I sustained a minor dent on my car due to debris from a collision involving other vehicles. Although the police report didn’t include my vehicle, I filed a claim with what I believe is the at-fault party’s insurance. I’m curious if this incident will appear on CarFax.
While there were major accidents with significant property damage and injuries involved, my damage is limited to a dent and some scratches. I estimate the repair costs to be between $500 and $1,000 for paintless dent repair and buffing. Despite showing the police video evidence of my car being hit, they didn’t mention my vehicle in their report.
The insurance for what I think is the at-fault driver reached out to me to take my statement as a witness. I informed them about being hit and provided video and photos as evidence. They are currently working out the details between the two insurance companies, which might lead to a long process in court due to the extent of damage in the overall accident. I’m concerned that I might not receive any compensation if their payouts reach their limits.
I’m considering trading in my car this year and would like to know how this situation might impact my resale value, especially if it shows up on CarFax. If I repair the damage myself and drop the claim, will that still be reported? Conversely, if I remain on the claim or go through my insurance, how might that affect my resale value, given that it’s just a minor dent?
It sounds like you’re dealing with a complicated situation. Here are some points to consider regarding how this might affect your resale value and what will show up on CarFax:
CarFax Reporting: Generally, CarFax reports are generated based on significant insurance claims or major accidents. Since your damage is minor and you are estimating a repair cost of $500-1000, it is unlikely to trigger a report on CarFax if you decide to fix the dent out-of-pocket and drop the claim. If no insurance claim is filed or causes a significant record, it shouldn’t appear on the report.
Filing a Claim: If you go through insurance, especially if it involves a court case, there is a possibility that this might show up on CarFax, depending on the nature of the claims and how they are processed. If the insurance company processes a claim for your vehicle, it could be recorded, potentially impacting resale value.
Resale Value: Generally, minor cosmetic damage (like a dent and scratches) is less likely to significantly affect resale value, especially if you repair it before selling. However, if a claim is filed and shows up on CarFax as an accident or damage, it could raise red flags for potential buyers.
Trade-In Considerations: When trading in, dealers may inspect for any visible damage and also check CarFax, so having the repair done before trading might be wise. A clean report with no accidents—or noted damage—will usually yield a better trade-in value.
Transparency with Potential Buyers: If you do opt to repair and do not go through insurance, it’s always good practice to be transparent about any prior damage during the sale. Most buyers appreciate honesty, and it can foster trust.
Ultimately, it may be in your best interest to handle the repairs independently if you can cover the cost and avoid involving insurance altogether. That way, you can maintain better control over your car’s reported history and its subsequent resale value.