This is a quick tip that can save you a ton of money!
If you were in a car accident, your insurance company is not giving you what you deserve. What insurance companies don’t tell you about is depreciated value.
So what is depreciated value?
What is Depreciated Value?
After a car accident, your car is worth less money. Depreciated value is the value of your car that has depreciated after a wreck.
So say your car was worth $20,000 before the wreck. After the wreck you figure out your car is now worth $17,500. The depreciated value on your car is $2,500.
When someone damages your car and you are not at fault, you can technically sue that other person. To keep away from lawsuits, insurance companies have guidelines for depreciated value cases.
Insurance companies will never tell you this because they don’t want to pay more money than they have to.
These insurance companies like to save money too!
How to Get Depreciated Value
The first step is to call the insurance company of the person at fault. All you have to do is say, “I want to get the depreciated value of my car.” The insurance company will then guide you through the steps.
Most of the time, they will require you to get documentation for the value of your car before and after the accident.
The best chance to receive this documentation will be at your car dealership. You may also be able to get the documentation at a mechanic as well.
Don’t wait to do this either! Insurance companies will most likely not pay you depreciated value after your case is closed
For the best advice on your case, seek out a lawyer to go over your options. Some lawyers provide free consultation services.
This is quick tip on how to save money in a car accident. Because so many people don’t know about this, I wanted everybody to receive the knowledge you deserve!
Share this knowledge on social media to make sure everyone knows about depreciated value!