Getting into a car accident is no fun. Beyond the prospect of getting hurt, there is also the hassle of dealing with your insurance claim and getting your vehicle repaired. But did you also know about diminished value?
You may not realize this but when your car is hit, so is your wallet. You see, even when your vehicle is repaired and seems as good as new, its value is not.
That’s called “Diminished Value” – almost every vehicle in an accident is worth less than a comparable vehicle that wasn’t in an accident, even after it is fully repaired.
For some vehicles it can be as much as 20 percent of its market value. That means your $30,000 car is now only worth $24,000. You’re out $6,000.
It gets worse: if your vehicle had frame or structural damage, it can’t be sold as a “certified used vehicle” – that will slash its value by as much as 40 percent.
Thanks to reports such as CarFax, your car’s accident history and its subsequent diminished value can be tracked over its lifetime. Take your car in for a trade-in and you may be in for an unwelcome surprise. You just won’t get what you think your car is worth, even though all the repairs are done and it works perfectly well.
The good news is that insurance companies should pay you for the Diminished Value of your vehicle if you didn’t cause the accident. But that’s not something that insurance companies want you to know.
In fact, don’t expect an insurance company to offer you the money you are owed for Diminished Value. They try to pretend this doesn’t exist, and they often try to reject Diminished Value claims.
That’s why proving what an accident has done to the value of your vehicle is vital.
With WreckCheck, you can generate a data-backed report that shows how much the accident has reduced the value of your vehicle. Sometimes that report will be enough to convince insurance companies to pay you what you deserve.
WreckCheck guides you through a few simple steps to collect information on your vehicle and the accident. Then you’ll receive a Diminished Value report based on market-driven facts. This is the ammunition you need to deal with an insurance company.
The average payment people receive for a Diminished Value claim is $3750.
It’s important not to wait to make your claim, as each state has a statute of limitations for Diminished Value.
You can deal with this yourself, but sometimes a lawyer may be needed to ensure you get what you deserve. Through WreckCheck, we process all the paperwork for your diminished value insurance claim via our network of nationally recognized consumer advocates and attorneys – who have experience in successful resolution of Diminished Value claims. And best of all, legal fees are usually covered by the insurance company, so it doesn’t come out of your pocket.
You shouldn’t lose thousands of dollars in the value of your car because someone else caused an accident. Make sure you get back what you lost. It’s time to turn your crash into cash with WreckCheck. Visit WreckCheck.com today!