In many countries across the world, car accidents are said to occur after every 10 seconds. This translates to thousands of accidents every year. Being involved in a car crash and getting your car wrecked, means that your car has a permanent diminished value.
The term diminished value refers to when a vehicle is involved in an accident and gets damaged physically, structurally and cosmetically. 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.
If you doubt diminished value really exists try and sell your vehicle after an accident in towns like Austin and see what happens. If you would like to sell your car in any of these towns, you have to disclose fully if the vehicle was involved in an accident since most buyers want a vehicle that has never been involved in one. However, if it has been involved in one, then automatically it will fetch less cash.
Some of the three main types of diminished value firms like Hansen Price apply to claims include the following.
Immediate Diminished Value
This is the first type of diminished value and refers to the difference in the resale value of the automobile as a result of the crash it was involved in.
Inherent Diminished Value
The inherent diminished value, on the other hand, refers to the loss of market value of the vehicle involved in the car crash.
Repair Associated Diminished Value
This is the depreciation of the value of the vehicle due to improper or incomplete repairs done.
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 various kinds of diminished value insurance claims include the first-party claims and third-party claims. First-party ensures that the person who ruined his or her own car has his or her own car insurer paying the claim. 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.
It is not easy to pursue a diminished value claim by yourself and is why you are advised to hire a personal injury lawyer with significant expertise in this area.