Car Hit By A Reckless Driver? Why You Should File A Diminished Value Claim

Getting into an accident can wreak havoc on your vehicle. Some of the external parts of the car may have been dented and if the impact was bad enough, the internal portions of the vehicle might have been damaged as well. If the accident wasn't your fault, the other party's insurance company will usually cover the repairs. The only problem is that you're left with a car that is still worth less than it was prior to the accident. If this sounds like your current situation, read more about why you should file a diminished auto value claim with your insurance carrier.

After An Accident, Your Car Just Isn't The Same

Once you've had the repairs done on your vehicle it would seem that it is good to go. The car looks great and seems to run just as well as it always has. The problem is that the accident has left a real mark on your vehicle, whether you can see it or not.

These days, few people will purchase a car without looking at the history report. The motor vehicle history report lists things like the maintenance records and any accidents that may have occurred. If you go to sell your car and the buyer finds that you were involved in a major collision, it's very likely that they won't be willing to pay as much for the car as they would for one that is accident-free.

You need to find some way to make up for the difference in what the car was worth before the accident and its current value. The diminished value claim does just this. Your insurer will adjust the value of the car based upon the pre-accident condition so you can recoup some of the losses that you will have to face if you ever decide to sell the car or trade it in. 

Your Loan Balance Remains The Same

It's very important to file the diminished value claim because there could be a large gap between what you still owe on the car and what it is now worth. If you don't get the funds immediately, you might have a hard time trying to make up for the loss in the future.

Diminished value claims are put in place to protect the car owner from having to take a huge loss. You should try to file the claim as quickly as possible to increase the chances that it will be approved. Contact a company, like Chicago Auto Appraisers, for more help.