If you have a non-fault accident in your car and it sustains damage, there’s a good chance that a potential buyer will be put off when you come to sell it.
Would you want to risk your hard-earned money on a new car if you found out that it had been in a bad accident and had to be repaired? At the very least, you would expect to pay less for the car to factor in that it had been in an accident.
As a seller in this situation, you must accept that you will have lost money as a result of the accident. This loss is called Vehicle Diminution.
What can you do about it?
Third-Party Fire and Theft and Fully Comprehensive Motor Policies do not cover this loss, so the bad news is that if the accident was your fault, you cannot recover the money you have lost. The good news is that if the accident was the fault of another driver, you can look to claim your loss from the insurers of the driver of the responsible party.
What do you need to do to ensure that you recover the full amount of this loss, as quickly as possible?
If you feel like vehicle Diminution could have affected you, please contact Oakwood Solicitors for a free consultation on the services we can offer to you.
WHAT TO DO NEXT
For any legal advice relating to Diminution matters or loss in car value, get in touch with our team today for a free initial consultation. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9787 to find out how we can help you.
Meet the author
Rob Crompton joined Oakwood Solicitors in July 2007 as a Road Traffic Accident Paralegal Fee Earner. Rob has progressed through the organisation and holds the current position of Head of Per…
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