Generally, when people talk about compensation in a car accident, they’re usually referring to the injuries sustained. Compensation from a settlement generally includes the value of medical bills, lost wages and pain, and suffering.
But what about the value of your wrecked car? Many times, bad accidents not only result in serious injuries but severely damage the car as well. What happens when an accident that was not your fault not only has you recovering from injuries but also wondering what you’re going to do about replacing your car without expending any money.
Diminished value is the difference between the value of your car after an accident and the value of the car before the accident. A car, even repaired to look the same after the accident, will never hold the same value it did before it was damaged. There are companies out there that provide detailed reporting on cars, so potential buyers can see whether or not the car was ever involved in an accident.
You have car insurance for a reason: to protect yourself. You should consider having a rider attached to your policy for diminished value, so you can make sure you’ll have enough money when the time comes to replace your car. It’s important to note that a diminished value rider cannot be used on a car that has been deemed a total wreck.
If you can’t get your insurance adjuster to work with you on the diminished value amount, contact us immediately. We will work with you to ensure you get the full value of your vehicle.
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