Tennessee is one of the most diverse and musical states in America. From enjoying local art and music in Nashville to fishing on the Mississippi River, there are endless good times to be had. However, being the victim of an auto accident while en route to your next activity is a sure way to bring the southern good times to a halt. It’s crucial to take the steps following an auto accident seriously in order to move forward and file claims with the proper information.
Many auto accident victims in Tennessee and throughout the United States never receive the full amount they’re entitled to for various reasons. The primary reason being that most insurance providers fail to give details regarding the diminished value of your car even after it is sufficiently repaired. Every vehicle loses value after an accident, regardless of how well it was repaired. This loss in value, known as “diminished value,” or “DV,” is often owed to the car owner by the insurance company covering the claim. We help you recover these funds.
What You Need to Know About Diminished Value
Essentially everything you do to your vehicle will result in depreciation to some extent. In some cases, merely driving a new car off the lot will force its value to immediately depreciate by as much as 11%. Accidents are no small hiccup for the resale value of your vehicle. In fact, you’re looking at as much as 15%-50% in diminished value. Yes, this is even after your car has been repaired to its original condition.
When dealing with a third party insurance provider to take care of your auto repairs, it’s oftentimes uncertain that you’ll see the physical and financial outcome you’re anticipating. This is due to the fact that most auto insurance providers are looking for the quickest and cheapest way to settle your claim from their company’s perspective. Unfortunately, this can mean poor repair work and no time for discussing additional diminished value claims, unless properly stated.