It's commonly believed that being victim of a car accident is "better" than being responsible for it. While this is true to a certain extent, victims aren't necessarily protected against all negative consequences. Consider, for example, a scenario in which another driver hits your car and it's determined that you weren't at fault. Normally, the payment of all related repairs by the other party should be the end of the story, but this isn't always the case, especially if you decide to trade in your car. This article discusses how to get the maximum trade-in value following a crash.
Road accidents reduce the value of your car
Unlike what most drivers think, simply repairing the damages inflicted to a car after a wreck doesn't restore its lost value. In fact, in an article that she wrote for ABC News, Elisabeth Leamy reported that the percentage of lost value is 33% on average. This statistic was given by a number of law firms that specialize in helping drivers recover the value lost as a result of a car accident. Unless you're working with an auto accident attorney, you may not be able to obtain a payment from your insurer, since some companies will do whatever they can to avoid reimbursing you for that claim.
How do dealerships know that a car was involved in an accident?
They essentially use two techniques:
- Insurance reports
- Professional inspections
Car dealerships have access to insurance reports. This means that as soon as they pull up your car information, they'll be able to see the specifics associated with all the claims you submitted to your auto insurer. Another way they can find out is by having your car inspected by one of their professionals. Even if your car looks brand new after undergoing major repair work, these individuals will be able to quickly see that it has been rebuilt.
It's important to keep in mind that the statistic given earlier about the lost value is just an average. Indeed, if your car has sustained severe damages, then you might see its value cut by up to 50%. This at least what Mark Holthoff wrote in a short statement a few years ago.
If your auto insurer has denied your claim for the reimbursement of your car's lost value, then know that the law is on your side. Indeed, working with a knowledgeable auto accident lawyer will allow you to recover what is owed to you, so contact one today. Visit http://brynnlaw.com/ to learn more.