Don’t Be Surprised: Understand Diminished Value Auto Coverage
(ALBUQUERQUE, N.M.) — Auto insurance customers can be shocked to learn that after a crash, their vehicle — even after it is professionally repaired — can be worth far less than what it was worth before the crash.
Will Ferguson & Associates personal injury attorney Jeffrey S, Trespel, an expert on auto insurance coverage, lays out the basics of diminished vehicle value after a crash that every auto insurance customer should know:
Vehicle crashes can be painful and costly. Did you know that your car might lose resale value if it is involved in a serious collision? Diminished value represents the difference in value between what the car was worth before and is worth after the crash.
Automobile dealers, repair shops, and insurance companies report collision facts to a database. When you try to sell your car after a crash, buyers have access to the crash facts, and can discount the value of your car.
One way to avoid a nasty surprise is to check with your insurance agent when you buy or renew your automobile insurance coverage. Ask if diminished value is covered under your collision policy. If you have a newer model car, but your cut-rate policy doesn’t provide diminished value protection as part of your collision coverage, you may be forfeiting thousands of dollars in the event of a serious crash.
If you are placing your collision damage claim through the at-fault insurance company, you can make a claim for diminished value to your car. But, without the proper knowledge, data and techniques, you might not receive all you are entitled to for your car.
Have you and your car been involved in a collision with an at-fault driver? Have you sustained serious personal injuries and substantial collision damages to a late model vehicle from that crash? If so, contact the lawyers at Will Ferguson & Associates to understand your options. We may be able to assist you in making a claim for the diminished value of your damaged car as an element of damages in your personal injury claim.
The Will Ferguson & Associates Law Firm represents people seriously injured by the negligence of others and the families of persons who die because of the negligence of others. For more information, contact Jeffrey Trespel of Will Ferguson & Associates, (505) 243-5566 or 1 (800) 251-5566. Will Ferguson & Associates maintains two offices in Albuquerque and an office in Amarillo, Texas, to serve families and people injured in Texas. That office is at 2901 I-40 West, Amarillo, Texas 79109. The Amarillo phone number is 806-374-4024.