Auto accidents are traumatic and inconvenient by nature. The last thing any victim of an accident needs to endure is a lack of financial compensation from their insurance provider. Drivers in Virginia and across the United States rarely take advantage of everything they’re entitled to after an accident simply due to a common misunderstanding. The basic steps following an accident should always include an injury evaluation and exchanging contact and insurance information between drivers. Ensuring that all information is valid will help in following up with additional claims to fulfill your deserved compensation amount.
A concept that is oftentimes distant in our minds until we decide to sell our cars is ‘diminished value,” or “DV” for short. We all know how vulnerable vehicles are to sudden depreciation – all it takes is merely driving a new car off the lot for it to lose up to 11% of its value. With that said, an accident can diminish the value of your car by 15%-50% even after it has been repaired to its previous condition. Insurance companies regularly mislead Virginia drivers who are victims of accidents by failing to discuss the diminished value of their vehicle and the actual amount they’re entitled to.
At Hansen price, we’re experienced making diminished value claims all over the state from Virginia Beach to the smallest town.
The Hard Facts of Diminished Value
Many insurance providers woo customers by telling them that their auto repair work will be taken care of and their vehicle will soon be good as new. The unfortunate reality of this situation is that insurance companies are looking for the cheapest way for their company to close your case and move onto the next. Most of the time this means there will be no time spent discussing diminished value unless you come educated on the matter.
Keep in mind that most auto resale sites regularly use tools like Carfax to determine your car’s history and true value. Don’t let some else’s wrongdoing determine your vehicles worth, and follow up with experienced consultants for the outcome you deserve.
