loss-of-value

LOSS OF VALUE

Loss value or loss of value is the term used to refer to the value that is lost by a vehicle after it has been involved in an accident. The typical car owner is aware of this loss in value, but not all consumers know how to go about computing this loss or how to file a loss of value insurance claim.

There are different types of loss value claims you can file if your car has been involved in a collision or accident; it can be repair-related (the loss in value sustained by the vehicle because of substandard repair work) or the more common inherent loss of value.

As the name implies, an inherent loss of value is the value the vehicle loses simply because it has been involved in an accident. Think of it this way: if youíre buying a used car, one of the things you would look at or consider are the previously sustained damages on the car. And no potential car buyer would be comfortable, or even consider, getting a car that has been damaged by an accident. In this sense, the loss of value can also be seen as the automatic decrease in the carís value due to an accident; the difference in the carís market value before and after the accident.

Repair-related loss of value, on the other hand, is the value loss incurred when a repair shop performs substandard work on a vehicle thatís been in a collision or accident. However, this type of loss value is becoming increasingly uncommon as most repair facilities provide car owners with a written guarantee for the repairs they do. This type of loss value insurance claim is often very hard to claim and usually requires a third-party professional to document the exact car parts where the faulty repair job was done.

Though loss value insurance is for the protection of the consumer, this doesnít mean that every car owner is qualified to file a loss of value car accident claim. For example, if you were in a car accident or collision and the other party is not at fault, you may not be eligible to file a claim. The process of filing a loss value insurance claim can be quite troublesome, which is why itís highly advisable to hire a public adjuster or professional lawyers specializing in diminished value claims. These people will help and guide you through the whole process, as well as establish contact and communication with the insurance company of the at-fault party.

Another noteworthy fact about filing loss value insurance claims is that not all vehicles may be worth the claim pursuit. Car owners should also take into consideration factors like type of vehicle, extent of damage, and car mileage. This is because the costs of pursuing a claim with an insurance company may cost you even more. It also does not bode well if your vehicle has been involved in several previous accidents.

If youíre looking for legal assistance in filing a loss value insurance claim, you should consider contacting the Collision Law Center, one of the best law firms out there that specialize in property damage and loss value claims. Their lawyers will tell you everything you need to know about filing insurance claims, and can also assist you in personal injury cases.

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