• File a Diminished Value Claim for Car Value Depreciation after Car Accident

    Posted Feb 28th, 2012 By in News With | No Comments

    Car value depreciation after a car accident is just a fact.

    The value of your car just really won’t be the same after it has been involved in a crash, no matter how good the auto shop does in repairing it. Even if your car is brand new or a top of the line model, you will still be hard pressed to sell or trade it under the price that it should have sold before the car crash. In fact more than 50 percent of all car buyers says they will never buy a car that’s been involved in a car accident. As a result, you come out as the loser in this whole scenario even if the car accident was not your fault.

    What you can do about it, though, is file a diminished-value claim against the liable party’s insurance company.

    Definition

    Diminished value refers to the automatic reduction in the value of your vehicle after the crash. Even if the car repair shop says that the car has been repaired in accordance to factory specifications, there is still an inherent value lost just because of the fact that the car has been involved in an accident. So aside from the repair expenses, you should be able to recover the lost value of your car through a diminished value claim with the insurance company.

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