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Maybe you don't need your car anymore because you moved to an area where public transportation is more convenient and cheaper. Or maybe you want to switch it for another one, or your new job is ...
Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation. To collect diminished value after a car accident, insurance companies usually ask for a diminished value ...
Accident management is the centralised handling of a motorist’s claim following a road traffic collision or other damages or mishaps that happen to a vehicle while on or off road. It is a cost-effective intermediary service which assists drivers in getting back on the road quickly and in managing the claims process alone. [ 1 ]
A deterrent to auto theft: If a vehicle is a complete loss due to an accident, its serial number (VIN, Vehicle identification number) and registration documents could still be of potential value to persons dealing in stolen cars. The diminished sale value of a title branded vehicle reduces the profitability of switching the registration and VIN ...
Fines: If your state fines drivers who don’t have insurance coverage, you may have to pay despite not causing the accident. Vehicle impounding: A law enforcement officer may decide to impound ...
About 1 in 3 American drivers who financed their vehicle now owe more on their loans than their cars are worth, a rate that is continuing to grow as car prices increase and long-loan terms become ...
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