What If My Car is Damaged in a Car Accident?

One of the most pressing questions that car owners have when they get into an accident for which they are at fault is “how much can I get for my car?” Considering that you fully own the car, the answer would depend on various factors, with the following being the most important ones.

The Value of Your Vehicle

To be clear, the value of your vehicle is not what it is worth to you but its actual market value between two parties looking to sell or buy the same vehicle in your area. This should be the determining factor of your vehicle’s worth. It is also not what car dealers sell it for but its value in private transactions, should you buy or sell the same vehicle. After determining what your vehicle’s actual value is, you can then decide what to do with your vehicle and what your options are.

In some cases, a person may have a vehicle that isn’t worth that much and might be totaled or a total loss, which means that they’re essentially going to lose the use of the vehicle. In this instance, the person loses either way since they will need to replace a vehicle that was functioning well, if not for the accident. Unfortunately, the auto insurance provider will only cover the value of the vehicle at the time when it got damaged.

How Damage to your Vehicle Affects Its Future Value

Because your vehicle is now damaged due to the accident, its value might now be lower than what it would’ve been worth if it wasn’t damaged in the future. This holds true even if your vehicle is repaired and is still usable after the repair. The amount of value it loses would depend on the extent of the damage and repair.

To determine how damage from the accident may impact your vehicle’s value, you should ask your car dealer for an estimate of what they think the difference in value is after the accident. Hopefully, this will give you some idea when negotiating with your auto insurance provider about covering the loss of value.

The Type of Insurance Coverage That You Have

  • Will your auto insurance policy cover the car repair costs?
  • Will your policy cover the purchase of a newer vehicle if your vehicle was totaled in the accident?
  • Does your insurance policy cover your vehicle’s loss of value?

To answer these questions, make sure to re-read your auto insurance policy and ask your insurance company.

Talk to an Experienced Florida Car Accident Lawyer Now

The information above generally applies to common vehicles and not specialty or exotic vehicles that will surely involve more complex calculations. For these kinds of cars, it’s best to consult a skilled Florida car accident lawyer for a more accurate estimate. We can also help you if you have issues negotiating with your auto insurance provider. You can set up your free case review with our Florida car accident lawyer here at Tragos, Sartes, & Tragos, by contacting us online or calling 727-441-9093.