Auto Accidents, Property Damage, and Diminished Value
Once again, I have chosen a topic too grand for a mere blog post. But let’s touch on some key points:
When you have an auto accident, you will almost certainly have a property damage claim. That just means that your car is busted and it needs to be fixed, OR it could be a total loss. If you have collision coverage on your auto policy, then you can have your carrier handle that part of your claim. I prefer this because you’re paying these folks and they owe you a duty to treat you fairly, so you have a bit more leverage with them than you do with the at-fault or liability carrier. But if you don’t have collision coverage, you’re stuck with the liability folks. Just pester them a lot and this part of the claim will generally take care of itself. But sometimes it doesn’t. Most attorneys don’t handle property damage claims, but if you have a bodily injury claim, they’ll happily help you deal with these shenanigans if you hire them for the bodily injury claim.
Your car is deemed a total loss if the cost of the repairs exceed 75% of the value of the car. Sometimes this is good, sometimes it’s not, but we only have so much control over these numbers. When a vehicle is repaired, remember that the initial estimate is almost never accurate or enough to cover the repairs. And that’s OK! Just get the process started, and the body shop will ask for a supplement (or several) to cover things they find as they break the car down. This is normally not a problem.
If your car is NOT a total loss, was fairly new, and sustained a significant amount of damage, you might want to pursue a diminished value claim. In other words, under the right circumstances, the bad guys might have to fix your car AND pay you something for the value that it lost as a result of the damage/repairs. This can be tricky, and is worth talking to a lawyer about. There are some confusing nuances and deadlines that run quickly on DV claims, so consult an attorney ASAP if you think you want to do this.
Property damage claims can be confusing. And if you’re hurt, it’s all the more reason to get an attorney to help you deal with the nonsense.
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