Portland, Ore. – The three top reasons given for car accidents are negligence, reckless driving and driving under the influence of alcohol, with teenagers causing the majority of collisions. If luck is on your side, the auto’s crumpled body is the only thing that’s suffered. Since thousands of people lose their lives everyday in a car crash, auto total loss is something that can be lived with.
But as the initial shock of the accident subside the reality of getting the car fixed sets in. When your insurance agent comes to assess the damages he or she will most likely present you with a dollar amount that should cover the repairs but hardly enough to compensate for the true diminished value. This diminished value comes into play when the owner wants to sell the car and since every auto that is resold usually has its history available to the buyer, getting its current "Blue Book" value won’t be easy because of its past accident.
Insurance companies don’t like to take the resale of a car into consideration when doling out money. The additional recompense of funds in this scenario is called a "Diminished Value Claim" and it is not something that is readily volunteered by the agent/ adjuster. In fact there are many cases where the insurance company will flatly deny that such a thing even exists but rest assure it does and as the owner of the car you are entitled to every penny of it.
According to online resource autoloss.com;
"It has been estimated that 55% of consumers would not buy a car that had been in an accident. 81% would not have a car that had been in a wreck unless they were given a large discount."
These figures show that reasonable compensation for the loss of the value of the auto is as much a part of the insurance claim as repairs to the vehicle. Whether the car is to be resold or not, the amount of an insurance claim due to the diminished value claim is owed to the owner from an accident and should always be under consideration.
For independent appraisals and diminished value claim information for your particular State, contact Terry Fisher at autoloss.com. You can get a free quote online for your diminished value appraisal or call direct at (877) 655-1661.
About autoloss.com:
The Appraisal Group of America has been appraising automobiles since 1996 whether they are imports, domestics, trucks, exotic sport cars, RV's or automotive tools, collector cars, semi-trucks, heavy equipment and boats. Our clients include The Federal Bureau of Investigation, Drug Enforcement Agency, United Stated Marshal Service, United States Dept of Justice, NW Investment Cars, GMAC, Ford Motor Credit, Mazda American Credit and a wide assortment of influential lawyers, credit unions, banks, and financial institutions across the United States.
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