Getting into a car accident can have a significant impact not only on your health but on your finances as well. If you were recently in a car accident, examining the information outlined below can help explain your car’s current and potential value in North Carolina.
What to know about diminished value
Over the course of use, many items will have a diminished value. Diminished value essentially means that after a motor vehicle accident, a car’s value will be less. This holds true even if repairs take place and the car is in good condition.
This is why if you are in an accident, it is important to seek the services of an experienced legal professional who works on cases involving motor vehicle accidents. You can seek financial damages for the loss of value to your car. A lawyer may be able to assist you with recovering your lost value.
Understanding the different types
There are three types of diminished value for motor vehicle accidents. These include the following:
- Immediate diminished value is what a car is worth right after a car accident. This is typically the value prior to any repairs done to the car.
- Inherent diminished value is the value that the car loses when it has damage due to a car accident.
- Repair-related diminished value is the value of a car after an accident and badly done repairs. This quality of repair can often happen with older vehicles that no longer have access to the original car maker’s parts.
Diminished value for a car that has been in an accident plays a pivotal role in your overall financial health. If you are the victim of an accident, a lawyer may be able to help you recoup your lost car value.