Diminished Motorcycle Value, Did You Leave Money on The Table?
In the auto insurance business world there is a dirty word they wish you knew nothing about. In fact, no insurance company is going to even tell you about it. The word is Diminished value.Why don't they want you to know about it, because it comes down to money they have to pay out to you in the case of an accident on top of the repair bills. Short and sweet, your motorcycle/car/truck is at one value before it is in an accident, after repairs, even when done correctly, can not offset the fact that your vehicle has been damaged. This is why you have to sign that little disclaimer on the title when selling to state if it has ever been in an accident or face penalties and fines.
No matter how well the vehicle has been repaired after an accident it is still not as it was from the factory. You have lost value in the motorcycle after a wreck.
If it was worth, say, $14000 before the wreck and it was repaired it is now only worth a fraction of that $14000.
Here, this will explain it better than I: http://www.collisionclaims.com/Diminished_Value_FAQs.asp
1 comment:
A sad but true fact.
I do agree that no matter how well it is fixed it is not worth as much.
We used to do personal injury work at the law office where I work and we'd see all kinds of information and facts from the insurance company. I am glad we don't do that kind of law anymore.
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