A diminished value calculator will help you assess the loss in value to your car due to an accident, even though your car has been repaired to pre-wreck condition. Once your vehicle has been involved in an accident, its value decreases. This is a strange fact of post-accident car ownership.
Diminished Value Explained
Your insurance company is supposed to make sure you are in as good of a condition after your accident as you were before it, but that is not where most people end up. Unfortunately, most people do not understand that when they go to sell their vehicle, it will not be worth as much because it has been involved in an accident. People often do not find this out until they attempt to sell their previously wrecked vehicle.
If you try to sell your recently wrecked but repaired vehicle even days later, it could be worth several thousand dollars less than it was before your accident. In most states, there is nothing you can do about this diminished value caused by an accident. It is less clear whether you can get compensation for diminished value when you are dealing with the insurance company of another driver who was at fault. The insurance company is not likely to offer it up without being pushed, so plan to put on your negotiating face if you intent to get compensation for diminished value.
No matter who was at fault, it does not hurt to ask your insurer about recovering for diminished value. Diminished value is a little understood secret in the insurance world. Diminished value is particularly important if you own a new or expensive vehicle because the value of your car post accident may be much higher than for an older used car. Your car is an asset and not losing value in your assets is a smart, prudent move on your part. You can get an assessment of how much value you have lost as a result of your accident to find out if it is worth dealing with.
Getting Legal Help
If you need legal help with your accident claim, contact an experienced lawyer in your state now. An attorney can help you negotiate your accident claim, assess whether to file a lawsuit and make sure you understand the legalities of your case. The time after an accident can be disorienting. An attorney can help you make sure you are not taken advantage of during this difficult time.
