Damage done in a car crash will likely cause a vehicle to depreciate in value. However, there are things you can do to minimize this depreciation! Keep reading for our tips.
Repair the Damage
Professional repairs, even for minor dents and dings, will boost your car’s value after an accident. Always ask questions of your technician before you start the repair.
● Does your shop use OEM, aftermarket, or recycled parts?
● Do you offer warranties or guarantees on your repairs?
Use OEM Parts
OEM parts are exactly the same as the original parts your car was built with. They’re made by the same manufacturer and should look at function like new.
If you don’t check that your auto repair shop uses OEM parts, it’s possible that they’ll use aftermarket parts. Non-OEM parts may be made by a different manufacturer or altered in another way. They can be less expensive, may include upgrades, more or fewer features, or they might look the same as the OEM parts.
Discuss your options with your repair technician before the repair begins so you know how the parts you choose to use will affect your vehicle’s resale value.
Make a Diminished Value Claim
Depending on the type of insurance policy you have and the local laws where your accident occurred, this may or may not be possible. However, if one of the following applies to you, talk to the insurance company.
1. The accident was not your fault and the other party’s insurance company is responsible for paying your costs,
2. The accident was not your fault and the other party is not insured, but you have uninsured/underinsured motorist coverage,
3. You have full auto coverage.
The insurance company may reimburse you for the difference in value of your car after the accident.
Determining the New Value of your Car
There are a few ways to go about this.
1. Check the Kelley Blue Book value of your car before the accident. Then, ask a dealership for the trade in value of your car post-repair. The difference is an approximate loss in value.
2. Ask a pro! There are companies that offer diminished value insurance valuations.