Why Do I Need to File for Diminished Value After a Car Accident?
Diminished Value Puts Money in Your PocketThe market value of the vehicle after the repairs have been completed is going to be lower than the market value of the vehicle before the collision. When accident repairs are made, the accident is entered on the vehicle history report. Easily accessible online, checking the vehicle history report will allow potential buyers to see that damage has occurred to the vehicle due to a collision.
Recoup Your Losses When Selling Your CarWhen the time comes to sell your vehicle, the damage reported in the vehicle history will bring down your vehicle's resale value, sometimes by a substantial amount. The loss you suffer on the resale is what the diminished value claim covers. Many consumers will shy away from a vehicle with an accident history unless the price is right.
How to Determine the Diminished Value of a CarThere is not a specific equation for determining the diminished value suffered due to collisions in Florida. For your claim to be considered, the insurance company will need proof. These are some of the documents you should provide.
- Appraisal Report: A qualified vehicle appraiser will examine your car and the repair paperwork to prepare a report which will detail the value of the car before the accident and after the repairs are complete.
- Repair Documentation: All recipes from post-collision repairs showing detailed parts and labor charges.
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