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How Much Does a Car Accident Devalue Your Car?

Humans make mistakes on a minute-by-minute basis. Although they’re generally a severe type of mess-up, car accidents are an expensive, potentially harmful type of mistake that most people find themselves responsible for throughout their lives.

Fortunately, the majority of car and truck accidents that take place throughout the United States each year aren’t fatal. Further, serious injuries are not seen very often, either. Official statistics indicate that Americans are collectively responsible for roughly six million car accidents every year.

Since the majority of Americans don’t even have a large amount in their savings accounts or put back for emergencies elsewhere, just about every vehicle owner who gets involved in an accident wants to figure out what damage they have done to their vehicle.

Here are some useful ideas to keep in mind when trying to determine the drop-in value that your vehicle will be assigned based on the specific details of your recent car accident.

Has the Car Been in Accidents Before?

Whether your vehicle has minor accidents on its record or substantial ones, the existence of previous disasters will be factored into valuation calculations by insurance companies and private buyers alike.

Keep in mind that accidents resulting in nothing more than broken tail lights or dented bumpers have negligible effects on the valuation of your vehicle. Wrecks and crashes that involved the suspension, drivetrain, or chassis taking damage could nearly leave your car out of market value after just a moderate accident.

Is There a Legal Record of Those Accidents?

If your vehicle’s frame took damage in a previous accident, it is likely that your insurance company will try to blame a past crash for the loss. For example, if the crash you just got in caused the chassis to crack, your insurance provider may determine that the devastation happened because the frame was already weak from a previous disaster.

If your insurer can see the last accident and what damage it did, you likely won’t receive anything from the insurer, or the other party involved in the crash. If there’s no record, you could be earning a much larger payout than you deserve.

No Damages? The Market Value Is Still Going Down

The doctrine known as inherent diminution states that even if your ride wasn’t damaged in the slightest, the fact that it will rack up a detectable accident on its vehicle history report could result in the market value dropping by $500, $1,000, or even more.

A Lawyer Can Help You Get Compensation for Car Damages

If your vehicle sustained damages due to an accident that wasn’t your fault, you’re likely eligible to receive compensation to cover those damages. Call Salpeter Gitkin, LLP today for a free consultation. Our lawyers have 25 combined years of experience and more than $146 million in recovered damages throughout Florida. Call us today at (954) 467-8622 for a free case evaluation.

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Our Head Attorney
Willaim Henderson

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