Category Archives: Insurance

‘Diminished value’ is a term used to describe the loss in value of your vehicle after an accident, even with a quality repair. With services such as AutoCheck and CarFax, it is a matter of public record when a vehicle has been wrecked and repaired. This will negatively affect resale and trade-in values. When a late model vehicle sustains a large amount of property damage, you are eligible to demand compensation from the negligent driver’s insurance company for ‘diminished value.’ Insurance companies don’t like to pay these claims, but they are legitimate elements of loss. The loss dates from the time of the accident, not from some uncertain time down the road when you later try to sell or trade-in your repaired vehicle. (Usually, language within your personal auto policy may prohibit you from filing a diminished value claim against your own insurance carrier, but you should examine your policy to see if this applies.)

Whether or not you succeed in proving the loss in value will greatly depend on what kind of supporting documents you’re able to obtain. Letters from reputable car dealerships (noting how much they would pay for your repaired car as compared to an untouched car) are generally taken into consideration by the third party carrier. Most later model vehicles should qualify for a diminished value claim.

If you’ve been in a car wreck and have experienced some type of injury, contact the auto injury attorneys at Craig Swapp & Associates. We’ll examine your case and then advise you how to protect your rights. Call for a free consultation at 1-800-404-9000 or contact us online.

When the estimated damage or repair cost to your vehicle exceeds the market value of your vehicle, your vehicle is considered a total loss. Rather than repair a ‘total loss’ vehicle, an insurance company should pay you the fair market value of your vehicle. They should also pay you tax and title expenses.

Two options are typically presented once this is determined.

Option 1: You retain the salvage/damaged vehicle. (Fair market value less ‘salvage quote’ and any applicable deductible) The presence of a lien holder may eliminate this option. Please consult your lien holder for details. Also, if you opt to retain the salvage, you will be required to obtain a salvage title for the involved vehicle through your local DMV.

Option 2: The insurance company pays fair market value of your vehicle, takes possession of the wreck, and disposes of the damaged vehicle as they see fit.

Total loss payment should be issued upon delivery of the signed/released title. Certain companies prefer that you don’t sign the title but ask that you fill out documents such as a limited power of attorney instead.

If you’ve been injured in a car accident, call the car wreck lawyers at Craig Swapp & Associates. During our free consultation, we can usually tell you whether you have a good case. Call 1-800-404-9000 or submit details online.

ATLANTA, Georgia (CNN) – If you are injured in a minor car crash, chances are good that you will be in the fight of your life to get the insurance company to pay all the medical costs you incur – even if the accident was no fault of your own.

That’s what CNN discovered in an 18-month investigation into minor-impact soft-tissue injury crashes around the country. Those are accidents in which there is little damage to the vehicle and the injuries to people are not easy to see by the naked eye or conventional medical tools like X-rays.

Since the mid-1990s, most of the major insurance companies – led by the two largest, Allstate and State Farm – have adopted a tough take-it-or-leave-it strategy when dealing with such cases.

The result has been billions in profits for insurance companies and little, if anything, for the public.