We get a lot of calls about car wrecks that do not result in personal injury and these are not cases we handle. There are rules and ideas for handling these cases that a person with a property damage case should consider.
Vehicle-related property damage includes the cost of repairing your vehicle. However, you can reassert the value of any upgrades you’ve made to your car, such as: B. a stereo system or special rims.
You can also make claims for damaged personal property such as cell phones, sunglasses, and prescription glasses.
The amount of money you are entitled to is the difference between the value of the property immediately before it was damaged and its fair market value immediately after it was damaged. In cases in which a car is damaged but does not represent a total loss, the repair costs are included in the determination of the amount due.
In addition to the repair costs, a reduction in the value of the vehicle due to the damage can be taken into account. In the case of newer model cars with considerable damage, the claim for depreciation can be considerable, but difficult to prove. I think it would take a skilled car dealer to provide evidence.
A person can testify to their opinion about the value of their own car. Typically, insurance companies find five examples of similar cars and offer the average of those cars. This seems like a reasonable way of determining value, but it doesn’t take into account the value of a car that has been serviced by a particular owner or the value of a new or remodeled engine or transmission. Service receipts can help the court or insurance company determine a value greater than the value of another car.
Keep in mind that a top of the range Ford Explorer might cost $ 50,000 in 2020 but might only cost $ 25,000 in 2005. You will only be paid for a 15 year old car in 2020 and it will not replace a new car.
Buckle up, drive safely and as always, your recommendations will be appreciated! 256-764-0112
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