When a car has an accident, the 1st thing that pops into one's mind is the cost of repairs and the time taken to get the car back to its original state. Most people get into fights and make sure the other person pays for the damages caused to the car. People are often injured in the accident and in an instance call up their insurance company to inform them about the damages. The insurance company pays the medical bills and pay for the repairs. Most insurance industries sympathize and pay for an individual's pain and suffering.
At the end of it all, people often wonder what about the damage to the value of the car? It is worth what it used to be, it's had a major accident. What will the carfax say? How will the car ever bee sold? These are the sort of questions people often ask themselves and are on the right path. There's something called a diminished value appraisal which is basically defined as the reduction in the value of the car or any other vehicle in the market after its been in an accident. A sensible person will not pay the same rate for the damages, then for the vehicle that is repaired, They may pay for a vehicle that hasn't been in an accident. The insurance companies have a responsibility to return the car in its pre accident form, The insurance companies offer their clients something called insurance diminished value. The act of being in an accident reduces the importance of the car and makes it difficult to sell in the market. The quality of the repairs done to car have a great impact on its future value. Most insurance industries need people to go to specific car shops or dealers or they will refuse to pay. People have to make sure the insurance companies pay for the new parts or second hand parts are used, then save money. These are certain details that could affect a person when he or she is trying to sell the car or trying to get more insurance on it. Most people do not believe in buying cars that have been accidents or prone to accidents in the future. There are industries like Carfax that gives people information about all kinds of used cars that have V.I.N to keep tabs on the earlier insurance claims.
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AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
October 2016
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