident” (what would you have given me for the Tundra without damage from this accident)

My guess is you’ll be appalled at the value after an accident like this. This will be listed as a major (severe damage) accident on Carfax. In my experience, you’re looking at roughly a 20% reduction in value. So, your $40,000 truck is now worth $32,000. Insurance companies hate talking about DV. They’ll ignore you. They’ll tell you they don’t negotiate DV. Etc. In my experience, the people who made out best dumped the damaged vehicle back to the dealer’s collision dept “as is” and grabbed a new replacement. Your negotiation with the insurance company is then is based on the dealer giving you a trade number “one minute before the accident” vs their trade number “as is.” Either way, unless you have gap insurance, you’re probably going to be out some money. But you’ll minimize your potential loss buying new IMO. A hit like that is hard to fix. And anyone who thinks a frame straightening machine can fix it “good as new” has spent zero time around damaged cars. Frame damage is frame damage is frame damage. If you have to straighten it, it’s frame damage. Once you bend it, it’ll never be as strong or as straight again. Period. Fact. No discussion. The only way to fix it right is a new frame and all new components, and that’ll cost you $10,000 or much more on a newer Tundra. I can’t tell you the number of unibody cars and full framed trucks that would come back over and over for alignments, tie rods, unevenly wearing tires, etc. after they’re were straightened at the frame shop. I’d never in a million years agree to that. IMO anyway. Good luck…

 

I would recommend you consult a lawyer that specializes in vehicle accidents. If your truck is also your work truck you maybe entitled for more compensation than the insurance company would give you. Most likely you won't appear in court. Most of the process is done through phone, email and mail for paperwork. We are undergoing this process right now.

 

I have settled 2 diminished value cases and yes that is the most challenging part, getting repair is easy. No dealership opinion means crap. If you want full diminished value be ready to at least file small claims against person you hit. Insurance will settle.

1) I was lucky a carmax had 3 identical vehicles to mine with prices within $1K of each other. I then attempted to trade mine in not mentioning it had been wrecked their trade in was $10K less than the comparable vehicles ($9300 in damage). that was golden.
2) you need to pay someone like Autoloss to do a diminished value analysis. (its good but coupled with #1 is a grand slam). Dealerships arent certified in auto appraiser you opinion your buddies is meaningless. By the way Autloss came back at $9100!!!

Insurance originally offered $1100 and finished at $1400. I filed small claims against person who hit me who turned it back to their insurance and a month later 2 days before arbitration in a 30 second phone call they offered $8500. I am pretty sure they will repair your vehicle, insurance companies if the car is more than 2 years old will not use OEM parts but used or aftermarket. The truck will be good but never as good as it was. Who cares you get your diminished value paid out, you have truck and money. Your insurance will not fight for diminished value to the extent you will, they will get the truck fixed....

CarFax are leaches. They clearly state they are not responsible for inaccurate information but publish public records for their financial benefit. They get their information from the Police report nothing else. However simple Simon classified the accident is how it shows up in CarFax. CarFax does not audit their findings or do any interviews before the devalue your car. So if cop saw assumed it was minor he will rate it as minor even though frame damage may have occurred. CarFax is nothing but leaches, never ever use their report.

In summary the total of your damages it exactly what the diminished value is!!!!!!!!!!

 

Not all states recognize "diminished value". When you have 50 states each regulating insurance in their own state, you get variations of what is allowed. For instance, in NY, state insurance regulations define what is compensable for "property damage" in an auto accident. The way it is written in NY regulations and the caselaw in the state makes it difficult to recover diminished value. Some states are better at recognizing diminished value than others. The advice given earlier about getting an expert appraisal of the value lost is pretty good.

This link provides way more detail than I can explain on this post. Good luck OP.

https://www.mwl-law.com/wp-content/uploads/2018/02/DIMINUTION-IN-VALUE-IN-ALL-50-STATES.pdf

 

People may not like Carfax, but ask any dealer what’s important to a customer and it’s a clean Carfax. Prior to the recent pinch in supply, the large dealer I worked for wouldn’t even put a car on their lot without a clean Carfax, ALL trades with a hit on the Carfax went to auction. Every single one. Perception is reality. And you’ll be very lucky tonget BLackbook wholesale for a vehicle with severe damage, frame damage or airbag deployment. Most likely you’ll end up splitting the difference between salvage and wholesale value. Check the auction values on these things. It’s simple math.

 

You are 100% right and its total bullshit. Buddy of mine bought 95K certified Porsche and 2 years later he goes to sale. Accident shows up on CarFax a year after he bought but with date 18 months before he bought it. WTF. He was offered $50K, he is suing CarFax but the report clearly states not responsible for the accuracy of this report. How a company can post unaudited material affecting car values for a profit and not held accountable is insanity. We shall see. So in the end if it says clean carfax it may or may not be wrecked but if it says wrecked it is wrecked......

 

Something is wrong with your chart. I live in Texas and got Diminished value where the the attached chart says no. Also the "attorney" I called said it wasnt worth their time at most I would get $3500 and 40% was worth their effort. I got $8500. Nobody knows your case like you, nobody will have ownership like your.

 

The shady thing a shady dealer will *sometimes* do is fix a car themselves and sell it immediately before the accident and repair shows up on the CarFax. There’s a lag between the time you get in to an accident and the time the accident shows up on the CarFax report. Your friend might have fallen prey to this unscrupulous scam. It blows for sure. And it’s real money on a car that’s still worth quite a bit.

