When you get into a car accident, the expectation is that insurance companies will take care of all aspects of your claim. While this is true in a lot of respects, it doesn’t mean you will benefit. One of the major issues with insurance providers is diminished value on vehicles.
First of all, insurance companies are businesses. It is often the case that profit comes before providing a service to customers or claimants. Agents have targets to meet. If they can legally diminish the value of your vehicle, they will use every tool at their disposal to save the company money.
Diminished Vehicle Value
For an insurance company, paying out for the repair or replacement of a vehicle is easier if value is diminished. Once your car is involved in a collision, the process of lowering worth begins. This helps the insurance company pay out less for any damage incurred in a crash.
The fact that your vehicle has been involved in an accident results in diminished value. Whether you bought the car a week ago or ten years ago doesn’t matter. Diminished value is based on the fact that a collision occurred that caused damage.
Vehicle Repairs
If an accident is serious enough to involve insurance companies, chances are your vehicle needs repairs. Damage results in diminished value which, in turn, can influence how insurance companies value your car. Without an independent assessment, you have only an agent’s determination to rely upon.
The problem is, an insurance company will consider saving money above all else. This can often result in repairs using parts that are not approved by the manufacturer. Your vehicle has already lost value due to damage. Using 3rd-partly components can further devalue a car and significantly reduce resale value.
Consult with a Diminished Value Specialist
At Wreck Check, we provide extensive reports on the condition of your vehicle. When insurance companies exaggerate the diminished value of a car, our experts can offer alternative arguments that increase the value of your vehicle.
Call today if you would like to challenge a diminished value appraisal from an insurance company or vehicle provider.
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