After a Car Accident, You May Be Entitled to Diminished Value
Many people do not realize that after a car accident, you may be entitled to compensation for something called diminished value.
Even after your vehicle is fully repaired, it is often worth less than it was before the accident.
Why? Because once a vehicle has been in a wreck, that history follows it. Buyers, dealers, and services like Carfax all reflect prior accidents. Most people are willing to pay less for a vehicle that has been damaged, even if it looks perfect.
That loss in market value is called diminished value, and in many cases, the at-fault driver’s insurance company should pay you for it.
The amount of diminished value depends on several factors, including:
- How severe the damage was
- The cost of repairs
- The age and condition of the vehicle before the crash
- The type of vehicle
For example, a vehicle with several thousand dollars in repairs usually has a much larger diminished value claim than a vehicle with only minor cosmetic damage.
This is not something insurance companies typically volunteer. In most cases, you must ask for it specifically.
If you were involved in a car accident and your vehicle was damaged, make sure you ask about diminished value before your claim is closed.
If you have questions about diminished value or any other property damage issues, call Shane Smith Law at 980-999-9999.
Remember, if you are in pain, call Shane
