How to deal with the loss in value of a wrecked car
62Diminished value fact or fiction
When you have an accident and your car is repaired is it worth the same as it was before the wreck?
From the statistics I have read and web surveys I have run I can honestly say no it is not.
If I had two identical vehicles for sale for the same price and one had been wrecked with say, $5,000.00 worth of repairs would you pay the same for the wrecked car?
Most people would say no. And statistically 50% of my customers surveyed said no.
Does your Insurance company owe for this loss in value? Check with your state Insurance Commissioner's office because most states vary. If you are hit by someone else most all states allow you to collect for this loss.
Rental car companies have been doing it for twenty years. They make you the renter or your insurance company pay for the loss in value if you wreck their rental car.
More info at
www.collisionconsulting.com
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- Diminished Value Consultants
Help if you need it. Most states allow two years to collect for your loss in value
- A typical situation with bad repairs
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