How To Determine Diminished Value of a Car After an Accident
When your car is damaged in a collision the fact that your car now has an “accident history” is likely to negatively impact its market value. Even if your car has been expertly repaired, it will still suffer a reduction in value should you decide to sell it down the road. This is because a potential buyer is going to want to pay less for a car that has been involved in an accident.
For instance, let’s assume that a buyer is comparing two cars with the same make, year and model. Even if the two vehicles have identical mileage and options the buyer will offer less for one of the vehicles after he finds out that it has been involved in a collision that required $7,000 in repairs whereas the other vehicle is accident free. The “stigma of the accident” is likely to cause the repaired car to suffer a significant loss in market value.
This loss in the repaired car’s market value is known as “diminished value.” Diminished value is a concept that the automobile insurance industry likes to hide and insurance company representatives certainly will not tell you about it when you report that your car has been involved in an accident.
The legal team at Coffey Trial Law Diminished Value can help when your car has been wrecked and repaired. We will carefully review your accident and the damages your vehicle sustained to determine whether you may qualify to file a claim for diminished value damages.
Diminished Value Determinations
The attorneys at our firm are very familiar with how the automobile insurance industry handles diminished value claims. We know what it takes to properly recover diminished value and are committed to helping car owners recoup the money that they deserve.
When you make demand for diminished value the insurance company will probably try to use a standard formula to calculate your damages. It is important to recognize that their formula is designed to minimize what they have to pay you. This formula will not take into consideration all of the elements that are relevant to your claim. In order to reach an accurate diminished value determination your case needs to be individually reviewed and analyzed. Relying on a set formula is unfair, unreliable and highly unlikely to make you whole again.
If you want to know how to determine diminished value of a car after an accident our process is quick and simple. We begin by asking you to complete our online intake form and to submit a copy of your vehicle’s final repair estimate along with photographs of your vehicle’s damages. Once we receive this information from you we will review your case to determine whether it qualifies for our diminished value recovery process.
If your case qualifies, our diminished value professionals will provide you with an estimate of your diminished value loss by comparing your vehicle’s market value prior to the wreck with its market value after it has been repaired. We use a cutting-edge software valuation process that take into consideration a wide variety of different factors including both the type and severity of damages that your car has sustained. We may also retain an independent appraiser with extensive experience in auto collision analysis and vehicle market values to assist us in the process.
Get Started Now
If you are thinking about submitting a diminished value claim we can help. To start the process please reach out to us so that we can schedule a time to discuss your diminished value estimate.