In many countries across the world, car accidents are said to occur after every 10 seconds. This amounts to thousands of traffic accidents every year in these countries. If your car gets damaged due to an accident, then your vehicle is said to have permanent diminished value.
The term diminished value refers to when a vehicle is involved in an accident and gets damaged physically, structurally and cosmetically. Even if the automobile gets fixed back to a new-like condition and looks immaculate, it will not have the same worth as it had before the crash. What it was worth before the car crash and what it is worth now after the crash, the difference is the diminished value.
Austin diminished value is a common phenomenon and actually exists. Towns such as Austin require full disclosure of accidents which occurs to a vehicle because some buyers would not like to purchase cars that have been involved in an accident. Most buyers need a car that has never ever been in an accident and even if they do, it should go for way less than that which has not been involved in an accident.
Firms like Hansen Price use the following three types of diminished value to apply to claims.
Immediate Diminished Value
This is the first type of diminished value and refers to the difference in the resale value of the automobile as a result of the crash it was involved in.
Inherent Diminished Value
The inherent diminished value, on the other hand, refers to the loss of market value of the vehicle involved in the car crash.
Repair Related-diminished Value
This is the last type of diminished value and identifies with the depreciated amount of the vehicle due to improper repairs, poor quality repairs, or having some repair work not completed.
Houston diminished value, for instance, can be filed by individuals that were involved in the vehicle collision as long as they were not the ones who caused it. The types of diminished values for insurance claims comprise of first-party or third-party insurance claims. First-party ensures that the person who ruined his or her own car has his or her own car insurer paying the claim. For people who did not cause the accident, the insurance company of the person that caused the crash will have to pay the claim and is what is referred to as the third-party diminished value claim.
Several factors go into calculating the exact diminished value of your vehicle after an accident, and they include the age of the car, pre-accident condition, value of the car before it was damaged as a result of the accident, mileage and if it has ever been involved in another accident before.
It is not easy to pursue a diminished value claim by yourself and is why you are advised to hire a personal injury lawyer with significant expertise in this area.