Unraveling Diminished Vehicular Value
After a car accident, the value of your vehicle could be reduced. This is because even if you get your car accident car damage repaired, the concept of diminished vehicular value could come into play. Essentially, the overall value of your car or truck could be affected by a collision.
Diminished value refers to a resale reduction in the market value of a vehicle. There are three main types of diminished value. To discuss if one of the main types, inherent, immediate, and repair, applies to your situation, discuss your case with a Delray Beach personal injury attorney.
Types of Diminished Vehicle Value
If you’ve been involved in a car accident in one of Florida’s beach communities, it’s essential to understand and account for the possibility of your car or truck having a diminished value. Part of this is understanding the different ways that a vehicle’s value can be impacted by a traffic accident.
- An inherent diminished value is when there is a reduction in the worth of a vehicle simply because it’s been involved in an accident.
- In the immediate aftermath of a collision, before repairs have been made, there is an immediate reduction in a vehicle’s value because it is damaged.
- Despite professional repairs, some who are moving to buy a car or truck perceive the vehicle as less valuable due to its accident history, even if the issue has been fixed.
Because the market value of an auto can be impacted by the stigma associated with its accident history, it is important to explore the possibility of diminished value to be sure you are fully compensated by an insurance company or other party. For instance, many insurance companies do not automatically consider diminished value when assessing claims.
Working with a licensed repair shop that is recognized by an insurance company is also in your best interests. If you hire a shop that is not reputable, does not perform work to industry standards, or uses inferior parts, it could lead to your vehicle not being fully restored to its pre-accident condition, continuing its value reduction.
Determining Market Value
Assessing the market value of a vehicle requires a thorough understanding of the local conditions, so working with a seasoned auto accident professional is advised. Because failing to accurately determine value can result in an inadequate compensation offer, leaving you not being made fully whole.
Diminished vehicle value is a significant aspect of car accident claims that is often overlooked, but when you work with a seasoned Delray Beach personal injury attorney, it can make a substantial difference in ensuring that you connect with a fair recovery package. A full compensation amount will account for all aspects of your losses, including the diminished value of your vehicle.
Is the worth of your car or truck impacted by a recent accident you were involved in?
Connect with over 30 years of experience, talk to the attorneys at Earnhart Law. Lawyers are available to answer all of your accident compensation questions, simply call 561-265-2220 or contact us online.