The most common type of loss sustained in an Augusta crash is damage to your vehicle. This is because even minor accidents with no injuries may still involve some degree of damage to the car involved. The good news is that vehicle damage is covered under Georgia’s tort laws. So you can recover compensation for car repair or replacement from the at-fault driver. An Augusta crash lawyer can help you file a claim to seek these damages.
However, many drivers tend to overlook the fact that even after suitable repairs a vehicle may lose its worth in terms of market value. This is another type of loss that you may not consider after an accident.
In general, if your vehicle has lost little value due to the Augusta crash, you will not need to consider this loss separately. But if the loss in value is significant, it can put you back several thousand dollars. In such a case, you may seek compensatory remedies such as a diminished value claim. Here is a look at the factors that determine how much your car may lose in value after a crash.
Pre-Accident Value of the Car
As a general rule-of-thumb, the greater is a car’s value before an Augusta crash, the more it is likely to lose in value after the crash. For instance, if you are driving a low-end sedan that costs $15,000, the loss in overall value may not be more than a few hundred dollars in the case of a minor crash. However, if the vehicle involved in the crash was a Porsche costing around $110,000, the loss in value may be several thousand or tens of thousands of dollars even after a minor Augusta crash with little vehicle damage.
Apart from the make and model, other factors that may determine the overall value of a vehicle include condition, mileage, custom parts, and add-ons. A car with less mileage and good condition will have a higher pre-crash value. It is also prone to lose more in terms of market value in an accident. Similarly, if you have installed custom parts on a vehicle and it suffers an Augusta crash, the loss in worth will be greater.
Extent of Damage
The nature and severity of the damages sustained in the accident will also have a direct bearing on how much your car is devalued. If the crash results in minor scrapes or dents, or requires replacement of a part such as a headlight, the damage is limited. You can purchase an original part from the manufacturer and make good the vehicle.
If the vehicle has suffered a more serious crash resulting in damaged frames or axles, it will require more extensive repair work. This will result in a greater devaluation of your vehicle.
A prospective buyer can look up the history of your vehicle to see the extent of damage it has suffered in an accident. It is a buyer’s instinct to negotiate for a lower price if the damage had been serious, even if you have undertaken full repairs and restored the car to its original condition.
Quality of Repairs
In general, it is recommended that you have your accident vehicle repaired by a reputable mechanic. If any parts need replacement, these should ideally be original and purchased directly from the manufacturer. If the repairs are not properly performed and sub-quality parts are sourced for replacement, these will further devalue the vehicle. A buyer will factor these into a pre-purchase assessment and quote you an even lower price for the vehicle.
Cars that have already been through accidents will lose more in value in a subsequent crash. In comparison, if a vehicle hasn’t been in an accident before, a crash may not devalue it as much. Cars with a history of multiple crashes typically fetch less on the market as prospective buyers may see the crash history as a reason for lower vehicle value.
Hiring a Reliable Augusta Car Accident Lawyer
If you have been involved in an Augusta car accident, it is important to get legal help. A good law firm will help you recoup the full extent of damages, whether it is related to your injuries or to your vehicle.
Here at Ted Greve & Associates, our lawyers help you get a fair assessment of the repair costs as well as an estimate of the loss in the vehicle’s value. We then work with you to determine whether you also need to file a diminished value claim. Get in touch with us today to discuss your Augusta crash claim with our lawyers.