Minor Accident - Diminished Value

[agarner]

About 2 and a half weeks after I purchased my Lucid (last June), someone side swiped me while on the phone. It was nothing major, but it was around 8k or so to fix. Now I'm in the diminished value negogiation phase with Geico. He's going to email me the offer this evening. Does anyone know what is fair? I have a Pure and the sticker price was around 81K, but of course with all the discounts it was less. I'm leasing it, but I'll probably buy it after the lease is up. Internet research suggests 10% of market value at the time of the accident. I have no idea what the market value would be with only 1000 miles when it was hit. Maybe 20% depreciation? Thanks.

 

[Bdr100]

About 2 and a half weeks after I purchased my Lucid (last June), someone side swiped me while on the phone. It was nothing major, but it was around 8k or so to fix. Now I'm in the diminished value negogiation phase with Geico. He's going to email me the offer this evening. Does anyone know what is fair? I have a Pure and the sticker price was around 81K, but of course with all the discounts it was less. I'm leasing it, but I'll probably buy it after the lease is up. Internet research suggests 10% of market value at the time of the accident. I have no idea what the market value would be with only 1000 miles when it was hit. Maybe 20% depreciation? Thanks.

I hired a firm that specialized in filing these type claims. I think they charged me about $400 and did all paperwork and contacted insurance directly on my behalf. I believe my cars value at time of accident was around $70,000 and I got around $4,300 diminished value. These are all just my best guess number on what I remember.

 

[HC_79]

Insurance company probably will probably ballpark it. I'd definitely reach out to a company that specializes in this. They usually want to see the repair bill to see what was done and can charge anything from $400 to $700+.

 

[agarner]

Thank you for the replies. Calling someone who specializes in this sounds like a good idea. Apparently you can write off diminished value losses and the appraisal fee.

 

[agarner]

Okay, I just got this response. The person can't write for starters.

Aaron this is "John Doe" from Diminished Value and this email is in response to your inquiry concerning filing a diminished value claim relating to your loss on 7/9/25.

When doing a review of your vehicle’s ownership records, the titled owner as of the date of loss is listed as Tryon Vehicle Titling Trust. Based on this information, your request for Diminished value from this accident will denied because the titled owner of a vehicle is theonly person that can pursue Diminished value on a vehicle. Tryon Vehicle Titling Trust can submit documentation to GEICO claims directly for us to review.

 

[Bdr100]

Okay, I just got this response. The person can't write for starters.

Aaron this is "John Doe" from Diminished Value and this email is in response to your inquiry concerning filing a diminished value claim relating to your loss on 7/9/25.

When doing a review of your vehicle’s ownership records, the titled owner as of the date of loss is listed as Tryon Vehicle Titling Trust. Based on this information, your request for Diminished value from this accident will denied because the titled owner of a vehicle is theonly person that can pursue Diminished value on a vehicle. Tryon Vehicle Titling Trust can submit documentation to GEICO claims directly for us to review.

Sounds like you are leasing. In that case you can’t request this.

 

[agarner]

Sounds like you are leasing. In that case you can’t request this.

Yes I am leasing and what you are saying is exactly the answer I'm getting from Lucid Finance department. So basically if I decide to purchase the car, it's worth less than the residual value because of the accident. If I turn it in, the leasing company (B of A) loses money. Either way someone will lose money in the end.

 

[Multitask]

Yes I am leasing and what you are saying is exactly the answer I'm getting from Lucid Finance department. So basically if I decide to purchase the car, it's worth less than the residual value because of the accident. If I turn it in, the leasing company (B of A) loses money. Either way someone will lose money in the end.

If that is true, better that it's not you.!!!!! 8)

 

[HC_79]

Yes I am leasing and what you are saying is exactly the answer I'm getting from Lucid Finance department. So basically if I decide to purchase the car, it's worth less than the residual value because of the accident. If I turn it in, the leasing company (B of A) loses money. Either way someone will lose money in the end.

Yes, so if you got the diminished value report done now you could try and argue the value off the residual due at the end of the lease but my understanding is Lucid Financial doesn’t negotiate on residuals at lease end.

 

[borski]

Yes, so if you got the diminished value report done now you could try and argue the value off the residual due at the end of the lease but my understanding is Lucid Financial doesn’t negotiate on residuals at lease end.

Yeah, same understanding I have. But it isn’t unique to Lucid; no lessee can file diminished value claims, in any state, afaik.

 

[Steveinarizona]

Yes I am leasing and what you are saying is exactly the answer I'm getting from Lucid Finance department. So basically if I decide to purchase the car, it's worth less than the residual value because of the accident. If I turn it in, the leasing company (B of A) loses money. Either way someone will lose money in the end.

Could you reach out to B of A and suggest that they argue diminished value? Irrelevant to you if you are not going to purchase the car at the end of the lease but if you might, it could work.

 

[agarner]

Thanks everyone for the comments and suggestions. I’ll call B of A and see what they have to say. This is the first time I’ve leased. I usually buy my cars and rarely keep them more than 2 or 3 years. I leased it because of the great discounts. I thought maybe I’d just buy it at the end of the lease. I pretty much paid for the entire lease up front. Maybe I could just pay off the small remaining lease and buy the car. Then I could ask for the diminished value since I’d own it.

 

[johnse]

Then I could ask for the diminished value since I’d own it.

I think you will find that it only matters who owned it at the time of the accident. That you purchased it after would not make you eligible for the claim.

But I am not a lawyer.

 

[DIMINISHEDVALUE]

Hello, Your lease company can co-sign for the claim and hold the DV amount until you buy the car outright. As far as the DV, figure 15% of the Fair Market Value so, at $70K your diminished value will be in the neighborhood of $10,000.00. Be sure to hire an appraiser who will also help you with the claim if needed. Insurance companies are not known for being generous or even fair.

 

[Quimby]

We were in an accident Monday. Damaged the passenger side front from the forward edge of the right tire forward. It took out the front bumper, front quarter panel, radiator that now leaks, lights, sensors etc. May battery was about 65% at the time of the accident & now two days later it reads 46% & dropping. Anyone know if the battery is damaged. Seem likely to me as I have never lost battery even close to this fast. No one was injured or even shaken but all the plastic in the front was scattered everywhere.

 

[DIMINISHEDVALUE]

Is this a MA accident or NH? In NH, there is no problem making a diminished value claim against the at-fault party's insurance company. In MA, however, the responsible party must have the old auto policy because on the new auto policy, you can't go after DV until you get a judgement from the court against the responsible party. This is only important if you plan to keep the car. Ask the leasing company how they would handle being a co-claimant. If you are turning it back, no worries, the leasing companies aren't concerned.

 

[L-Dude]

This thread is a knowledge bomb for me. Interesting stuff guys!

 

[Quimby]

Accident was in RI but our car is registered in MA & it was a no fault accident I think at the moment. Also we own the car, not leased. I'm really curious about the battery. I'm guessing if the battery is damaged it is likely a goner but I'm not knowledgeable.