If you have a vehicle that is 3 years old or younger that was repaired after a no-fault accident, you may have a right to request the insurance carrier to re-appraise the vehicle after repairs are complete. Depending on the amount of damage, you may also want to have an independent appraisal done at your own expense. The goal is to avoid a financial loss at the time you sell your vehicle.
As we all know, your vehicle depreciates the moment you drive it off the sales lot. But, to have it depreciate again due to no fault of your own after a wreck, can be devastating to your wallet. Even with the best body shop repair job, there is still some value lost in the process. Your claim for diminishment of fair market value must be made in writing to the insurance carrier and within 30 days after your repairs are complete.
Be sure to check out Kelly Blue Book or NADA website to get more information on the total values of your vehicles to get a better insight on how insurance companies calculate their property damage values.
If you or a loved one has been injured in a car accident as a result of someone else, call us today at 704-333-0885.