How to Determine the Diminished Value of Your Car After an Accident?

Vehicle accidents often result in the values of cars depreciating more than they would otherwise, even if the vehicles in question seem outwardly functional or bear relatively few cosmetic defects. In order to determine the post-accident worth of such vehicles, owners and insurance assessors must take a number of factors into account.

When computing the value of a damaged vehicle, which is also known as the Actual Cash Value, assessors usually look at three major components. In addition to referencing the value that a comparable, non-damaged vehicle would have in an auto book, like Kelley Blue Book, insurance firms also calculate the fair market value of the vehicle, which accounts for its wholesale or retail cost after the accident damage is taken into consideration. Finally, insurers may or may not decide to account for the total replacement cost of the vehicle; note that such calculations are usually only applied when vehicles are relatively new.

Remember that different states have specific rules governing ACV calculations and insurance payouts. For instance, the Washington State Office of the Insurance Commissioner notes that insurance taxes on totaled vehicles must be calculated in a way that compensates the vehicle’s owner for the yearly taxes and fees that have already been paid but remain unused. Regional laws may also address who is held responsible for the diminished value of a vehicle following an accident. In jurisdictions like Connecticut and other states, third party claims can be submitted against negligent drivers and their insurers.

Although drivers can get a general base for their vehicle’s diminished value by looking it up in Kelley Blue Book or the National Automobile Dealers Association, this is only a preliminary step. In order to compute an exact value, most motorists have their cars assessed by a professional insurance claims adjuster who can calculate the costs of specific kinds of damage. To learn more about adjusting the value of a vehicle following an accident, contact a lawyer familiar with the laws in the state where the accident occurred.

How to Determine the Diminished Value of Your Car After an Accident?

Are Cars Getting Noticeably Safer? Motor Vehicle Accident and Injury Incidence Rates from 2000-2009

According to data published last month by the NHTSA car accidents involving injuries have been on a steady decline, which makes sense when you consider how much technology is in new cars to protect and assist the driver. This trend should only continue as safety equipment and collision avoidance systems continue to evolve to the point where IHS, a global information company, expects 2035 to be the year most vehicles will be self driving.

While the data is certainly about 5 years old, it represents some of the most comprehensive data the NHTSA has published, and we can use this to determine what trends were present for a 10 year period, which even now can tell us which way things are going.

When you consolidate all of the number from the individual states and lump them together based on PDO (Property Damage Only), Non-Fatal Injury, and Fatalities, you come up with the following spreadsheet of data…

There are a couple of highlights to call out here.

1. Overall, Car Accidents declined from 5.8 million to 5.1 million from 2000-2009 (This represents a 12.26% decline)


2. Property Damage Only Vehicle Accidents declined from 3.8 million to 3.5 million from 2000-2009 (This represents a 7.79% decline).


3. Injury Accidents declined from 1.9 million to 1.5 million from 2000-2009 (This represents a 20.9% decline).


4. Fatalities fell from 31k to 26k, representing a 15.71% decline.

What is happening here is overall there are less total accidents nationwide, but what’s more is the data shows only an 8% decline in property damage only car accidents.  What this means is some of the accidents which involved injuries (whether fatal or not) earlier in the cross section of data had to have moved to the property damage only classification.

Long story short, there are fewer total accidents (12% fewer as of 5 years ago), and 20% less accidents involving injuries, therefore both collision avoidance systems as well as the safety equipment within our vehicles are getting better and better.

Are Cars Getting Noticeably Safer? Motor Vehicle Accident and Injury Incidence Rates from 2000-2009

Should You Get A Lawyer After A Car Accident?

After a car accident, injured drivers should seek immediate medical attention. If the accident occurred due to another driver’s negligence, the next step should be hiring a competent lawyer. Assuming that the other driver’s insurance company will provide fair compensation can be a bad idea, and attempting to square off against an insurance company without legal representation may lead to a less than desirable settlement.

Insurance companies go to great lengths to keep settlements as low as possible. In many cases, injured drivers receive no compensation or far less than they should because they choose to go without representation. Therefore, anyone who sustains serious injuries in a car accident through might consider retaining legal counsel. However, working with a lawyer after sustaining minor injuries should be avoided. The legal costs will most likely surpass any payouts or settlements that are received.

Drivers might consider consulting lawyers after sustaining serious injuries in car accidents. This is especially important if those injuries could involve long-term repercussions that will result in ongoing medical costs. Certain scenarios make it even more urgent to retain a skilled lawyer. For instance, if the other driver is uninsured or underinsured, the odds of being fairly compensated can be very low. Similarly, if the involved parties do not agree about who was at fault, the injured driver should protect his or her interests by seeking competent legal counsel. In some cases, an insurance company might pressure a victim into taking a settlement quickly, but a lawyer might be able to help a client negotiate.

