After a Car Accident, your vehicle will most likely decrease in value. Even if your car is fully repaired by an auto repair shop to as new condition your car will most likely decrease in value. This is because it will be documented that your vehicle has been damaged and could have issues that were not fully repaired.
Quite often, this decrease in resale value is overlooked when your claim is submitted to insurance. I specialize in getting clients the compensation they deserve when dealing with a decreased resale value or diminution in value claim.
I carefully evaluate each case, put together a package and negotiate a settlement with the insurer for the diminution in value. If the insurer does not want to reasonably valuate your vehicles diminution in value then we can sue them. I have filed diminution in value claims against insurance that did not want to offer a reasonable amount for the lost resale value of a vehicle after an auto accident.
Today, there are accurately kept records for reported auto accidents. With organizations like “carfax” and the like, you will most likely lose some resale value in your automobile if you get into an auto accident. You most likely are entitled to compensation for this lost resale value from the at-fault parties insurance. For some vehicles, this can be a lot of money.
After a car accident, when your vehicle losses value, I seek every avenue for you to obtain a recover and get your claim compensated. With regard to the lost resale value I closely examine the value of your car before and after the accident, taking special care to collect, document and package the information in a way that is most favorable to my clients. If you did not cause and accident they the lost resale value should not be yours to pay.
I usually use Kelley Blue Book to evaluate my clients claim for the before and after valuation. When a vehicle has not been in an accident it is usually in a better position if it is ever time to re-sell the car. After an accident this is usually not the case. If you are like me and you have gone to re-sell your car at a dealership after an accident you know the devaluation can be astronomical. One of the first things the dealer is going to do is pull up the vehicle history report. This will show that your vehicle has been in an accident and can act as a catalyst to shave thousands of dollars off the value of your car.