Diminished Vehicle Value After an Accident
After getting involved in an auto accident, it is likely that your insurance company is going to pay for your vehicle to be repaired and/or replaced in the event it is totaled. But, if it isn’t totaled and cannot be fully replaced, you must consider the diminished value before accepting a settlement from your insurance company. What is diminished value you might ask? Well, think about how much your car would be worth prior to the accident. Now, consider its value after the accident. In most cases, even if your vehicle was replaced with the best parts available, the value of it is going to drop seeing that it was involved in a car accident.
The truth is, most car buyers aren’t going to want to spend the same amount of money on a car that wasn’t involved in an accident vs. a vehicle that was. Therefore, if you wanted to sell your vehicle to a dealership or even privately because you were involved in a crash, it is likely your automobile diminished in value, and that will affect your profits. So, who is going to compensate you for this loss in the event you decide you want to sell it? You are either going to take the loss, the insurance company may step up and provide you with the additional compensation, or you may have to take your case to small claims court.
Let’s break it down a little further:
1. The first option is for you to just accept the loss in value and if you do decide to sell your vehicle, hope you can get close to what it would have been worth prior to engaging in the auto accident. Obviously, this isn’t the ideal route anyone wants to take, but it is an option.
2. The second option is to have your insurance company cover these costs. While you can try and request that your agent include this amount in your settlement check, it is best to have a Chandler, Arizona accident lawyer help you. They are the professionals who deal with similar matters on a regular basis and know how to speak with insurance agents effectively.
3. The last option would be to file a claim against your insurer in small claims court. Although you cannot be represented in court by a Chandler, AZ accident attorney, they can provide you with the advice you need to get through this ordeal.
How much does my vehicle go down in value after an accident?
The degree of damage done will determine how much your vehicle has gone down in value after being involved in an auto accident. Carfax provided an example of just how much you could be losing out. For instance, let’s say your vehicle is valued at $22,500 but it was appraised at $18,000. That’s a $4,500 difference you are going to want to collect. But, your vehicle’s worth and the accident will all play a role in how much you lose out on after it sustains damage in a collision. And if you are concerned about getting the money you know you are rightfully due, let the Attorneys For Freedom Law Firm in Chandler provide you with the assistance you need today.
