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How is a car's diminished value determined after a car accident?
Wiki User
∙ 13y ago
Answer
Generally by the "book" value. Take into consideration and make mention of any excessive work or upgrades you made to the vehicle and tell the adjuster asap. MUST HAVE receipts to prove this!
If you're speaking of inherent diminished value, then the only way the amount of value the car lost after being in an accident and repaired is to have an expert determine the loss in market value utilizing accepted appraising practices.
Answer:
Diminished value is what the vehicle has lost in value according to reliable market analysis conducted by a third party NOT the insurance co.
Wiki User
∙ 13y ago
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Both cars are uninsured who pays?
Whoever is determined to be at fault for the accident. Best thing to do may just be to pay for your own cars.
What is diminished value?
Many people think the value of their car will always be the same even after a car accident but the simple truth is, it will never be worth the same. Diminished value is the amount lost because of a car accident on the car history. It is a stigma that all people believe automatically all cars involved in a car accident are worth less and because of it incur Diminished value. In some states it can be paid if you are at fault such states as Georgia, Kansas, North Carolina and Washington. But in all other states except for Michigan that doesnt allow diminished value the law is simple diminished value is the difference between the price in a vehicle after the car accident and repairs in comparison to a like car without the car accident. Also, in some states you can claim diminished value for hit and run cases and for cases where you crash into a fence, deer etc or the other party simply has no insurance in• Alaska • Arkansas • California • Delaware • District of Columbia • Georgia • Hawaii • Illinois • Indiana • Louisiana • Maryland • Mississippi •New Jersey • New Mexico • North Carolina • Ohio • Oregon • Rhode Island • South Carolina • Tennessee • Texas • Utah • Vermont • Virginia • Washington • West Virginia.
How do you determine a cars value after an accident in which the adjuster says is totaled?
Ask a salvage yard what they will pay for it.
Can cars crash?
Yes, Cars can crash if there was a severe accident.
What do you get when you cross two cars?
An accident!
If a car is totaled how is the cars value determined?
its valued by however much money you can make off the scrap parts that are still okay with the vehicle.
Your new car got hit by a truck that was hit by a bus can you get compensated for the loss of value on the car?
Was the car totaled? Are we talking about diminished value? Has the owner of the bus company admitted fault? Has the owner of the truck admitted fault? Is there collision insurance on the car? If we are talking about a diminished value claim you have at best a 50/50 chance of getting additional compensation beyond the cost of repairs. If the car was totaled then some companies offer full replacement on new cars. It
Who is at fault in a 5 car wreck that started at the front - you were car?
Fault is typically determined by police reports and accident witness(es). In a rear end accident the vehicle striking another in the rear is typically at fault. With multiple cars it is up to the reporting police officer to determine fault.
What information or documentation is needed to file a third party claim for diminished value?
In Florida, magistrates insist that Auto Diminished Value reports are prepared by licensed appraisers (FL Adjusters license) and that said reports contain actual dealer quotes showing their opinions of the loss of value. St. Lucie Appraisal in Fort Pierce obtains six dealer quotes. Some national companies obtain none. Make sure your appraiser doesn't rely on formulas. To determine the correct diminished value percentage the appraiser has to put in the time to do it right. In general, late-model cars that were repaired experience a 15-20% loss of value. Some exotics and SUVs are impacted considerably more.
How do you use the word accident in a sentence?
I saw an accident on the side of the freeway - two cars crashed and exploded.
What can impact a used cars value?
There are many issues which can impact on the value of a used car. For instance, excessive mileage, poor bodywork, dirty interior, previous accident damage or a lack of owner history can all decrease the valuation.
Potential hazards at cars accident place?
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