Is Your Car Totaled? What to Know About Your Diminished Car Accident Value

car after an accident, representing diminished car accident valueIf you’re like most people, your car is one of your biggest assets. So, if you’re in a car accident and your car is totaled, it’s not just the loss of transportation that you have to deal with – it’s also the loss of a significant investment.

According to Policy Genius, in 2020 alone, Florida had between 3,000-4,000 car accidents. It’s evident this is sadly a possibility to be aware of. The aftermath is just as important such as knowing what your diminished car accident value is.

What is Diminished Car Value?

Diminished car accident value is the difference between the pre-accident value of your car and the post-accident value. In other words, it’s the amount that your car depreciated in value as a result of being in an accident.

There are two types of diminished value:

  1. Actual Diminished Value – This is the diminished value that can be proven using objective criteria, such as the diminished value of a car that has been in a major accident and repaired.
  2. Potential Diminished Value – This can’t be proven using objective criteria, but is still real. For example, if you’re in a minor accident and your car is repaired, the potential diminished value is the diminished value that your car would have if you tried to sell it immediately after the accident.

Regardless of the type, diminished car accident value is real, and if your car is totaled in an accident, you may be entitled to compensation for it.

How to Determine Your Car’s Value Following an Accident

If your car is totaled in an accident, the first thing you should do is call your insurance company and let them know what happened. They will likely send an adjuster to assess the damage and determine the diminished car accident value of your car.

Once you have the insurance settlement, you can then decide what to do next. If you’re not happy with the settlement, you can try to negotiate with the insurance company. If that doesn’t work, you can hire a diminished value expert like Erjavec Injury Law to help you get the compensation you deserve.

There are a few other ways to determine the diminished value of your car. The most common is to look up the pre-accident value of your car in the Kelley Blue Book or another similar resource and compare it to the post-accident value.

Trust Erjavec Injury Law to Get You the Compensation You Deserve

If you’ve been in a car accident and your car is totaled, you may be entitled to diminished car accident value compensation. At Erjavec Injury Law, we believe in putting our clients first, no matter what. This means that we’ll do everything we can to help you get the compensation you deserve.

We understand the ins and outs of diminished value claims, and we know how to negotiate with insurance companies to get you the best possible settlement. Contact us today for a free case evaluation, and let us help you get the best compensation possible.