Even if drivers aren’t hurt in these accidents, not knowing about diminished value >can hurt them in a very important place — their wallets.
Here are a few things most people don’t know about diminished value:
1. A car that has been in an accident is worth less even after it has been repaired
Most drivers have no idea that accidents can follow them around for years. Nearly every car that has been in an accident takes a hit in value, even after repairs have been made and the vehicle is back on the road. That hit is called diminished value, and it can cost you up to 20% of your car’s market value.
2. Diminished Value is the law
Car owners with an accident on their record might be in for an unpleasant surprise when they try to trade in or sell their vehicle. Diminished value can lower the value of a $30,000 car to $24,000. That’s $6000 in lost value!
Luckily, in most states the law says you are entitled to compensation if you didn’t cause the accident.
3. The average diminished value claim is $3800
98% of people who use Diminished Value Appraisal Claim’s service receive thousands of dollars from the other driver’s insurance company.
4. You must prove how much less your car is worth before you can get what you are owed
Insurance companies won’t just take you at your word, they’ll try to fight back against your claim. That is where DVAC comes into play with a comprehensive report, as well as legal counsel to ensure you receive the compensation you deserve.
