Unrepaired collision damage will obviously reduce the value of a vehicle after an accident. The market value is usually determined by certain post-collision factors that include the presumed quality of repairs as well as undetected damages and stress on the car components as a result of the accident. Getting an accurate assessment of damages and fixing them may help mitigate the damages of an accident.
What If the Accident Was Cosmetic?
While major damages to the structure or mechanics of the car will diminish the value a more significant deal, most buyers don't care if it was just some paint, but they will still be hesitant. People are afraid of taking a risk with cars that have been in accidents because they never know the kind of problems that could arise once they buy the car. However, a collision repair shop can help reduce these anxieties. You will be able to show the buyer an estimate of any damages to the vehicle and show the paperwork that proves you took care of the auto issues that would affect safety and reliability.
The Car History
Most car history services maintain the collision records for registered cars. This makes it very easy for any interested party in the car to access the past accident information. It will also show the history of repairs you've had done by a collision repair specialist.
How to Recover Your Diminished Value
After a collision, it might be possible for you to recover the difference between the diminished value and the old value of your car. However, this will not be an easy task, and it will depend on what state you live in. Where there is a smaller market, repaired cars may still be in great demand.
Salvage laws are different from state to state, but in general, there is a threshold established on the amount of damages required to declare the car a total loss, based on the car's total value. If the auto repairs go beyond that amount, the insurer will declare it a complete loss and reimburse you a full undamaged value. The insurer could them try to sell the damaged car or sell it at a salvaged price if you want. Especially with salvaged vehicles, the quality of repairs is likely to be looked into by a buyer. An expert assessment of damages and an insurance estimate will be needed to show the extent of damages.
Contact a company like Mach 1 Body Shop Inc for more information and assistance.Share