How an Accident Creates Diminished Value…
…and How to Minimize that Depreciation
Being in an accident sucks. After the scare of potential harm comes the pit-of-the-stomach feeling that suddenly your world just became more chaotic. When you finally seem to have things in order, and your vehicle is headed to Big Sky Collision Center for repairs, you now have to deal with the idea that your vehicle’s value just went down.
Any time you have your car fixed it’s going to go down in value. There’s not much we can do about that. What we can do is ensure that the depreciation is minimized by following these guidelines.
Understand Diminished Value
Diminished value is an obscure concept that often isn’t even fully understood by insurance agents themselves. But the idea is actually pretty straightforward, and if you don’t use it then you could be missing out on thousands of dollars when you file your insurance claim.
Diminished value only works when you are not at-fault. Here’s the idea: your car is worth $15,000 if you were to sell it accident free. But now that you have been hit, the car is only worth $12,000. Even thought the other motorists insurance paid to fix your vehicle, you are down $3,000. A diminished value claim will seek to recover that loss. Note: insurance companies don’t like paying claims; expect this to be a bit of a battle.
Have the Repairs Done Right Away
Damaged vehicles will never get better on their own. In fact, most of the time damage will get worse as parts that aren’t functioning properly damage the parts that are functioning properly. You will want to make sure that your vehicle is fixed back to factory safety standards right away.
Going a little further, you may think that collecting the insurance money, and then driving a dented car will help you come out ahead in the long run. Unless you can sell the vehicle for far more than it is worth (in its damaged state), this is almost never going to work out in your favor.
Insist on OEM Parts
Here at Big Sky Collision Center, if OEM parts are available, that is what we use. If you take your damaged rig to another auto body shop in Billings, then you will want to insist that they use OEM parts (if available).
OEM, or original equipment manufacturer, parts are almost always going to be higher quality than aftermarket parts. The trade-off is that they are more expensive. When it comes to your vehicle, you are replacing original parts, why not replace it with something of like-quality?
Come to Big Sky Collision Center for Your Billings Auto Body Repair Needs
Here at Big Sky Collision Center, we make sure that every person that touches your vehicle has been trained as a leader. The result is that they take ownership of their job and you get the highest quality work done. We have more certifications than any other shop in a 5 state area… why settle for less than the best?
Give us a call at 406-259-6328 to get on the schedule for top of the line auto body repairs.