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Auto Accident

Auto Accident Stigma equals Diminished Value

If someone causes an auto accident and damages your car will you be fully compensated for your loss?  Probably not!  If you don't know what questions to ask the claims adjuster or even how to prepare for this discussion you will be at a huge disadvantage. 

Understand, insurance companies will restore your vehicle to "like new" condition, which most of them ascert is their only obligation, however, just because the car has been restored to this "like new" condition doesn't mean that this condition holds the same value that it had prior to the accident, because it doesn't. 

In fact, in July 2011, the Arizona Court of Appeals (Division One) ruled that the loss of resale value of a vehicle resulting from an accident is recoverable in third-party claims.  (This is only applicable in third-party liability claims not first party collision claims.) This diminished value is the difference between the value of the vehicle immediately prior to the loss(accident) and the value of the vehicle immediately after the vehicle's repair.
There is a difference and it could mean thousands of dollars to you if you don't do your research and be prepared.  Contact a dealership and get a valuation of the "Trade-In" value pre-accident and post-accident so you know the facts.  Even in private party sales, if the buyer pays for a CarFax report they will know of the accident and you will get less for your car without a doubt.

It's important to work with a knowledgeable, independent insurance agent who will advise you properly and be an advocate for your benefit not that of the insurance company.  Southwest Premier Insurance Agency, LLC will be that advocate for you.  Find out more about me, Richard Morris, by watching my video here.  It will only take 2 minutes.  Then request an Arizona Insurance quote here and start saving money today.

Author: Richard Morris

Richard Morris, an independent insurance agent in Chandler, Arizona, has been serving and helping Arizona families with all their insurance needs for over 23 years. Visit his website at to see all the ways he can help you with your insurance needs or call the office at (480) 336-2707 or toll free at (888) 907-9349. Connect with Rich on Google+ and Twitter.
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