Since the pandemic, there have been many shortages in products – from toilet paper and food items to lumber and building supplies. The auto industry has been hit particularly hard and buying a new or used vehicle could cost you several thousand more than just a few years ago, if you can even find a vehicle in stock. More than ever, it is vital to protect your current vehicle’s value, as it may not be easy or affordable to replace.
In the past, if you were in a vehicle wreck, the biggest concern was ensuring your vehicle was repaired properly or that you receive fair compensation for a vehicle that was totaled. With the current market for vehicles, it is even more important to ensure that your investment is protected. If repairs are not performed correctly, or you do not receive adequate compensation for your vehicle, it is not simple to replace your current car or truck.
Calculating Diminished Value
The change in the market makes it more important than ever to protect yourself against diminished value after a crash. Your vehicle may be worth more now than two years ago – many vehicles have increased in value versus the normal depreciation. If you are involved in a wreck, calculating the change in value to your vehicle is complex with the changes in the current market. Types of diminished value include:
- Immediate. This is the change in value that occurs once your vehicle is in a wreck before repairs are made.
- Inherent. This is the change in the resale value of the vehicle after repairs are made.
- Repair-related. If the repairs are not performed correctly, repair-related diminished value can occur.
Since replacing your vehicle can be very costly at this moment in time, you must protect your investment. The standard rates and values that insurance companies use to compensate you for your loss may be extremely low in comparison to the current values.
At Wreck Check Atlanta, we are vehicle value experts and consumer advocates. If you have a vehicle that has been damaged in a crash, let us help you ensure that you receive quality repairs and compensation that meets the current value of your vehicle. Call our office in Alpharetta, GA to schedule an inspection.
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