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How Do I Pay For Crash Damage To My Car? Part V
By Jeffrey R. Nuckols, Esq.
You’ve been in a car crash and your car has been repaired. Is your car worth less because it’s been in an accident? It might be. Click here to read more.
We’ve thought about damage to your car in a crash and what kind of insurance might cover the cost of repairs. We’ve considered that your car might not be worth as much after the repairs to it are complete, and that a way to estimate whether your car has lost value is the price that a reasonable buyer would pay for the car as repaired compared to the price if the car had never been crashed.
There are a couple of reasons why your car might not be worth as much after the crash damage is repaired. One reason might be inadequate or defective repairs, but another reason is the stigma that may attach to your car for no other reason than the fact that it has undergone collision repairs. That loss in value is sometimes known as diminution of value or diminished value. We have considered diminution of value in an earlier post. Take a look at that post to recall that one way to roughly estimate the loss on value is via the Kelly Blue Book (KBB) web site, www.kbb.com).
So what do you do about the diminished value? Well, in Florida your “comp and collision” insurance might not have to compensate you for that loss. However, in Florida the at-fault driver’s property damage liability insurance, which Floridians are required to carry by the way, might very well be required to compensate you for that loss. It will be your responsibility, or your lawyer’s, to prove your loss over and above the cost of repairs.
If you have questions about car insurance, call Jeff Nuckols at DKN Legal at 321-329-5449.
Nothing in this article should be construed as legal advice nor as forming an attorney-client relationship or any other form of legal representation. Consult with an attorney at DKN Legal or another attorney of your choice for legal advice.