If you have been involved in a motor vehicle accident, you will know the stress, worry and aggravation that follow. In the best-case scenario, neither you nor your family will have been harmed in the collision, due to the structural integrity and safety features of your vehicle.
It is very likely that there will be some damage to your car as a result of this collision. This can look like cosmetic damage, such as scuffed paintwork, or more severe in the case of impairment to the chassis of the vehicle.
If you are not at fault in an accident, your insurance company should return your car to a pre-collision condition, ensuring it is properly repaired to a high standard. However, the fact that your automobile has been in an accident may reduce its value should you decide to sell.
How Diminished Value Affects You
There are three types of diminished value. Firstly, there is the value that your car holds immediately following an accident. Your insurance company should seek to return the value of the vehicle what it was prior to the collision, either by way of compensation or repair. Secondly, inherent diminished value refers to the intrinsic loss of trust potential buyers will have in your car simply because its logs will demonstrate that it has been in an accident.
Even if your car has been repaired to manufacture’s standards, you will receive lower offers of purchases, as records show a collision has occurred. You may be able to claim the difference in the pre-accident value of your vehicle compared to the purchase price from your insurance company. Finally, repair-related diminished value means that your car has been repaired using sub-standard techniques and parts. This ranges from paintwork being the wrong color or the use of aftermarket parts.
How Can Wreck Check Help?
Many online resources recommend diminished value calculators to estimate the potential loss you will face on selling your vehicle. At Wreck Check, we believe online calculations devalue your rights. You may not be aware that inappropriate parts have been used, for example, or of the severity of the damage that your car incurred.
If you intend to sell your vehicle and it has previously been in a collision, contact Wreck Check Atlanta today to determine the true value of your car.
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