Claim Diminished Value After a Car Accident
I’ve been lucky enough not to have had a catastrophic car accident (knock on wood). However, I’ve been unlucky enough to be involved in the type of minor bumps and dings that can quickly diminish the car’s value. The worst part is, most of the time it’s not even my fault or was not even in the car when the damage happened!
Sometimes you ignore the small bumps if they aren’t too bad just to save on increased insurance premiums, sometimes you just get it fixed and forget about it. That is, until you try to sell your car and can’t sell it for as much because of its diminished value.
According to Advocate Auto Claims, you can re-coup the diminished value of your vehicle up to four years from the date of the accident. The website claims that you can re-coup this loss in value from the other person’s insurance if they are at fault, and this is applicable in all 50 states. And in Georgia, you can recoup the loss even if it is your fault. I’m not sure how this applies in no-fault states, but go to the Advocate Auto Claims website and get more details on how you file a claim. They will even give you a free estimate of the amount you can recoup.
