According to the Department of Transportation, over 15,000 automobile accidents happen every day.
Even if drivers aren’t hurt in these accidents, not knowing about diminished value can hurt them in a very important place — their wallets.
Here are seven things most people don’t know about diminished value that could really turn your luck around if you’ve been involved in a crash:
- A car that has been in an accident is worth less even after it has been repaired
Most drivers have no idea that accidents can follow them around for years. Nearly every car that has been in an accident takes a hit in value, even after repairs have been made and the vehicle is back on the road. That hit is called diminished value, and it can cost you up to 20% of your car’s market value.
2. Diminished Value is the law
Car owners with an accident on their record might be in for an unpleasant surprise when they try to trade in or sell their vehicle. Diminished value can lower the value of a $30,000 car to $24,000. That’s $6000 in lost value!
Luckily, in most states the law says you are entitled to compensation if you didn’t cause the accident.
3. The average diminished value claim is $3800
Most people who use WreckCheck’s free service receive thousands of dollars from the other driver’s insurance company.
4. You must prove how much less your car is worth before you can get what you are owed
Insurance companies won’t just take you at your word, they’ll try to fight back against your claim. That’s why WreckCheck provides drivers with a certified, data-backed report that shows exactly how much value your car has lost.
5. You can take advantage of diminished value even if you don’t own the car anymore
Even if you’ve already sold your vehicle, you still may be owed money for diminished value. Former owners of accident-affected vehicles have taken insurance companies to court and recovered thousands in lost value.
6. Most states have statutes of limitation on diminished value claims
Every state has a different law on the books about the time period that a diminished value claim must be filed in. For example, Texas gives drivers two years to file, while Florida allows three years. It’s important not to wait to make your claim— you don’t want to miss out on your money!
7. Insurance companies don’t want you to know about it
Insurance companies are saving billions of dollars every year because drivers don’t know about diminished value. Why would they share the secret? WreckCheck provides you with a free report and connects you to legal experts that specialize in fighting and beating these companies.
Head to WreckCheck.com today to learn more about turning your crash into cash!