In many countries across the world, car accidents are said to occur after every 10 seconds. This amounts to thousands of traffic accidents every year in these countries. When damage to a car happens as a result of a car crash such as colliding head-on with an oncoming car, the automobile comes with permanently diminished value.
In essence, this means that your vehicle has either suffered structural damage, physical damage or cosmetic damage as a result of this accident. Even if the automobile gets fixed back to a new-like condition and looks immaculate, it will not have the same worth as it had before the crash. The difference between how much it was worth before the accident and what it is worth now after the accident is what is referred to as the diminished value of your vehicle.
The diminished value actually exists in towns like Austin and Fort Worth. It is a requirement of these towns to disclose all accidents that happen to trucks and small vehicles. Most buyers need a car that has never ever been in an accident and even if they do, it should go for way less than that which has not been involved in an accident.
Firms like Hansen Price use the following three types of diminished value to apply to claims.
Immediate Diminished Value
In short, this is the difference in resale value of the automobile because of the car wreck it was involved in.
Inherent Diminished Value
The decrease in the worth of the car from the accident when put up for sale in the market is what is referred to as inherent diminished value and is what is the commonly recognized and most accepted form of diminished value.
Repair Related-diminished Value
This is the last type of diminished value and identifies with the depreciated amount of the vehicle due to improper repairs, poor quality repairs, or having some repair work not completed.
Houston diminished value, for instance, can be filed by individuals that were involved in the vehicle collision as long as they were not the ones who caused it. The types of diminished values for insurance claims comprise of first-party or third-party insurance claims. First-party diminished value insurance claims mean that the insurance will cover the person that damaged his or her own car as a result of a car crash. For the third party third party, the one who caused the accident will have to ask his insurer to pay for the damages he caused to the other party’s car.
Some of the underlying factors that should be taken into account when coming up with the diminished value of a car that was involved in an accident include, pre-accident conditions, the age of the car, the value when it was undamaged, etc.
Always seek for counsel from firms like Hansen Price that have the expertise in such matters to help you get the amount of money you deserve from these claims.