Alpharetta Car Accident Attorney
Whenever you are involved in a car accident, it’s important to know your rights, including those rights pertaining to the insurance claims process. An Alpharetta car accident lawyer will be able to inform you of your rights in a diminished value claim. If your car has been damaged in a collision, you may be entitled to a check for the diminished value of your vehicle. What is diminished value and what does it mean to you after your car has been damaged in a collision?
The diminished value pertains to the automatic loss of value from a collision. No matter how good the repairs are, nearly every vehicle that has been in a collision will suffer a diminished value to some extent. According to estimates, approximately 55% of consumers would not want to purchase a vehicle that has been involved in a collision. Truthfully, the stigma associated with buying a car that has been involved in a crash is great. Would you want to purchase a vehicle that had been in a significant collision?
Understanding Diminished Value
Insurance companies are in the business of paying out as little as possible. They are all too quick to issue a check to pay for repairs, and they take advantage of the fact that many claimants, especially those without attorneys are completely unaware that they may be compensated for the diminished value of the vehicle.
Even if you are filing a claim with your own insurance company, they work on their own behalf; it would be a grave mistake to think otherwise. Often times insurance companies will reward their adjusters for making low-ball settlements, which means they get rewarded for giving you as little as possible.
If your new car is worth $40,000 and another car rear ends you, causing $5,000 in damage, the insurance company will typically pay for the repairs. The car looks as good as new, the body shop did an incredible job, what should happen should you decide to sell it down the road? Although it looks as good as it did before the accident, it does not have the same value due to the fact that it was involved in a collision.
In many collisions the vehicle sustains frame damage and when this occurs, it cannot be sold as a certified used vehicle, which can have a significant impact on the vehicle’s value. This is why it is so crucial to have an attorney on the line when you are collecting from an insurance company. Although you may get a check for just the repairs, you are entitled to be compensated for the diminished value!
Alpharetta Car Accident Attorney for Diminished Value Claims
Diminished value is a little known secrete in the insurance industry. Many times claimants have no idea that they are entitled to additional money for the diminished value of their vehicle. Down the road, you will probably be unloading your vehicle at some point in time. Even if you sell your car to a private party, they will more than likely ask you if it’s ever been in an accident.
Even if you didn’t disclose that fact, they can easily obtain your vehicle’s accident history. When you finally sell or trade-in your car, you could lose thousands of dollars due to its diminished value. Let an attorney from Van Sant Law, LLC help you pursue compensation in your diminished value claim!
Contact an Alpharetta car accident lawyer from the firm to schedule your initial consultation today!