Diminished Vehicle Value After an Accident | Attorneys for Freedom Law Firm

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.

Phillip J.
Phillip J.
14:30 18 Jan 22
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5 stars just isnt enough for Andrew Marcantel, Marc Victor, and the entire staff here.When my... boyfriend was wrongly accused of a totally vile crime, neither of us had any experience navigating the "just-us" system.If you've faced potentially life-altering accusations, and you feel like the system is set up to empower police, prosecutors, judges, and pretty much everyone except you, then you're right! If you want to level the playing feild, Attorneys for Freedom will accomplish that.Some others have commented about the price. Good representation does cost money, unfortunately. What is a persons future worth?Compared to the competition, which is also expensive, the value you will get at this law firm is just unbelievable. Andrew especially is so great at walking you through possible scenerios, guiding you through important decisions, and has the experience to truly get good results. Extremely knowledgeable and creative not just "aggressive". He is also an excellent communicator, both in the office and in the court.Speaking of communication, the paralegal team at even some more expensive law firms will leave you wondering what it is they are paid to do. This is not the case at Attorneys for Freedom. Ashley Crispino and Kaylie Kline did an amazing job at both keeping us in the loop and being available when needed.Reading "Case Dismissed" after what felt like an eternity of fighting was the best outcome we could have ever asked for.I told my Aunt who was very worried about us at the height of all the absurdity that I felt like having Andy on our side was better than prayer. And I was right.read more
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This is my first time ever needing an attorney and my attorney was Kate and she did an amazing job... with my case! Kate took time to go through all of the evidence so she understood everything before going to court. Kate assistant Madalyn was also super helpful and very sweet! Anytime I called she was very understanding and helped me walk through the process when I did not understand something and always had an upbeat positive attitude! If I ever need an attorney again I will definitely being going back to Kate!read more
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