After the repair, a wrecked car loses some of its resale value. A car with obvious damage is difficult for a dealer to sell, so if your vehicle has a dent.
What if I have to tell you that there is a hidden loss of value after a car accident that insurance companies are trying to hide? True, this loss in value is referred to as the diminished value. So what value is reduced? The diminished value is the loss of the inherent value of the vehicle posed after requiring body repairs from accidents.
Vehicles that have a history of accidents carry a stigma. All other things being equal, a smart consumer will not pay the same price for vehicles that have been involved in car accidents before and after improved compared with the same or similar vehicle that does not have a history of accidents. Even when the vehicle is damaged beyond repair to the highest standards, it basically will still lose resale value.
For example, the back of another driver ended up on your vehicle, causing repairs cost $ 9,000 in damage. Before the accident your vehicle is worth $ 50,000. the other driver’s insurance company sends you a check for $ 9,000 and your vehicle is completely repaired. Still worth $ 50,000? No, because a fixed value decreases. In fact, your vehicle may now be thousands of diminished value.
Now here is the important part: the diminished value real damage that you have the right to recover from the insurance company. Do not let the insurance company tells you, or vice versa! The insurance company will rarely tell you that you are entitled to claim diminished value after the accident, and some companies will even deny that there is even a diminished value claim. When making an insurance claim you should keep in mind that insurance claims representative and estimator has one job and a job to pay off your bill for as little as possible.
So, how do you make a claim for loss of value after a car accident? The first thing you need to do is get the vehicle that are rewarded by a licensed appraiser. You should be able to do this for less than $ 100 evaluators will be able to tell you the difference between the value of your vehicle before the accident and after the accident with the improvements introduced. The difference is the diminished value. Taking this number to the insurance company and putting it together with your claim for repair costs.
There is a good chance a good insurance company will deny the amount of demand value is reduced or refuse to pay anything at all. This is where an attorney can be of help. An attorney experienced in dealing with insurance companies can usually expedite the claims process and can also file a claim on your behalf if necessary. Having said that, since you hired an attorney to pay the legal costs involved, it may not make sense to hire a lawyer in some cases. As a general rule, your vehicle book value boils down to the claim should be worth at least $ 10,000 to hire a lawyer to be valuable.