By hiring an lawyer after being involved in a car accident, injured drivers can reduce the risk of being awarded an unfair settlement by other drivers’ insurance companies. Many times, the statute of limitations for contesting a settlement is brief, so it might be a good idea to speak with a personal injury lawyer soon after an incident occurs. In other cases, the proceedings might continue for a long time, but legal counsel might help a person keep track of the case over time. If you have been seriously injured in a car accident, it might be best to speak to a lawyer about your case.

Should You Get A Lawyer After A Car Accident?

How Long After A Car Accident Can You Sue?

After a serious car accident, pursuing a lawsuit might be the furthest thing from the minds of individuals who suffered serious injuries, but it’s important to begin investigating possible legal options as soon as possible. For those injured on account of another motorist’s negligence or recklessness, a personal injury lawsuit could yield much more substantial compensation than a standard insurance claim payout, but time is of the essence. Every state has a deadline, known as the “statute of limitations” by which certain types of lawsuits must be filed.

The statute of limitations for personal injury lawsuits varies by state and can be as long as six years from the date of incident or injury or as short as one year, but most states permit two or three years to file a claim, and this deadline can be extended in certain circumstances. Since some serious car accidents may involve latent injuries, such as concussions, which may take time to be diagnosed, many states have a “discovery of harm” rule in place, meaning that the clock starts ticking for filing a lawsuit from the moment a person discovers or should have reasonably discovered that he or she suffered harm. This standard can complicate matters, however. For instance, if a car accident victim experienced symptoms consistent with a severe concussion soon after the accident but refused to be examined by a physician until several months after the symptoms appeared, the discovery of harm rule may not be applied.

The statute of limitations may also be extended if the plaintiff was a minor when the accident occurred. As an example, if a teenager in Tennessee was injured on his 16th birthday, he will have three years rather than one year to file a suit since he will not turn 18 for two years, and the state’s statute of limitations is one year.

Special extensions may also apply for disabled or mentally ill patients or in cases in which the defendant leaves the state for an extended period of time. Since cases vary considerably in their circumstances, a personal injury lawyer could evaluate a case involving latent injuries, a minor or other special circumstances to see if it would be possible to extend the statute of limitations. If not, the lawyer could assist in ensuring that the lawsuit is filed in a timely manner.

How Long After A Car Accident Can You Sue?

How to File an Insurance Claim for a Car Accident?

When a driver is involved in a traffic accident, there are several steps to take immediately, including calling the police, documenting the accident and filing a claim with the insurance companies even if the accident appears to be minor. By filing a claim after the accident, policyholders are better protected if circumstances change. Damage to vehicles may be greater than originally documented, those involved may have injuries that were not noticed at the time, or other parties may later claim to have suffered injuries or sustained damages.

Drivers should note what happened, take pictures of the cars involved, exchange contact and insurance information, and get the make, model and license plate number of vehicles involved. Insurance companies recommend that drivers do not discuss fault or admit guilt.

Within a day after the accident, drivers should contact their own insurance carrier and the insurance company of the other party, and a claims adjustor will be assigned to handle the claim. The adjustor may require that forms be submitted, and he or she might take a statement about the incident. At that time, drivers should be factual and honest when relaying the circumstances of the accident because the companies determine fault based on evidence that they collect. The claims adjustor negotiates with the other driver’s agent and determines what monetary compensation should be offered based on injuries, medical treatment, damage to property and cost of repairs.

Most policies carry a deductible to be met by the insured. Policyholders should review their plans to ensure that they understand what is covered and what compensation may be offered. They should also keep records about repairs to vehicles, medical bills, other expenses and conversations with agents or others involved in the process.

After evaluating the claim and adjusting for deductibles, a claims adjuster may make a settlement offer. It is important that the policyholder estimates the value of the claim to evaluate whether the settlement offered is fair. If the settlement appears to be too low, claims can be negotiated. If there is a dispute, lawsuit or a settlement that appears low, call an attorney who specializes in insurance claims to negotiate the claim process.

How to File an Insurance Claim for a Car Accident?

How Much Compensation Can You Get for a Car Accident?

Car accidents can result in injuries, property damage, employment ineligibility and other lifestyle disruptions. Those who experience accidents may find that recovery takes time and places a strain on their financial resources. Although many seek fiscal compensation to facilitate the rehabilitative process, the amount of compensation motorists and victims can expect following a car accident varies based on a number of factors.

