As most drivers in Chicago, after you’ve had a car accident, you probably just want to quickly make your insurance claim, get your vehicle repaired, and get back on the road. Most insurance companies are counting on that. However, few drivers stop to consider the impact of the diminished value that comes with a car that’s been in an accident.
Indeed, cars in the Windy City face a resale value drop as steep as 50%, regardless of how well the repairs are done. The reason for this is that only a fraction of American consumers will even consider purchasing a used car that has been in an accident. Indeed, often the costs of autobody repair are not full compensation. With various tools available on the internet, the history of your car is available to whomever wants to look. This unintended loss of value is known as “diminished value.” However, in Chicago, diminished value claims can help recoup the potentially thousands of dollars owed to you by your insurance company.