Many of us have been involved in an automobile accident in the past. What we generally receive the costs for the repair. But about the hidden loss of car value. Clearly, the vehicle is no longer worth as much (since it was in an accident), even though it has been repaired. If this is not brought to the attention of the insurance carrier, they will not pay for the loss of value. Moreover, it is up to you to provide sufficient evidence to prove the amount of the loss in value before the insurance carrier will make the additional payment.
If, for example, let’s assume you have a 2006 Lexus RX300 and you were broadsided on the passenger door. Let’s further assume that the other party’s insurance company estimates the damage to be $6,500.00. You take the vehicle to the body shop and it gets repaired. Even though it may seem “as good as new”, should you try and sell that vehicle, the buyer, now equipped with Car Fax data, sees that your vehicle was in a prior accident and offers less money than your asking price. This loss of value or called “diminution of value” is a recoverable loss. By simply contacting a diminished value automobile appraiser, these experts can determine the loss of value at about an appraisal cost of $400.00. Certainly if the diminished loss is greater than $400.00, then it is money well spent.
In the above example, the Lexus may go down in value in the amount of $2,000.00, which would be a recoverable loss. I have helped many of my clients recover these losses. If you have been in an automobile accident, sustaining both property damage and bodily injuries, feel free to contact me at (818) 706-3790 and speak personally to me. You can also visit my website by clicking here.