Accident survivors and their families commonly seek compensation to offset medical expenses, property damage and lost wages. As such, victims may present courts with various types of evidence, such as hospital bills, former pay stubs, insurance claims, police reports and other documentation. In these instances, the amount of damages an individual is ultimately awarded is typically reflective of the losses they can prove.

The amount of compensation a motorist can legally pursue depends partially on the laws of the state they reside in. For instance, some states have implemented no-fault insurance regimes where insurers pay their own policyholders regardless who was at fault for the incident. Most of these laws, however, are written to explicitly exclude liability for property damage, meaning that property owners must pursue separate litigation against drivers who damage their property. In other states, insurance laws specifically limit the maximum amount an individual can sue for in small claims courts and other kinds of legal settings.

Finally, the way a lawsuit or insurance claim is structured plays a big role in determining compensation sums. For example, targeting the incorrect motorist following an accident involving multiple vehicles may result in no judgement being awarded, and the legal costs of such a failed effort can chew into successive compensation claims. Similarly, some motorists who operate commercial or government vehicles may benefit from employer indemnification; victims who want to pursue litigation might have to go through administrative tort processes that affect their cases’ compensation potential.

The wide breadth of factors that impact car accident compensation mean that it’s important to undertake insurance claims and litigation in an appropriately planned fashion. To learn more about seeking car accident compensation, contact a lawyer.

How Much Compensation Can You Get for a Car Accident?

What To Do In A Minor Car Accident?

Taking appropriate action in the first few moments after a minor car accident can greatly affect how well victims recover physically, legally, and financially from this traumatic event. Victims should act promptly to minimize the effects the wreck will have on their lives and that of any other victims involved in the situation. These steps should be taken to ensure that everyone affected by the accident receive the help they need.

The first step involves calling 911 to alert the police about the accident. Even if the wreck appears to be relatively minor, people should still make a police report so that the circumstances of the accident are clearly documented. This documentation could be vital to filing a claim against an insurance policy or being reimbursed for towing, repair, and medical expenses later.

Along with calling 911, victims should also exchange insurance information with any other motorists involved in the accident. Regardless of whether they caused the wreck, everyone affected by the event should provide their insurance details so that the victims can be compensated either by their own insurer or by the insurer of the person deemed to be responsible for the accident. Necessary details to write down include the other people’s insurance company names, policy numbers and contact information.

Additionally, people who have suffered scrapes, bruises, sprains or other accident-related injuries should either call for an ambulance or be examined by their doctor within the first few days after the wreck. Having these injuries documented can be vital when victims need to make a claim against the responsible driver’s insurance company to have their medical bills paid. The medical reports, photographs and other documentation can ensure that these claims get paid promptly.

Moreover, even if the wreck appeared to be minor, victims should contact a lawyer for proper advice and help. A lawyer might work to make sure that a victim’s best interests are protected and could pursue compensation for the client’s accident-related expenses.

What To Do In A Minor Car Accident?

How Much Does Car Insurance Go Up After An Accident?

Car accidents are expensive. Although insurance covers major damages, many drivers see the cost of their policy increase after an accident. In order to know how much car insurance will change after an accident, it is important to understand how premiums are determined in the first place.

A range of factors, including the driver’s age, the type of car and his or her location, determines the cost of an insurance policy. In addition to these variables, insurance companies will also factor in driving history. Driving history includes any previous moving violations a driver has had, such as speeding tickets and other traffic offenses. Any pervious accidents are part of that history.

After an accident, it is difficult to be definitive about specific increases because circumstances are different in each case. The cost will vary based on the type of plan and the other factors. Increasingly, many insurance companies offer some type of forgiveness policy. With a forgiveness policy, drivers are not penalized after their first accident, which means their rates will stay the same.

However, almost all insurance companies will raise rates after a second accident. To determine the increase, the insurance company will look at the driver holistically, assessing the overall risk of covering that driver. This will use previously mentioned factors like age and type of car, adding those risk factors to the increased accident filings. Because these factors vary so much from driver to driver, it is impossible to know definitively in advance how much an accident will impact the cost of coverage. On a whole, however, the average rate increase after a second accident is 86 percent.

It is important to note that while this increase may seem dramatic, it is not necessarily a lifelong cost. Most states only allow insurance companies to look at the last three to five years of a driver’s history, which means that rates should normalize again if drivers remain accident free for that period.

After a car accident, it is important to get appropriate legal advice. Be sure to contact a lawyer to handle all legal implications as soon as possible.

How Much Does Car Insurance Go Up After An Accident?