I experienced a minor dent on my vehicle caused by debris from another vehicle’s collision. The police report didn’t mention my car, but I filed a claim with what I believe is the at-fault insurance. Will this incident show up on CarFax?
The incident involved significant accidents with extensive property damage and injuries, while my car just has a dent and some scratches. I estimate repairs will cost between $500 and $1,000 with paintless dent repair and buffing. Even though I presented video evidence of my car being hit by debris, the police report didn’t reference my vehicle.
The insurance company for what I think is the at-fault driver contacted me, seeking my account as a witness. During this call, I informed them that my car was also hit and provided video and photos. They are currently sorting things out between the two insurance companies, and it may end up in court, potentially dragging on for years due to the property damage involved. It’s possible that I might not receive any compensation, especially if they reach their limits.
I’m considering trading in my car this year, and I’m curious about how this situation might impact its resale value if it appears on CarFax. If I handle the repairs myself and withdraw from the claim, will it still be reported to CarFax? Additionally, if I decide to proceed with the claim or go through my insurance, how adversely could that affect my resale value for such a minor dent?
It sounds like you’re in a bit of a complicated situation. Here are some points to consider regarding your concerns about how this might affect your resale value and whether it will be reported on CarFax:
CarFax Reporting: Typically, CarFax reports focus on significant accidents that involve major damage, insurance claims, or police reports filed documenting an incident. If your dent and scratches are considered minor and not officially reported in the police report, it’s less likely that they will appear on CarFax, especially if you handle the repairs personally without filing a claim.
Filing a Claim: If you decide to go through your insurance or if the at-fault driver’s insurance includes your claim in their investigation, it may get documented. If the claim is paid out, it could be recorded on CarFax, which might impact the resale value of your vehicle. However, if you drop the claim and repair the damage yourself, it should not show up on CarFax.
Impact on Resale Value: Minor cosmetic damage (like dents and scratches) generally has a limited impact on resale value, especially if it’s repaired properly. However, if it does go on your record and becomes part of a claim, that could deter some buyers. Transparency from the seller regarding the vehicle’s history is crucial, so being upfront could comfort potential buyers.
Trade-In Considerations: When trading in your vehicle, dealerships often have ways to assess the car’s condition beyond just its reported history. If the cosmetic damages are minor and fixed, it may not significantly reduce the trade-in value. They often look at overall market demand and condition rather than just the history of claims.
Legal Ramifications: Since you mentioned potential court involvement, keep in mind that any settlements could affect your vehicle’s history if noted. It might be worthwhile to consult with a legal advisor regarding how this might play out.
In summary, if you’re concerned about resale value and want to keep things simple, you might consider repairing the damage yourself and not pursuing the claim further. That way, you minimize any potential documentation affecting your car’s history. However, if you’re unsure, staying in communication with both insurance parties can help clarify your options moving forward. Good luck!