An automobile accident can be a traumatic and ultimately costly experience. Even if the accident is not your fault and the other driver has insurance, the loss of value on a collision-repaired automobile is permanent. If your car is new or expensive or you were planning on selling the automobile or trading it in for another automobile, it is particularly disheartening. Before you sell or trade in the automobile for far less than it would have been worth before the accident, file a claim against the insured's insurance company for a loss of economic value, called a diminished-value claim.
Things You'll Need
- Contact information for insured's insurance company
- Trade-in value for your repaired automobile
- Internet connection and computer
Repair your car at an authorized service center to ensure that the work is done properly. Provide the body shop with the information about the insured's insurance policy, and the body shop estimator will work with the insured's insurance company to handle the repairs to your car and payment for those repairs.
Contact the insured's insurance company, and inform them you will be filing a diminished-value claim for the loss of value on your car due to the accident. The insured's insurance company will send a claims adjuster to inspect your car to ensure that it was properly repaired.
Take your car to several dealerships or automobile sales lots, and obtain a written trade-in value for your car. Compare the trade-in values you receive with the Kelly Blue Book trade-in value, which can be found online.
Send a copy of the trade-in information and Kelly Blue Book information to the insured's insurance company with a request for what you feel the economic loss is on your car due to the accident. Start high, as the insurance company will start low. If you can meet somewhere in the middle, you might get a good part of your overall economic loss returned.
Tips & Warnings
- If you own a high-dollar luxury automobile or an exotic automobile, you should consider hiring a professional in diminished-value appraisal. It can be well worth the money on expensive automobiles.
How to Calculate the Depreciation on a Car in an Accident
After a car accident, it's unlikely that you'll receive your vehicle's true market value when you sell or trade the car to...
How to File a Diminishment of Value Claim for Your Car
When your vehicle is involved in an accident, a quality auto body repair shop will be able to restore it to its...
how to Calculate Motorcycle Depreciation Value
If you are trying to sell or buy a used motorcycle, you are probably interested in the depreciation value of your vehicle...
How to Claim the Recoverable Depreciation
The last thing anyone wants to worry about after a traumatic life event is the detail in the fine print. Doing so,...
How to Calculate Vehicle Depreciation From Damage
A car accident can have many unfortunate consequences, whether you are rear-ended by a driver using his cell phone or at fault...
How to Sell a Car That Has Been in an Accident
No matter how much your car was worth before it was in an accident, damages from an accident can lower the value...