What is my car’s value although every driver detests the idea of being in a collision, accidents do occur frequently. We sincerely hope that it will only result in a minor collision, but what if it does?
When your car has been damaged in an accident, you need to know how much it is worth. Here are some steps you can take to determine your car's value following an accident because insurance companies don't make this assessment simple.
How Does Level of Harm Affect Value| What Is My Car’s Value?
First of all, how badly damaged is your car? Since you may not agree with your insurance company's assessment of the damage, it is more important how they have described it. Was your car classified as salvaged or rebuilt when your insurance company determined its value?
If so, the value of your car will be greatly diminished. A salvaged or rebuilt vehicle is one that has sustained damage to the extent that repairing it would have been more expensive than the vehicle was worth.
In order to evaluate the history of a new car, purchasers frequently use websites. The likelihood of your accident appearing on those websites is high, and many prospective purchasers are turned off by accident histories.
A vehicle with an accident history indicates that repairs were necessary. Because there is no way for buyers to know precisely how much damage was done, what repairs were completed, or how good the mechanic was, they are reluctant to buy these cars.
Due to the fact that these vehicles have obviously sustained significant damage or were perhaps worth little before the accident, car buyers are especially wary of dealers who list their vehicles as "salvage" or "rebuilt." A car's value decreases when there is less demand for it.
What Happens If My Car Isn't Restored Or Salvaged?
The amount of remaining damage is your next challenge if your car cannot be repaired or rebuilt. Whether or not you had your car fixed after the accident is a key factor in assessing its value. Your car's value will be lower than it otherwise would be if the damage is still present and has not been fixed.
Typically, buyers do not want to buy an automobile that will cause them trouble. They desire a car that is already in operation and has the fewest issues conceivable. Buyers don't want to take the chance of discovering further issues with the vehicle and having to pay more to fix it. After the collision, you might anticipate that your car would lose some value.
How Much Does A Car Lose Value Following After An Accident?
Understanding the 17c Diminished Value Formula can help you get a good idea of how much your car will depreciate following the accident. Don't let the name scare you away. We'll simplify things for you.
Explaining the 17c Diminished Value Formula!
Insurance companies use the 17c Diminished Value Formula to calculate an automobile's value following an accident. In essence, it is used to determine the car's value following all of the damage.
The Formula is Broken Down into Steps:
Find out the value of your car before the collision. To find your car's value before the accident, visit CrazyCarCorner to get FREE online car valuation. You only need to be aware of the vehicle's year, make, and model in addition to some fundamental details like its mileage and general state.
Determine the 10% immediate cap on the value of your car. 10% of the value of your car is the maximum compensation amount determined by your insurance company. Therefore, your insurance provider will only pay out up to 10% of the value of the car, regardless of the extent of the accident's damage. For instance, if your car had a pre-accident value, your insurance provider will only cover up
Take the result from step 2 and multiply it by the Damage Modifier. The Damage Modifier accounts for structural damage to your car sustained in the collision, but not mechanical harm. Multiply the result from step two to determine the Damage Modifier.
- Zero structural harm: 0.0
- Small-scale structural harm: 0.25
- Mild structural harm: 0.5
- Significant structural harm: 0.75
How About My Vehicle?
Visit our accident calculator to determine the precise numbers on your car and to determine its lost value. This will enable you to determine the precise value of your car following the collision.
We can save you the hassle if it all seems like too much labor to sell your damaged car. From UAE to other states, we purchase automobiles nationwide. Use our online form to receive an immediate offer or give CrazyCarCorner a call for a price.