All About Diminished Value Claims

When you have a car accident, you can turn to your insurance company to finance for the damage. There are several ways that they assess how much they will give you. And there are several things that greatly diminish the value of your car. Insurance companies will have a look at the overall condition of your car before the accident, and they will base their settlement on that. Today, let's have a look at some of the things that insurance companies will have a look at when you go to them looking for financing for your damaged car.

The age of your car will play an important role when your insurance company assesses the situation. If your car is old, it is likely that it already had some problem with it. The value of your car goes down significantly the older it gets. As time goes on, the value of your car diminishes just like almost everything else. Unlike wine, the value of your car does not get better with age. So you need to remember that when your insurance company is having a look at the accident, they will no doubt use the age of your car to decrease the settlement price like the one for the Hansen Price .

But sometimes the age of the car doesn't show exactly how used up your car is. The mileage is a much better way of telling exactly how much your car was used. For example, someone might buy a car, but only use it very few times, there is a big chance that his car is still in a better condition than a newer car that is used almost every day for long distances. Insurance companies will no doubt not only look at the age of your car, but they will also want to know how far your car has travelled. Find information here: .

If this isn't the first time your car has been in an accident, there is no doubt that it will be a lot less valuable than a car that has had its first accident. When an accident happens, the value of the car goes down significantly. And just because a car already has been through an accident doesn't mean that its value will remain the same when a second accident happens. No, the value will go down even more. Looking at the accident history will also play an important role in determining the value of your car. For further readings, gain information from .