Most car owners know that their fancy new wheels will start depreciating the minute they drive off the dealer’s lot. If your new car sustains damage in an accident, its value will plummet even further. Luckily, there are a few ways to avoid losing as much money when this happens.
If another motorist damages your vehicle in an accident, you don’t have to accept a settlement that only pays for repairs without considering vehicle depreciation. In most states, you can file a diminished value claim when you’re not at fault for an accident. Diminished value claims help you recoup your car value, money that you cannot make when you resell it, due to its collision history. Learn what diminished value claims are, how to file one and how to get the best settlement.
What is a diminished value claim?
Typically, when a car sustains damage in an accident, it loses some of its value, particularly if it’s a late model vehicle. In some cases, older model automobiles that sustai… Read More