Car Insurance Woes - Getting In An Auto Accident Loses You More Money Than You Think

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Boston, Massachusetts, United States of America (Free-Press-Release.com) August 26, 2010 --

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Car Insurance Woes - Getting In An Auto Accident Loses You More Money Than You Think

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Being involved in a car crash can be one of the most stressful times in a person’s life. Between dealing with police, your insurance provider, and the other driver’s insurance provider, it is a confusing process, to say the least. Typically, the most important thing to a driver involved in an accident is acquiring money from his or her insurance company for the purpose of paying for necessary repairs to the damaged car. This, of course, can be an extremely difficult task depending on the level of cooperation of your insurance company. In the best-case scenario, your insurance company is completely cooperative, and your car repair is paid for and completed in a timely manner, allowing you to get back on the road. Even in this fantasy scenario, you would still be missing out on a potentially large sum of money. This money is called “diminished value.”

Diminished value is one of the best-kept secrets in the automobile insurance industry. Insurance companies do not want you to know about it, as it can often cost them thousands of dollars in a car accident. When you get into a motor vehicle accident, your car automatically loses a portion of its resale value, even if it is repaired to perfect condition. The simple fact is, consumers are not willing to pay market price for a car that has been in an accident. 81% of surveyed consumers stated that they would not purchase a car that had been in an accident, regardless of current condition, without a discount. The average percentage value of a car lost to diminished value is 32.9%. This means that if your car is worth $30,000 before an accident, after it is only worth roughly $20,000. This loss can often be recuperated through an insurance claim, which your insurance agent will most likely not tell you.

The best way to avoid the stressful experience of dealing with car insurance companies is to drive safely and responsibly. However, if you are unfortunately involved in a car accident, make sure to do you due diligence. Look into filing a diminished value claim, or you could miss out on thousands of dollars. If your car insurance company refuses than maybe you should compare car insurance quotes and find a new one.

More information can be found online at http://www.saveonquotes.com/personal-finance-blog/car-insurances-most-well-kept-secret-diminished-value/

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