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- Diminished Value
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In auto insurance, a total loss claim is filed when a car is deemed too damaged to be repaired or the cost of repairs will exceed the actual cash value (ACV) of the vehicle. There’s a lot of stress and confusion after a severe accident. But filing a total loss claim – and getting the amount of compensation you’re rightfully owed – shouldn’t be one of them. At SuperCarClaims.com, we make sure owners of exotic, luxury, rare, and collectible vehicles get the maximum amount for their total loss claim. In this article, we’ll go into detail about what a total...
Loss of use is meant to compensate you for the cost and inconvenience of having a car you can’t drive, covering all or some of the cost of a rental car or alternate transportation. And for owners of rare, exotic, or luxury vehicles, the frustration of losing access to their car is often compounded by a lack of comparable rentals. It’s no surprise, then, that one question we get all the time is How much can I claim for loss of use of my vehicle? While the answer is different for everyone, there are some basics that can guide your...
Diminished value is the difference between a car’s market value before an accident and after repairs. If your supercar was damaged due to another party’s negligence, you may be entitled to recoup some of that loss through a diminished value claim, typically as a lump sum payment from the at-fault driver’s insurance company. Of course, while all cars lose value after an accident, just how much is usually up for debate, especially when it comes to the subjective value of exotic, collectible and luxury vehicles. So if you’re a luxury car owner, knowing how to calculate diminished value is essential...
If your vehicle is declared a total loss after an accident, that means insurance has decided it’s cheaper to replace the car than repair it. This declaration can be made for a few different reasons, but the result is always the same: if your car is deemed a total loss, insurance will pay you the Actual Cash Value (ACV) for your vehicle but will not cover the cost of any repairs. For supercar owners, especially those whose vehicles are rare, collectible, or otherwise irreplaceable, a total loss can be a tough pill to swallow. We’ve helped countless owners of exotic...
The value of your vehicle will always decrease after a car accident, regardless of the quality of the repairs. This loss is known as diminished value, and it’s particularly high for rare, exotic, and collectible vehicles. While you can’t turn back the clock on a car accident, you may be able to recoup the lost value of your vehicle through a diminished value claim. This is based on an estimate of your car’s new market value, taking into account things like age, condition, mileage, and overall integrity of the vehicle. If successful, a diminished value claim can pay you back...
If you’ve been in a car accident, you’ll need to account for more than just repair costs. Car insurance policies have loss of use coverage to provide for transportation, while you wait for your car to be repaired. This is to provide you, the injured party, with stability and financial compensation via the use of a rental car or other comparable solution. So what is loss of use for car insurance purposes, and how does it work? Here are the details you need to know about loss of use coverage, including who pays for it and why it’s a must...
If you’ve been in a car accident, the first thing to do after assessing your health and safety is to file an insurance claim on your damaged vehicle. From there, the insurance company will either reject or approve your claim for repairs, or they may tell you that the car is totaled and not worth the cost of being fixed. Your car is considered totaled when the cost to repair it exceeds its market value. This is tricky in the supercar community, where car values and repair costs are usually much higher than they are for conventional vehicles. It begs...
Once your luxury vehicle is involved in an accident, it’s never going to have the same value on the resale market. That’s frustrating for any car owner, but especially owners of exotic, collectible cars, many of whom have invested a lot of time, passion, and yes, money, in their beloved vehicle. While you can’t go back in time, you can usually recoup some or all of your car’s lost value via a diminished value claim. To make sure you get the maximum amount though, you need a professional appraiser to assess the car and determine the exact difference between your...
Even a seemingly small amount of car accident damage can land a car in the shop for weeks. Make that a supercar, and you’re potentially looking at a month or more without a working vehicle. Under the principle of loss of use, a vehicle owner may be entitled to compensation for the reasonable cost of substitute transportation during the period their vehicle is unavailable. This typically includes the cost of a comparable rental vehicle or alternative arrangements. When pursuing a loss of use claim involving a luxury or exotic vehicle, it helps to know how to calculate the loss of...
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SuperCarClaims.com is a division of the Gordon & Partners, P.A. law firm with over 120 employees, which has been in business for over 30 years.
We have a team of attorneys and appraisers who specialize in high-value vehicle damage claims and understand the many complexities involved in recovering your losses after damages to your rare, exotic, collectible, sports car or otherwise high-end vehicle. To get more information from our team regarding how we can help you, fill out our contact form to consult with an attorney about your possible diminished value claim. It will cost you nothing to do so, as we don’t get paid, unless we WIN for you.
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