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All About Car Diminished Value

Research has shown that accidents involving cars happen every ten seconds. This translates to thousands of accidents every year. If your car gets damaged due to an accident, then your vehicle is said to have permanent diminished value.

The diminished value of a car is a term used to refer to an automobile that has collided with another car and suffers a fender bender, structural damage, physical and cosmetic. Even if the automobile gets fixed back to a new-like condition and looks immaculate, it will not have the same worth as it had before the crash. To understand clearly, the difference between the worth of your car before and after the collision is what is referred to as diminished value of your automobile.

Austin diminished value is a common phenomenon and actually exists. If you would like to sell your car in any of these towns, you have to disclose fully if the vehicle was involved in an accident since most buyers want a vehicle that has never been involved in one. However, if it has been involved in one, then automatically it will fetch less cash.

Firms like Hansen Price use the following three types of diminished value to apply to claims.

Immediate Diminished Value

In short, this is the difference in resale value of the automobile because of the car wreck it was involved in.

Inherent Diminished Value

The inherent diminished value, on the other hand, refers to the loss of market value of the vehicle involved in the car crash.

Repair Associated Diminished Value

This is the depreciation of the value of the vehicle due to improper or incomplete repairs done.

Austin diminished value claims can be filed by individuals that did not commit the car crash. The various kinds of diminished value insurance claims include the first-party claims and third-party claims. As for the first-party diminished value insurance claim, the person who caused the car collision will have to ask his car insurance company to pay for the claim. As for third-party insurance claim, you did not cause the accident meaning therefore that the insurance company of the person who wrecked your car will pay the claim.

Several factors go into calculating the exact diminished value of your vehicle after an accident, and they include the age of the car, pre-accident condition, value of the car before it was damaged as a result of the accident, mileage and if it has ever been involved in another accident before.

Always seek for counsel from firms like Hansen Price that have the expertise in such matters to help you get the amount of money you deserve from these claims.

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