Did your car lose value after your accident?

When you’re in a car accident, you suffer a lot of losses. You get hurt, you lose time from work, you incur medical expenses, you have to get your car fixed.

And most of the time your car becomes worth less than it was prior to the accident, regardless of how well it’s repaired. Can you expect to get paid back for that when the accident isn’t your fault? Maybe.

First, there’s nothing written in stone here. Every claim is different, and tons of stuff can impact evaluations here. But for me, the rule of thumb is 5 years/50,000 miles. If you car exceeds either of those, you’re going to have a really hard time getting compensated for the diminished value of that car. The argument is essentially it was already old and losing value. And that’s a hard argument to beat.

But if you want to try it, you’ll be best served if you go into battle armed with an appraisal from a qualified DV appraiser. Yes, they cost money, but you tend to get a more quality expert opinion to make your argument with. It’s a heck of a lot better than, “But I just know it!”

Of course, like a lot of things in this world, it’s a bit of a gamble. Those appraisals cost money. You’ll spend between $100 and $400. So you probably want to make sure that you’ll at least get that back if you make this argument, which is all the more reason to make sure your car is on the good side of my 5/50k rule.

If you have a claim like this, seek the advice of an attorney. Most injury attorneys will handle your DV claim along with your injury claim, so get some quality advice and you’re more likely to have a better outcome. Call me if you like: 919-929-2992