5 Things That Factor into Calculating a Loss of Value Claim
5 Things That Factor into Calculating Diminished ValueThese are the five factors that have an effect on the diminished value of a vehicle.
The Initial Value of Your VehicleTo determine the loss of value, you will start with the value of your vehicle before the collision. If you do not have a professional appraisal from before the accident, you can determine this value by consulting Kelley Blue Book to find the fair market value for your vehicle’s make, model, year. Then you will reduce the amount to account for depreciation and the overall condition of the vehicle.
Mileage of Your VehicleA vehicle with high mileage will have wear and tear on the engine from the strain of all the miles. The engine and motor may wear out faster under such strain, accelerating the rate of the vehicle’s depreciation.
Age of Your VehicleYour vehicle automatically begins to lose value after it is purchased. As your vehicle gets older, that rate of depreciation speeds up.
Level of Damage Sustained in the AccidentThe amount of damage to your vehicle can range from dents and scratches to more serious damage that reduces the strength and integrity of the vehicle.
After Repair AppraisalScheduling an appraisal with a professional who has experience reporting on the diminished value of a vehicle after a collision will give you evidence that you can provide in court that describes the loss of value and how it resulted from the collision. In West Palm Beach, Florida, Casas Law will help you recover compensation for your losses. Contact Casas Law today and schedule your free case consultation. We cannot wait to help you get the compensation you deserve.
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