You’re cruising down the road in a brand new vehicle, and suddenly, bam, someone hits you from behind. Or worse, you’re a car collector and have a vintage vehicle out for a spin then someone causes, and wreck and your near priceless vehicle is now junk. How can you recover the value on something that would normally fall so far below what other collectors or new car owners would value the item at? It’s a challenge for many individuals, but often people feel that their insurance company just can’t meet the mark. There is the option to pursue a diminished value claim through the at-fault driver’s insurance policy, but that might be disruptive to the entire claims process. Always speak with a car crash attorney in Dayton, Ohio about seeking recovery for diminished value after a car wreck.
Filing a Third-Party Claim
Typically people file a claim through their own insurance, and then their provider will communicate with the other driver’s insurance company. Now, there are countless problems with that system, which is why many people now turn to Dayton, OH car accident attorneys. They still follow the general process of filing claims, but they also put caps on settlement negotiations and will take the claim to court.
If you’re looking to file a third-party claim or a claim directly with the other driver’s insurance, then you should speak with an attorney first. They will likely have much more success with negotiations, case building, and taking the claim to court if you need to.
Getting Your Vehicle Appraised
One of the top things to do for a diminished value claim is getting your car to an appraiser. Your insurance company will set you up with one of their appraisers, but an attorney for your car wreck claim might suggest taking it to another appraiser. If you’re driving a classic car or something that you’ve put a lot of effort into, then you might need to go through and justify your claim with an appraisal from an experienced car collector or vintage car handler.
Having your vehicle appraised often comes with upsetting results because few cars are ever valued at the rate they sold at unless they’re outstanding classics in exceptional condition. Most cars will immediately lose at least 20% of their value, and from there, it continues to go down. People will often claim for diminished value when they still owe on a new car because they couldn’t get compensation for the full value of the outstanding car note.
Can You File a Claim for Diminished Value After a Car Wreck?
Absolutely, so many people file on their car, and it’s usually because they owe money or that car meant a lot to them. Car collectors and other car enthusiasts like mechanics will often value the car far beyond what it’s value is on the blue book. That’s difficult for them because in resolving a wreck, it seems like even with a diminished value claim, they’ll never get what they valued for the car.
Will Collision Insurance Cover Lost Value?
Typically not, because if you caused the wreck, the insurance company is not likely to provide diminished value on top of the property damage or repairs and the bodily injury claims. With collision claims, it’s really up to the insurance company on what they will or won’t pay out for, and it’s a challenge for many drivers.
The usual thinking is that if you pay into your collision coverage regularly, then they’ll take care of you no matter what. But that’s just not the case. Collisions coverage is there to manage your bodily injury and your property damage after a wreck that you caused. Now, in the event that you caused the wreck, your insurance will pay to repair the vehicle or blue book on a replacement if it’s totaled but not more. They won’t care that the crash that you caused has lowered the resale value of the vehicle.
Discuss Your Claim for Diminished Value After a Car Wreck With an Attorney
As with any wreck, it’s always hard to know what to do next. When you know that your collision coverage probably won’t cover the lost value, it may seem as though there’s not much you can do to reestablish or recover the value of your vehicle or items within the vehicle.
Filing a third-party claim and moving forward with a local attorney can certainly help you explore ways to reclaim your diminished value. Contact our Dayton, Ohio car wreck law firm today and schedule a free consultation.