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Does an Insurance Company Owe You?

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You know that once you’ve been in an accident and your car is repaired, it’s worth less than an unrepaired one, right?

 

But, did you know that if it wasn’t your fault, you may be able to collect the difference in value from the insurance company?

 

It's a fact that once your vehicle has been in an accident, it is worth less than it was before the accident. It only stands to reason, given two identical cars, a knowledgeable buyer will always choose the one that is factory original. That is, hasn't been repaired. And, with CarFax and other reporting services becoming so prevalent, most buyers are at least that knowledgeable. 

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Now the bad news, or the reality of the situation. There are limits. A 50 year old vehicle that is in an accident can't be deemed to have lost value due to a repair, as it's assumed anything that old has likely already had some repair.

 

So, what are the limits? Well, besides the accident being provably not your fault (the other insurance company accepting responsibility is proof enough), the vehicle has to be less than 10 years old, never in an accident before and the damage has to be significant enough to cause a loss of value. Typically that means frame or unibody damage, or mutliple exterior panels having to be replaced.     

 

The idea is that the potential compensation has to be worth more than the time and expense to collect it.

 

Also, you'll file the claim against the insurance company of the party who caused the accident, so proof that they are responsible is necessary.

If you have been in an accident that meets this criteria, you likely have a valid claim for diminished value. Again, that's the amount of money your vehicle has lost in value because of the accident and subsequent repair.

 

If you think you have a valid claim, reach out to your friendly Auto Appraisal Network appraiser to discuss your situation. In the DFW area we'll evaluate your claim for free and give you an estimate of what the claim might be worth. Call us today at (469) 804-5201

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Does an Insurance Company Owe You?