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Diminished Value of a Car After an Accident

Many people have now started to believe they know a lot about car accident claims. Mostly they have read information on the internet about suing and getting money. This belief couldn’t be more wrong.

The misinformation from insurance companies keeps people from knowing the truth of the matter. While filing claims for the vehicle damages done in an accident most people completely forget about the diminished value.

Man exchanging info after a car accident on LA Freeway
Fender Bender Photo

What they are fighting for is the compensation for the short term damages – the long-term injuries remain uncompensated. Table of Contents:

Do I Have a Claim?

If you or your loved one’s car got wrecked in an accident caused by the negligence of another driver, you do have a diminished value claim.

Should you go for it? Are you prepared for the hassle of handling this matter? Is this case worth all the time and energy that will get spent on it?

The short and easy answer to all the questions is that you must go for this claim. This is because it is worth every second of your effort and struggle to negotiate from strength. Here are some common reasons below. These cover why so many people don’t fight for the compensation of the diminished value of their cars after wrecks.

Reasons Why So Many People Avoid Diminished Car Value Claims?

  • First, even after browsing the deepest corners of the internet and obtaining all the useful information they can about car accident claims, people remain misinformed about them. Car insurance companies spread this perception. These companies keep people under the impression that a diminished value claim is not applicable to a particular state. This line is sheer misinformation. Also, this is one way malevolent adjusters try killing one of your many rights. They will frustrate your making claims for the damages done to you and your car in a wreck.
  • Another reason people avoid these claims is that they are already underestimating the value of their cars. Most people believe only an expensive car’s diminished value is worth a fight. So they are under the impression that a used Toyota’s reduced value is not worth a fight. Perhaps the costs of fighting don't merit the upside? This hesitation is often a wrong assessment of the situation. But no matter what type of car you have, you must file the claim for its diminished value. Even if your car was in use for years, consult with a lawyer. Let your lawyer decide whether or not it is fit to fight for a diminished value claim.
  • As mentioned above, people don’t usually claim the diminished value of their cars. Typically, it's because they don’t think it is worth the pursuit. They avoid such a claim because they don’t want to hassle themselves. It's often another claim which to them doesn’t sound significant. Only an experienced lawyer can help these people come out of this mindset. He can tell the people how valuable the claim is and why fighting makes sense. Once again, people are recommended to talk to their lawyers instead of reaching results themselves.

What About the Hassles & Complications of Pursuing a Claim?

Due to the unwillingness of insurance companies to pay for the diminished value of cars after accidents things can get quite complicated when you try to file this claim. It is to say that the case will be nearly impossible for you to handle. But you will need to talk to an experienced lawyer and see the potential of the claim.

Not pursuing it at all is not advisable. You must keep in mind that every dollar lost in the resale value of your car due to its accident is money coming out of your pocket. Whether or not you want the wrongdoer to pay for it depends on your take on the case.

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