A car can lose a significant amount of value after an accident, even if it is fully repaired. Once a vehicle has a crash history, buyers often see it as less valuable. This loss in value is a real financial setback that many drivers experience after an accident.
If you or a loved one has been in a crash that involved a considerable amount of vehicle damage, don’t hesitate to speak to an attorney. Our Marietta car accident lawyers can answer any questions you have about your case and help you seek compensation for vehicle damage and other losses.
Let’s take a closer look at how much value a car loses after an accident and how an attorney can help you recover compensation for any resulting financial setbacks you face.
Understanding Diminished Value Following a Crash
Diminished value refers to the difference between what your car was worth before a crash and what it is worth after repairs. Even when repairs are completed properly, it does not erase a vehicle’s accident history. If you try to sell your car in the future, the vehicle history report will show that the car has been damaged in an accident.
This loss in resale or trade-in value is a measurable form of financial damage. Our attorneys can review the details of your case and determine if you’re eligible to receive compensation for vehicle repairs or diminished vehicle value.
Factors That Affect How Much Value Your Car Loses After an Accident
One of the main factors that determines how much value a car loses after an accident is the severity of the damage. Specifically, serious structural and frame damage leads to the largest reductions in value. It’s also important to note that newer vehicles often suffer greater value losses than older cars after a collision.
The number of prior accidents a vehicle has also impacts its value. Whether your car has suffered minor vehicle damage or major structural problems, it’s recommended that you speak to an attorney to discuss filing an insurance claim for compensation.
Your lawyer can use vehicle repair receipts and other forms of evidence to show how much you’ve lost due to the vehicle damage caused by the incident. Schedule a free consultation with our team today to learn more about filing a claim and find out how much compensation you might receive for diminished value.
Why Insurance Companies Often Undervalue Diminished Value Claims
When filing a claim after an accident that involved vehicle damage, you should be prepared to face a situation where the involved insurance companies minimize diminished value, if they bring it up at all. Some insurers argue that repairing the vehicle restored it to its original condition, and others may use formulas to calculate diminished value that don’t reflect the actual loss you’ve suffered.
Further, adjusters may downplay how much accident history impacts resale value and try to convince you that having prior accidents isn’t as bad as you think. You don’t have to agree to the insurer’s lowball settlement or go along with their unfair tactics. Instead, work with a lawyer who is willing to stand up for you and push for a fair settlement.
How Our Car Accident Lawyers Will Help You
Getting the compensation you deserve after a car accident can be extremely complicated. You’ll want to work with our experienced lawyers to get the most out of your claim and have the peace of mind you need to focus on recovering from any injuries you may have suffered in the collision.
At Jones & Swanson, our team will guide you through the claims process, deal with insurers and other involved parties, and work tirelessly to get the damages you need to cover medical bills, replace income losses, and compensate for the diminished value of your vehicle.
Here’s what our dedicated attorneys will do in their pursuit of full compensation after a serious crash:
- Conduct a detailed investigation of the accident you were involved in
- Gather evidence such as medical records, witness statements, police reports, vehicle repair bills, and footage of the collision
- File a strong claim on your behalf
- Negotiate with insurers to get a settlement that reflects your pain, suffering, and financial losses
- Take your case to court, if necessary
- Practice effective communication throughout your cases, making sure to answer all your calls and messages
Meet With Jones & Swanson for Free
At Jones & Swanson, we understand how difficult it can be to get back on your feet after a serious accident. That’s why our team is here to pursue as much compensation as possible for your medical bills, vehicle repairs, and other accident-related losses.
We are leaders in the bar association, have recovered over $50 million in settlements for injury victims, and have 50-plus years of combined experience helping accident victims in Georgia get justice.
Contact us today to schedule a free consultation, learn more about how much value a car loses after an accident, and get started on your case.
