Insurance and diminished value question after an accident.

[Irving]

All insurance policies with collision/comprehensive coverage pay for like, kind, and quality parts (used from other vehicles, after market, or factory if nothing else available). Some companies offer an endorsement for OEM parts only.

What did the adjuster say?

[th3w01f]

Thanks XXFattyHunterXX XXFattyHunterXX, that was very helpful.

Adjuster said they recommended after market or used but admitted it was up to me and hard for them to argue on a 2019. All prices on the initial estimate were for Toyota factory parts and 100% matched the prices from the dealer. They did cut a check but we're not touching it until this is all finished.

Initially it went to the dealer because we were worried about a major mechanical issue. Luckily it was just the wheel, tire and TPS. Adjuster had everything correct other than excluding TPS because it wasn't listed in their software and adding 20min of labor for all troubleshooting and actual work. All in all it was just a few hundred off because of the lack of labor. Body damage is pretty minor, some scratches in front of and behind the wheel well and a broken rear molding. Total for everything was below $3500 and will probably end up pretty close in the end, it's going to the body shop next so we'll see if anything was missed.

Now the interesting part is current value. I've spoken briefly with a lawyer and also found this

"'Courts have held that the measure of damage is the difference between its value immediately before its damage and immediately thereafter, together with any expense of reasonable efforts to preserve or restore it. Trujillo v. Wilson, 117 Colo. 430, 434, 189 P.2d147, 150 (Colo. 1948); Larson v. Long, 219 P. 1066 (Colo. 1923)(permitting admission of evidence of the [diminution] in value of defendant's car because of its having been in the accident because such [diminution] is an element of damage ).'".

I've read and I was told that there is no requirement to actually sell the vehicle to prove diminished value in the state of CO, but I will do that if needed. I've spoken with 2 separate dealers and the person we bought the vehicle from and the consensus is roughly 15% hit in trade in value due to the accident. I think it's crazy that a $3500 repair (most being just a new rim and tire) will lower the value of a vehicle by roughly $6000. I'm getting quotes to replace it with the exact same model on trade in and it looks like that might cost me the 15% + $1000 or so. Either way I'd rather be out of pocket $1000 and still own a $40K asset than do nothing and own a $34K one.

[Irving]

Well how long were you planning on keeping it? I don't suppose you're like me where you plan to drive it into the ground.

[th3w01f]

Well how long were you planning on keeping it? I don't suppose you're like me where you plan to drive it into the ground.

We usually keep them 3-5 years but in this case it's more the principal of the whole thing. We have the 2012 Tundra that we're driving into the ground. Toyota just replaced the Magnuson supercharger with a brand new one at $0 under extended warranty.

[thedave1164]

If you trade into a new one you will have the sales tax, license and registration and depending on where you buy it dealer fees.

Just a reminder, but I am sure you already figured that in

[th3w01f]

Finally closing this out and I wanted to thank everyone who replied, a few points to note.

Everyone who replied was correct abut the insurance process.

1. Adjuster gives you an estimate and writes a check on the spot (I think they're hoping you'll cash the check and be done with it, especially if the damage is minimal. Cashing the check doesn't mean you accept anything, I'm just saying they hope you cash it and go away).
2. Take it to the shop (I used dealer for mechanical and body shop for well... the body...). There were supplemental claims from both and there was no push back on either.
3. Don't forget diminished value if it's a newer vehicle but make sure you have something to back up your claim. Colorado does not require you actually sell/trade the vehicle to recognize diminished value.

PM me if you want any additional info.

[Irving]

The insurance company might hope you cash the check and go away, but supplements are standard procedure. The adjuster wants to close files quickly (because that's what the company wants, and it's less work), but again, no one expects it because it's normal for supplements. It's not really possible to write a 100% accurate estimate without talking the vehicle apart, which the adjuster will never do, so supplements are expected.

ETA: Sounds like I'm an insurance shill or something. Not my intention. Really glad everyone worked out for you.