Research has shown that accidents involving cars happen every ten seconds. This amounts to thousands of traffic accidents every year in these countries. If your car gets damaged due to an accident, then your vehicle is said to have permanent diminished value.
In essence, this means that your vehicle has either suffered structural damage, physical damage or cosmetic damage as a result of this accident. Regardless of whether the automobile is repaired back to its original state, its’ worth is still less of what it was before the collision. The difference between how much it was worth before the accident and what it is worth now after the accident is what is referred to as the diminished value of your vehicle.
If you doubt diminished value really exists try and sell your vehicle after an accident in towns like Austin and see what happens. Towns such as Austin require full disclosure of accidents which occurs to a vehicle because some buyers would not like to purchase cars that have been involved in an accident. However, if it has been involved in one, then automatically it will fetch less cash.
Three main types of diminished value apply to claims that companies such as Hansen Price use and they are as follows.
Immediate Diminished Value
An immediate diminished value signifies the difference in the resale value of the car after the car crash.
Inherent Diminished Value
This is the most recognized and accepted form of diminished value and is the loss of the market value of the car from the accident.
Repair Related-diminished Value
This type of diminished value identifies with the depreciated amount of a vehicle that was involved in a car crash due to factors such as improper or poor quality repairs meaning that it is in essence determined by the overall quality of these repairs or lack thereof.
Virtually towns such as Austin and Fort Worth allow people to file their diminished value done by firms such as Hansen Price if they were not the ones that caused the accident. The types of diminished values for insurance claims comprise of first-party or third-party insurance claims. First-party ensures that the person who ruined his or her own car has his or her own car insurer paying the claim. For people who did not cause the accident, the insurance company of the person that caused the crash will have to pay the claim and is what is referred to as the third-party diminished value claim.
Multiple factors come into play when determining what the diminished value of your car is and they range from the pre-accident state of the car, the age of the car, the value of the car before it got damaged, if it was involved in any crash before, alongside its mileage.
Always seek for counsel from firms like Hansen Price that have the expertise in such matters to help you get the amount of money you deserve from these claims.