Car Value Can Be Diminished In Accident
After a crash, people should attend to physical injuries right away. But, later, after everyone’s health has been assessed, attention will likely turn to possible property damage. For example, you may be wondering if your car or truck is ok, if it will need repaired, or if your vehicle is a total loss in the eyes of an insurance assessor. It is possible the market value of your vehicle will be reduced as a result of the collision.
Compensation is possible for physical injuries and vehicular damage. If you were in a crash in New Jersey or Pennsylvania and are worried about your car diminishing in value, talk to a Bucks County car accident lawyer.
Diminished Value Could Be Part of Your Claim
When another’s negligence leads to a collision, they could be responsible for your car’s diminished value. According to one report over half of people do not want to buy a vehicle that was previously involved in an accident. This is true even if the car has been repaired. When a vehicle has an accident history, it is possible buyers and dealers will offer a purchase amount far lower than they would if the car hadn’t been involved in a collision.
An experienced lawyer will assess the details of your situation and let you know which of the three different types of diminished value scenarios will be best for you.
- When a vehicle is documented as having been in an accident but is repaired to be as close as possible to the shape it was in prior to the collision.
- A difference in values, the amount the vehicle would have been worth prior to the damage and the amount it would be worth if repairs were to be made.
- Repair-related. Compensation for value loss that is directly related to the repair work that was necessary due to the collision.
Of course, there are requirements and deadlines. Compensation for diminished value is not immediate. When an amount is requested, it is common for insurance company representatives to take the age of the vehicle, any prior accident repairs, the cost of repairs, and the whole value of the vehicle prior to the event into account.
Repairs Need to Be Completed by Authorized Professionals
Working with authorized professionals each step of the way is advised. When you work with an unskilled mechanic or try to fix damage yourself and access compensation, it can complicate your claim. Improper repairs can even lead to further vehicular damage. A Bucks County car accident lawyer has the skills and experience to walk you through the personal injury claim process and secure the compensation you need.
Was your car or truck damaged in a recent collision? You may have a right to financial compensation if the accident was caused by another’s negligence. Contact a member of the legal team at Kardos, Rickles & Hand. Our attorneys know how to secure the maximum settlement amount possible. Accidents happen every day. When they happen to you, it is essential you have a lawyer fighting for your rights. Reach out today, call 215-968-6602.