If you have experienced a car accident, at some level you’re probably still in shock. There are certain things that can be overlooked in the moment, but after everyone’s safety has been determined and information exchanged, it is time to begin looking at the financial repercussions. There are some things to consider financially in order to make sure you have the best coverage available and that you are paid accordingly.
What is Loss of Use?
If you are required to rent a car while your former vehicle is being repaired or replaced, you may be entitled to loss of use money and payments. If you have to rent a car that has a significantly lesser value that that of your original car, you are entitled to the amount of money that makes up the difference in value of the original and rental vehicle.
If the car has not been a total loss, but is being repaired from significant damages, it is important to understand the exact value amount that has been lost based on resale prices. If you have a car that has been repaired after a significant accident, you will never be able to sell the car at the price you could get if it had never been damaged. Therefore, you are entitled to money based on the diminished value of your repaired car.
Filing Loss of Use or Significant Damages
After a car accident, it is important to get an appraisal for the loss of use or the diminished value of your car. You are entitled to this financial reimbursement, and a reputable auto claim company can help you to file your loss of use claim and regain the full amount of money that is rightfully yours.