A study conducted recently shows that car accidents occur globally every ten seconds. This translates to thousands of accidents in towns such as Houston alone annually. If your car gets damaged due to an accident, then your vehicle is said to have permanent diminished value.
In essence, this means that your vehicle has either suffered structural damage, physical damage or cosmetic damage as a result of this accident. Even if the automobile gets fixed back to a new-like condition and looks immaculate, it will not have the same worth as it had before the crash. The difference between how much it was worth before the accident and what it is worth now after the accident is what is referred to as the diminished value of your vehicle.
The diminished value actually exists in towns like Austin and Fort Worth. It is a requirement of these towns to disclose all accidents that happen to trucks and small vehicles. Most buyers need a car that has never ever been in an accident and even if they do, it should go for way less than that which has not been involved in an accident. … Read more