As a general rule, in the aftermath of a motor vehicle accident, your biggest concern is recovering compensation for any personal injury you have suffered. In almost any situation, the damages for personal injury will far exceed those for any property loss. But it’s important to consider the loss of the fair market value of your car as well, particularly if it’s a luxury model.
That concern is even greater, now that so many tools are available to purchasers regarding a car’s repair history. Whether it’s Carfax, Consumer Reports, VinAudit, VinAlert or Autocheck, anyone looking to purchase your car can quickly gather information about the nature and extent of any repairs, and that information can cost you thousands of dollars. One estimate from an industry expert projected a loss of $30,000 in the value of a 2015 Porsche Turbo S with a repaired or replaced quarter panel, even if the repair job was flawless.
So how do you determine the amount of property damage in a motor vehicle accident? It’s actually pretty simple. Take the fair market value of the car before the accident and subtract the fair market value of the car after the accident—that’s your measure of loss. There are a couple of caveats, though. The expected depreciation of the car must be taken into account. In addition, the total damages can’t be more than the pre-crash value of the car.
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I offer a free phone consultation to every prospective client. For a complimentary evaluation of your case, contact the Law Offices of Gregg A. Wisotsky online or call me at 973-241-7468. I will come to your home or the hospital to meet with you, if necessary. All major credit cards are accepted.