Help! My Car Lost Value After an Accident! You Might Have a Diminished Value Claim If…

 In Personal Injury

You recently spent all of your hard earned money to purchase your dream car… In fact, you saved for years to purchase this vehicle, and you love it. Unfortunately, while you patiently wait at a red light, the car approaching behind you is sending a text message. Unbeknownst to you, you will be very unhappy within a few seconds. Without warning, your vehicle is violently smashed by the distracted driver. Getting out of your car to confront the situation, reality sets in — you are in pain, and your dream car is ruined!  As expected, the negligent driver apologizes and assures you his insurance company will take care of repairing your vehicle. After several weeks of waiting, your vehicle is finished. Quite frankly, you are happy because the repair facility did a great job repairing your dream car, but this happiness will only last until you decide to trade or sell this vehicle. Simply put, your vehicle is not worth the same amount since being involved in an automobile accident.  In other words, your dream car is now damaged goods.

As you can imagine, you will have to disclose your vehicle was involved in an automobile accident when attempting to sell it, and the fact your vehicle was involved in a serious accident will be readily accessible to the general public. In fact, several companies will provide a private buyer or dealership a complete history of your vehicle for a minimal fee.  You should expect the potential buyer to value your vehicle as damaged goods, so it is very important that you recover the difference between what your car was worth before and after the accident.  Can this be done? Yes! Recovering the difference can be accomplished by submitting a diminished value claim.  In my experience, the vast majority of individuals have no idea they may be entitled to recover this difference.  As a result, they will forego recovering money they are rightfully entitled to recover. Know your rights! File a claim if the value of your vehicle has depreciated as a result of an accident.

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