There are many things to consider when you have been in a car accident, but perhaps one of the most frustrating post-accident elements is the diminished value of your vehicle. A vehicle’s value almost always decreases when it sustains damage in a car accident.
Diminished value is the difference between what the damaged car is worth post repairs and what the same car without damage is worth on the market. Your car may not be valued the same by insurance companies or buyers after the collision, even if you get all the necessary repairs. That’s where The Collision Lawyer can help.
Your car’s value is, to a large extent, dictated by consumer perception. When a buyer is presented with two cars of the exact same model but is told one of the cars had previously been in an accident, they will choose the car that has never been in a collision.
If you or a car dealer plan to sell the car, a prospective buyer will want the vehicle’s full history, including any accidents and repairs. Customers are more likely to pass on a car that has been in an accident unless the price is dropped significantly.
Be aware of your rights after a collision. You could be entitled to reimbursement for diminished value from the at fault driver’s insurance company. You may not understand all of the legal ins and outs of these claims—that is where we can help.
A claim for diminished value can be made after the repairs to your vehicle have been completed. It is important to do this before signing any settlement agreements with the insurance company. Even if the insurance company recognizes a loss of value, they will always underestimate the value lost. The Collision Lawyer has experience in valuing claims and has a network of experts to help you get the highest possible value for your loss.
The steps involved in filing a claim will depend on the insurance company you’re dealing with. Some insurance companies are easier to deal with than others, but none will tell you what you need to do to effectively file a diminished value claim.
The support you submit, or fail to submit, can make or break your claim. If the insurance company agrees that there is a loss in value to your vehicle as a result of the accident, they will almost always undervalue the loss and without adequate, reliable evidence to the contrary they will almost certainly refuse to increase their offer.
We can handle the process for you from start to finish so you don’t have to worry about dealing with the hassle of dealing with the insurance company directly.
If your newer model car was involved in an accident as a result of someone else’s negligence and the resulting damage was substantial, then contact us for a free claim evaluation.