Nothing turns a beautiful day on our coastal city sour like getting into an accident with your vehicle. The whole series of events from the moment of impact to the headache of filing an insurance claim and waiting for your car to be repaired by an auto body shop is enough to frustrate even the most reasonable of people. However, what many drivers don’t realize is that once a car has been in an accident, its resale value can plummet as much as 50%.
With only 1/3 of American consumers willing to consider purchasing a vehicle that has been in an accident, it’s easier to understand why that is. This inescapable decrease is known as “diminished value.” The history of your car is available online to whomever would like to see it, and many car dealerships rely on it when negotiating with their customers. Fortunately, insurance companies are often responsible for covering your car’s diminished value in Virginia Beach as well as its repair costs. At Hansen Price, we understand the ins and outs of making diminished value claims in Virginia Beach, taking the guess-work out of the process for our clients and helping them get the thousands of dollars still owed to them by their insurance companies.