Receiving compensation for damaged property can become a large part of your insurance claim. After repairs are made to your vehicle, you may be entitled to additional funds for the diminished value of your car or truck. Even though the accident damage has been repaired, the value of your vehicle may drop due to the accident record now permanently attached to your vehicle’s history. This issue can be exasperated when attempting to resell the vehicle, forcing you to take less than the car or truck is worth as a result of the accident.
Because vehicle prices have steadily increased over the years, buyers have become more cautious about the pre-owned vehicles they purchase. If a potential buyer is searching for a specific vehicle, they want affirmation that the vehicle is in tip-top shape. Buyers have a hard time justifying the purchase of a vehicle that has been in an accident which has required significant repairs.
Full disclosure laws state that you must alert the potential buyer of any accidents or repair work that has been done to your vehicle. You must also be aware that buyers can purchase vehicle history reports online. These reports will contain accident information which can seriously hinder your ability to sell your vehicle.
After an accident that requires structural or integral vehicle repairs, you must prepare to file a diminished value insurance claim. In these cases the burden of proof falls upon the insured’s shoulders. Your lawyer may call upon experts such an appraiser or repair facility to make a statement supporting your claim of diminished value.
Once these experts have reinforced your claim with solid evidence, your lawyer will enter negotiations with your insurance company on your behalf. Your lawyer will pursue your claim until a the settlement amount for your vehicle’s diminished value is satisfactory. If an agreement cannot be reached, your lawyer may suggest taking your case to court.
For more information on diminished value or any other concerns you may have securing compensation after an accident, contact the attorneys with the Law Offices of John Critzos, II. Mr. Critzos, II has vigilantly aided over 10,000 clients fight for justice following an accident. Please visit our website for additional FREE information and services.
The Law Offices of John Critzos, II, proudly serve the the citizens of Maryland, DC, and Virginia.
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