How Much Does My Car Depreciate After an Accident?
February 04, 2022
After a car accident, your car can be repaired. It may look the same and drive the same. The problem is that your car has something that it did not have before the accident: an accident history. Nobody wants to pay the same amount for a car that has been wrecked as for a car that has not.
Under Florida law, insurance companies must return the vehicle to the same relative form, function, and value as before the accident. It is not entirely possible if some portion of the value lost is due to the stigma of having an accident report attached. Therefore, the court must quantify the loss due to the bad reputation the car now has.