Diminshed Value
 

Hi all,
I was recently rear ended while sitting at a red light and have some damage to my 72 longbed. Im writing to get opinions on how much (if any) that my trucks value will be diminished now that its been in a wreck even after it gets fixed. Pictures of the damage are included. Unfortunately there isnt any accident data on a truck like this that I can find like there would be on newer Chevy truck. Id like to take what you guys have to say, find a median and/or average value and figure out if its worth pursuing a diminished value claim or not and what that figure looks like. I figured this is as good of a place as any to start. Thanks in advance for your thoughts.

Re: Diminshed Value
 

I don't think there is diminished value of the truck after fixing that amount of damage. That is a beautiful truck you have there. Sorry to hear about that collision.

Re: Diminshed Value
 

Repaired properly no loss in value. Not repaired properly and you sell it and the buyer is sharp yes less value.
Hard to see all the damage but at least in MN a rear end accident the person that hit you is 100% responsible for all repair costs. A number of years ago I was hit from behind in my Silverado. The guy that hit me his insurance company was more than happy to do what ever it took to make me happy. The insurance company was really worried that I would have years of "whip lass" injuries.
Make sure you don't short changed by the insurance company. Don't sign any thing until you are totally happy.

Re: Diminshed Value
 

They are claiming 100% responsibility but are trying to pay me 50% of what the estimate was. In addition to pursuing a damage claim, I can also pursue a diminished value claim. Just hard to know how much less someone would pay for my truck, simply because it was previously in an accident.

Re: Diminshed Value
 

It's 51 years old. What agreed upon value did you have on it with your classic car insurance? As long as you are repairing it back to that state it was in before the accident, I so no reason why your classic insurance would not agree to continue coverage at that same value.

Re: Diminshed Value
 

I had a diminished value claim a few years ago on a sports car. There was significant damage that I knew would affect resale. The insurance company (other driver's) did not pay the diminished value until I sold the car a couple of years after the crash. However, I essentially put them on notice at the time of the repair that I would be placing such a claim upon selling the car.

When I sold the car, I contacted them and told them I sold it for x thousand less than I could have if not for the crash. They honored that amount and issued me a check at that point.

All of that to say, diminished value claims are not cut and dry so be prepared for a few hoops if you go that route. I agree with others that a good repair will negate any diminished value on a typical 67-72. They really only come into play if say the average buyer will pay less because of past damage.

Re: Diminshed Value
 

Fighting with insurance companies suck. They will claim this, aint worth that. We bought these trucks as an investment.

What you recover depends on your local state laws also. If your truck was original to begin with that would be your best argument.

They always base the monies paid out on bondo. Not NOS sheet metal. Did it have bondo before the incident?

GGRRRRRRRRR

Re: Diminshed Value
 

Many of these 50+ year old trucks will have been in small to large incidents and you don't hear about diminished value much but it is there, depending upon the quality of the repair. A lot of guys find trucks with evidence of repairs but if they were done right it doesn't seem to affect value. Done incorrectly I would say an educated buyer would want to pay less knowing it would need to be re-done.

I'd get one or two more estimates and if they are all similar press them to pay what it's going to take to make the truck in pre-accident condition. That is what they are supposed to do.

Re: Diminshed Value
 

I had a similar problem with an insurance co. Always go get a back and neck x ray for pain. I went the next day and got x rays. Now the ball is in your court. The adjuster came out and claimed i would have to pay a betterment fee. Because my truck would be better then before the accident. I mentioned the x rays and told him i would think about his offer and talk to my lawyer about the offer. Next morning they called and told me to fix my truck they paid for everything. I was told about this from an old timer that got screwed before.

Re: Diminshed Value
 

Thanks for all the replies. This isnt any fun for sure. I guess in my head what Im really trying to find out is if someone was ready to pay say $5,000 for my truck, then saw this accident on a car fax report lets say...would they still pay the
$5,000 or would the new knowledge of the accident sway them to want to pay less. If less...how much less? Man I wish this was easier.

Re: Diminshed Value
 

I would think it's a non issue on a 50 year old truck. I wouldn't expect a vehicle that old to have never been in an accident. Now a newer car or truck it would be a different issue

Re: Diminshed Value
 

That is very minor damage. I'd think before pics, post accident pics then repaired pics would satisfy most any potential buyer. No one in their right mind is expecting to buy a 50+ year old vehicle that hasn't been in some kind of skirmish over it's lifetime. ;)

Re: Diminshed Value
 

For how minor that is, unless that's an original paint truck that is super well documented, you won't affect resale and will have a very difficult time trying to show diminished value. Just think how many of these trucks are out there and the range of prices on them- Good luck with however you proceed.

Re: Diminshed Value
 

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FYI, when my '67 C10 got hit by a youngster in her jeep, I didn't bother with her insurance...Hagerty handled the claim then went after GEICO or whatever for their money. If you have classic insurance, let them know what happened, see if they'll take it on...you may find it better to let them handle it.

Hth,

-klb

Re: Diminshed Value
 

Unless things have changed car fax doesn't look up vehicles that old.

Re: Diminshed Value
 

X2! An original is only original once. A repaint can be repainted over and over agian without effecting value. By the gray primer visible and the way the paint flaked off in clumps, its not original factory applied paint.

Re: Diminshed Value
 

Not factory paint.I have rebuilt wrecks for 32+ years out of my shop. While it may seem huge to the owner and I don't want to diminish[pardon the pun] But that isn't much more than a walmart door ding. I know the bodyshop wont see it a a big deal neither will an adjuster that see wrecked cars and trucks in their sleep. I think the money you will lose only will be you not having the truck while at the shop. Not trying to be mean in any way but to me a bedside and a gate some trim and your good to go.good luck in getting fixed to your liking. Jim

Re: Diminshed Value
 

In my mind, loss of resale value due to a accident really only applies to more modern vehicles. For instance, if you were looking for a 3-5 year old daily driver, a carfax report that showed accident history might hurt price a little - because there are tons of similar vehicles out there without an accident history. I do not think it matters for old classics beyond 20-ish years old. To me, the furthest back it would really matter would be an accident on a relatively low mileage T400 era truck.

Re: Diminshed Value
 

Agreed, especially since "Carfax" does not report on any vehicle older than 1981.