After an Accident

What’s My Car Worth After an Accident?

Your car will likely be worth less after an accident. This holds true even after an auto shop competently performs all necessary repairs.

To determine the exact value of your car after an accident, you may need to consult a qualified auto appraiser. A car accident lawyer can assist you in determining the value of your vehicle after an accident as well as help you pursue a claim against the at-fault party for any value loss.

Why Will My Car Be Worth Less After an Accident?

A variety of factors affect a vehicle’s post-accident value, including the make and model, the car’s age, and the mileage. The nature of the damage will also affect its value.

When potential buyers evaluate a used car, they typically look first to see if the vehicle previously sustained damage in a car accident. If the would-be buyer is willing to consider buying an accident car, she will likely not be willing to pay the same price for it as she would for a vehicle that was never in an accident.

A primary reason is the perceived safety of the vehicle — especially if the buyer has a family that will use the vehicle. Buyers also worry that the repairs did not address all the damage, or that the vehicle has latent damage that could cause it to fail in the future.

Buyers might also worry that they will be unable to recover compensation for the vehicle if they later decide to sell it — especially for more expensive luxury vehicles.

Can I Pursue a Claim for My Car’s Diminished Value?

Per the New York statutes, you can legally pursue a claim for any lost value to your vehicle that results from a car accident.

Diminished value, known legally as diminution, qualifies as a compensable loss under the law. In other words, the at-fault party has legal liability to compensate you for any losses you suffer in an accident caused by that person’s negligent acts.

You can pursue your claim for lost value at the same time you file a claim for repairs and any medical treatment you require for injuries sustained in the crash.

How Do I Recover a Settlement for My Car’s Diminished Value?

The usual way to pursue a settlement for your vehicle’s diminished value, as well as any injuries and other damages, is by filing a claim with the at-fault party’s insurance company.

On Long Island, the team at Gacovino, Lake & Associates, P.C. helps clients with determining the value of their cars after an accident, as well as pursuing a legal claim for compensation. Call us at 631-600-0000 to learn more, or to schedule your free consultation and case review with a Long Island car accident lawyer.