How is the Value of a Vehicle Determined After a Texas Car Accident?
After a Texas car accident, parties involved often wonder how their vehicle’s value is determined. What happens now that a car accident (that was another party’s fault) caused their vehicle’s depreciation?
Dallas TX Car Accident Attorney Can File Diminished Value Claim:
Being involved in a Dallas, Texas car accident may cause the depreciation of your vehicle. In this situation, your Dallas, TX car accident attorney can file a diminished value claim. Without the diminished value claim, the other party’s insurance company usually won’t take the car accident’s effect on your car’s value into consideration when processing the claim.
What is Diminished Value of Your Vehicle?
Learning a little about your car’s diminished value after a Dallas accident may help you recover fair compensation for the negative impact the incident had on your vehicle’s overall value. The value of a vehicle generally drops after it’s involved in a car accident. In Texas, car accident history is disclosed during a car purchase, so a documented crash can make selling your car at a later date more difficult since many used car buyers avoid vehicles that have been in an accident believing that means they are faulty or will have significant issues crop up due to the past car crash. The “diminished value” of your vehicle refers to your car’s value before you are in an accident, minus the value of the vehicle after an accident and repairs have been completed.
What Factors Can Affect the Diminished Value of My Vehicle?
- The Year of the Vehicle: How old is it? Most insurance companies do not want to discuss diminishing value on an older model.
- The Distance Traveled: Vehicles with more miles have lower values.
- Make & Model: Luxury vehicles retain their value better than standard cars.
- Accident History: Insurance companies tend to pay less for cars with a prior accident on their record.
How to File a Diminished Value Claim after a Texas Car Accident:
For your claim to be successful, you need to show that your car’s value was decreased due to another driver’s negligence, the exact dollar amount of the diminished value and the insurance policy has coverage for diminished value of a vehicle. To support your claim make sure you have the officer’s crash report with the point of impact, and severity of impact, any estimates and damage assessments, all repair receipts and invoices, list of parts used to repair the vehicle, the difference in resale price of a similar vehicle not involved in an accident, and your vehicle after being involved in an accident.
If you are in a car accident, don’t waste any time. Get in touch with an experienced Texas personal injury attorney at Hudson Law. We can help you navigate the process to defend your legal rights and protect your financial and medical interests. We put Personal back into Personal Injury Law.