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How to Determine the Diminished Value of Your Car After an Accident

 

 

When another party is responsible for causing damage to your car in an accident, he or she must pay to have it repaired. However, that does not restore the monetary worth of your vehicle prior to the accident. That means you will lose money when it comes time to sell the car, if you’re able to sell it at all. Many car buyers change their minds about a purchase once they find out the vehicle has been involved in an accident. That’s why you need an experienced attorney like John Critzos, II to fight for a fair diminished value amount.

Understanding Diminished Value

For the sake of example, assume that your car was in excellent condition and worth $20,000 before it sustained damage due to the actions of another driver. You rarely had to do more than change the oil. Even though you received funds to repair your car, it never returned to the same condition and its value dropped to $10,000. The $10,000 difference between the value of your car before and after the accident is its diminished value.

Unfortunately, many auto insurance companies provide a lowball offer for diminished value or don’t consider it in their settlement offer at all. Insurance agents count on people not understanding the concept or knowing the true value of their vehicle.

If you’re not satisfied with how much the other driver’s insurance company has offered you to make up for your vehicle’s diminished value, contact us at 844-Take-MyCase or visit our website at www.844TakeMyCase.com. John Critzos, II will determine the actual amount of your diminished value and aggressively pursue it on your behalf.

When you know your car is worth more, it’s not in your best interests to settle for the first offer you receive. The same is true of any other offer you receive from the other party’s insurance agent who only wants to settle the case quickly and preserve the company’s profits.

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