 

Did you get diminished value from you own insurance company or the other party’s policy? The chart says no first party but third party is possible as long as it’s not double dipping. If you got it from your own company, I’d love to hear the details.

 

We both had the same insurance company but the other person was at fault. I love going after my own insurance company....

 

I never understood this. Someone hits you. You can 1) deal with their insurance co. directly and maybe it all works out. 2) tell your insurance, they facilitate everything and you pay your deductible.

Do you get your deductible back? Does this count against you as far as rates are concerned later on?

 

So you got it from the other person’s insurance policy. The chart shows that Texas recognizes diminished value claims for third party situations like yours.

in making claims like this you have to do 2 things:

1-convince the insurance company that they owe diminished value (use the case law referenced in the chart)
2-prove the value (by showing an appraisal or documenting differences in trade-in values)

I don’t think you need a lawyer to do this, just persistence, documentation and knowledge of how the state recognizes the issue.

 

If your company can recover their money and your deductible back from the other company, then you get your deductible back. The process is called subrogation. It may still count against you though. This varies by state because each insurance regulator has rules about what an insurance company can use to determine eligibility and rates.

Sometimes you have to use your own when the other party does not admit to fault or if they don’t have adequate limits. Some states allow minimal limits of $10k property damage, which runs out very quickly.

 

I got my deductible back and no rate increase for me, I confirmed that with my agent. The reason I did this was my situation was complicated. The driver of the vehicle who hit me was not the owner. He was unresponsive to my calls and his insurance carrier could not contact him as well. I had to get my vehicle fixed and it was taking too long going through his insurance. So I went through mine and they settled the claim finally through his insurance and I got my deductible back.

 

Wow, you got lucky. I had a similar thing happen. Guy hit me, was a borrowed car, driver had a fake driver license. Car was registered to the owner of a large car dealer. My insurance concluded-maybe wrongfully-since they couldn't find the real driver, the owners insurance wouldn't cover anything. Cost me $500 deductible. Owner said he never lent his car out-total scumbag. Found out the kid worked for him.

 

Get an attorney not from one of the many mailings that will come to your house. I’m currently going through all this right now I contacted a friend of mine that’s an attorney. My accident was a rear end collision we were hit at 60 mph in the rear we were fortunate to kinda walk away from it we’ve got some surgeries ahead of us but at least my attorney is taking care of everything for me while we are at doctors 3-4 times a week if you sustained any injuries get an attorney that you can count on trust me it will be a lot less stressful on you.

 

Not true. My insurance company covers my MODs through my comprehensive up to the limit I have as long as I can show proof they were on truck with pictures or proof of purchase being preferred.

 

I will say this again if only material property damage with no personal injuries you are better off dealing with insurance companies before a lawyer. If serious real injuries I have no clue but an attorney may be prudent but they are in it for their 40% cut. Meaning you get $100K for personal suffering the attorney gets 40% plus their expenses. Understand they arent your buddy they are in it for the money...

 

Good lord, this is some interesting (and contradictory) advice. First things first, unless you are injured do not get an attorney. You will never recover more than you’re billed, and the second the other insurance company hears “lawyer” they will make your life miserable. ONLY HIRE AN ATTORNEY IF GOING AFTER DAMAGES. Others advising you will recover your attorneys fees from the insurance company are wrong (again, unless pursing significant DAMAGES, not repairs).

2) I am going through a similar accident right now. My Platinum Tundra got hit by a drunk driver while parked outside of my house….based on the sound and damage we estimate about 40 mph. Fortunately it was a Civic, so no frame damage but it exploded everything else under the rear end. Every suspension piece, rear axle, diff, driveshaft, tranny (parts), wheels/rims, driver side truck bed, rear bumper, etc, etc. Mine is an older model (15), so I was terrified they would total it. Great news, only about $20k in parts and not even a conversation of totaling. Your car will be fine, and fixable.

Note: Since the other drivers insurance is paying, only take it to an actual Toyota dealer and demand all NEW parts. This is important.

3) Forget diminished value. You would need to hire attorneys/consultants, which will cost between $4-8k. Unless you can establish more than $20k in loss (which you wont be able to on this car), just move on. Those that said they’ve prevailed are better men than I, but I have never heard of or spoken to someone that won. I am not saying they haven’t done it, just that it is highly HIGHLY unlikely; the mental toll will not be worth the pennies if you somehow miraculously win. You should also consider that they will delay as long as possible, at which time values will likely have come back down to earth. I did one diminished value claim on a high dollar car and will never attempt again.

4) Do not sign anything or agree to anything (they record all conversations) with the other persons insurance company!!! Best to have your insurance fight it out with them, but first confirm with your side that the other party is taking responsibility and/or the accident is deemed other party’s fault.

In summary, this totally sucks and I’m sorry you’re going through it. Be smart and not emotional. That latter part is/was hard for me, but is the best advice I can give

 

45% of people won't look at a wrecked car. A wrecked car can never be certified. Make no mistake diminished value is real, especially if the car I under 5 years old. After year 3 it drops pretty quick.

 

No experience with car replacement, but when our house flooded, I got pennies on the dollar for all my high end electronics from insurance. Obviously it's much different than private auto coverage, so I wouldn't worry if I were you. I got rear ended twice in 2 weeks in my new Z71 back at Ft Hood, truck was 2 weeks old, so I know your pain, just not the frame damage part, that sucks! Their insurance covered full body work both times.

I'm sure it's totally different, but if it isn't, you could probably go after the dude that hit you.

 

I had no idea, thanks!