Before you accept a check from the insurance company for your wrecked or totaled vehicle, doing this one thing could mean getting thousands more dollars for your car.
Find out what your car was worth prior to the accident. If you have been in an accident and it has been determined that your car is a total loss, your insurance company will need to pay to replace your car.
Sadie’s husband bought her a brand spanking new Cadillac for Christmas! With a big red bow on it just like you see in the TV ads! On December 30, with just 759 miles on it, coming home from Publix she was T-boned at an intersection by a red light runner!
Through no fault of her own, Amanda’s 2017 Hyundai Elantra was involved in an accident. It needed $3,902 in repairs, which was paid for by the at-fault driver’s insurance company. As a result of the accident, and despite the fact that Amanda’s Elantra was professionally repaired, it suffered ‘Diminished Value’, or a sudden loss of value.
We’re all familiar with Depreciation, right? It’s the gradual loss of value over a given time. So what’s Diminished Value? Let’s look at this scenario. Imagine that you are stationary at a stop light or sign and suddenly a negligent driver rear-ends your vehicle. Your vehicle has just suffered Diminished Value (also known as inherent diminished value or diminution of value).