Insist on Collecting for Car Depreciation
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(866) 735-1102 Ext 645
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Insurance adjusters almost never volunteer to pay a car owner for depreciation to their car after it has been wrecked.
The depreciation occurs because of the simple fact that a car that has been involved in a collision is not worth as much as an otherwise identical car that has not been involved in a collision.
All other things being equal, a person is willing to pay more for a car that has never been wrecked.
Insurance adjusters try to limit payment on their claims for costs of repairs. Even at that, they try to force claimants to accept used parts or the cheaper off-brand parts when repairing their car. The disputes with insurance adjusters usually revolve around the type of parts to be used in repair and whether the insurance company will pay for the cost of painting the entire car or just the panels that have been damaged.
By focusing on the repair issues, insurance adjusters are able to side step a very important element of damage which most claimants miss.
The measure of damages for a car which has been in a collision is the difference between the fair market value of that car immediately prior to the collision and the fair market value of the car immediately after the collision.
The cost of repair is only one factor that the court will use to determine the measure of loss suffered by the car owner.
The law in North Carolina requires a seller of a car to disclose in writing if the car has been damaged to the extent of 25% of its fair market value before the damage. There are very stiff penalties for the failure of the seller to give this written notice to the buyer.
The seller, therefore, cannot hide the fact that the car being sold has been wrecked. When this disclosure is made to a perspective buyer, it drastically reduces the price the buyer is willing to pay for the car. This diminution of value is an element of damage which the car owner is entitled to recover.
When you are negotiating with an insurance adjuster about damage to your wrecked car, pickup, truck or van, be sure to insist on recovering for depreciation arising from the fact that the vehicle has been wrecked.
If you or a love one have a question regarding the depreciation value of your car depreciation, please contact us by filling out the form below.