If you have ever been involved in a motor vehicle crash, you likely experienced damage to your car. You may have worked hard to afford that car, even taking on a second job to save up for the down payment. In the blink of an eye, all that work seems like a waste. While it may be possible to get your vehicle back into driving condition, in other situations, you may be forced to purchase a new car.
If you have questions regarding the insurance valuation process or believe that your insurer is not fairly assessing your vehicle, our legal team would like to hear from you. At Shollenberger Januzzi & Wolfe, our car accident lawyers continuously work on strengthening their skills in and out of the courtroom to provide our clients in Lancaster, PA, the best possible service.
How is a Car’s Actual Cash Value Determined?
In the aftermath of a crash, you may submit a bodily injury claim and/or a property damage claim. Regarding a property damage claim, the insurance company will first determine the actual cash value (ACV) of your vehicle. A claims adjuster will evaluate your car’s ACV by considering the age, mileage, and condition of the vehicle before the crash in conjunction with using a reputable pricing guide.
Unfortunately, if the cost to repair your car exceeds the actual cash value (ACV), insurance considers a vehicle a total loss. (In some cases, the insurer may consider your vehicle totaled if repairs exceed a certain percentage of the car’s value.) If your car is totaled, the insurance company will pay you the ACV of your vehicle. However, if the damage to your car is lower than the ACV, insurance will cover the cost of repairs.
Benefits of a Diminished Value Claim
You should be aware that being in an accident inherently decreases the value of your vehicle. If you attempt to sell your vehicle in the future, a private party or dealership can find out that the car was in an accident and will offer you less. This is unfair, as it punishes you for another’s negligence.
That is why it may be in your best interest to seek damages for diminished value (the difference between the value of your car before the accident and after repairs). By recouping your car’s lost value, you can return to the financial position you were in before the crash. If you are interested in learning more about how depreciation follows a collision, our legal team is available to discuss your concerns.
Time Limit to File a Property Damage Claim in Pennsylvania
Title 42 of the Pennsylvania Consolidated Statutes §5524 only permits an injured party two years to file a car accident or personal injury claim. This limitation period is imposed to ensure the preservation of evidence. After some time has passed, witness memories are known to fade, and physical evidence deteriorates. Some exceptions may extend a lawsuit timeline, so you should speak with our Lancaster car accident attorneys to see if your situation applies.
Lancaster Car Accident Attorneys Offering Tenacious Representation
Many of us feel that our vehicles are part of us, making us feel lost without them. Being without your car for even a day can be extremely challenging, but in a serious crash, you may be forced to go much longer without four wheels. At Shollenberger Januzzi & Wolfe, our team of legal professionals understands the gravity of your situation.
If you or a family member has experienced severe damage to your vehicle, our Lancaster car accident lawyers would like to assist you in negotiating an insurance settlement. To arrange your free case evaluation to discuss your matter, our firm can be reached online or by phone at (717) 229-6580.