Ventura is an excellent place to be but just like every other excellent place, you might not be ready to face the unforeseen events that may occur. For instance, a car crash or an accident, all these are the things that can make a fun life turn cold in minutes. Having the knowledge that anything can happen at any time is what gives many people the confidence to insure their cars but there are many other things the insurance companies won’t tell you. We will give you knowledge to understand how you can go about knowing your wrecked car value Ventura CA. your insurer might leave certain things unexplained to you, but we are here to shed more light on the things you need to know and the right you have as an owner.
What is the meaning of a wrecked car value?
The wrecked car value simply means the value your car will be reduced to because it now has a history of accident or damage. If your car was never involved in any accident, there would be no need to calculate a wrecked value, because it is still intact. It is important for you to know the new value of the car you are now using.
Importance of knowing the wrecked value
Diminish value
There is something called a diminished value. This term was coined to help explain to customers the difference between what your car was worth when it was still new, with no damage and repair as opposed to the new value it has assumed because of a history of damage and repair. Your insurance company are not obligated to tell you about this term, but they are obligated to pay it to you. You can get a professional appraisal company to help you get the diminished value of your car so that you can request of it from your insurance company. No matter how well your car has been fixed, it will always appear on your CARFAX once the insurance companies fixes it for you, so it is important you demand for your diminished value return from them.
To know what type of coverage to use
For many of you that have a certain type of coverage on your car, and pay a certain amount of coverage for it, you will be able to review your policy and change the amount of premium you pay on the car because of its new estimated value. You can bet that this is one of the things your insurance company would never want you to know about.
How to get paid for diminished value
The first thing you must make sure is that your insurance company is offering this service. If they are offering the service then you can go ahead and make a claim. The claim majorly helps you in getting compensated for the reduction of value your car will suffer from a wreck history.
