People dealing with the aftermath of a motor vehicle collision usually have two general types of losses to address. Almost every car crash results in a degree of property damage, and some crashes may also lead to injuries for the people involved.
There are many factors that can complicate injury-related claims, but people sometimes underestimate their property damage losses. Taking an oversimplistic approach to property damage claims following a major motor vehicle collision can result in people receiving inadequate compensation from insurance or the driver at fault for the crash.
What are the three main expenses that may contribute to the overall cost of property damage claims?
Vehicle repair or replacement costs
It can cost thousands of dollars to get a vehicle back into safe operating condition and even more to purchase a new vehicle if an insurance professional determines that the damage has totaled the vehicle. People may need help evaluating the insurance policy that applies to maximize the compensation they can obtain for repairs and replacement vehicles.
Diminished resale value
A vehicle isn’t just a tool that people rely on for daily life. It is also an investment. Most people resell their vehicles when they are ready to upgrade. Those who don’t want to resell their vehicles on the private market may use them as trade-ins when they purchase newer vehicles at dealerships. A vehicle that has been through a major collision has a diminished resale value even if the owner repairs everything visibly wrong with the vehicle. That diminished value can add up to thousands of dollars and may contribute to the amount of compensation sought after the wreck.
Personal property damage
Many people have a variety of different personal items in their vehicles. Some people carry designer briefcases or electronics. Others might have sporting equipment in their trunks. Those personal items can be worth thousands of dollars, which means that they can contribute substantially to the value of a post-collision compensation claim.
Those dealing with significant property damage losses often need assistance evaluating available insurance, quantifying their losses and holding those at fault for the car crash accountable. Recognizing what types of losses people can recover is a first step toward demanding post-crash accountability.