Does an accident on my car (now fully repaired) reduce the sales price on my car?

Question

I had a minor auto accident about 6 months. The person who hit me was entirely at fault and his insurance company paid for all the damages. Since it cost the insurance company more than 500$ to fix the vehicle, they reported the incident to DMV. The insurance company says that it has repaired the car in full and the repairs have a full life-time warranty. The accident now likely shows up in the carfax for my car. Will the accident decrease the sales price of my car if I were to sell it later? If yes, how can I get the insurance company to reimburse me for a likely future loss?

Thanks.

Answer 1

The value of your car is less because people prefer cars that haven't been in an accident (even if your car is 100% repaired). There probably isn't a way to get the insurance company to pay you more, unless you actually find something wrong and can prove it was caused by the accident. Sorry, life is unfair that way.

Answer 2

Most people just have a fixed amount of money to go around If gas goes up then either the motoring is cut down or something else has to go to provide the gas money. People are now shopping around for cars and or engines that give them greater miles per gallon. Bigger cars may lose their value because the demand for gas guzzling engines would drop and if no one wants to buy yours what do you do ? The only action would be to reduce the price to sell. Airlines are already adding a fuel subsidy charge because of the added fuel costs!

Answer 3

if the car is an antique or a collectible car it most likely would decrease resale value if not fixed with authentic parts. if it's not a collectible and was fixed by a reputable bodyshop and done the right way it shouldn't really affect the resale value especially if it was just a minor fender bender. As far as reimbursment from insurance company they are not obligated in any way to compensate for you for any future loss during resale because they have no idea how long you may keep your car for and as alot of cars age the resale value goes down.hope this helped

Answer 4

yes, because people don't want a car that's been in an accident. sometimes, even if it's repaired, parts are stressed and destablized. since the accident was reported, anyone who looks up the VIN will see that it's been in an accident, and the site will not recommend your car for purchase. and as for the insurance company, it's unlikely they will reimburse you, though you can try to bully and threaten it out of them.

Answer 5

If the accident was reported to the insurance companies then the insurance companies report the to carfax. Once the new buyer looks at the carfax report it does bring the value down a little, unless the damages were less than $900.

Answer 6

Keep your receipts and make sure the repair was done by a reputable repair shop. Most people can get a "read" on your honesty and it shouldn't affect the sale price of your vehicle.

Answer 7

the worth of your car diminished so much when you drove it off the showroom floor it's hardly worth bothering about an extra couple hundred dollars for a sale you haven't made yet. besides, insurance companies don't cover that kind of losses. i mean how do they know youre even going to sell the car? anyone who wants your car bad enough will most likely pay whatever you ask.

Answer 8

Yes. But it really depends on the extent of the damages.

Any accident will lower the value of a car.

Answer 9

I would recommend you to try this web site where you can compare rates from the best companies: http://insuranceforcheap.info/index.html?src=5YAxnu68umH27deW1

RE :Does an accident on my car (now fully repaired) reduce the sales price on my car?
I had a minor auto accident about 6 months. The person who hit me was entirely at fault and his insurance company paid for all the damages. Since it cost the insurance company more than 500$ to fix the vehicle, they reported the incident to DMV. The insurance company says that it has repaired the car in full and the repairs have a full life-time warranty. The accident now likely shows up in the carfax for my car. Will the accident decrease the sales price of my car if I were to sell it later? If yes, how can I get the insurance company to reimburse me for a likely future loss?

Thanks.
1 following 13 answers

Answer 10

If the car is not scrapped or total-ed, then it should not matter.

now if you talking a collectable car, that's another issue.