That is one of the first things that will get resolved, once you’ve been involved in a car accident. There are few things to consider when it comes to property damage after a car accident. The insurance company for the at-fault driver, they’ll usually reimburse you for the reasonable value of that same vehicle.
What is a reasonable value? #
In some instances, clients will come and say, hey, Nedim this car had a sentimental value to me, because of an ex-wife. Unfortunately, that’s not going to count. Where do they get the reasonable value? Is it from Kelly blue book, private sellers, dealerships It’s actually of the above, but an insurance company’s got there own property damage adjusters? They’ve got own system to figure out, what the reasonable value of your vehicle is. I think the last time I talk with the insurance company is the comparable car within 50 miles radius of where you live. If they come back to you and say, Ok, your car is a total loss.
Do you have to accept if they offer you $10.000, and you feel your car worth $12.000-$13.000? No, you don’t have to accept that, but then the burden shifts to you to prove that, that car really is worth $12.000-$13.000.
How do you do that? You go back to all of the above, Kelly blue book, private sellers, you do your own research, and if you can prove to them, that a comparable vehicle is actually worth $12.000-$13.000 instead of $10.000, then you’ve got some room to negotiate with them.
Diminished value of your vehicle #
The other issue to consider when it comes to property damage is the diminished value of your vehicle. It’s a bit easier to do when the vehicle is brand new, so let’s assume, you purchase the vehicle right now, you take it off the lot, and you got rear-ended. Obviously, that vehicle drops drastically in price, because of the car accident. It’s going to show on car facts. So, how much is that worth? Couple of phases to go about doing that is, – go back to the dealer and say, hey listen, I just purchase a vehicle, it was involved in the accident. What’s the value of this vehicle now, and they may, or may not give you the price.
The other venue is there are professional businesses out there, that will come out and take a look at your car. One of them, that I worked is www.collisionclaims.com You pay couple hundred dollars, they’ll come out to take a look at your car. They will prepare your professional presentation, what your car lost in value because of an accident.
Those are the few things, what you have to consider when it comes to property damages.
We hope this has helped you. If you have any questions call us at 314-352-6800
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Bajric & Ramic Law Office
Nedim Ramic – Auto Accident Lawyer – Personal Injury Attorney
